<![CDATA[The objective of this quantitative descriptive study is to analyze the indication of financial distress in cigarette manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2022 period. The indication was based on the increments in cigarette excise tax. Altman Z-Score was used since the samples are public manufacturing companies. The results of the analysis indicate that PT Gudang Garam Tbk and PT HM Sampoerna Tbk was never under financial distress during the research period. However, their Z-Scores were fluctuating, which suggest them to improve and enhance several financial ratios. Further, PT Wismilak Inti Makmur Tbk also never had any financial distress during the period. In fact, its Z-Scores were stable and tended to increase, requiring the company to maintain and even increase its financial performance. PT Bentoel Internasional Investama Tbk and PT Indonesian Tobacco Tbk were once in grey area and experienced financial distress for two consecutive years during the research period. Abstrak Penelitian ini bertujuan untuk menganalisis indikasi financial distress pada perusahaan manufaktur sub sektor rokok yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019-2022 yang didasarkan atas fenomena peningkatan tarif cukai rokok. Penelitian ini termasuk penelitan deskriptif dengan pendekatan kuantitatif. Alat analisis yang digunakan adalah Altman Z-Score (1968) karena dibuat dengan menggunakan perusahaan manufaktur go public sebagai sampel. Hasil penelitian menunjukkan bahwa PT Gudang Garam Tbk dan PT HM Sampoerna Tbk tidak mengalami financial distress pada periode 2019-2022 tetapi memiliki Z-Score yang mengalami penurunan sehingga perlu memperbaiki dan meningkatkan beberapa rasio keuangan. PT Wismilak Inti Makmur Tbk juga tidak mengalami financial distress pada periode 2019-2022 tetapi memiliki Z-Score yang relatif stabil dan meningkat sehingga harus mempertahankan maupun meningkatkan kinerja keuangannya. Di sisi lain, PT Bentoel Internasional Investama Tbk dan PT Indonesian Tobacco Tbk pernah berada di grey area dan mengalami financial distress selama 2 tahun berturut-turut pada periode 2019-2022.]]>
