Analisis Financial Distress Dengan Menggunakan Metode Altman Z-Score, Springate, Dan Zmijewski Untuk Memprediksi Kebangkrutan - Paineon, Marianus; Seran, Paskalis; Mau, Ignatia Thomasita Bau (Balance : Jurnal Akuntansi dan Manajemen, 2026)
Sektor ritel di Indonesia dalam beberapa tahun terakhir menghadapi tekanan finansial akibat perubahan pola konsumsi dan meningkatnya persaingan perdagangan digital, sehingga meningkatkan risiko financial distress pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini bertujuan menganalisis potensi kebangkrutan perusahaan sektor ritel menggunakan metode Altman Z-Score, Springate, dan Zmijewski serta membandingkan tingkat akurasi ketiga metode tersebut. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder laporan keuangan perusahaan sektor ritel periode 2022–2024 yang dikumpulkan melalui teknik dokumentasi. Analisis dilakukan dengan menghitung skor masing-masing model dan menguji tingkat akurasinya berdasarkan kesesuaian prediksi dengan kondisi aktual perusahaan. Hasil penelitian menunjukkan bahwa metode Altman Z-Score mengidentifikasi tujuh perusahaan berpotensi bangkrut, sedangkan metode Springate memprediksi seluruh perusahaan sampel berpotensi bangkrut. Metode Zmijewski memberikan hasil yang lebih bervariasi antara perusahaan sehat dan berpotensi bangkrut. Tingkat akurasi prediksi menunjukkan bahwa metode Zmijewski memiliki akurasi tertinggi sebesar 51,85%, diikuti Altman Z-Score sebesar 22,22%, sedangkan Springate sebesar 0%. Temuan ini menunjukkan bahwa model Zmijewski lebih relevan digunakan sebagai alat deteksi dini financial distress pada perusahaan sektor ritel di BEI serta dapat menjadi pertimbangan bagi investor dan manajemen dalam menilai kondisi keuangan perusahaan.   The Indonesian retail sector has faced financial pressure in recent years due to changing consumption patterns and increased digital trade competition, increasing the risk of financial distress for retail companies listed on the Indonesia Stock Exchange (IDX). This study aims to analyze the potential for bankruptcy of retail companies using the Altman Z-Score, Springate, and Zmijewski methods and compare the accuracy levels of the three methods. The study used a quantitative approach using secondary data from the financial statements of retail companies for the 2022–2024 period collected through documentation techniques. The analysis was conducted by calculating the score of each model and testing its accuracy level based on the suitability of the predictions to the company's actual condition. The results showed that the Altman Z-Score method identified seven companies with potential for bankruptcy, while the Springate method predicted that all sample companies had potential for bankruptcy. The Zmijewski method produced more varied results between healthy and potential companies. The prediction accuracy level showed that the Zmijewski method had the highest accuracy at 51.85%, followed by the Altman Z-Score at 22.22%, and Springate at 0%. These findings indicate that the Zmijewski model is more relevant to be used as an early detection tool for financial distress in retail sector companies on the IDX and can be a consideration for investors and management in assessing the company's financial condition.