Analisis Economic Value Added (EVA) Untuk Mengukur Kinerja Keuangan Pada PT Wijaya Karya Beton Tbk - Maura Magfirah; Palipada Palisuri; Muhammad Idris (Journal of Economy Business Development, 2026)
Penelitian ini bertujuan untuk menganalisis kinerja keuangan PT Wijaya Karya Beton Tbk menggunakan metode Economic Value Added (EVA) selama periode 2019 hingga 2022. Persaingan industri konstruksi yang semakin berkembang menyebabkan perusahaan dituntut mampu meningkatkan efektivitas pengelolaan keuangan agar nilai perusahaan tetap terjaga secara berkelanjutan. Pengukuran kinerja keuangan menjadi bagian penting dalam mengetahui kemampuan perusahaan menghasilkan keuntungan ekonomi melalui penggunaan modal perusahaan secara efektif dan efisien. Economic Value Added digunakan karena metode ini mampu memberikan gambaran mengenai kemampuan perusahaan dalam menciptakan nilai tambah ekonomi setelah memperhitungkan biaya modal perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan teknik pengumpulan data melalui dokumentasi laporan keuangan PT Wijaya Karya Beton Tbk selama periode penelitian berlangsung. Data penelitian dianalisis menggunakan metode Economic Value Added melalui perhitungan Net Operating Profit After Tax, Invested Capital, Weighted Average Cost of Capital, Capital Charges, dan Economic Value Added. Hasil penelitian menunjukkan bahwa PT Wijaya Karya Beton Tbk mampu menghasilkan nilai Net Operating Profit After Tax yang positif selama periode penelitian meskipun perusahaan mengalami fluktuasi laba operasional akibat tekanan ekonomi selama pandemi Covid-19. Nilai Economic Value Added perusahaan juga menunjukkan hasil positif selama periode penelitian sehingga perusahaan dinilai mampu menciptakan nilai tambah ekonomi bagi pemegang saham perusahaan. Nilai EVA tertinggi terjadi pada tahun 2019 sedangkan penurunan nilai EVA terjadi pada tahun 2021 akibat melemahnya kondisi ekonomi nasional dan penurunan aktivitas pembangunan infrastruktur selama pandemi berlangsung. Kondisi tersebut memperlihatkan bahwa efektivitas pengelolaan biaya modal dan kemampuan menghasilkan laba operasional memiliki hubungan terhadap penciptaan nilai ekonomi perusahaan. Penggunaan metode Economic Value Added diharapkan mampu membantu perusahaan meningkatkan efektivitas pengelolaan keuangan serta mendukung pengambilan keputusan perusahaan secara lebih objektif dan berkelanjutan. This study aims to analyze the financial performance of PT Wijaya Karya Beton Tbk using the Economic Value Added (EVA) method during the 2019–2022 period. The increasing competition in the construction industry requires companies to improve the effectiveness of financial management in order to maintain corporate value sustainably. Financial performance measurement becomes an important aspect in determining the company’s ability to generate economic profit through effective and efficient use of corporate capital. Economic Value Added is applied because this method is capable of providing a comprehensive overview of the company’s ability to create economic value after considering the cost of capital. This research employed a quantitative approach with data collection techniques conducted through documentation of PT Wijaya Karya Beton Tbk financial statements during the research period. The research data were analyzed using the Economic Value Added method through the calculation of Net Operating Profit After Tax, Invested Capital, Weighted Average Cost of Capital, Capital Charges, and Economic Value Added. The results showed that PT Wijaya Karya Beton Tbk generated positive Net Operating Profit After Tax values throughout the research period despite fluctuations in operating profit caused by economic pressure during the Covid-19 pandemic. The company also achieved positive Economic Value Added values during the research period, indicating that the company was able to create economic added value for shareholders. The highest EVA value occurred in 2019, while a significant decline occurred in 2021 due to weakening national economic conditions and reduced infrastructure development activities during the pandemic. These conditions indicate that the effectiveness of capital cost management and the company’s ability to generate operating profit are closely related to the creation of corporate economic value. The application of the Economic Value Added method is expected to assist companies in improving financial management effectiveness and supporting more objective and sustainable corporate decision-making.