TREN DAN PERBANDINGAN KINERJA KEUANGAN SEKTOR TEKSTIL DAN GARMEN BEI SEBELUM, KETIKA, DAN SESUDAH COVID-19 - Suwirto K. Pegu; Selvi Selvi; Lanto Miriatin Amali (CENDEKIA: Jurnal Ilmu Pengetahuan, 2026)
ABSTRACT The textile and garment industry is one of the manufacturing sectors most severely affected by the global economic crisis caused by the Covid 19 pandemic, as reflected in a significant decline in financial performance. This study aims to analyze the comparative financial performance of textile and garment subsector companies listed on the Indonesia Stock Exchange before, during, and after the Covid 19 pandemic. Financial performance is measured using Working Capital to Total Assets (WCTA), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), and Operating Profit Margin (OPM). This study employs a quantitative descriptive comparative approach using secondary data in the form of companies annual financial statements for the 2018 to 2023 period. The results indicate that the Covid 19 pandemic had a significant impact on the decline in liquidity, asset efficiency, and profitability, as evidenced by decreases in WCTA and TATO and an increase in DER during the pandemic period, while OPM showed fluctuations reflecting instability in operating profit. In the post pandemic period, several companies began to show signs of performance improvement, although the recovery was not evenly distributed across the subsector. Overall, this study confirms that the impact of the pandemic on the financial performance of textile and garment companies is heterogeneous and strongly influenced by firms ability to manage capital structure and adapt to changing market conditions. ABSTRAK Industri tekstil dan garmen merupakan salah satu sektor manufaktur yang paling terdampak oleh krisis ekonomi global akibat pandemi Covid 19, yang tercermin dari penurunan kinerja keuangan secara signifikan. Penelitian ini bertujuan untuk menganalisis perbandingan kinerja keuangan perusahaan subsektor tekstil dan garmen yang terdaftar di Bursa Efek Indonesia sebelum, selama, dan setelah pandemi Covid 19. Kinerja keuangan diukur menggunakan rasio Working Capital to Total Assets (WCTA), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), dan Operating Profit Margin (OPM). Penelitian ini menggunakan pendekatan kuantitatif deskriptif komparatif dengan data sekunder berupa laporan keuangan tahunan perusahaan periode 2018 hingga 2023. Hasil penelitian menunjukkan bahwa pandemi Covid 19 berdampak signifikan terhadap penurunan likuiditas, efisiensi aset, dan profitabilitas perusahaan, yang ditandai oleh penurunan WCTA dan TATO serta peningkatan DER selama periode pandemi, sementara OPM menunjukkan fluktuasi yang mencerminkan ketidakstabilan laba operasional. Pasca pandemi, sebagian perusahaan mulai menunjukkan perbaikan kinerja, namun pemulihan belum merata di seluruh subsektor. Secara keseluruhan, penelitian ini menegaskan bahwa dampak pandemi terhadap kinerja keuangan perusahaan tekstil dan garmen bersifat heterogen dan sangat dipengaruhi oleh kemampuan perusahaan dalam mengelola struktur modal serta beradaptasi terhadap perubahan kondisi pasar.