Evaluasi Kinerja Keuangan Perusahaan Farmasi Berdasarkan Aspek Likuiditas, Solvabilitas, dan Profitabilitas selama Periode 2015-2019

Utami, Dwi

Bata Ilyas Journal of Accounting
Vol 5, No 2 (2024): Juli

This study aims to analyze the financial performance of three pharmaceutical subsector companies in Indonesia, namely PT. Merck Tbk, PT. Industri Jamu dan Farmasi Sido Muncul Tbk, and PT. Indofarma (Persero) Tbk, using liquidity, solvency, and profitability ratios over the period of 2015 to 2019. The analysis shows that PT. Merck Tbk has very good liquidity ratios, with an average Current Ratio (CR) of 296.60% and Quick Ratio (QR) of 181.22%. Its profitability ratios are also high, with a Net Profit Margin (NPM) of 48.50% and Return on Equity (ROE) of 63.53%, although its solvency ratios are moderate, with a Debt to Equity Ratio (DTER) of 59.24%. PT. Sido Muncul Tbk demonstrates exceptionally strong liquidity, with a CR of 674.79% and QR of 559.46%, along with solid profitability, evidenced by a ROE of 20.38%. On the other hand, PT. Indofarma (Persero) Tbk faces significant challenges, with low liquidity ratios, a negative NPM (-0.99%), and high solvency ratios, such as a Debt to Equity Ratio (DTER) of 170.77%. The findings of this study provide a comprehensive overview of the financial performance differences among the three companies and can serve as a reference for investment decisions in the pharmaceutical sector.Penelitian ini bertujuan untuk menganalisis kinerja keuangan pada tiga perusahaan subsektor farmasi di Indonesia, yaitu PT. Merck Tbk, PT. Industri Jamu dan Farmasi Sido Muncul Tbk, dan PT. Indofarma (Persero) Tbk, dengan menggunakan rasio likuiditas, solvabilitas, dan profitabilitas selama periode 2015 hingga 2019. Hasil analisis menunjukkan bahwa PT. Merck Tbk memiliki rasio likuiditas yang sangat baik, dengan rata-rata Current Ratio (CR) 296,60% dan Quick Ratio (QR) 181,22%. Rasio profitabilitas perusahaan ini juga tinggi, dengan Net Profit Margin (NPM) 48,50% dan Return on Equity (ROE) 63,53%, meskipun rasio solvabilitasnya cukup moderat, dengan Debt to Equity Ratio (DTER) 59,24%. PT. Sido Muncul Tbk menunjukkan kinerja likuiditas yang sangat kuat dengan CR 674,79% dan QR 559,46%, serta profitabilitas yang solid dengan ROE 20,38%. Di sisi lain, PT. Indofarma (Persero) Tbk menghadapi tantangan besar, dengan rasio likuiditas yang rendah, NPM negatif (-0,99%), dan rasio solvabilitas yang tinggi, seperti Debt to Equity Ratio (DTER) 170,77%. Hasil penelitian ini memberikan gambaran mendalam mengenai perbedaan kinerja keuangan ketiga perusahaan dan dapat menjadi acuan dalam pengambilan keputusan investasi di sektor farmasi.