<![CDATA[This study aims to analyze the trend of changes in the capital structure of PT. Airasia Indonesia during the period 2019–2023 with the indicators Debt to Equity Ratio (DER), Debt to Asset Ratio (DAR), and Long Term Debt to Equity Ratio (LTDER). This study was analyzed by calculating annual growth (YoY Growth) using capital structure calculation indicators including DER, DAR, and LTDER to see the pattern of changes from year to year. After that, the calculation results will be interpreted to identify tendencies in the company's capital structure, whether it relies more on debt or equity funding. The calculation results will also be linked to the Pecking Order theory to provide in-depth interpretation and analysis of PT Airasia Indonesia's funding policy. The research findings state that the capital structure of PT Airasia Indonesia for the period 2019–2023 shows an unhealthy trend, with long-term implications such as termination of contracts with business partners, and loss of access to new financing from investors or financial institutions. This study also found that PT Airasia Indonesia is inconsistent with the Pecking Order theory because the company relies more on debt funding than internal funding. The inconsistency with this theory is due to excessive dependence on debt funding sources and shows the inefficiency of financial management in utilizing equity.]]>
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