<![CDATA[The growth of Indonesia’s e-commerce sector has been accompanied by significant challenges related to financial sustainability. Despite rapid expansion, several technology-based companies in the e-commerce subsector have recorded persistent losses, raising concerns about bankruptcy risks. This study aims to assess the probability of bankruptcy among e-commerce technology companies listed on the Indonesia Stock Exchange (IDX) by applying three analytical models: Altman Z-Score, Springate, and Zmijewski. The research employs a descriptive quantitative approach using documentation analysis of published financial statements. Findings reveal that each model produces varying levels of sensitivity in identifying financial distress. The Altman Z-Score and Zmijewski models emphasize capital structure and liquidity aspects, making them more effective in capturing solvency-related issues. In contrast, the Springate model prioritizes operational efficiency, offering a different perspective in evaluating financial performance. The analysis indicates that PT Goto Gojek Tokopedia Tbk and PT Global Niaga Tbk are consistently categorized within the bankruptcy zone across most models, while PT Bukalapak.com Tbk presents fluctuating outcomes depending on the model applied. These results highlight the importance of employing multiple predictive tools to strengthen the accuracy of bankruptcy assessments. The combined use of the three models serves as an early warning mechanism that provides valuable insights for both corporate management and external stakeholders. Furthermore, the study underscores the role of bankruptcy prediction in testing the going concern assumption, thereby assisting decision-makers in formulating preventive strategies and risk management policies to safeguard financial stability within Indonesia’s e-commerce sector.]]>
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