<![CDATA[PT Pertamina (Persero) sebagai badan usaha milik negara strategis di sektor energi Indonesia menghadapi tantangan signifikan selama periode 2020–2024, yang ditandai dengan pandemi COVID-19, volatilitas harga minyak dunia, serta awal transisi energi nasional. Penelitian ini bertujuan untuk menganalisis kinerja keuangan perusahaan melalui rasio keuangan utama, yaitu likuiditas (Current Ratio), solvabilitas (Debt to Assets Ratio dan Debt to Equity Ratio), serta profitabilitas (Return on Assets), guna mengevaluasi resiliensi dan adaptabilitas manajemen dalam menghadapi kondisi eksternal yang penuh ketidakpastian. Metode penelitian menggunakan analisis rasio keuangan deskriptif kuantitatif berbasis data primer dari laporan keuangan tahunan PT Pertamina (Persero) periode 2020–2024. Rasio-rasio dihitung secara standar dan dibandingkan dengan standar industri serta tren tahunan untuk menilai kondisi keuangan perusahaan. Hasil penelitian menunjukkan bahwa Current Ratio rata-rata mencapai 202% dengan nilai tertinggi 227% pada 2024, mengindikasikan likuiditas yang sangat baik meskipun sempat menurun pada 2021–2022. Debt to Assets Ratio rata-rata 55% dan Debt to Equity Ratio rata-rata 133% menunjukkan struktur modal yang relatif tinggi namun masih wajar untuk industri capital-intensive, dengan tren penurunan positif pada fase pemulihan (2023–2024). Return on Assets mengalami peningkatan signifikan dari 1,52% pada 2020 menjadi 4,87% pada 2023, meskipun sedikit menurun menjadi 3,48% pada 2024, mencerminkan keberhasilan optimalisasi biaya dan efisiensi operasional pasca-pandemi. Kesimpulannya, PT Pertamina (Persero) menunjukkan resiliensi keuangan yang kuat selama periode 2020–2024 dengan perbaikan progresif pada hampir seluruh rasio keuangan utama. Temuan ini mengimplikasikan bahwa strategi manajemen yang prudent mampu mendukung ketahanan energi nasional sekaligus mempersiapkan perusahaan menghadapi transisi energi berkelanjutan di masa depan. Abstract PT Pertamina (Persero), a strategic state-owned enterprise in Indonesia's energy sector, faced significant challenges during the 2020–2024 period, marked by the COVID-19 pandemic, global oil price volatility, and the beginning of the national energy transition. This study aims to analyze the company's financial performance through key financial ratios, namely liquidity (Current Ratio), solvency (Debt to Assets Ratio and Debt to Equity Ratio), and profitability (Return on Assets), to evaluate management resilience and adaptability in facing uncertain external conditions. The research method uses quantitative descriptive financial ratio analysis based on primary data from PT Pertamina (Persero)'s annual financial reports for the 2020–2024 period. Ratios are calculated according to standard procedures and compared with industry standards and annual trends to assess the company's financial condition. The results show that the Current Ratio averaged 202% with a peak value of 227% in 2024, indicating excellent liquidity despite a decline in 2021–2022. The average Debt-to-Assets Ratio of 55% and the average Debt-to-Equity Ratio of 133% indicate a relatively high but still reasonable capital structure for a capital-intensive industry, with a positive downward trend during the recovery phase (2023–2024). Return on Assets experienced a significant increase from 1.52% in 2020 to 4.87% in 2023, although it decreased slightly to 3.48% in 2024, reflecting the success of post-pandemic cost optimization and operational efficiency. In conclusion, PT Pertamina (Persero) demonstrated strong financial resilience during the 2020–2024 period with progressive improvements in almost all key financial ratios. These findings imply that a prudent management strategy is able to support national energy security while preparing the company for a sustainable energy transition in the future.]]>
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