Analysis of Bankruptcy Prediction at PT. Indofarma Tbk uses the Altman Z-Score Method for the 2021-2023 Period: Analisis Prediksi Kebangkrutan pada PT. Indofarma Tbk menggunakan Metode Altman Z-Score Periode 2021-2023

Moh. Rasyid (Sekolah Tinggi Ilmu Ekonomi Mujahidin)
Martha Martha (Sekolah Tinggi Ilmu Ekonomi Mujahidin)
Edi Yanto (Sekolah Tinggi Ilmu Ekonomi Mujahidin)
Rendy Aziz Syahputra (Sekolah Tinggi Ilmu Ekonomi Mujahidin)
Masri Arfandi (Sekolah Tinggi Ilmu Ekonomi Mujahidin)

International Journal of Economic Entrepreneurship and Business Management
Vol. 1 No. 3 (2026): Strategic Management Transformation in the Digital Era and Global Uncertainty

This research aims to find out the potential for bankruptcy in PT. Indofarma Tbk uses the Altman Z-Score method for the 2021-2023 period. The type of research used is quantitative descriptive. The secondary data source is in the form of financial statements of PT. Indofarma Tbk for the 2021-2023 period accessed through the www.idx.co.id website The data analysis method used used was using the Modified Altman Z-Score method which used four variables, namely: Working capital/total assets (X1), retained earnings/total assets (X2), Earnings before interest and taxes/total assets (X3), net book equity/total book value (X4). Based on the results of the analysis and discussion, it was concluded that by using the Altman Z-Score method PT. Indofarma Tbk for the 2021-2023 period is classified as a company that is predicted to experience bankruptcy. This is characterized by a Z-Score result below 1.1, meaning a critical financial condition. The significant decline in various financial ratios, including liquidity and profitability, reflects the ever-increasing accumulation of losses and increasingly pronounced bankruptcy ratios.