<![CDATA[This study analyzes value-based financial performance of four conventional Islamic banks listed on the Indonesia Stock Exchange (IDX), namely PT Bank Syariah Indonesia Tbk (BRIS), PT Bank BTPN Syariah Tbk (BTPS), PT Bank Aladin Syariah Tbk (BANK), and Bank Panin Dubai Syariah Tbk (PNBS) during the period 2018–2025, using the Economic Value Added (EVA) method. The study results show that (1) BRIS experienced significant NOPAT growth after the 2021 merger, but EVA remained negative for most of the period due to high cost of capital compared to large capital; (2) BTPS recorded positive EVA in 5 out of 8 years with the second-highest average NOPAT but was affected by changes in cost of capital; (3) BANK (Aladin Syariah) had the highest proportion of years with positive EVA (7 out of 8 years) despite low NOPAT, reflecting relatively good capital efficiency; and (4) PNBS consistently recorded negative EVA until it finally turned positive in 2025. This finding shows that growth in operating profit alone does not guarantee value creation for shareholders if it is not accompanied by efficient management of capital costs.]]>
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