<![CDATA[This study aims to analyze the financial performance of PT Garuda Indonesia Tbk during the period 2020–2024 using financial ratio analysis. The research employs a quantitative descriptive approach with a case studydesign based on secondary data obtained from annual financial statements published by the Indonesia StockExchange (IDX). The analysis focuses on liquidity, solvency, profitability, and activity ratios. The results showthat the company experienced significant financial pressure, particularly during the COVID-19 pandemic. Theliquidity ratio remained far below the ideal benchmark, with the Current Ratio declining to 0.10 in 2020 and0.05 in 2021, before gradually improving to 0.56 in 2023 and slightly decreasing to 0.47 in 2024. The solvencyratio indicates a high level of leverage, with the Debt to Asset Ratio consistently exceeding 0.5, reflecting astrong dependence on debt financing. In terms of profitability, the company recorded negative performance inseveral years, as indicated by negative Net Profit Margin values during the pandemic period. Furthermore, theTotal Asset Turnover remained below 1.0, indicating inefficient asset utilization. Overall, the findings suggestthat although PT Garuda Indonesia Tbk has shown gradual recovery after restructuring, the company still facessignificant challenges in achieving financial stability and operational efficiency. This study contributes to theunderstanding of financial performance in capital-intensive industries during crisis and recovery periods.]]>
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