<![CDATA[The food and beverage manufacturing subsector contributes significantly to Indonesia's GDP; however, it remains vulnerable to challenges such as production cost fluctuations and the impact of the COVID-19 pandemic, which threaten corporate financial performance. This study aims to analyze the potential bankruptcy of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research utilizes the Altman Z-Score method, which integrates liquidity, profitability, solvency, and activity ratios as an early warning indicator of financial health. The results across ten sample companies indicate variations in financial health levels over the analyzed period. Companies such as PT Ultramilk Jaya Industry & Trading Tbk and PT Mayora Indah Tbk consistently remained in the safe zone (), indicating stable financial conditions and a low risk of bankruptcy. Conversely, companies like PT FKS Food Sejahtera Tbk and PT Indofood CBP Sukses Makmur Tbk were identified in the grey zone or faced potential bankruptcy. Consequently, management in high-risk companies must promptly implement financial performance improvements and strategic adjustments to ensure business continuity.]]>
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