<![CDATA[This study aims to analyze and compare potential bankruptcy at PT Garuda Indonesia (Persero) Tbk and AirAsia Group Berhad during 2018–2022 using the Altman Z″-Score and Springate S-Score methods. This study employs a quantitative descriptive-comparative approach using secondary data from audited consolidated annual financial statements. The results show that, according to the Altman Z″-Score, PT Garuda Indonesia (Persero) Tbk was in the distress zone during 2018–2021 and in the grey area in 2022, while AirAsia Group Berhad was in the safe zone in 2018 and the distress zone during 2019–2022. Based on the Springate S-Score, PT Garuda Indonesia (Persero) Tbk was classified as distressed during 2018–2021 and non-distressed in 2022, while AirAsia Group Berhad was classified as distressed throughout 2018–2022. In eight of the ten firm-year observations, both methods simultaneously indicated financial distress. Results that were not fully aligned occurred for AirAsia Group Berhad in 2018 and PT Garuda Indonesia (Persero) Tbk in 2022. The differences indicate that the two methods have different sensitivities to financial-ratio components and can be used as complementary early-warning indicators rather than as a legal determination of bankruptcy.]]>
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