<![CDATA[This study aims to analyze the financial health and bankruptcy potential of PT Aneka Tambang Tbk. for 2021–2025 using the Altman Z-Score (non-manufacturing modification) and Springate models, and to compare the consistency of the classifications produced by both models. This research employs a quantitative, comparative-descriptive design using secondary data from the company’s annual reports. The sample was determined through purposive sampling, yielding five annual observations (n = 5). The results show that the Z-Score ranged from 5.33 to 7.65, above the 2.60 safe-zone threshold, while the S-Score ranged from 1.60 to 2.64, above the 0.862 cut-off. Both models therefore classified the company as financially healthy in every year of the period. These findings indicate a low bankruptcy risk and are consistent with the company’s liquidity position. However, because the company did not experience bankruptcy during the observation period and the sample is limited to one firm over five years, the findings do not allow conclusions about the predictive accuracy or relative superiority of either model. Future research should validate the models against actual conditions using more firms and longer periods.]]>
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