<![CDATA[This study aims to compare the financial performance of PT Unilever Indonesia Tbk before and after the boycott. The study employs a quantitative descriptive method with a comparative approach based on financial statements for the 2020–2025 period. The observation period is divided into 2020–2022 as the pre-boycott period and 2023–2025 as the post-boycott period. The analysis was conducted using liquidity, solvency, activity, and profitability ratios. The results show that liquidity declined in 2023–2024, as indicated by a Current Ratio of 55% and 45% and a Quick Ratio of 32% and 23%, before improving in 2025 to 74% and 55%, respectively. Solvency ratios increased in 2024, with a Debt-to-Assets Ratio (DAR) of 87% and a Debt-to-Equity Ratio (DER) of 647%, before declining in 2025 to 78% and 347%, respectively. Inventory turnover is projected to decline to 13.02 times by 2025. Profitability also weakens through 2024, with ROA at 21%, OPM at 13%, and NPM at 10%, before improving in 2025 to 23%, 14%, and 14%, respectively. Overall, financial conditions will face pressure through 2024 and begin to improve in 2025. These changes cannot be interpreted as a direct result of the boycott, as the study did not examine a cause-and-effect relationship.]]>
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