<![CDATA[Main Objectives: To analyze and evaluate the financial performance of PT Aneka Tambang Tbk (ANTAM) by comparing fiscal years 2024 and 2025 using financial ratio benchmarks established by Kasmir. Background Problem: Global commodity price volatility, macroeconomic shifts, and growing raw material demands for the electric vehicle (EV) battery ecosystem necessitate an in-depth evaluation of ANTAM's financial resilience and operational efficiency. Novelty: Presents an empirical comparative assessment of state-owned mining enterprise performance during a major strategic transition toward global downstream mineral integration. Research Methods: : A descriptive-quantitative study employing literature review and documentation techniques based on audited consolidated annual financial statements. Findings and Results: : ANTAM experienced a surge in financial performance in 2025, highlighted by a 105.27% increase in annual net profit from Rp3.85 trillion to Rp7.92 trillion. Liquidity improved (Current Ratio from 2.03x to 2.82x; Quick Ratio from 1.57x to 2.28x), while profitability rose sharply (NPM from 5.58% to 9.36%, ROA from 10.05% to 18.21%, and ROE from 13.38% to 24.19%). Capital structure remained safe with DAR at 0.25x and DER at 0.33x. Conclusion: ANTAM demonstrates a highly liquid, solvent, and profitable condition, reflecting strong managerial execution and promising operational prospects.]]>
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