FINANCIAL PERFORMANCE TREND ANALYSIS BASED ON LIQUIDITY, SOLVABILITY, AND PROFITABILITY RATIOS AT PT BUKIT ASAM TBK 2021–2025

Three Daughter Daeli; Amanda Olivia; Ani Rahmawati; Anggun Ananda

doi:10.61992/jiem.v8i2.426

Three Daughter Daeli Bina Sarana Informatika University
Amanda Olivia Bina Sarana Informatika University
Ani Rahmawati Bina Sarana Informatika University
Anggun Ananda Bina Sarana Informatika University

DOI: https://doi.org/10.61992/jiem.v8i2.426

Keywords: Financial Performance, Liquidity, Profitability, PT Bukit Asam Tbk, Solvency.

Abstract

The purpose of this study is to examine patterns in the financial performance of PT Bukit Asam Tbk (PTBA) for the 2021–2025 period based on liquidity, solvency, and profitability ratios. PTBA is one of the largest coal mining companies in Indonesia whose performance is influenced by global coal price dynamics and economic conditions. This study uses a descriptive quantitative method using PT Bukit Asam Tbk's financial report data for 2021–2025 obtained from the company's annual report as secondary data. The analysis is carried out by calculating liquidity ratios consisting of the Current Ratio, Quick Ratio, and Cash Ratio; solvency ratios including the Debt to Asset Ratio, Debt to Equity Ratio, and Long-Term Debt to Equity Ratio; and profitability ratios including Gross Profit Margin, Net Profit Margin, Return on Assets, and Return on Equity. The results show that the liquidity ratio experienced a downward trend during the study period, indicating increasing pressure on the company's working capital management. The solvency ratio showed an upward trend, reflecting the increasing use of debt in the company's funding structure, although still within relatively safe limits. Meanwhile, the profitability ratio experienced a significant decline due to the normalization of global coal prices and the company's increasing operating expenses. Overall, PT Bukit Asam Tbk experienced two performance phases: a growth phase in 2021–2022 and a consolidation phase in 2023–2025. The results of this study are expected to provide consideration for company management, investors, and researchers in assessing the company's financial condition and future prospects.

References

Hery. (2020). Analisis laporan keuangan. PT Grasindo.
Hidayah, F. N., & Sumiyarsih. (2024). Studi empiris pengaruh likuiditas, solvabilitas dan rasio aktivitas terhadap profitabilitas perusahaan manufaktur yang terdaftar di BEI periode 2020–2022. Jurnal Riset Akuntansi dan Bisnis Indonesia, 5(1).
Kasmir. (2019). Analisis laporan keuangan (Edisi revisi). PT RajaGrafindo Persada.
Mastari, M. (2020). Analisis kinerja keuangan PT. Bukit Asam, Tbk dilihat dari rasio solvabilitas, aktivitas dan profitabilitas periode tahun 2014–2019. Jurnal Ilmu Manajemen Terapan, 2(2), 168–184.
PT Bukit Asam Tbk. (2021). Laporan tahunan 2021. PT Bukit Asam Tbk.
PT Bukit Asam Tbk. (2022). Laporan tahunan 2022. PT Bukit Asam Tbk.
PT Bukit Asam Tbk. (2023). Laporan tahunan 2023. PT Bukit Asam Tbk.
PT Bukit Asam Tbk. (2024). Laporan tahunan 2024. PT Bukit Asam Tbk.
PT Bukit Asam Tbk. (2025). Laporan tahunan 2025. PT Bukit Asam Tbk.
Ramadhan, S. A., Buchdadi, A. D., & Siregar, M. E. S. (2024). Pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap nilai perusahaan pada sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia tahun 2017–2022. Jurnal Masharif Al-Syariah, 9(3).
Sudjiman, L. S., & Sudjiman, P. E. (2022). Analisis pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap nilai perusahaan. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis dan Akuntansi (JIMMBA), 4(3), 317–329.
Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D (Edisi ke-2). Alfabeta.
Sutrisno. (2018). Manajemen keuangan teori, konsep dan aplikasi (Edisi kedua). Ekonisia.
Widiyanti, M., et al. (2025). Analisis kinerja keuangan PT Bukit Asam Tbk periode 2019–2023 berdasarkan rasio likuiditas dan solvabilitas. Jurnal Ekonomi dan Manajemen Indonesia, 5(1), 45–58.