Analisis Rasio Keuangan Dalam Menilai Kinerja Keuangan PT. Gudang Garam Tbk Di Bursa Efek Indonesia Tahun 2020-2024

Abstract

This study aims to analyze and evaluate the financial performance of PT Gudang Garam Tbk during the 2020–2024 period using financial ratio analysis. The primary focus is to assess the company's financial performance by measuring liquidity, solvency, activity, and profitability ratios, as well as analyzing performance trends over the study period. A descriptive quantitative approach was employed, utilizing secondary data—specifically the annual financial statements of PT Gudang Garam Tbk obtained from the Indonesia Stock Exchange for the 2020–2024 period. Data analysis involved financial ratio calculations—including liquidity ratios (Current Ratio, Quick Ratio, Cash Ratio), solvency ratios (Debt to Asset Ratio and Debt to Equity Ratio), activity ratios (Total Asset Turnover and Working Capital Turnover), and profitability ratios (Return on Assets, Return on Equity, and Net Profit Margin)—followed by time-series analysis and comparisons against industry standards. The results indicate that PT Gudang Garam Tbk's financial performance fluctuated between 2020 and 2024, with a downward trend observed in several key indicators. Liquidity ratios (CR and QR) remained above industry standards, although the Cash Ratio fell below the benchmark. Solvency ratios reflected a reasonably healthy capital structure, despite the Debt to Equity Ratio (DER) exceeding the standard. Activity ratios revealed suboptimal efficiency in asset utilization. Profitability ratios experienced a significant decline, particularly in 2024, with ROA, ROE, and NPM consistently remaining below industry standards. Overall, the company's financial performance is categorized as satisfactory regarding liquidity and solvency, yet it requires improvements in operational efficiency and profitability management.