WULANDARI, SOFI (2026) ANALISIS PERBEDAAN TINGKAT FINANCIAL DISTRESS PT. WIJAYA KARYA TBK DAN PT. WASKITA KARYA TBK DENGAN METODE ALTMAN Z-SCORE DAN SK MENTERI BUMN PERIODE 2019-2024. Undergraduate thesis, Universitas Satya Negara Indonesia.

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Abstract

This study aims to analyze and compare the financial distress conditions of PT. Wijaya Karya Tbk and PT. Waskita Karya Tbk during the 2019–2024 period using the Altman Z-Score method and the financial health assessment method based on the Decree of the Minister of State-Owned Enterprises (SOEs) NO. KEP-100/MBU/2002. This research employs a quantitative approach with descriptive and comparative methods, using secondary data in the form of annual financial statements published by the Indonesia Stock Exchange and the companies’ official websites. The analysis is conducted by calculating financial ratios according to each method, followed by a comparison of results across methods and between companies. Statistical tests used in this study include the independent sample t-test as a difference test and Spearman Rank correlation as a supporting test. The results show that based on the Altman Z-Score method, both companies are classified as experiencing financial distress, while based on the SOE Ministerial Decree method, the companies’ financial conditions are categorized as less healthy to unhealthy. Although differences in classification are found in several years of observation, both methods demonstrate a consistent trend in depicting the decline in the companies’ financial performance, which is supported by a positive and significant Spearman Rank correlation. Therefore, the Altman Z-Score method and the SOE Ministerial Decree method can be used complementarily to assess corporate financial conditions.

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