PREDIKSI FINANCIAL DISTRESS MELALUI METODE ALTMAN Z-SCORE MODIFIKASI DAN ANALISIS POLA ARUS KAS: STUDI KASUS PT WASKITA KARYA (PERSERO) TBK PERIODE 2018-2024
DOI:
https://doi.org/10.35446/akuntansikompetif.v9i2.2859Abstract
This research aims to predict bankruptcy from PT Waskita Karya (Persero) Tbk from the year 2018-2024. Case study method with a quantitative approach was used in the research. Data analysis tools uses Microsoft Excel with Altman’s Z-Score Modificated model and cash flow patterns. The Altman’s Z-Score uses financial ratios that are Working Capital to Total Assets, Retained Earnings to Total Assets, Earning Before Interest and Taxes to Total Assets, and Book Value of Equity to Total Liability. The results showed company’s categories include grey zone and distress. Analysis Altman’s Z-Score is strengthened using the cash flow pattern and shows that the company is at the financial difficulties or bankruptcy.
Keywords: Bankruptcy prediction, Altman’s Z-Score modificated, Cash flow patterns
References
Eka Putri, N., & Noer, M. (2021). Systematic Literature Review (SLR) Dinamika Perencanaan Pembangunan Infrastruktur Berkelanjutan. JURNAL PUBLIC POLICY, 7(2), MEI-OKTOBER. https://doi.org/10.35308/jpp.v7i2.3811
Febrianti, G., Silaban, K., Sitanggang, N. H. U., & Nasution, A. R. (2025). Ekonomi Politik BUMN: Reformasi, Kepemimpinan Negara, dan Peran BUMN dalam Agenda Pembangunan Nasional. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(4), 2180–2185. https://doi.org/10.31004/riggs.v4i4.3683
Husain, F. (2021). Tinjauan Literatur Tentang Penelitian Arus Kas di Indonesia Periode 2017-2019. https://doi.org/https://doi.org/10.47201/jmn
Joy Valerie, A., Endera, C., & Permata Ukir N, D. P. (2026). ANALISIS PENGARUH UTANG JANGKA PANJANG TERHADAP PROFITABILITAS DAN LIKUIDITAS: STUDI PADA PT WASKITA KARYA (PERSERO) TBK SELAMA JANGKA WAKTU 2021-2025 (Vol. 12, Number 1).
Koto, M., & Abdullan, I. (2026, January). ANALISIS ALTMAN Z’’-SCORE SEBAGAI ALAT EARLY WARNING SYSTEM RISIKO FINANCIAL DISTRESS STUDI KASUS PT WASKITA KARYA (PERSERO) TBK. https://jurnal.ceredindonesia.or.id/index.php/akmami/article/view/1530/1437
Marizcha, G. G., Jonathan, R. L., & Sonaria, M. (2022). ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN Z-SCORE MODIFIKASI PADA PT.WASKITA KARYA TBK PERIODE 2016-2020 .
Riwoe, J. C. , & Winarto. (2017). ANALISIS PREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN ALTMAN’S Z-SCORE MODIFIKASI DAN POLA ARUS KAS PADA PT. BUMI RESOURCES MINERALS TBK.
Safira Nasution, K., & Miftah, M. (2022). ANALISIS FINANCIAL DISTRESS PADA PERUSAHAAN BUMN YANG TERDAFTAR DI BEI. https://ejournal.upnvj.ac.id/index.php/jye
Suranta, E., Midiastuty, P. P., Indriani, R., & Robiansyah, A. (2021). Pengujian Pola Siklus Arus Kas dalam Memprediksi Kebangkrutan. 13(2), 362–377. http://journal.maranatha.edu
Susiana, R. A. (2025). Analisis Potensi Kebangkrutan PT Sritex dengan Metode Altman Z-Score, Springate, dan Grover Periode 2014–2024. https://jurnal.pnj.ac.id/index.php/acc/article/view/7712/3606
Syaidatul Nisa, L., & Watiningsih, F. (2025). Analisis Prediksi Financial Distress dengan Menggunakan Metode Altman Z-Score dan Metode Springate pada Perusahaan PT Waskita Karya Tbk Periode 2021-2024. https://doi.org/10.70285/cb5pbv03
Tamallo, E. (2018). ANALISIS ARUS KAS SEBAGAI SUMBER INFORMASI KAS OPERASIONAL PADA PT JALAN TOL SEKSI EMPAT MAKASSAR.
Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero) Prediction of bankruptcy using altman z-score modification method on PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633.
Zahrahanny, A. H., & Yulianti Raharjo. (2025). Studi Analisis Altman Z-Score Sebagai Indikator Prediksi Kebangkrutan di PT XYZ. Jurnal Riset Manajemen Dan Akuntansi, 5(3), 229–243. https://doi.org/10.55606/jurima.v5i3.5721
Downloads
Published
Versions
- 2026-05-19 (2)
- 2026-05-19 (1)
Issue
Section
License
Copyright (c) 2026 Annisa Nurhamidah
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
