Analisis Financial Distress dan Potensi Forced Delisting PT Waskita Karya (Persero) TBK dengan Menggunakan Metode Altman Z”-Score Periode 2021-2025

Abstract

This study aims to analyze the financial distress condition and the potential for forced delisting of PT Waskita Karya (Persero) Tbk during 2021–2025 using the modified Altman Z''-Score model. The study is motivated by the company's declining financial performance, reflected in the decrease in total assets, working capital, operating profitability, and equity relative to liabilities, as well as the company's special monitoring status on the Indonesia Stock Exchange. This research uses a non-statistical quantitative approach with secondary data obtained from the company's annual financial statements published through the Indonesia Stock Exchange. The analysis applies four financial ratios: working capital to total assets (X1), retained earnings to total assets (X2), earnings before interest and taxes to total assets (X3), and book value of equity to total liabilities (X4). The results show that the Altman Z''-Score declined from 1.64 in 2021 to 1.56 in 2022, 0.58 in 2023, 0.67 in 2024, and -1.48 in 2025. The company was classified as being in the grey zone during 2021–2022 and the distress zone during 2023–2025. The most notable weaknesses were the negative working capital ratio from 2023 onward, declining operating profitability, and the decreasing proportion of equity to total liabilities. These findings indicate sustained financial distress and increasing financial risk. However, the Altman result does not automatically establish forced  delisting because the  final determination remains subject  to  the  applicable Indonesia Stock Exchange rules and evaluation. The study implies that sustained financial distress should be treated as an early warning for management, investors, creditors, and other stakeholders.