Analysis of the Altman Z-Score and Springate Methods for Predicting Financial Distress at PT Adhi Karya (Persero) TBK for the Period 2019-2024
DOI:
https://doi.org/10.53787/iconev.v6i1.88Keywords:
Altman Z-Score, Financial Distress, Period 2019–2024, PT Adhi Karya, SpringateAbstract
This study aims to analyze the potential level of financial distress at PT Adhi Karya (Persero) Tbk during the period 2019–2024 using two prediction methods, namely Altman Z-Score and Springate. This research also aims to compare the differences in results between the two methods in predicting financial distress conditions. Financial distress is an early stage prior to bankruptcy that may cause significant losses if not properly anticipated. Therefore, an analysis that provides early warning signals regarding a company’s financial condition is required. The research method employed is a descriptive and comparative quantitative approach using secondary data in the form of annual financial statements of PT Adhi Karya (Persero) Tbk obtained from the company’s official website, www.adhi.co.id. The results indicate that based on the Altman Z-Score method, PT Adhi Karya (Persero) Tbk is classified in the grey area, which means the company is in a risky condition but has not yet been categorized as bankrupt. Meanwhile, based on the Springate method, the company is identified as experiencing financial distress. Based on descriptive statistical analysis, the differences in results produced by both methods indicate that no single approach is fully capable of representing the company’s financial condition comprehensively. Each method has its own characteristics and limitations. Therefore, the use of more than one analytical method is necessary to obtain a more comprehensive understanding of the company’s financial health
References
(2025). Study on the financial health of state-owned construction companies based on the decree of the Minister of State-Owned Enterprises for the period 2014-2024 [Unpublished research report].
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Brigham, E. F., & Daves, P. R. (2019). Intermediate financial management (13th ed.). Cengage Learning.
Fardhiani, N. N. (2025). Financial performance analysis: A case study of PT Adhi Karya (Persero) Tbk and listed construction companies in Indonesia with DuPont analysis (Vol. 5, No. 12). Jurnal Sosial dan Sains. https://doi.org/10.59188/jurnalsosains.v5i12.32588
Fitriani, M., & Huda, N. (2020). Analisis prediksi financial distress dengan metode Springate (S-Score) pada PT Garuda Indonesia TBK. Nominal: Barometer Riset Akuntansi dan Manajemen, 9(1). https://doi.org/10.21831/nominal.v9i1.30352
Gustinya, D., & Kurniawati, N. (2021). Analisis prediksi financial distress menggunakan model Altman, Grover, dan Springate pada perusahaan jasa transportasi yang terdaftar di Bursa Efek Indonesia pada tahun 2016-2018. Jurnal Akuntansi Dan Bisnis Krisnadwipayana, 8(2), 287-297. https://doi.org/10.35137/jabk.v8i2.535
Hernadianto, F., Yusmaniarti, Y., & Fraternesi, F. (2020). Analisis financial distress pada perusahaan jasa subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia. Jurnal Sains Manajemen dan Bisnis Indonesia (JSMBI), 10(1), 80-102. https://doi.org/10.38035/jmpis.v1i1.251
Kasmir. (2018). Analisis laporan keuangan. PT RajaGrafindo Persada.
Kautsar, M. W. (2024). Financial performance and financial distress analysis of state-owned construction companies in Indonesia from 2018 to 2023. AIJBM.
Kristanti, F. T. (2019). Financial distress: Teori dan perkembangannya dalam konteks Indonesia. Intelegensia Media.
Nazareth, N., & Ramana Reddy, Y. V. (2023). Financial applications of machine learning: A literature review. Expert Systems with Applications, 219, 119640. https://doi.org/10.1016/j.eswa.2023.119640
PEFINDO Credit Rating Agency. (2024). Laporan pemeringkatan PT Adhi Karya (Persero) Tbk. PEFINDO. www.pefindo.com
R Sanjaya, I. Nurhidayah. (2025). Analisis metode Altman Z-Score dan Springate terhadap prediksi financial distress pada PT. Pos Indonesia periode 2017-2023. RJABM (Research Journal of Accounting and Business Management, 9(2), 20-33.
Springate, G. E. V. (1978). Predicting corporate failure (Unpublished Ph.D. dissertation). Simon Fraser University, Burnaby, Canada.
Transparency International Indonesia. (2024). Analisis tata kelola proyek infrastruktur nasional. Transparency International Indonesia. www.ti.or.id
Wibowo, F. A., Satria, A., Lumban Gaol, S., & Indrawan, D. (2024). Foresight for SOE companies in Indonesia's construction industry: Recognizing future opportunities. Sustainability, 16(23), 10384. https://doi.org/10.3390/su162310384
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Indonesian Economic Review
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
journal is licensed under a Creative Commons Attribution-Non-commercial-No Derivatives 4.0 International License. This license allows authors to copy and redistribute the material in any or medium format. The journal allows the author(s) to hold the copyright without restrictions and will retain publishing rights without restrictions.
