Analysis of Financial Distress and Non-Distress at PT Sumber Alfaria Trijaya Tbk (AMRT) Listed on the Indonesia Stock Exchange for the 2022–2024 Period Using the Altman Z-Score Mode

Abstract

This study aims to analyze the financial distress and non-distress conditions of PT Sumber Alfaria Trijaya Tbk (AMRT), listed on the Indonesia Stock Exchange, during the 2022–2024 period using the Altman Z-Score model. The study employs a quantitative descriptive approach using secondary data derived from the company’s annual financial statements obtained from the Indonesia Stock Exchange and the company’s official reports. The data analysis technique was carried out by calculating the five financial ratios included in the Altman Z-Score model, namely working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, market value of equity to book value of liabilities, and sales to total assets.

The results indicate that the Altman Z-Score values of PT Sumber Alfaria Trijaya Tbk throughout 2022–2024 fall within the non-distress (safe) category, indicating that the company is in a sound financial condition and has no short-term bankruptcy risk. This condition reflects the company’s ability to maintain liquidity, profitability, asset efficiency, and a solid capital structure amid the dynamics of the post-pandemic retail industry.

This study implies that the Altman Z-Score model is effective as an early warning system to detect potential financial difficulties in modern retail companies. The findings are expected to serve as evaluation material for management, investors, creditors, and academics in assessing corporate financial health.

Keywords: financial distress, non-distress, Altman Z-Score, financial statements, PT Sumber Alfaria Trijaya Tbk