Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 7 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

EVALUASI TINGKAT FINANCIAL DISTRESS BERDASARKAN MODEL ALTMAN Z-SCORE MODIFIKASI: BUKTI EMPIRIS PADA PERUSAHAAN AGRO PERIODE 2021-2025

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  • Ramadanis,
  • Siti Hidayatul Rida,
  • Shadika Tunil Akwal,
  • Nabila Salsa Bila,
  • Rafil Putra Aprianda,
  • Ridwan Wirendi
Ramadanis
UIN Mahmud Yunus Batusangkar
Siti Hidayatul Rida
UIN Mahmud Yunus Batusangkar
Shadika Tunil Akwal
UIN Mahmud Yunus Batusangkar
Nabila Salsa Bila
UIN Mahmud Yunus Batusangkar
Rafil Putra Aprianda
UIN Mahmud Yunus Batusangkar
Ridwan Wirendi
UIN Mahmud Yunus Batusangkar
DOI: https://doi.org/10.2238/8dt7qz15

Published 2026-06-26

Keywords

  • Financial distress; Modified Altman Z-Score; Bankruptcy prediction; Agro industry; Financial performance

How to Cite

EVALUASI TINGKAT FINANCIAL DISTRESS BERDASARKAN MODEL ALTMAN Z-SCORE MODIFIKASI: BUKTI EMPIRIS PADA PERUSAHAAN AGRO PERIODE 2021-2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(7). https://doi.org/10.2238/8dt7qz15

Abstract

Financial distress is an early warning condition indicating that a company may face bankruptcy if financial performance continues to deteriorate. Therefore, evaluating financial conditions is important to support decision making and maintain business sustainability. This study aimed to evaluate and compare the level of financial distress of PT Andira Agro Tbk and PT Astra Agro Lestari Tbk during the 2021–2025 period using the Modified Altman Z-Score model. The research employed a descriptive quantitative approach with comparative analysis based on secondary data obtained from the companies’ published financial statements. Data were collected through documentation and literature study and analyzed using the Modified Altman Z-Score method. The results showed differences in the financial condition of both companies. PT Andira Agro Tbk experienced a decline in Z-Score values, moving from the Grey Area in 2021–2022 to the Distress Zone in 2023–2025, indicating an increasing risk of financial distress due to weakening liquidity, accumulated losses, and declining profitability. In contrast, PT Astra Agro Lestari Tbk consistently remained in the Safe Zone, reflecting relatively stable financial performance and lower financial risk. Overall, the findings indicate that the Modified Altman Z-Score can be used to evaluate financial health and identify financial distress risk in agro companies.
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