Stability

Abstract

The purpose of this study was to analyze the prediction of bankruptcy using the Altman Z-Score, Springate S-Score, and Zmijewski X-Score methods at PT. Kalbe Farma Tbk for the period 2011-2020. This study uses a quantitative descriptive method. The data used are secondary data taken from financial reports published on the capital market. From the results of the study, it is known that on average the three models indicate PT. Kalbe Farma Tbk is included in the category of a healthy company and avoided bankruptcy during the 2011-2020 period. For the Z-Score model, only 2011 was in the gray area category, then 2012 to 2020 in the healthy category. The S-Score and X-Score models from 2011 to 2020 are in the healthy category. The financial health achieved by PT. Kalbe Farma Tbk is supported by increased sales, high total assets, and stable working capital every year. The benefits of this research are expected for company managers to maintain financial conditions and investors can make decisions to maintain their investment in PT. Kalbe Farma Tbk and this company can be a financial benchmark for other pharmaceutical companies.