Evaluasi Keuangan Industri Farmasi dengan Menggunakan Analisis Dupont dan Financial Distress

Abstract

The pharmaceutical industry in Indonesia grew by 8-10% per year during the period 2015 – 2019. However, the average ROE of the pharmaceutical industry has decreased. This study has three objectives: evaluating the factors that affect the performance of ROE; knowing the financial condition and predicting bankruptcy by comparing the analysis of financial distress using 4 different models; find impact of ROE to financial distress analysis. Researcher use Dupont to find the factors that affect ROE; financial distress analysis using four different model; modify the analysis of financial distress by including factors from ROE. DuPont's analytical study shows that net profit margin is the most important factor, but if the value is stable then the next influencing factor comes from total assets turnover. In a comparative study of the four models of financial distress analysis, the Altman model is the most appropriate. In the analysis study of the modified financial distress analysis, ROE has not been able to become a variable in the modified Altman model bankruptcy analysis.