Journal - Dita Asri Hastuti - 11207600005

Financial Ratio Analysis For Performance Assessment And Financial
Health In PT. BJM
FINANCIAL RATIO ANALYSIS FOR PERFORMANCE ASSESSMENT

AND FINANCIAL HEALTH IN PT. BJM
1st Dita Asri Hastuti

Indonesian College of Economics
Jakarta, Indonesia
ditaasri18@gmail.com
Abstract - This study aims to provide an assessment of the performance and financial
health of PT. BJM in 2018 to 2021. By analysing its financial statements, it uses the
calculation of liquidity ratio, rentability ratio, activity ratio, solvency ratio, and
profitability ratio. The method used is descriptive qualitative.
Based on the results of research and discussion, it can be concluded that the
financial condition of PT. BJM in the last 4 years (2018-2021) can be considered
good and healthy, this can be seen from the results of calculating the ratio of
liquidity, solvency, rentability, activity and profitability which is considered
good. Even though it was above 2018, in terms of calculations, financial ratios have
decreased a lot but all are still in the safe category.
Keywords : financial ratio analysis, the level of financial performance of the

company
INTRODUCTION
Financial problems are one of the most important problems for companies in the
development of business in all companies. One of the main goals of establishing a company is
to obtain maximum profit. But whether or not the company succeeds in seeking profit and
maintaining its company depends on financial management. The company must have a healthy
and efficient financial performance to make a profit or profit.
Assessment of the financial performance of a company is one of the ways that can be
done by management in order to fulfill its obligations to funders and also to achieve the desired
goals, financial performance assessment can also be used and used as a basis for decision
making for both internal and external parties of the company.
The media used to see the company's health condition is financial statements. Financial
statements are records of financial information of an enterprise in an accounting period that
can be used to describe the performance of an enterprise. Financial statements are part of the
financial reporting process. Define financial statements as three summaries of a recording
process, is a summary of financial transactions that occurred during the relevant financial
year. The financial condition of a company will be able to be known from the financial
statements of the company concerned, which consist of a balance sheet, income statement and
INDONESIAN HIGH SCHOOL OF ECONOMICS 1

Health In PT. BJM
other financial statements. Financial statement analysis is very important considering that
many parties need this analysis for decision making.
THEORETICAL FOUNDATIONS
Definition of Financial Ratios
Definition of financial ratio according to Cashmere (2015: 104), the activity of
comparing the figures in the financial statements. Comparisons can be made between one
component and the components in one financial statement or between existing components
between financial statements.
According to Fahmi (2016: 51) the benefits of financial ratios are to be used as a tool
to assess the company's performance and achievements, useful for management as a reference
for planning, can be used as a tool to evaluate the condition of a company from a financial
perspective, for creditors it can be used to estimate the potential risks that will be faced related
to the guarantee of the continuity of interest payments and the return of the principal of the
loan.
Types of Financial Ratios
According to Asnaini ( 2015 : 49 ), the types of ratios are as follows :
1. Liquidity Ratio
The liquidity of the company is the ability of the company to organize the company's
production processes. The measurement of the liquidity ratio using the formula consists of:
a. Current Ratio
A commonly used ratio in the analysis of financial statements is a current ratio that
provides a rough measure of the level of liquidity of the company. Current ratio is obtained by
dividing current assets with current debt. According to Cashmere (2018:135) the industry
average for the Current Ratio is 200%.
b. Cash Ratio
Cash ratio is a tool used to measure how much cash is available to pay debt. The
availability of cash can be shown from the availability of cash funds such as checking or
savings accounts at the bank (which can be withdrawn at any time). It can be said that this ratio
shows the real ability for the company to pay its short-term debts. According to Cashmere
(2018:140) the industry average for Cash Ratio is 50%.
c. Quick Ratio
Quick Ratio is a ratio that shows the ability of a company to pay current liabilities or
debts to current assets without having to take into account the value of inventory. According
to Cashmere (2018:138) the industry average for the Quick Ratio is 150%.
2. Solvency Ratio
According to Cashmere (2018:151), the solvency ratio is a ratio used to measure the
extent to which a company's assets are financed with debt. The solvency ratio can be measured
by two ratios, namely:
a. Debt To Equity Ratio

Health In PT. BJM
This ratio is sought by comparing the entire debt with the entire equity. This ratio is
useful to find out the amount of funds that the loan (creditor) provides with the owner of the
company. In other words, this ratio serves to find out every rupiah of own capital that is used
for debt guarantees. According to Cashmere (2018:157) the industry average for DAR is 35%.
b. Debt to Total Asset Ratio
Shows the relationship of the amount of long-term debt to the amount of capital itself
provided to the owner of the company, aims to find out the amount of data that creditors provide
to the owner of the company. According to Cashmere (2018:159) the industry average for DER
is 81%.
3. Rentability Ratio
a. Profit Margin Ratio
This ratio shows how much of the percentage of net income earned from each sale. The
greater the ratio, the better it is considered that the company's ability to make a profit is a high
culup.
b. Return On Investment Ratio
Return On Investment Ratio or ROI is used to measure the ability of one's own capital
invested in the whole to generate net profit
c. Return On Equity Ratio
This ratio is a comparison of the comparison of net profit according to taxes with own
capital. The higher this ratio, the better the state of the company. According to Cashmere
(2018:205) the industry average for ROE is 40%.
4. Activity Ratio
According to Cashmere (2018: 172), the activity ratio is a ratio used to measure the
effectiveness of a company in using its assets. Activity Ratio is a ratio used to measure the
extent of the effectiveness of a company's management in managing its assets. The activity
ratio is divided into 3, namely:
a. Receivable Turnover
A ratio used to measure the ability of data to rotate in a single period.
b. Inventory Turnover
The ratio used to measure the liquidity of inventory and terdency for the presence
of overstock. According to Cashmere (2018:135) the industry average for Inventory Turnover
is 20 times.
c. Total Asset Turnover
Used to measure the ability of funds embedded in the overall assets that rotate in a given
period or the ability of the invested capital to generate sales. According to (Hanafi and Halim
(2018:78) this ratio measures the extent to which a company's ability to generate sales based

Health In PT. BJM
on the fixed assets owned by the company. According to Cashmere (2018:186) the industry
average for Total Asset Turnover is 2 times.
5. Profitability Ratio
According to Munawir (2014:240), "it also explains that Profitability is a ratio used to
assess a company's ability to make a profit." Profitability ratio is the company's ability to make
a profit through all its capabilities and resources, The purpose of the profit ratio is to measure
the level of the company's ability to make a profit based on the value of sales, assets, and
capital. By using this ratio you can find out the survival of the company (going concern). There
are five measures that can be used to measure profitability ratios, namely:
a. Net Profit Margin
The ratio is used to measure the percentage of each remaining sales proceeds after the
company pays the cost of goods sold. Net profit margin is a measure of profit by comparing
profit after interest and tax compared to sales. According to Cashmere (2018:201) the industry
average for Net Profit Margin is 20%.
b. Operating Income Ratio
This calculation is used to measure the company's ability to obtain operating profit
before interest and taxes from sales.
c. Earning Power of Total Investment
Ratio used to measure the company's ability to manage capital owned and invested in
all assets. This calculation is a reference for investors or shareholders in measuring the level of
investment returns invested in the company.
d. Return on Net Worth
This ratio is used to measure the ability of self-invested capital to generate income for
shareholders.
Definition of Financial Statement Analysis
According to V. Wiranta Sujarweni (2017:6) it states that:
"Analysis of financial statements is a process in order to help analyze or evaluate the financial
state of the company, the results of the company's past and future operations."
According to Mamdum Hanafi and Abdul Halim (2016:5), it states that :
"Financial statement analysis is an analysis of a company's financial statements basically
because it wants to know the level of profitability (profit) and the level of risk or health level
of a company."
Definition of Financial Statements
A financial statement is an overview of the balance sheet or statement of financial
position, a profit and a statement of changes in the capital of an enterprise that occurred at a
certain moment. These financial statements are required by investors, employees, lenders,
suppliers and other business creditors, customers, governments and the public as information
material to make decisions in order to accommodate their respective interests. Financial

Health In PT. BJM
statements are usually made by the company at the end of the period or at the end of the
financial year. Financial statements can be made on a monthly, quarterly, semesterly and
annual basis. However, for the benefit of external parties, financial statements are made on an
annual basis.
According to Toto Prihadi (2019: 4), financial statement analysis requires raw materials
in the form of financial statements. From the financial statements, then the financial ratio is
calculated. Thus, it is necessary to have a fairly broad knowledge of financial statements to
analyze, as is known four types of financial statements made by the company, namely:
According to Lubis (2017:20), financial statements are:
"Financial statements are the final result of the recording process which is a summary of the
financial transactions that occurred during the relevant financial year."
Definition of Financial Performance
According to Fahmi (2016: 86), mentioning that financial performance is a picture of
the achievement of implementation or programs or wisdom in realizing the goals, objectives,
mission, and vision of an organization. According to Rudianto (2013: 189) states that financial
performance is the company's ability to use its capital effectively and efficiently in order to get
maximum results or results that have been achieved by company management in carrying out
its function of managing company assets effectively during a certain period.
Financial Performance Objectives
According to Restia Yuasita (2018: 18) the objectives of financial performance are as
follows:
1. To find out the level of liquidity, that is, the company's ability to fulfill its financial
obligations that must be fulfilled immediately or the company's ability to fulfill its
finances at the time of being billed.
2. To find out the level of solvency, that is, the company's ability to fulfill its financial
obligations if the company is liquidated both short-term and long-term obligations.
3. To find out the level of profitability, that is, the ability of the company to make a profit
over a certain period.
4. To measure the level of business stability, that is, the company's ability to conduct its
business stably which is measured by considering the company's ability to pay
installments regularly to shareholders without experiencing obstacles.
Benefits of Financial Performance
According to Rainer (2017:19) the benefits of financial performance are:
1. To measure the achievements achieved by the organization in a certain period reflecting
the success rate of its implementation of activities.
2. To see the performance of an organization as a whole.
3. To assess the contribution of a part in the overall achievement of the goals of the
enterprise.

Health In PT. BJM
4. According to Fajrin & Laily (2016:5) the benefits of performance appraisal for
management are to:
5. Manage organizational operations effectively and efficiently through maximum
employee motivation.
6. Assist in employee-related decision-making such as promotions, transfers and
dismissals.
7. Identify employee training and development needs and to provide criteria for promotion
and evaluation of employee training programs.
8. Provide feedback for employees on how their bosses assess their performance.
9. Provides a basis for the distribution of awards.
Past Research
Previous research was used as reference material for authors who will conduct
research. According to Bella (2020), the type of research used in this study is a quantitative
method using descriptive studies, namely by analyzing data in the form of numbers by
calculating, then applying it using the time series analysis method and describing the results of
these calculations with the help of notes on the company's financial statements. This study aims
to determine the company's financial performance using financial ratio analysis. The financial
ratios used are liquidity ratio, solvency ratio and activity ratio. The source of data in this study
is secondary data, namely the financial statements of PT. Pt. Perusahaan Gas Negara (Persero),
Tbk from 2016 to 2018. The data collection technique used is documentation. The result of the
calculation of the liquidity ratio is that the company is able to fulfill its short-term financial
obligations. The result of calculating the solvency ratio is not good because the amount of debt
is greater than the capital. The results of calculating the company's profitability ratio have been
able to increase the company's profit but in ROI and ROE the company has not been able to
generate enough profit. The result of the calculation of the activity ratio is that the company is
less efficient in using the company's assets.
According to Desi Susilawati et al (2018), this study aims to measure the independence
of local governments in implementing regional autonomy in Sleman Regency by assessing the
financial performance of the Regional Finance and Assets Agency (BKAD) based on the
Budget Realization Report (LRA) for 5 years from 2012-2016 by analyzing the regional
financial independence ratio, purchase efficiency ratio, variance analysis, decentralization
level, regional financial dependence ratio, and the debt service coverage ratio (DSC).
Data analysis in this study is descriptive Quantitative. The results showed that the
pattern of the relationship between local government independence was considered not
independent enough, but the level of efficiency of financial management was considered
efficient. The level of fiscal decentralization of Sleman Regency is considered sufficient
because the realization of PAD revenue is very effective, but the level of dependence of local
finances on the central government is considered very high. One of the factors is due to the
lack of contribution from the Land Tax and Building Income to pad. The situation is due to
ineffective Land and Building Tax revenues. The growth ratio shows that the Sleman County
Government's ability to maintain and improve success fluctuates.
According to Sari et al (2020), this study aims to test and analyze the effect of
managerial ownership, audit committee, leverage and company size on financial performance

Health In PT. BJM
as measured by Return On Asset (ROA). This research is a quantitative research. The sampling
technique uses the purposive sampling method. The total sample in this study was 36
manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-2018. The
statistical analysis used in this study is a multiple linear regression analysis. The results of this
study show that managerial ownership, audit committee and leverage affect financial
performance. Meanwhile, the size of the company does not affect financial performance.
Frame of Mind
The frame of mind is the subject of research where theoretical concepts will change
into operational definitions that can describe the series of variables to be studied. An analysis
is carried out on the financial statements that will lead to the drawing of conclusions about the
financial condition of the company. In this case, the researcher wants to see results to measure
the financial performance of the company. Financial performance itself can be interpreted as
the success of the company in managing its financial resources in managing its business.
Based on the frame of mind described above, the framework of this research thinker
can be seen in the following figure:
Figure 1.1 Frame of Mind Chart
RESEARCH METHODS
The research conducted by researchers used a qualitative descriptive approach. A
qualitative descriptive approach is a method that is carried out by collecting data, presenting
data and analyzing data so that it can give a fairly clear picture of the object under
study. Through a research approach, it helps researchers to focus on conducting research and
can improve the quality of research so that it can save time in conducting research.

Health In PT. BJM
This research was conducted at PT. BJM located in Jakarta. The research time is carried
out after the proposal is approved. Data collection and research are estimated to take 5 months,
namely from January 2022 to May 2022.
The research method used by researchers is the survey method, namely data collection
and literature studies carried out by studying literature related to commercial financial
statements and fiscal financial statements, both statements, laws and regulations, documents,
articles and other literature that can help researchers in solving problems. The data that has
been obtained by the researcher is then compiled systematically to gain further understanding
of theoretical concepts related to the problem that will be discussed by the researcher.
RESULTS AND DISCUSSION
Financial ratios are used to assess financial performance in a period whether to achieve
the target that was late set. The methods used to measure financial performance are liquidity
ratio, solvency ratio, rentability ratio, activity ratio, and profitability ratio.
Liquidity Ratio
Current Ratio
The following is the result of calculating the current ratio :
Current assets
Currenct Ratio = x 100%
Current debt
Table 4.1 Calculation of Current Ratio of PT. BJM

Year Current assets Current debt Currenct Ratio
2018 12.756.290.796 2.065.426.700 6,18 river
2019 20.179.674.122 8.362.605.582 2,41 river
2020 21.651.981.085 8.139.681.986 2,66 river
2021 24.011.386.841 7.465.799.305 3,22 river
Average 3,62 river
Source : Processed author
Based on the calculation results in 2018 of 6.18 times, it means that every Rp.1 current
debt is guaranteed by 6.18 current assets.
In 2019, it decreased to 2.41 times, meaning that every Rp.1 current debt is guaranteed
by 0.99 current assets, this is due to a decrease in current assets, namely a decrease in cash and
cash equivalents by 1.17%, trade receivables by 0.60%, inventory by 0.32%, and upfront costs
by 0.62% and caused by a decrease in current debt, namely a decrease in accounts payable by
0.33% and tax payables by 0.39%.
In 2020, there was an increase of 2.66 times, meaning that every Rp.1 current debt was
guaranteed by 2.66 current assets, this was due to an increase in current assets, namely in cash
and cash equivalents by 1.57%, accounts receivable by 0.63%, inventory by 0.80%, upfront

Health In PT. BJM
costs of 1.55% and caused by an increase in current debt, namely accounts payable by 1.31%,
tax debt by 0.38%, and the accrued fee of 0.66%.
In 2021, it increased to 3.22 times current assets, meaning that every IDR 1 current debt
is guaranteed by 3.22 current assets, this is due to an increase in current assets, namely in cash
and cash equivalents by 0.82%, accounts receivable by 1.30%, inventory by 0.78%, upfront
costs of 2.13% and caused by an increase in current debt, namely accounts payable by
1.23%, tax debt at 0.43%, accrued costs at 5.45%.
Since 2018-2021, the average current ratio is 3.62 times. According to Cashmere
(2018: 143) when compared to the industry average of 2 times, the company's condition is good
because it is above the industry average.
Cash Ratio
The following is the result of calculating the cash ratio :
Cash + cash equivalents
Cash Ratio = x 100%
Current debt
Source : Sari et al
Table 4.2 Calculation of Cash Ratio of PT. BJM
Cash + cash
Year Current debt Cash Ratio
equivalents
2018 6.573.047.205 2.065.426.700 3,18 river
2019 5.630.795.827 8.362.605.582 0,67 river
2020 3.597.182.353 8.139.681.986 0,44 river
2021 4.399.419.652 7.465.799.305 0,59 river
Average 1,22 river
debt is guaranteed by 3.18 cash and cash equivalents.
by 0.67 cash and cash equivalents, this is due to the increase in cash and cash equivalents by
1.17% and due to a decrease in current debt, namely accounts payable by 0.33% and tax debt
by 7.72%.
by 0.44 cash and cash equivalents, this is due to an increase in cash and cash equivalents by
1.57% and is due to an increase in current debt, namely accounts payable by 1.31%, a decrease
in tax debt by 0.38% and accrued costs by 0.66%.
In 2021, it increased to 0.59 times, meaning that every IDR 1 current debt is guaranteed
by 0.59 cash and cash equivalents, this is due to a decrease in cash and cash equivalents by

Health In PT. BJM
0.82% and a decrease in current debt, namely accounts payable by 1.23%, tax debt by 0.43%
and accrued costs by 1.30%.
Since 2018-2021, the average cash ratio is 1.22 times or 122%. When compared with
the industry average according to Cashmere (2018) by 50% times. Then the resulting ratio is
high enough so that the Cash Ratio is considered not good. Because a lot of cash is idle and
not / has not been used optimally.
Quick Ratio
The following is the result of calculating the quick ratio :
Current assets -
Quick Ratio = inventory x 100%
Current debt
Table 4.3 Quick Ratio Calculation of PT. BJM

Year Current assets Supplies Current debt Quick Ratio
2018 12.756.290.796 3.055.224.419 2.065.426.700 4,70 river
2019 20.179.674.122 9.547.222.121 8.362.605.582 1,27 river
2020 21.651.981.085 11.891.401.440 8.139.681.986 1,20 river
2021 24.011.386.841 15.287.392.990 7.465.799.305 1,17 river
Average 2,08 river
debt is guaranteed by 4.70 current assets without inventory.
by 1.27 current assets without inventory, this is due to an increase in cash and cash equivalents
by 1.17%, receivables of
0.60%, upfront fees of 0.67% and increased current debt, namely accounts payable by 0.33%
and tax debt by 0.08%.
by 1.20 current assets without inventory, this is due to an increase in current assets, namely
cash and cash equivalents by 1.57%, accounts receivable by 0.63%, upfront costs of 2.09% and
also due to an increase in current debt, namely accounts payable by 1.31%, tax debt by 0.38%
and accrued costs by 0.66%.
In 2021, it decreased to 1.17 times, meaning that every IDR 1 current debt is guaranteed
by 1.17 current assets without inventory, this is due to an increase in current assets, namely
cash and cash equivalents by 0.82%, accounts receivable by 1.30%, upfront costs of 2.13% and

Health In PT. BJM
also due to an increase in current debt, namely accounts payable by 1.23%, tax debt by
0.43%, accrued fee of 1.30%.
Since 2018-2021, the average quick ratio is 2.08 times. When compared to the industry
average according to Cashmere (2018) of 1.5 times. Then the resulting ratio is above the
industry average so that the Quick Ratio is considered quite good. The higher the ratio, the
more long-term sources embedded in current assets so that the more liquid.
Solvency Ratio
Debt To Total Asset Ratio
The following is the result of calculating the debt to total asset ratio :
Debt to Total Asset Total hutang

= x 100%
Ratio Total aktiva
Tabel 4.4 Perhitungan debt to total asset ratio PT. BJM

Tahun Total hutang Total aktiva Debt to Total Asset Ratio
2018 2.065.426.700 13.818.653.234 0,15 kali
2019 8.362.605.582 21.374.611.819 0,39 kali
2020 8.139.681.986 22.795.675.641 0,36 kali
2021 7.465.799.305 25.043.649.101 0,30 kali
Rata-rata 0,30 kali
Sumber : Olahan penulis
Berdasarkan hasil perhitungan, di tahun 2018 sebanyak 0,15 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,15 total hutang.
Pada tahun 2019 mengalami kenaikan menjadi 0,39 kali artinya setiap Rp.1 total aktiva
dijamin oleh 0,39 total hutang, hal ini disebabkan oleh
meningkatnya total hutang yaitu hutang usaha sebesar 0,33% , hutang pajak sebesar 0,08% dan
disebabkan juga karena meningkatnya total aktiva yaitu kas dan setara kas sebesar 1,17%,
piutang usaha sebesar 0,60%, persediaan sebesar 0,32%, aktiva tetap sebesar 0,81%, dan
akumulasi depresiasi aktiva tetap sebesar 0,58%.
Pada tahun 2020 menurun menjadi sebesar 0,36 kali artinya setiap Rp.1 total aktiva
dijamin oleh 0,36 total hutang, hal ini disebabkan oleh menurunnya total hutang yaitu hutang
usaha sebesar 1,31%, hutang pajak sebesar 0,38%, biaya yang masih harus dibayar sebesar
0,66% dan disebabkan juga karena meningkatnya total aktiva yaitu kas dan setara kas sebesar
1,57%, piutang usaha sebesar 0,63%, persediaan sebesar 0,80%, biaya dibayar dimuka sebesar
1,55%, aktiva tetap sebesar 0,85%, dan akumulasi depresiasi aktiva tetap sebesar 0,57%.

Health In PT. BJM
Pada tahun 2021 mengalami penurunan menjadi sebesar 0,30 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,30 total hutang, hal ini disebabkan oleh menurunnya total hutang
yaitu hutang usaha sebesar 1,23%, hutang pajak sebesar 0,43%, biaya yang masih harus dibayar
sebesar 1,30% dan disebabkan karena meningkatnya total aktiva yaitu kas dan setara kas
sebesar 0,82%, piutang usaha sebsar 1,30%, persediaan sebesar 0,78%, biaya dibayar dimuka
sebesar 2,13%, aktiva tetap sebesar 0,88% dan akumulasi depresiasi aktiva tetap sebesar
0,67%.
Sejak tahun 2018-2021, rata-rata debt to total asset ratio sebesar 0,30 kali atau 30%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 35%, maka rasio
yang dihasilkan berada dibawah rata-rata industri sehingga debt to asset ratio dinilai cukup
baik.
Debt to Total Equity Ratio
Berikut ini adalah hasil perhitungan debt to equity ratio :
Debt to Total Equity Total hutang

= x 100%
Ratio Modal
Tabel 4.5 Perhitungan debt to equity ratio PT. BJM

Debt to Total Equity
Tahun Total hutang Modal
Ratio
2018 2.065.426.700 10.000.000.000 0,21 kali
2019 8.362.605.582 10.000.000.000 0,84 kali
2020 8.139.681.986 10.000.000.000 0,81 kali
2021 7.465.799.305 10.000.000.000 0,75 kali
Rata-rata 0,65 kali
Berdasarkan perhitungan, tahun 2018 sebesar 0,21 kali artinya setiap Rp.1 modal dijamin oleh
0,21 total hutang.
Pada tahun 2019 meningkat menjadi sebesar 0,84 kali artinya setiap Rp.1 modal
dijamin oleh 0,84 total hutang, hal ini disebabkan karena meningkatnya total hutang yaitu
hutang usaha sebesar 0,33% dan hutang pajak sebesar 0,08%.
Pada tahun 2020 menurun menjadi sebesar 0,81 kali artinya setiap Rp.1 modal dijamin
oleh 0,81 total hutang, hal ini disebabkan karena menurunnya total hutang yaitu hutang usaha
sebesar 1,31%, hutang pajak sebesar 0,38%, dan biaya yang masih harus dibayar sebesar
0,66%.
modal dijamin oleh 0,75 total hutang, hal ini disebabkan karena menurunnya total hutang yaitu

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hutang usaha sebesar 1,23%, hutang pajak sebesar 0,43%, dan biaya yang masih harus dibayar
sebesar 1,30%.
Sejak tahun 2018-2021, rata-rata debt to total equity ratio sebesar 0,65 kali atau 65%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 80%. Maka rasio
yang dihasilkan masih dibawah rata-rata industri sehingga debt to equity ratio dinilai cukup
baik.
Rasio Rentabilitas
Profit Margin Ratio
Berikut ini adalah hasil perhitungan profit margin ratio :
Laba bersih
Profit Margin Ratio = x 100%
Penjualan
Tabel 4.6 Perhitungan profit margin ratio PT. BJM

Tahun Laba bersih Penjualan Profit Margin Ratio
2018 1.753.444.491 15.592.040.361 0,11 kali
2019 1.258.779.702 22.451.364.770 0,06 kali
2020 1.643.987.419 34.937.393.500 0,05 kali
2021 2.921.857.526 84.777.952.695 0,03 kali
Rata-rata 0,06 kali
45

Berdasarkan perhitungan, tahun 2018 sebesar 0,11 kali artinya setiap Rp.1 penjualan
dijamin oleh 0,11 laba bersih.
penjualan dijamin oleh 0,06 laba bersih, hal ini karena menurunnya laba bersih sebesar 1,39%
dan juga disebabkan karena meningkatnya penjualan sebesar 0,69%, harga pokok penjualan
sebesar 0,66%, laba sebelum pajak sebesar 1,14%.
penjualan dijamin oleh 0,05 laba bersih, hal ini karena menurunnya laba bersih sebesar 0,77%
dan juga disebabkan karena menurunnya penjualan sebesar 0,64%, harga pokok penjualan
sebesar 0,63%, dan laba sebelum pajak sebesar 0,77%.
penjualan dijamin oleh 0,03 laba bersih, hal ini karena menurunnya laba bersih sebesa 0,56%
dan juga disebabkan karena menurunnya penjualan sebesar 0,41%, harga pokok penjualan
sebesar 0,39%, dan laba sebelum pajak sebesar 0,56%.

Health In PT. BJM
Sejak tahun 2018-2021, profit margin ratio mengalami penurunan setiap tahunnya.
Hasil penghitungan dinilai baik karena penjualan yang meningkat dan menghasilkan laba yang
cukup baik.
Return On Investment Ratio
Berikut ini adalah hasil perhitungan return on investment ratio :
Laba bersih
ROI = x 100%
Total aktiva
Tabel 4.7 Perhitungan return on investment ratio PT. BJM

Tahun Laba bersih Total aktiva ROI
2018 1.753.444.491 13.818.653.234 0,13 kali
2019 1.258.779.702 21.374.611.819 0,06 kali
2020 1.643.987.419 22.795.675.641 0,07 kali
2021 2.921.857.526 25.043.649.101 0,12 kali
Rata-rata 0,09 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,13 kali artinya setiap Rp.1 total
aktiva dijamin oleh 0,13 laba bersih.
total aktiva dijamin oleh 0,06 laba bersih, hal ini disebabkan karena menurunnya laba bersih
sebesar 1,39% dan juga disebabkan karena meningkatnya total aktiva yaitu kas dan setara kas
sebesar 1,17%, piutang usaha sebesar 0,60%,
persediaan sebesar 0,32%, aktiva tetap sebesar 0,81% dan akumulasi penyusutan sebesar
0,58%.
Pada tahun 2020 mengalami peningkatan menjadi sebesar 0,07 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,07 laba bersih, hal ini disebabkan karena meningkatnya laba bersih
sebesar 1,57%, piutang usaha sebesar 0,63%, persediaan sebesar 0,80%, aktiva tetap sebesar
0,85% dan akumulasi penyusutan sebesar 0,57%.
Pada tahun 2021 mengalami peningkatan menjadi sebesar 0,12 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,12 laba bersih, hal ini disebabkan karena meningkatnya laba bersih
sebesar 0,82%, piutang usaha sebesar 1,30%, persediaan sebesar 0,78%, aktiva tetap sebesar
0,88% dan akumulasi penyusutan sebesar 0,67%.

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Sejak tahun 2018-2021, rata-rata return on investment ratio sebesar 0,09 kali atau 9%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 30%. Maka rasio
yang dihasilkan masih berada dibawah rata-rata industri sehingga ROI dinilai kurang baik.
Return On Equity Ratio
Berikut ini adalah hasil perhitungan return on equity ratio :
Laba bersih
ROE = x 100%
Modal
Tabel 4.8 Perhitungan return on equity ratio PT. BJM

Tahun Laba bersih Modal ROE
2018 1.753.444.491 10.000.000.000 0,18 kali
2019 1.258.779.702 10.000.000.000 0,13 kali
2020 1.643.987.419 10.000.000.000 0,16 kali
2021 2.921.857.526 10.000.000.000 0,29 kali
Rata-rata 0,19 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,18 kali artinya setiap Rp.1 modal
dijamin oleh 0,18 laba bersih.
modal dijamin oleh 0,13 laba bersih, hal ini disebabkan karena menurunnya laba bersih karena
menurunnya penjualan sebesar 0,69%, harga pokok penjualan sebesar 0,66%, laba sebelum
pajak sebesar 1,14%.
Pada tahun 2020 meningkat menjadi 0,21 kali artinya setiap Rp.1 modal dijamin oleh
0,21 laba bersih, hal ini disebabkan karena menurunnya penjualan sebesar 0,64%, harga pokok
penjualan sebesar 0,63%, dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami peningkatan menjadi 0,38 kali artinya setiap Rp.1 modal
dijamin oleh 0,38 laba bersih, hal ini disebabkan karena menurunnya penjualan sebesar 0,41%,
harga pokok penjualan sebesar 0,39%, dan laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, rata-rata return on equity ratio sebesar 0,19 kali atau 19%. Jika
dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 40%. Maka rasio yang
dihasilkan masih berada dibawah rata-rata industri sehingga ROE dinilai kurang baik.
Rasio Aktifitas
Receivable Turnover
Berikut ini adalah hasil perhitungan receivable turnover :
= Penjualan bersih x 100%

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Receivable
Rata-rata piutang usaha
Turnover
Tabel 4.9 Perhitungan receivable turnover PT. BJM
Receivable
Tahun Penjualan bersih Rata-rata piutang usaha
Turnover
2018 15.592.040.361 1.928.019.172 8,09 kali
2019 22.451.364.770 3.221.124.645 6,97 kali
2020 34.937.393.500 5.086.514.922 6,87 kali
2021 84.777.952.695 3.924.574.199 21,60 kali
Rata-rata 10,88 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 8,09 kali artinya setiap Rp 1 rata-
rata piutang usaha dijamin oleh 8,09 penjualan bersih.
Pada tahun 2019 mengalami penurunan menjadi sebesar 6,97 kali artinya setiap Rp 1
rata-rata piutang usaha dijamin oleh 6,97 penjualan bersih, hal ini disebabkan karena
meningkatnya penjualan sebesar 0,69%, harga pokok penjualan sebesar 0,66% dan
meningkatnya rata-rata piutang usaha sebesar 0,60%.
Pada tahun 2020 mengalami penurunan menjadi 6,87 kali artinya setiap Rp 1 rata-rata
piutang usaha dijamin oleh 6,87 penjualan bersih, hal ini
disebabkan karena meningkatnya penjualan sebesar 0,64%, harga pokok penjualan sebesar
0,63% dan meningkatnya rata-rata piutang usaha sebesar 0,63%.
Pada tahun 2021 mengalami kenaikan menjadi sebesar 21,60 kali artinya setiap Rp 1
rata-rata piutang usaha dijamin oleh 21,60 penjualan bersih, hal ini disebabkan karena
meningkatnya penjualan sebesar 0,41%, harga pokok penjualan sebesar 0,39% dan
meningkatnya rata-rata piutang usaha sebesar 1,30%.
Sejak tahun 2018-2021, rata-rata receivable turnover mengalami kenaikan dan
penurunan. Hasil penghitungan dinilai baik karena efektivitas perputaran piutang cepat
sehingga penjualan perusahaan semakin efisien.
Inventory Turnover
Berikut ini adalah hasil perhitungan inventory turnover :
Inventory Penjualan
= x 100%
Turnover Persediaan
Tabel 4.10 Perhitungan inventory turnover PT. BJM

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Tahun Penjualan Persediaan Inventory Turnover

2018 15.592.040.361 3.055.224.419 5,10 kali
2019 22.451.364.770 9.547.222.121 2,35 kali
2020 34.937.393.500 11.891.401.440 2,94 kali
2021 84.777.952.695 15.287.392.990 5,55 kali
Rata-rata 3,98 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 5,10 kali, artinya setiap Rp 1
persediaan dijamin oleh 5,10 penjualan.
Pada tahun 2019 menurun menjadi 2,35 kali artinya setiap Rp 1 persediaan dijamin oleh
2,35 penjualan, hal ini disebabkan karena meningkatnya penjualan sebesar 0,69% dan
meningkatnya persediaan sebesar 0,32%.
Pada tahun 2020 mengalami peningkatan menjadi 2,94 kali artinya setiap Rp 1
persediaan dijamin oleh 2,94 penjualan, hal ini disebabkan karena meningkatnya penjualan
sebesar 0,64% dan meningkatnya persediaan sebesar 0,63%.
Pada tahun 2021 meningkat menjadi 5,55 kali. artinya setiap Rp 1 persediaan dijamin
oleh 5,55 penjualan, hal ini disebabkan karena meningkatnya penjualan sebesar 0,41% dan
meningkatnya persediaan sebesar 0,78%.
Sejak tahun 2018-2021, rata-rata inventory turnover sebesar 3,98 kali. Jika
dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 20 kali, maka rasio
yang dihasilkan masih berada dibawah standar industri sehingga perputaran persediaan dinilai
kurang baik.
Total Asset Turnover
Berikut ini adalah hasil perhitungan total asset turnover :
Total Asset Penjualan

= x 100%
Turnover Total Aktiva
Tabel 4.11 Perhitungan total asset turnover PT. BJM

Tahun Penjualan Total Aktiva Total Asset Turnover
2018 15.592.040.361 13.818.653.234 1,13 kali
2019 22.451.364.770 21.374.611.819 1,05 kali
2020 34.937.393.500 22.795.675.641 1,53 kali
2021 84.777.952.695 25.043.649.101 3,39 kali
Rata-rata 1,77 kali

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Berdasarkan hasil perhitungan, tahun 2018 sebesar 1,13 kali artinya setiap Rp 1 aktiva
tetap dijamin oleh 1,13 penjualan.
Pada tahun 2019 menurun menjadi 1,05 kali artinya setiap Rp 1 aktiva tetap dijamin
oleh 1,05 penjualan, hal ini disebabkan karena meningkatnya penjualan sebesar 0,69% dan
meningkatnya aktiva yaitu kas dan setara kas sebesar 1,17%, piutang usaha sebesar 0,60%,
persediaan sebesar 0,32%, aktiva tetap sebesar 0,81% dan akumulasi aktiva tetap sebesar
0,58%.
Pada tahun 2020 mengalami kenaikan menjadi 1,53 kali artinya setiap Rp.1 aktiva tetap
dijamin oleh 1,53 penjualan, hal ini disebabkan karena meningkatnya penjualan sebesar 0,64%
dan meningkatnya aktiva yaitu kas dan setara kas sebesar 1,57%, piutang usaha sebesar 0,63%,
0,57%.
Pada tahun 2021 mengalami kenaikan menjadi 3,59 kali artinya setiap Rp.1 aktiva tetap
dijamin oleh 3,59 penjualan, hal ini disebabkan karena meningkatnya penjualan sebesar 0,41%
persediaan sebesar 0,78%, biaya dibayar dimuka sebesar 2,13%, aktiva tetap sebesar 0,88%
dan akumulasi aktiva tetap sebesar 0,67%.
Sejak tahun 2018-2021, rata-rata total asset turnover sebesar 1,77 kali. Jika
dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 2 kali.
Maka rasio yang dihasilkan masih berada dibawah standar industri sehingga perputaran
total aset dinilai kurang baik. Karena perusahaan belum memaksimalkan aktiva yang dimiliki
dan mengurangi aktiva yang kurang produktif.
Rasio Profitabilitas
Net Profit Margin
Berikut ini adalah hasil perhitungan net profit margin :
Net Profit Laba bersih setelah pajak (EAT)

= x 100%
Margin Penjualan netto
Tabel 4.12 Perhitungan net profit margin PT. BJM

Laba bersih setelah Net Profit
Tahun Penjualan netto
pajak (EAT) Margin
2018 1.753.444.491 15.592.040.361 0,11 kali
2019 1.258.779.702 22.451.364.770 0,06 kali
2020 1.643.987.419 34.937.393.500 0,05 kali
2021 2.921.857.526 84.777.952.695 0,03 kali

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Rata-rata 0,06 kali

Berdasarkan hasil perhitungan, tahun 2018 sebanyak 0,11 kali artinya setiap Rp 1 penjualan
netto dijamin oleh 0,11 laba bersih setelah pajak.
Pada tahun 2019 mengalami penurunan menjadi sebesar 0,06 kali artinya setiap Rp 1
penjualan netto dijamin oleh 0,06 laba bersih setelah pajak. Hal ini disebabkan karena
menurunnya laba bersih setelah pajak sebesar 1,39% dan disebabkan juga karena
meningkatnya penjualan sebesar 0,69%, harga pokok penjualan sebesar 0,66%, laba sebelum
pajak sebesar 1,14%.
Pada tahun 2020 mengalami penurunan menjadi 0,05 kali artinya setiap Rp 1 penjualan
netto dijamin oleh 0,05 laba bersih setelah pajak. Hal ini disebabkan karena meningkatnya laba
bersih setelah pajak sebesar 1,39% dan disebabkan juga karena meningkatnya penjualan
sebesar 0,69%, harga pokok penjualan sebesar 0,66%, laba sebelum pajak sebesar 1,14%.
Pada tahun 2021 mengalami penurunan menjadi 0,03 kali artinya setiap Rp.1 penjualan
netto dijamin oleh 0,03 laba bersih setelah pajak. Hal ini disebabkan karena meningkatnya laba
bersih setelah pajak sebesar 0,56% dan disebabkan juga karena menambahnya penjualan
sebesar 0,41%, harga pokok penjualan sebesar 0,39%, laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, rata-rata net profit margin sebesar 0,06 kali atau 6%. Jika
dibandingkan dengan ratarata industri menurut Kasmir (2018) sebesar 23%, maka rasio yang
dihasilkan masih berada dibawah rata-rata industri sehingga NPM dinilai kurang baik.
Operating Income Ratio
Berikut ini adalah hasil perhitungan operating income ratio :
Operating Penjualan netto - HPP - Laba sebelum pajak

= x 100%
Income Ratio Penjualan netto
Tabel 4.13 Perhitungan operating income ratio PT. BJM

Laba
Operating
Penjualan sebelum Penjualan
Tahun HPP Income
netto pajak netto
Ratio
(EBIT)
15.592.040.36 11.962.465.52 1.850.208.95 15.592.040.36
2018 0,11 kali
1 9 8 1
22.451.364.77 18.111.894.51 1.621.560.29 22.451.364.77
2019 0,12 kali
0 0 9 0
34.937.393.50 28.903.519.58 2.102.691.54 34.937.393.50
2020 0,11 kali
0 5 3 0
84.777.952.69 74.234.209.60 3.750.185.02 84.777.952.69
2021 0,08 kali
5 6 6 5

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Rata-rata 0,11 kali

Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,11 kali artinya setiap Rp 1 penjualan netto
dijamin oleh 0,11 laba sebelum pajak.
Pada tahun 2019 meningkat menjadi 0,12 kali artinya setiap Rp 1 penjualan netto
dijamin oleh 0,12 laba sebelum pajak. Hal ini disebabkan karena meningkatnya penjualan netto
sebesar 0,69%, harga pokok penjualan sebesar 0,66% dan laba sebelum pajak sebesar 1,14%.
Pada tahun 2020 menurun menjadi 0,11 kali artinya setiap Rp 1 penjualan netto dijamin
oleh 0,11 laba sebelum pajak. Hal ini disebabkan karena meningkatnya penjualan netto sebesar
0,64%, harga pokok penjualan sebesar 0,63% dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami penurunan menjadi 0,08 kali artinya setiap Rp 1 penjualan
netto dijamin oleh 0,08 laba sebelum pajak. Hal ini disebabkan karena meningkatnya penjualan
netto sebesar 0,41%, harga pokok penjualan sebesar 0,39% dan laba sebelum pajak sebesar
0,56%.
Sejak tahun 2018-2021, rata-rata operating income ratio mengalami penurunan setiap
tahunnya. Hasil penghitungan dinilai kurang baik karena operating income ratio menurun
setiap tahunnya.
Earning Power of Total Investment
Berikut ini adalah hasil perhitungan earning power of total investment:
Earning Power of Laba sebelum pajak

= x 100%
Total Investment Total aktiva
Tabel 4.14 Perhitungan earning power of total investment PT. BJM

Laba sebelum Earning Power of Total
Tahun Total aktiva
pajak Investment
2018 1.850.208.958 13.818.653.234 0,13 kali
2019 1.621.560.299 21.374.611.819 0,08 kali
2020 2.102.691.543 22.795.675.641 0,09 kali
2021 3.750.185.026 25.043.649.101 0,15 kali
Rata-rata 0,11 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,13 kali artinya setiap Rp 1 total
aktiva dijamin oleh 0,13 laba sebelum pajak.
Pada tahun 2019 mengalami penurunan menjadi 0,08 kali artinya setiap Rp 1 total
aktiva dijamin oleh 0,08 laba sebelum pajak. Hal ini disebabkan karena menurunnya laba
sebelum pajak sebesar 1,14%, penjualan sebesar 0,69%, harga pokok penjualan sebesar 0,66%

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0,58%.
Pada tahun 2020 meningkat menjadi 0,09 kali artinya setiap Rp 1 total aktiva dijamin
oleh 0,09 laba sebelum pajak. Hal ini disebabkan karena meningkatnya laba sebelum pajak
sebesar 0,77%, penjualan sebesar 0,64%, harga pokok penjualan sebesar 0,63% dan
meningkatnya aktiva yaitu kas dan setara kas sebesar 1,57%, piutang usaha sebesar 0,63%,
0,57%.
Pada tahun 2021 mengalami peningkatan menjadi 0,15 kali artinya setiap Rp 1 total
aktiva dijamin oleh 0,15 laba sebelum pajak. Hal ini disebabkan karena meningkatnya laba
sebelum pajak sebesar 0,56%, penjualan sebesar 0,41%, harga pokok penjualan sebesar 0,39%
persediaan sebesar 0,78%, biaya
dibayar dimuka sebesar 2,13%, aktiva tetap sebesar 0,88% dan akumulasi aktiva tetap sebesar
0,67%.
Sejak tahun 2018-2021, rata-rata earning power of total investment mengalami
kenaikan dan penurunan setiap tahunnya. Hasil penghitungan dinilai baik karena earning
power of total investment digunakan untuk mengukur kemampuan aktiva untuk memberika
return atas laba sebelum pajak. Semakin tinggi rasio maka semakin baik.
Return on Net Worth
Berikut ini adalah hasil perhitungan return on net worth :
Return on Net Laba setelah pajak

= x 100%
Worth Modal
Sumber : Sari et al
Tabel 4.15 Perhitungan return on net worth PT. BJM
Tahun Laba setelah pajak Modal Return on Net Worth
2018 1.753.444.491 10.000.000.000 0,18 kali
2019 1.258.779.702 10.000.000.000 0,13 kali
2020 1.643.987.419 10.000.000.000 0,16 kali
2021 2.921.857.526 10.000.000.000 0,29 kali
Rata-rata 0,19 kali
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,18 kali artinya setiap Rp 1 modal
dijamin oleh 0,18 laba setelah pajak.

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Pada tahun 2019 mengalami penurunan menjadi 0,13 kali artinya setiap Rp 1 modal
dijamin oleh 0,13 laba setelah pajak. Hal ini disebabkan karena menurunnya penjualan sebesar
0,69%, harga pokok penjualan sebesar 0,66% dan laba sebelum pajak sebesar 1,14%.
Pada tahun 2020 meningkat menjadi 0,16 kali artinya setiap Rp 1 modal dijamin oleh
0,16 laba setelah pajak. Hal ini disebabkan karena meningkatnya penjualan sebesar 0,64%,
harga pokok penjualan sebesar 0,63% dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami peningkatan menjadi 0,29 kali artinya setiap Rp 1 modal
dijamin oleh 0,29 laba setelah pajak. Hal ini disebabkan karena meningkatnya penjualan
sebesar 0,41%, harga pokok penjualan sebesar 0,39% dan laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, return on net worth mengalami kenaikan dan penurunan setiap
tahunnya. Hasil penghitungan dinilai baik karena return on net
worth digunakan untuk mengukur return atas modal sendiri. Semakin tinggi rasio, maka
semakin baik.
KESIMPULAN
Berdasarkan hasil penelitian dan pembahasan maka dapat disimpulkan bahwa :
1. Rasio Likuiditas PT. BJM menggunakan current ratio, cash ratio, dan quick
ratio. Current ratio dinilai baik karena aset lancar perusahaan dinilai mampu dalam
melunasi hutang lancar. Cash ratio dinilai kurang baik karena banyak kas yang
menganggur dan belum digunakan secara optimal. Quick ratio dinilai cukup baik
karena kemampuan perusahaan untuk emlunasi hutang lancar dengan aktiva lancar
setelah dikurang persediaan dalam kondisi baik.
2. Raiso Solvabilitas PT.BJM menggunakan debt to total aset ratio dan debt to equity
ratio. Debt to total aset ratio dinilai cukup baik karena berada di bawah rata-rata
industri sehingga pendanaan utang tidak besar, hal ini menunjukkan bahwa kinerja
perusahaan baik. Debt to equity ratio dinilai cukup baik sehingga perusahaan semakin
menguntungkan karena semakin besar pinjaman. Hal ini menunjukkan bahwa kinerja
perusahaan baik.
3. Rasio Rentabilitas PT. BJM menggunakan profit margin ratio, return on investment
ratio, return on equity ratio. Profit margin ratio dinilai cukup baik, hal ini disebabkan
karena adanya kenaikan pendapatan dan dihasilkan laba yang cukup baik. Return on
investment ratio yang dihasilkan masih berada di bawah rata-rata industri sehingga ROI
dinilai kurang baik. Return on equity ratio yang dihasilkan masih berada di bawah rata-
rata industri sehingga ROE dinilai kurang baik.
4. Rasio Aktifitas PT. BJM menggunakan receivable turnover, inventory turnover, total
aset turnover. Receivable turnover dinilai baik karena efektivitas perputaran piutang
cepat sehingga penjualan perusahaan semakin efisien. Inventory turnover masih berada
di bawah standar industri sehingga perputaran persediaan dinilai kurang baik. Total aset
turnover masih berada di bawah standar industri sehingga perputaran total aset dinilai
kurang baik. Karena perusahaan belum memaksimalkan aktiva yang dimiliki dan
mengurangi aktiva yang kurang produktif.

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5. Rasio Profitabilitas menggunakan net profit margin, operating income ratio, earning
power of total investment, return on net worth. Net profit margin masih berada di bawah
rata-rata industri sehingga NPM dinilai kurang baik. Operating income ratio dinilai
kurang baik karena menurun setiap tahunnya. Earning power of total investment dinilai
baik karena rasio ini digunakan untuk mengukur kemampuan aktiva untuk
memberikan return atas laba sebelum pajak. Return on net worth dinilai baik karena
rasio ini digunakan untuk mengukur return atas modal sendiri.
Keterbatasan
Indonesia saat ini masih dalam pemulihan pasca pandemic Covid-19. Banyak
perusahaan yang masih menerapkan pekerjaan secara mobile dan work from home dan sejak
awal pandemic PT. BJM menerapkan work from home dan masih berlangsung hingga saat ini,
hal ini yang menjadi keterbatasan penulis dalam memperoleh data pada perusahaan.
Daftar Pustaka
Alcianno G. Gani. (2020). Analisis Rasio Keuangan Untuk Menilai Kinerja Perusahaan Pada
Pt Unilever Indonesia Tbk Periode 2012-2016. Jurnal Mitra
Manajemen, 11(1). https://journal.universitassuryadarma.ac.id/index.php/jmm/article/
view/398
Dwiningwarni, S. S., & Jayanti, R. D. (2019). Analisis Rasio Keuangan Untuk Mengukur
Kinerja Keuangan Koperasi Serba Usaha. J-MACC : Journal of Management and
Accounting, 2(2), 125–142. https://doi.org/10.52166/j-macc.v2i2.1659
Erica. (2017). Analisa Rasio Laporan Keuangan Untuk Menilai Kinerja Perusahaan PT Semen
Indonesia Tbk (Persero). Jurnal Perspektif, Vol. XV No. 2, Hal. 89-94
Fahmi, I. (2016). Pengantar Manajemen Keuangan. Bandung: Alfabeta
Fajrin, P. H., & Laily, N. (2016). Analisis Profitabilitas dan Likuiditas terhadap Kinerja
Keuangan PT. Indofood Sukses Makmur Tbk. Jurnal Ilmu dan Riset Manajemen.
Hanafi, Mamduh M, dan Abdul Halim. 2012. Analisis Laporan Keuangan, Edisi Keempat.
Yogyakarta: UPP STIM YKPN.
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Financial Ratio Analysis For Performance Assessment And Financial

Health In PT. BJM

FINANCIAL RATIO ANALYSIS FOR PERFORMANCE ASSESSMENT

1st Dita Asri Hastuti

Keywords : financial ratio analysis, the level of financial performance of the

INDONESIAN HIGH SCHOOL OF ECONOMICS 1

INDONESIAN HIGH SCHOOL OF ECONOMICS 2

INDONESIAN HIGH SCHOOL OF ECONOMICS 3

INDONESIAN HIGH SCHOOL OF ECONOMICS 4

INDONESIAN HIGH SCHOOL OF ECONOMICS 5

INDONESIAN HIGH SCHOOL OF ECONOMICS 6

INDONESIAN HIGH SCHOOL OF ECONOMICS 7

Table 4.1 Calculation of Current Ratio of PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 8

INDONESIAN HIGH SCHOOL OF ECONOMICS 9

Table 4.3 Quick Ratio Calculation of PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 10

Debt to Total Asset Total hutang

Tabel 4.4 Perhitungan debt to total asset ratio PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 11

Debt to Total Equity Total hutang

Tabel 4.5 Perhitungan debt to equity ratio PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 12

Tabel 4.6 Perhitungan profit margin ratio PT. BJM

Sumber : Olahan penulis

INDONESIAN HIGH SCHOOL OF ECONOMICS 13

Tabel 4.7 Perhitungan return on investment ratio PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 14

Tabel 4.8 Perhitungan return on equity ratio PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 15

Tabel 4.10 Perhitungan inventory turnover PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 16

Tahun Penjualan Persediaan Inventory Turnover

Total Asset Penjualan

Tabel 4.11 Perhitungan total asset turnover PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 17

Sumber : Olahan penulis

Net Profit Laba bersih setelah pajak (EAT)

Tabel 4.12 Perhitungan net profit margin PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 18

Rata-rata 0,06 kali

Operating Penjualan netto - HPP - Laba sebelum pajak

Tabel 4.13 Perhitungan operating income ratio PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 19

Rata-rata 0,11 kali

Sumber : Olahan penulis

Earning Power of Laba sebelum pajak

Tabel 4.14 Perhitungan earning power of total investment PT. BJM

INDONESIAN HIGH SCHOOL OF ECONOMICS 20

Return on Net Laba setelah pajak

INDONESIAN HIGH SCHOOL OF ECONOMICS 21

INDONESIAN HIGH SCHOOL OF ECONOMICS 22

INDONESIAN HIGH SCHOOL OF ECONOMICS 23

INDONESIAN HIGH SCHOOL OF ECONOMICS 24

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