Financial performance ratio analysis using the liquidity, solvability, and activity approaches at PT Aneka Tambang Tbk

Abstract

This study analyzes the financial performance of PT Aneka Tambang Tbk (ANTAM) during 2020–2024 using liquidity, solvency, and activity ratios. A descriptive quantitative method was applied to secondary data drawn from ANTAM's audited annual financial statements published through the Indonesia Stock Exchange (IDX). Performance was measured using the Current Ratio (CR), Debt-to-Equity Ratio (DER), and Total Assets Turnover (TATO), and the results were benchmarked against the industry average of the metal and mineral mining subsector, calculated from PT Aneka Tambang Tbk, PT Vale Indonesia Tbk, PT Merdeka Copper Gold Tbk, and PT Timah Tbk. The findings show that ANTAM maintained adequate liquidity, with CR consistently above 1 although below the industry average throughout the period. Solvency improved steadily, as DER declined from 0.67 in 2020 to 0.38 in 2024, reflecting equity growth that outpaced liabilities and a more conservative capital structure than the industry average. Activity performance, measured by TATO, generally exceeded the industry average except in 2021, and peaked in 2024 amid a surge in gold-segment revenue. Overall, ANTAM's financial performance during 2020–2024 developed positively, particularly in solvency and activity, while liquidity remained a relative weakness compared to industry peers.