Transformation of GoTo Group's Financial Performance: DuPont and Statistical Analysis of Profitability Improvement (2022-2025)
Abstract
This study aims to describe the financial performance development of PT GoTo Gojek Tokopedia Tbk (GoTo Group) during the 2022-2025 period using DuPont Analysis, as well as to illustrate the contributions of Net Profit Margin (NPM), Total Asset Turnover (TATO), and Equity Multiplier (EM) to Return on Equity (ROE). This study employs a descriptive quantitative approach using secondary quarterly time-series data from Q1 2022 to Q3 2025. The results indicate that GoTo Group's financial performance underwent a significant transformation, where ROE improved from -33% at the end of 2022 to -1% in early 2025. Although the company experienced its deepest crisis in the fourth quarter of 2023 due to the non-cash impact of goodwill impairment post-deconsolidation of Tokopedia, the DuPont Analysis proves that this ROE improvement was primarily driven by enhancements in operational efficiency (NPM). NPM emerged as the component with the highest variability, contributing majorly to the ROE recovery. On the other hand, asset efficiency (TATO) showed a gradual upward trend, and the financial structure (EM) remained stable without relying on increased debt leverage. The conclusion of this study indicates that GoTo Group's profitability improvement is fundamental and potentially sustainable as it is predominantly driven by operational efficiency gains.