ANALISIS FINANCIAL DISTRESS MODEL ALTMAN Z -SCORE DAN ZMIJEWSKI SEBAGAI METODE MEMPREDIKSI KONDISI KEBANGKRUTAN PADA PT PAN BROTHERS TBK PERIODE 2015 - 2024

Abstract

This study aims to analyze the bankruptcy potential of PT Pan Brothers Tbk (PBRX) for the period 2015–2024 using the Altman Z-Score and Zmijewski models as tools for detecting financial distress. The research employs a descriptive quantitative method, with the sample consisting of the company’s financial statements—namely the balance sheet and income statement of PT Pan Brothers Tbk for the period 2015–2024. The calculation results indicate that the Altman Z-Score model during 2015–2023 shows an average value within the grey zone (1.81), which signals a vulnerable condition, and it declines sharply to –3.83 in 2024, placing the company in the distress zone. Meanwhile, the Zmijewski model shows an average value of (0.08) during 2015–2023, indicating an unhealthy condition, and increases significantly to 12.00 in 2024, signaling bankruptcy. A comparison of the two models demonstrates that the Altman Z-Score is more sensitive in detecting early bankruptcy risk. Overall, the financial condition of PT Pan Brothers Tbk is considered fluctuating and highly risky. The company is advised to improve its profitability, asset efficiency, and reduce its dependence on debt in order to avoid bankruptcy.