Financial Ratio Analysis in Assessing the Financial Performance of PT Kalbe Farma TBK for The Period 2021–2025
DOI:
https://doi.org/10.62872/vmcper30Keywords:
Financial performance, financial ratios, liquidity, solvency, profitabilityAbstract
This study aims to analyze the financial performance of PT Kalbe Farma Tbk. during the 2021–2025 period through liquidity, solvency, and profitability ratios. The study uses a quantitative descriptive method utilizing secondary data in the form of annual financial reports published on the Indonesia Stock Exchange. The analysis was conducted using the Current Ratio (CR), Quick Ratio (QR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE). The results show that PT Kalbe Farma Tbk. has a strong and stable financial condition. The average CR value of 414.0%, QR 254.4%, DAR 17.30%, DER 20.97%, ROA 11.60%, and ROE 14.05% reflects excellent liquidity, low debt levels, and the ability to generate consistent profits. Despite a decline in profitability in 2023, the company managed to recover in 2024–2025. These findings demonstrate the company's resilience in navigating economic dynamics in the post-COVID-19 pandemic era. This research is expected to serve as a reference for management, investors, and creditors in decision-making, while also enriching studies on the financial performance of pharmaceutical companies in Indonesia.
Downloads
References
Academy, G. (2024). Financial Ratio Analysis to Measure Company Performance. Jurnal HARMONI: Jurnal Akuntansi dan Keuangan. https://doi.org/10.32832/jharmoni.v3i1.16095
Accounting, J. (2019). Financial Ratio Analysis in Manufacturing Companies. Journal of Accounting, 8(1), 73–93.
Asiani, N. T., & Rahayu, N. P. W. (2024). ANALYSIS OF LIQUIDITY RATIOS AND PROFITABILITY RATIOS TO ASSESS FINANCIAL PERFORMANCE. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC). https://doi.org/10.61990/ijamesc.v2i4.312
BASHORI, DM (2025). The Effect of Profitability, Solvency, and Liquidity on Company Value in Pharmaceutical Manufacturing Companies Listed on the Indonesia Stock Exchange. [Thesis]. STIESIA Surabaya.
BFI Finance. (2021). Ratio Finance: Understanding, Type, Benefit, And The calculation. https://www.bfi.co.id/id/blog/rasio-keuangan-pengertian-jenis-manfaat-dan-perhitungannya
Damayanti, T., & Halimah, N. (2023). ANALYSIS OF FINANCIAL RATIOS TO ASSESS FINANCIAL PERFORMANCE AT PT. UNILEVER INDONESIA TBK. International Journal Multidisciplinary Science. https://doi.org/10.56127/ijml.v2i2.679
Fadillah, I. R., Nadiyah, N., Rohmah, L., Haryadi, D., & Wahyudi, W. (2024). Profitability ratio analysis to assess the financial performance. International Journal of Applied Finance and Business Studies. https://doi.org/10.35335/ijafibs.v11i4.243
Hamid, E. (2021). Analysis of Financial Ratio in Assessing Financial Performance. 550-556. https://doi.org/10.5281/zenodo.5535037
Handayani, M., Iqbal, M., Budianto, E., & Pharlina, N. D. (2026). Profitability Ratio Analysis to Measure Financial Performance. IJEBD (International Journal of Entrepreneurship and Business Development). https://doi.org/10.29138/ijebd.v9i1.3529
Hasidi, M. H., Baheri, J., & Hajar, K. I. (2024). Financial Performance Evaluation Using Profitability and Liquidity Ratio Analysis. Jurnal Ilmiah Manajemen Kesatuan. https://doi.org/10.37641/jimkes.v12i4.2742
Indonesian Institute of Accountants. (2021). Statement of Financial Accounting Standards (PSAK) No. 1: Presentation of Financial Statements.
Investing.com. (2026). Kalbe Farma Tbk PT Financial Summary
KLBF. https://id.investing.com/equities/kalbe-farma-tb-financial-summary Kasmir. (2018). Financial Statement Analysis. Rajawali Pers.
Lestari¹, E., Setyawati², Y., & Kabora³, P. M. T. (2023). FINANCIAL PERFORMANCE ASSESSMENT BASED ON FINANCIAL RATIO ANALYSIS. PENANOMICS: International Journal of Economics. https://doi.org/10.56107/penanomics.v2i3.148
Lia, D. A. Z., & Natswa, S. L. (2021). Assessment of Financial Ratio Analysis for Evaluation of Small Medium Enterprises (SME) Performance. International Journal of Multicultural and Multireligious Understanding. https://doi.org/10.18415/ijmmu.v8i8.2889
Munawir. (2010). Financial Statement Analysis. Liberty.
Napitupulu, N., Sihombing, Y., Naibaho, E., Manik, S., & Siallagan, H. (2026). Financial Ratio Analysis as A Tool for Assessing Company Performance. International Journal of Management and Business Economics. https://doi.org/10.58540/ijmebe.v4i2.1468
Nurhalija, N., & Alimuddin, A. (2025). Ratio analysis of financial statements for performance assessment. Journal of Applied Sciences in Accounting, Finance, and Tax. https://doi.org/10.31940/jasafint.v8i1.51-61
Nurhayati, C., Kusuma, I. C., D., & S. (2024). BLU Financial Ratio Analysis for Performance Measurement. Jurnal Ilmiah Akuntansi Kesatuan. https://doi.org/10.37641/jiakes.v12i4.2763
Putri, P., Djaniar, U., Lumentah, N. R., Mutmainah, M., & Mere, K. (2024). FINANCIAL PERFORMANCE ANALYSIS OF COMPANIES THROUGH LIQUIDITY AND PROFITABILITY RATIO APPROACHES. Journal of Economic, Bussines and Accounting (COSTING). https://doi.org/10.31539/costing.v7i6.12949
Rifka Alkhilyatul Ma'rifat, I Made Suraharta, IIJ (2024). Liquidity Ratio Analysis to Measure Financial Performance. Journal of Accounting Research, 2, 306–312.
Sari, N. P., Susanti, N., & Fitriano, Y. (2023). Profitability Ratio Analysis To Assess Financial Performance At PT Akasha Wira International Tbk. Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan. https://doi.org/10.53697/emak.v4i4.1450
Seretidou, D., Billios, D., & Stavropoulos, A. (2025). Integrative Analysis of Traditional and Cash Flow Financial Ratios: Insights from a Systematic Comparative Review. Risks. https://doi.org/10.3390/risks13040062
Supatmi, S. (2021). Financial Ratio Analysis to Assess Financial Performance of the Hotel Industry. International Journal of Social Science and Business. https://doi.org/10.23887/ijssb.v5i3.37003
Yuniawati, A. S., & Farman, F. (2023). ANALYSIS OF FINANCIAL REPORTS TO ASSESS FINANCIAL PERFORMANCE. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA). https://doi.org/10.31955/mea.v7i1.2948
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Alfia Rosalinda, Fina Aulia, Milenia Hikmatu Syifa, Siti Robiatul Hadawiyah, Fadia Maulida, Herayati Herayati (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
