Analysis of Current Ratio, ROA, and DER at PT Kalbe Farma in 2019—2022

Abstract

This study aims to analyze the financial performance of PT Kalbe Farma Tbk before and after the COVID-19 pandemic using the Current Ratio, Return on Assets (ROA), and Debt to Equity Ratio (DER) during the 2019–2022 period. This research applies a descriptive quantitative approach with a purposive sampling technique, as PT Kalbe Farma was selected as a pharmaceutical company that consistently recorded profits during the observation period. The data were obtained from the company’s annual financial statements published by the Indonesia Stock Exchange and the official website of PT Kalbe Farma. The analysis was conducted by comparing financial ratios across years and referring to industry standards. The results indicate that PT Kalbe Farma’s Current Ratio remained above the industry standard, reflecting the company’s strong ability to meet its short-term obligations. The ROA value was relatively stable but remained below the industry standard, indicating that the company’s effectiveness in generating profits from its assets was not yet optimal. Meanwhile, the DER was far below the industry standard, showing a healthy capital structure and low dependence on debt. Overall, there were no significant changes in the Current Ratio, ROA, and DER before and after the COVID-19 pandemic. Therefore, PT Kalbe Farma demonstrated financial stability, although asset efficiency and profitability still need improvement.