Financial performance ratio analysis using the liquidity, solvability, and activity approaches at PT Aneka Tambang Tbk
DOI:
https://doi.org/10.54957/akuntansiku.v5i2.2347Keywords:
Current Ratio, Debt to Equity Ratio, Financial Performance, Mining Industry, Total Assets TurnoverAbstract
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.
References
Wardana, W. H., Ardiansari, A. Analisis Rasio keuangan sebagai alat pengukur kesehatan perusahaan pada PT Mayora Indah, Tbk Tahun 2023-2024.
Redaktur. (2020, June 4). Dampak Covid-19, Prospek Peringkat Antam Jadi Negatif. Dunia Energi.
Arifin, C. (2022, January 30). Pengamat: Feronikel Bisa Jadi Bisnis Masa Depan Antam Selain Emas. Tribun News.
Abadi, A. I., & Siregar, N. A. (2025). Analisis rasio keuangan terhadap kinerja keuangan pada perusahaan PT Surya Citra Media Tbk periode 2020–2024. Economics and Digital Business Review.
Fanalisa, F., & Juwita, H. A. J. (2022). Analisis rasio likuiditas, aktivitas, solvabilitas, dan profitabilitas untuk menilai kinerja keuangan. Jurnal Manajemen Risiko dan Keuangan.
Febriansyah, E., Mallu, M. Z. H., Nasution, H. M. M., Muliawati, & Gaol, T. R. L. (2026). Analisis rasio keuangan pada PT ANTAM Tbk periode 2020–2025. Journal of Islamic Finance and Accounting Research.
Fitriyah, E. L., & Nawangsari, A. T. (2025). Pengaruh rasio profitabilitas, likuiditas, dan aktivitas terhadap kinerja keuangan sebagai acuan investor: Studi pada PT Aneka Tambang Tbk (2020-2024). Ekopedia: Jurnal Ilmiah Ekonomi.
Hasti, S. S., & Rahmanto, B. T. (2025). Perbandingan kinerja keuangan perusahaan sektor pertambangan terdaftar di Bursa Efek Indonesia saat dan pasca Covid-19. Global, Jurnal Lentera BITEP.
Istiani, I., & Amrulloh, A. (2024). Analisis kinerja keuangan perusahaan sektor pertambangan yang terdaftar di BEI tahun 2020–2023. Anggaran: Jurnal Publikasi Ekonomi dan Akuntansi.
Nurlaela, E., Ayu, J., & Rizal, F. (2025). Analisis dan perbandingan rasio keuangan berdasarkan laporan tahunan PT Merdeka Copper Gold Tbk periode 2022–2023. Jurnal GICI: Jurnal Keuangan dan Bisnis.
Priyambada, B. B., Novianti, D. A., & Albart, N. (2025). Analisis rasio keuangan untuk mengukur kinerja keuangan: Studi pada PT Aneka Tambang Tbk periode 2021, 2022, dan 2023. Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis.
Ramadhani, M. S., Andrean, M., Erdiyanto, R., & Hanifa, R. (2025). Analisis rasio keuangan untuk menilai kinerja keuangan pada PT Aneka Tambang Tbk periode 2020–2024. Jurnal Bisnis dan Manajemen (JURBISMAN).
Silaban, D., Siregar, L., Ginting, R. N. I., Simanjuntak, R. E., Simanullang, S. L., & Haris, A. (2026). Pengaruh kinerja keuangan terhadap stabilitas keuangan dengan pendekatan rasio keuangan dan metode Altman Z-Score pada PT Samudera Indonesia Tbk periode 2023–2024. Kompeten: Jurnal Ilmiah Ekonomi dan Bisnis.
Siti Hadiyatun Nisa, & Henny Armaniah. (2024). Pengaruh likuiditas dan solvabilitas terhadap kinerja keuangan pada perusahaan sektor food and beverage yang terdaftar di BEI tahun 2021–2023. Jurnal Cakrawala Akademika.
Snyder, H. (2019). Literature review as a research methodology, An overview and guidelines. Journal of Business Research.
Winarno, A. P., Lesmana, A., & Mukmin, M. N. (2024). Analisis rasio keuangan untuk menilai kinerja keuangan pada perusahaan retail yang terdaftar di BEI. Jurnal Pendidikan Tambusai.
Keuangan Konsolidasian, L. (n.d.) (2020-2021). PT Aneka Tambang Tbk dan entitas anak and subsidiaries.
Keuangan Konsolidasian, L. (n.d.) (2022). PT Aneka Tambang Tbk dan entitas anak/and subsidiaries.
Keuangan Konsolidasian, L. (n.d.) (2023). PT Aneka Tambang Tbk dan entitas anak/and subsidiaries.
Keuangan Konsolidasian, L. (n.d.) (2024). PT Aneka Tambang Tbk dan entitas anak/and subsidiaries.
Annual report 2024 PT Timah Tbk: Resilience in realized improvement. (n.d.) (2020-2024). Retrieved May 15, 2026.
Keuangan Konsolidasian, L. (n.d.) (2020-2022). PT Vale Indonesia Tbk dan entitas anaknya/and its subsidiary. Retrieved May 15, 2026.
Keuangan Konsolidasian, L. (n.d.) (2023). PT Vale Indonesia Tbk dan entitas anaknya/and its subsidiary. Retrieved May 15, 2026.
Keuangan Konsolidasian, L. (n.d.) (2024). PT Vale Indonesia Tbk dan entitas anaknya/and its subsidiary. Retrieved May 15, 2026.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Naheda Ruruh Aurelia Murdono
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
