Analisis Komparatif Rasio Profitabilitas Dan Rasio Likuiditas Terhadap Kinerja Keuangan Pada PT Kereta Api Indonesia (Persero) Periode 2020–2024

Abstrak

A Comparative Analysis of Profitability and Liquidity Ratios on the Financial Performance of PT Kereta Api Indonesia (Persero) during the 2020–2024 Period

This study is motivated by the fluctuating financial performance of PT Kereta Api Indonesia (Persero) during the 2020–2024 period, particularly as a result of the Covid-19 pandemic, increasing operational costs, government policies, infrastructure investment, and the recovery of national transportation activities. These conditions affected the company’s profitability and liquidity, making it necessary to conduct a comparative analysis to assess its ability to generate profits and meet short-term obligations. This study aims to analyze the differences in profitability ratios, consisting of Gross Profit Margin, Net Profit Margin, Return on Assets, and Return on Equity, as well as liquidity ratios, consisting of Current Ratio, Quick Ratio, and Cash Ratio, in evaluating the financial performance of PT Kereta Api Indonesia (Persero) during the 2020–2024 period. This research employed a quantitative approach with a descriptive-comparative method. The data used were secondary data obtained from the annual financial statements of PT Kereta Api Indonesia (Persero) for the 2020–2024 period. The data were analyzed using financial ratio analysis, percentage trend analysis, descriptive statistics, normality tests, homogeneity tests, and One-Way ANOVA. The results show that all profitability and liquidity ratios experienced significant differences during the research period, with significance values below 0.05. Profitability ratios showed stronger recovery after the pandemic, as reflected in the improvement of GPM, NPM, ROA, and ROE. Meanwhile, liquidity ratios remained relatively fluctuating, particularly CR, QR, and CaR. These findings indicate that PT Kereta Api Indonesia (Persero) has improved its ability to generate profits, but still needs to strengthen current asset and cash management to maintain liquidity stability. The implication of this study highlights the importance of balancing profitability improvement strategies with liquidity management to support financial decision-making, operational efficiency, and the sustainable performance of public transportation enterprises.