ANALISIS PREDIKSI KEBANGKRUTAN MENGGUNAKAN MODEL ALTMAN Z-SCORE, SPRINGATE DAN ZMIJEWSKI PADA PERUSAHAAN SUB SEKTOR TEKSTIL DAN GARMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2025

The textile industry in Indonesia faces a complex series of challenges accompanied by unprecedented pressures. This industry has experienced significant impacts from soaring raw material prices and rising energy costs, which are further exacerbated by the dominance of both legal and illegal imported goods in the domestic market. This study aims to analyze bankruptcy predictions for companies in the textile and garment sub-sector during the 2021–2025 period using the Altman Z-Score, Springate, and Zmijewski models. This quantitative descriptive research utilizes secondary data from the 2021–2025 annual financial reports of textile and garment sub-sector companies listed on the Indonesia Stock Exchange (IDX). A purposive sampling technique was employed, resulting in a sample of 15 textile and garment sub-sector companies. The findings reveal that all three models consistently classified four companies into the distress zone: PT Argo Pantes Tbk (ARGO), PT Asia Pacific Investama Tbk (MYTX), PT Indo-Rama Synthetics Tbk (INDR), and PT Asia Pacific Fibers Tbk (POLY), while only one company was categorized in the safe zone, namely PT Eratex Djaja Tbk (ERTX). These results demonstrate that the Altman Z-Score model evaluates corporate financial health through long-term capital structure assessments, whereas the Springate model is highly sensitive to declines in operating profit margins (EBIT), and the Zmijewski model focuses more heavily on short-term cash liquidity strength.
Keywords: Bankruptcy Prediction, Altman Z-Score, Springate, Zmijewski, Financial Distress, Textile Industry.