Financial performance analysis based on financial ratios at PT. Garuda Indonesia Tbk listed on the IDX for the 2021-2023 period

This study discusses the financial performance of PT Garuda Indonesia Tbk in the 2021-2023 period, amid the challenges faced by the aviation industry due to the COVID-19 pandemic and internal company problems. The purpose of this study is to analyze the company's financial performance using liquidity, solvency, profitability, and activity ratios. The method used is a quantitative descriptive approach with secondary data taken from official annual reports and other public sources. The results of the analysis show that PT Garuda Indonesia is in an illiquid and insolvent condition, with a liquidity and solvency ratio that is below standard. Despite an increase in profitability ratios in 2022, net income remained volatile and unstable. This research implies that despite the signs of recovery, companies still need to focus on debt management and asset utilization efficiency to improve overall financial performance. Debt restructuring efforts and increased cash flow from operations are also important for the company's future sustainability.