Kinerja Keuangan PT Goto Gojek Tokopedia Tbk Sebelum Dan Sesudah Merger: Analisis Rasio Keuangan

Objectives: This study analyses the financial performance of PT GoTo Gojek Tokopedia Tbk before and after the Gojek–Tokopedia merger through liquidity, solvency, profitability, activity, and market valuation ratios. Methods: A descriptive single case study used secondary data from the 2022 IPO prospectus, the 2018–2024 annual reports, and Refinitiv. Research Gap/Novelty: Studies of this merger remain largely narrative; this study evaluates five ratio groups over seven years through a resource-based view lens. Results: Liquidity stayed safe but declined gradually, solvency fluctuated with capital-structure changes, gross profit margin rose from ?10.8% to 48.7%, EBITDA margin improved from ?268.0% to ?9.4%, and total asset turnover increased from 0.05 to 0.33. Conclusion: Post-merger synergies materialised gradually and were driven largely by restructuring and divestment.