ANALISIS RASIO KEUANGAN PERUSAHAAN ROKOK YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2022-2024

This study aims to analyze the financial performance of cigarette companies listed on the Bursa Efek Indonesia, namely PT Gudang Garam Tbk, PT Hanjaya Mandala Sampoerna Tbk, PT Wismilak Inti Makmur Tbk, and PT Indonesian Tobacco Tbk, during the 2022–2024 period. The research was conducted amid challenges such as rising excise tax rates, increasing industry competition, and shifts in consumer behavior that may affect the financial condition of each company. This study employs a quantitative descriptive method using secondary data obtained from annual financial statements. The data are analyzed through liquidity, solvency, profitability, and activity ratios, as well as a comparative time series analysis. The findings reveal variations in financial performance among the companies. WIIM demonstrates strength in liquidity and Return on Assets (ROA), while HMSP performs better in activity ratios and Return on Equity (ROE). GGRM shows a relatively sound solvency structure despite lower profitability, whereas ITIC faces challenges related to asset efficiency and inventory management. Overall, WIIM exhibits the most stable performance across the majority of the analyzed ratios. It can therefore be concluded that each company demonstrates a different level of effectiveness in managing its financial performance amid changes in the tobacco industry.