Analisis Potensi Kebangkrutan PT Sritex dengan Metode Altman Z-Score, Springate, dan Grover Periode 2014–2024

Abstract

PT Sri Rejeki Isman Tbk (Sritex) was once considered one of the largest and most financially stable textile companies in Indonesia. However, its bankruptcy declaration in 2025 prompted the need to investigate early warning signs of financial distress. This study aims to evaluate the bankruptcy potential of Sritex over the 2014–2024 period using a triangulated approach of three well-established prediction models: Altman Z-Score, Springate, and Grover. This research employs a descriptive quantitative method, analyzing secondary data from annual financial reports obtained through digital archival sources. The results show that Sritex maintained a financially healthy position from 2014 to 2019. However, beginning in 2020, early signs of weakening appeared and financial distress was consistently recorded from 2021 onward across all three models. The Z Score dropped to as low as –2.55, Springate to –3.97, and Grover to –4.46 in 2021, indicating a critical decline in retained earnings, working capital, and operational profitability. These findings confirm that the bankruptcy risk had been predictable in advance, suggesting shortcomings in corporate governance and financial oversight. The study underscores the importance of early bankruptcy detection and provides insights for both investors and corporate managers in managing financial sustainability