Value-Based Financial Performance Analysis (EVA, MVA, and FVA) of Heavy Construction Companies Listed on the Indonesia Stock Exchange

This study aims to assess the financial performance of companies in the Heavy Construction and Civil Engineering subsector listed on the Indonesia Stock Exchange (IDX) during the period of 2021 to 2023 using a value-based approach, namely Economic Value Added (EVA), Market Value Added (MVA), and Financial Value Added (FVA). The data were obtained from the financial statements of 10 companies selected through purposive sampling. The analysis revealed that 8 out of the 10 companies recorded positive EVA, with an industry average of IDR 208.85 billion. In contrast, only 3 companies showed positive MVA, while the overall industry average for MVA remained negative at approximately IDR (1.93 trillion). All sampled companies reported positive FVA, with an average value of IDR 1.09 trillion. These findings suggest that while the firms are able to create economic and financial value, they continue to face challenges in building or maintaining market trust