The purpose of this study was to determine the results of financial distress (FD) analysis between the Altman, Springate, and Zmijewski models, and to measure the relative accuracy of each model compared to the company's profit/loss results in predicting the risk of company bankruptcy. The financial data analyzed came from technology companies listed on the PT BEI acceleration board in 2023 by purposive sampling of 6 companies that published their financial reports. The results of the study showed that there were differences in the prediction results of the three models. Meanwhile, in terms of relative accuracy compared to profit and loss in this study, the Springate model achieved a relative accuracy of 100%, Altman 66.6% and Zmijewski 50% Keywords: Financial Distress, Altman, Springate and Zmijewski
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Adhianto et al. (2025) studied this question.
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