Comparative Analysis of Unilever Indonesia Financial Performance Before and After the Boycott

This study aims to compare the financial performance of PT Unilever Indonesia Tbk before and after the boycott. The study employs a quantitative descriptive method with a comparative approach based on financial statements for the 2020–2025 period. The observation period is divided into 2020–2022 as the pre-boycott period and 2023–2025 as the post-boycott period. The analysis was conducted using liquidity, solvency, activity, and profitability ratios. The results show that liquidity declined in 2023–2024, as indicated by a Current Ratio of 55% and 45% and a Quick Ratio of 32% and 23%, before improving in 2025 to 74% and 55%, respectively. Solvency ratios increased in 2024, with a Debt-to-Assets Ratio (DAR) of 87% and a Debt-to-Equity Ratio (DER) of 647%, before declining in 2025 to 78% and 347%, respectively. Inventory turnover is projected to decline to 13.02 times by 2025. Profitability also weakens through 2024, with ROA at 21%, OPM at 13%, and NPM at 10%, before improving in 2025 to 23%, 14%, and 14%, respectively. Overall, financial conditions will face pressure through 2024 and begin to improve in 2025. These changes cannot be interpreted as a direct result of the boycott, as the study did not examine a cause-and-effect relationship.