Bukan Sekadar Kasus Uji Tabrak: Analisis Rasio dan Dekomposisi Du Pont atas Penurunan Rentabilitas PT Astra International Tbk 2023–2025

Prior ratio studies of PT Astra International Tbk rarely examine whether a profitability decline matches a specific corporate event or how restated comparatives alter trends. This descriptive single-case study uses consolidated statements from the 2023–2025 Annual Reports. Nine solvency, liquidity, and profitability ratios were computed; ROE was decomposed with the three-factor Du Pont model and cross-checked against segment and car-market data; and ratios were recalculated with comparatives restated under PSAK 103 and PSAK 117. Solvency was stable, liquidity tightened, and ROE fell from 17.77% to 13.83%, driven by lower net margin and asset turnover rather than leverage. The earnings decline was concentrated in heavy equipment and mining, while automotive profit was nearly flat. Because the design cannot isolate the effect of the Daihatsu crash-test case, this does not show that the case had no effect, only that the evidence is insufficient to attribute the decline to it. The PSAK 117 restatement matters analytically because it changes the comparative base: against restated 2024 figures, the 2025 liquidity decline is larger, so trends across report editions mix accounting-policy and economic changes. The study contributes a triangulation procedure linking Du Pont components with segment and market data before attributing performance to an event.