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Purpose– This study aims to analyze the bankruptcy potential and assess the financial condition of PT Wijaya Karya (Persero) Tbk (WIKA) during the post-pandemic recovery and financial restructuring period (2021–2024) using the Modified Altman Z-Score model. Design/methodology– A descriptive quantitative approach was applied using secondary data from WIKA's annual financial statements, sourced from the Indonesia Stock Exchange (IDX) and the company's official website. The Modified Altman Z-Score model evaluates four key financial ratios: Working Capital to Total Assets, Retained Earnings to Total Assets, Earnings Before Interest and Taxes to Total Assets, and Book Value of Equity to Total Liabilities. Findings- The results indicate that PT Wijaya Karya (Persero) Tbk consistently remained in the Distress Zone throughout the 2021–2024 observation period, signifying a high risk of bankruptcy. This condition reflects critical weaknesses in the company's liquidity, profitability, and capital structure. Overall, the Modified Altman Z-Score serves as an effective early warning system, providing essential insights for management to formulate performance improvement strategies and support long-term business sustainability.
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Zahra et al. (2026) studied this question.
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