Abstract
This study was conducted to analyze the influence of ratios in the Altman Z-Score model on financial distress conditions in PT Angkasa Pura Indonesia for the 2019–2024 period. This research is important, given that companies are facing financial performance pressures due to the COVID-19 pandemic and post-merger transformation, which demand more effective financial management. This study employs a quantitative, descriptive approach. The data studied is secondary, consisting of financial statements of PT Angkasa Pura Indonesia for the 2019–2024 period. The analysis was carried out using multiple linear regression in SPSS, along with descriptive statistics, classical assumption tests, t-tests, F-tests, and coefficients of determination (R²). The findings described "partially Working Capital to Total Assets (WCTA), Retained Earnings to Total Assets (RETA), Market Value of Equity to Total Liabilities (MVETL), and Sales to Total Assets (SATA) have no significant effect on financial distress." Furthermore, "simultaneously all four variables also did not indicate a significant influence." However, the model has a high coefficient of determination, explaining most of the variation in the Altman Z-Score. These findings suggest that the relationship among variables in the research model has not been statistically explained, likely due to the limited sample size and the high correlation among variables. This study concludes that the ratios of WCTA, RETA, MVETL, and SATA have not been shown to have a significant effect on the financial distress of PT Angkasa Pura Indonesia during the study period.