Abstract
The pharmaceutical industry faces dynamic changes in demand, production costs, and resource management that can affect the company's financial performance. This study aims to analyze the financial performance of PT Kalbe Farma Tbk for the period 2016 to 2025 based on profitability, solvency, and activity ratios. The study uses a quantitative approach with a descriptive method. The research population is the financial statements of PT Kalbe Farma Tbk listed on the Indonesia Stock Exchange, while the sample consists of the financial position report and income statement for the period 2016 to 2025. The research instrument is financial report documentation, with data collection techniques through documentation studies and literature studies. Data analysis was carried out using Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Inventory Turnover (ITO), and Receivable Turnover (RTO), then compared with Kasmir industry standards. The results showed an average ROA of 12.77%, ROE of 15.45%, DAR of 17.33%, DER of 21.00%, TATO of 1.12 times, ITO of 3.02 times, and RTO of 13.44 times. In conclusion, the company has a healthy solvency structure and relatively efficient operations, but profitability still needs to be improved