FINANCIAL RATIO ANALYSIS TO ASSESS THE FINANCIAL PERFORMANCE OF UNICORN STARTUPS IN INDONESIA 2021-2023

Authors

  • Fadila Fadila Universitas Malikussaleh

Abstract

ASUS Vivobook Go 14 (E410). 

  1. Unicorn startup is a term given to startup companies with valuations ranging from US$1 billion to US$10 billion. This study aims to determine the financial performance of unicorn startup companies in Indonesia in 2021-2023 using financial ratio analysis with indicators of profitability ratios, liquidity ratios, and solvency ratios. The results of this study for GOTO, Bukalapak, and Ajaib based on profitability ratios are in poor condition because the percentage is below the industry standard, except for the profitability of Bukalapak’s is in good condition. based on the liquidity ratio GOTO and Bukalapak are in good condition, based on the solvency ratio GOTO, Bukalapak is in good condition. Meanwhile, Ajaib's liquidity and solvency ratios are in poor condition. For Akulaku's performance in profitability based on NPM, ROE, and ROI is in poor condition because it is below the industry standard except for ROE in 2023 which is in good condition, but based on ROA Akulaku is in good condition. Akulaku's current ratio is in poor condition in 2021-2022, and in 2023 it is in good condition. Akulaku's cash ratio was poor in 2021-2022, but improved in 2023. Akulaku's solvency ratio was also poor, except for its DER in 2021, which was in good condition. 

 

Published

2025-12-31

Issue

Vol. 3 No. 1 (2025): 4th International Conference on Finance Economics and Business (ICOFEB)

Section

Articles

License

Copyright (c) 2025 Fadila Fadila

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