Navigasi Resiliensi Finansial di Tengah Fluktuasi Pasar: Analisis Tren Struktur Modal, Efisiensi Modal Kerja, dan Profitabilitas PT Unilever Indonesia Tbk Periode 2022–2025

Abstract

Amid post-pandemic macroeconomic volatility, fluctuating commodity costs, and intensifying competition in the Fast-Moving Consumer Goods (FMCG) sector, financial resilience is an essential prerequisite for sustaining enter- prise value and operational continuity. This empirical study investigates the structural dynamics of capital structure, working capital efficiency, and profitability performance of PT Unilever Indonesia Tbk across the 2022–2025 financial reporting period. Employing a descriptive quantitative research design, horizontal trend analysis, common- size evaluations, and complementary liquidity and solvency ratio analytics were applied to audited secondary data obtained from the Indonesia Stock Exchange (IDX) and official corporate disclosures. The empirical findings reveal substantial structural shifts: net sales contracted steadily from IDR 41,218,881 million in 2022 to IDR 31,943,461 million in 2025 (-22.50% cumulative), creating downward profit pressures through 2024. However, a powerful turnaround emerged in 2025, with net profit surging 126.83% to IDR 7,641,161 million, propelling Net Profit Margin (NPM) to 23.92%. Concurrently, balance sheet health demonstrated robust resilience: total assets expanded 24.75% in 2025 to IDR 20,017,339 million, underpinned by a 99.69% expansion in current assets. Capital structure optimization was further corroborated by a 36.15% de-leveraging of non-current liabilities and a 108.22% rebound in total equity to IDR 4,475,118 million. These findings demonstrate that disciplined cost governance, agile working capital adjustments, and liability restructuring created solid financial resilience for PT Unilever Indonesia Tbk in navigating top-line market contractions.