MODUL PERKULIAHAN
ANALISA
LAPORAN
KEUANGAN
Analisa Rasio
1.Rasio likuiditas
2.Rasio solvabilitas
3.Rasio aktivitas
4.Ratio profitabilitas
Fakultas
Program Studi
Ekonomi Dan Bisnis
Manajemen
Tatap Muka
04
Kode MK
Disusun Oleh
84031
Hotma Timbul Gultom SE,Ak,M.Si
Abstract
Kompetensi
Petunjuk Penggunaan Template
Modul Standar untuk digunakan
dalam modul perkuliahan
Universitas Mercu Buana
Dosen Pengampu dapat menerapkan
dan menggunakan template modul
standar untuk modul-modul yang akan
dipergunakannya

Ratio analysis expresses the relationship among selected items of financial
statements data.
A
ratio expresses the mathematical relationship between one
quantity and another. The relationship is expressed in terms of either a percentage, a
rate, or a simple proportion

Ratio analysis, termasuk :

Du Pont system – Modul 5

Cross section analysis: industri averages dan intercompany comparisons (lawan
dari intracompany comparisons) – Modul 6

Subramanyam dkk mengelompokkan rasio ke dalam 6 (enam) kategori, yaitu :
1.
Liquidity ratio.
-
Current ratio
-
Acid-test ratio
-
Collection period
-
Days to sell inventory
2.
Capital Structure and Solvency ratio
-
Total debt to equity
-
Long-term debt to equity
-
Times interest earned
3.
Return on Investement
-
Return on assets
-
Return on common equity
4.
Operating Performance
-
Gross profit margin
-
Operating profit margin
-
Pretax profit margin
-
Net profit margin
5.
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Asset Utilization
-
Cash turnover
-
AR turnover
-
Inventory turnover
-
Working capital turnover
-
PPE turnover
-
Total assets turnover
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6.
Market Measures
-
PE ratio
-
Earnings yield
-
Dividend yield
-
Dividend payout ratio
-
Price to book value
Penulis lain mengelompokkan rasio kedalam kategori sebagai berikut :
1. Rasio likuiditas : rasio yang mengukur kemampuan perusahaan memenuhi
kewajiban jangka pendeknya.
a.
rasio lancar =
b.
rasio quick
aktiva lancar / hutang lancar
= (aktiva lancar – persediaan) / hutang lancar
2. Rasio aktivitas : rasio yang mengukur sejauh mana efektivitas penggunaan
asset dengan melihat tingkat aktivitas asset.
a. Rata-rata umur piutang (hari) :
 perputaran piutang = penjualan / piutang
 rata-rata umur piutang = 365 / perputaran piutang
b. perputaran persediaan.
 perputaran persediaan = harga pokok penjualan / persediaan
 rata-rata umur persediaan = 365 / perputaran persediaan
c. perputaran aktiva tetap = penjualan / aktiva tetap
d. perputaran total aktiva = penjualan / total aktiva
3. Rasio solvabilitas : rasio yang mengukur sejauh mana kemampuan perusahaan
memenuhi kewajiban jangka panjangnya.
a. rasio total hutang ke total asset = total hutang / total asset.
b. times interest earned = EBIT / bunga
c. fixed charged coverage = (EBIT + biaya sewa) / (bunga + biaya sewa).
4. Rasio profitabilitas : rasio yang melihat kemampuan perusahaan menghasilkan
laba (profitabilitas).
a.
profit margin (%) = laba bersih / penjualan.
b. ROA (%) = laba bersih / total asset
c. ROE (%) = laba bersih / modal saham
5. Rasio pasar : rasio ini melihat perkembangan nilai perusahaan relatif terhadap
nilai buku perusahaan.
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a.
PER = harga pasar per lembar / laba bersih per lembar
b.
dividend yield (%) = dividen per lembar / harga pasar per lembar
c.
dividend payout (%) = dividen per lembar / laba bersih per lembar
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(Mamduh M Hanafi & Abdul Halim, hal 76)
6. Rasio pertumbuhan : rasio ini menggambarkan persentase pertumbuhan pospos perusahaan dari tahun ke tahun
a.
kenaikan penjualan = (penjualan tahun ini – penjualan tahun lalu) / penjualan
tahun lalu
b.
kenaikan laba bersih = (laba bersih tahun ini – laba bersih tahun lalu) / laba
bersih tahun lalu
c.
EPS = (EPS tahun ini – EPS tahun lalu) / EPS tahun lalu
d.
kenaikan dividen per share = (dividen per share tahun ini – dividen per share
tahun lalu) / dividen per share tahun lalu
(Sofyan Syafri Harahap, hal. 309 - 310)
-
Bandingkan dengan “Summary of Key Financial Statement Analysis and
Valuation Measures” pada hal terakhir
-
Penulis buku yang berbeda mempunyai jenis rasio yang berbeda : lihat lampiran
1

Pelajari SKA (siklus konversi asset) : lihat Exhibit 4-1, hal. 197
Keterbatasan analisa rasio
Financial ratio analysis does have some limitations :
1. Comparing an organization that is in a single line of business with an organization
that
is a competitor but has a multiple lines of business is likely to be a meaningless
comparison of unlike organizations
2. Even though organizations might be comparable because they are in similar lines
of business, they may use different accounting conventions, making ratio
comparisons between the two organizations meaningless
3. Interpreting trends in a single organizaton’s financial ratios may be difficult
because of the effect of unknown economic or competitive forces on the
organization.
4. It may be difficult to determine the appropriate or acceptable value for a particular
ratio, particularly if the industry is in a recession.
5. When there are strong seasonality effects, making comparisons with financial
data that are a snapshot of the organization’s financial activities at year end may
be meaningless
6. When organizations manipulate or misrepresent their financial information, the
financial ratios drawn from these data will be misleading
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7. Like all numbers based on historical results, financial ratios look backward. It may
be difficult or even meaningless to project past data to predict future performance
8. Because they are backward looking, financial ratios ignore an organization’s
current strategic initiatives and may misrepresent future results of current
initiatives
(Management Accounting – Anthony A. Atkinson, Robert S. Kaplan, Ella Mae
Matsumura, S. Mark Young)

Benchmarking
Penganalisaan laporan keuangan melalui analisa rasio ini dapat dilakukan dengan 4
(empat) macam cara perbandingan, yaitu :
1. membandingkan rasio sekarang dengan rasio dari waktu yang lalu (intracompany
comparison),
2. membandingkan rasio perusahaan dengan rasio sejenis dari perusahaan lain
yang sejenis untuk waktu yang sama (intercompany comparison),
3. membandingkan rasio perusahaan dengan rasio sejenis dari industry (industry
comparison)
4. membandingkan rasio perusahaan terhadap suatu “benchmark” tertentu
(predetermined standard)
Kendala dalam melakukan pembandingan ini adalah :
1. Sulit memperoleh data perusahaan lain yang sejenis maupun data industri yang
dapat digunakan sebagai pembanding
2. Penggunaan data perusahaan lain yang sejenis maupun data industri sebagai
pembanding dapat mengakibatkan kekeliruan dalam penafsiran, karena adanya
a. Perbedaan lini produk maupun kekhususan produk
b. Perbedaan dalam penerapan metoda akuntansi
3. Rasio-rasio periode yang lalu bukan merupakan alat yang baik untuk
meramalkan keadaan di masa yang akan datang

Contoh soal
Berdasarkan data dari neraca dan laporan laba-rugi PT.ABC di bawah ini, dan
pemahaman akan berbagai alat analisa laporan keuangan yang telah saudara / i
pelajari, buat analisa rasio laporan keuangan PT. ABC tersebut.
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Lampiran 1a: summary of analytical measures
(Financial & Managerial accounting – The Basis of Business Decisions:
Williams – Haka – Bettner – Carcello)
SUMMARY OF ANALYTICAL MEASURES
I.
ratios or other
measurements
measures of short term
Iliquidity
1. current ratio
method of
computation
3. working capital
current assets
current liabilities
quick Assets
current liabilities
current assets – current liabilities
4. net cash provided by
operating activities
appears in the statement of cash
flows
5. cash flow from
operations to
current liabilities
6. receivables turnover
rate
7. days to collect
average accounts
receivable
8. inventory turnover
rate
9. days to sell the
average inventory
10. operating cycle
cash flows from operating activities
current liabilities
2. quick ratio
11. free cash flow
net sales
average accounts receivable
365 days
receivables turnover rate
cost of goods sold
average inventory
365 days
inventory turnover rate
days to sell inventory + days to collect
receivables
net cash from operating activities –
cash used for investing activities and
dividends
II. measures of long-term
credit risk
12. debt ratio
13. trend in net cash
provided by
operating activities
14. interest coverage
ratio
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total liabilities
total assets
appears in comparative statements of
cash flows
income before interest and taxes
annual interest expense
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significance
a measure of short-term debt
paying ability
a measure of short-debt paying
ability
a measure of short-term debt
paying ability
indicates the cash generated by
operations after allowing for cash
payment of expenses and
operating liabilities
indicates ability to cover currently
maturing obligations from
recurring operations
indicates how quickly receivables
are collected
indicates in days how quickly
receivables are collected
indicates in days how quickly
inventory sells
indicates in days how quickly
inventory sells
Indicates in days how quickly cash
invested in inventory converts back
into cash
excess of operating cash flow over
basic needs
percentage of assets financed by
creditors; indicates relative size of
the equity position
indicator of a company’s ability to
generate the cash necessary to
meet its obligations
indicator of a company’s ability to
meet its interest payment
obligations
III. measures of profitability
15. percentage chase
that is in net sales
and net income
16. gross profit rate
17. operating expense
ratio
18. operating Income
19. net Income as a
percentage of net
sales
20. earnings per share
21. return on assets
22. return on equity
23. return on common
stockholder’s
equity
IV. measures for evaluating
the current market price
of common stock
24. market value of
financial
instruments
25. price earnings ratio
dollar amount of change
financial statement amount in the
earlier year
gross profit
net sales
operating expenses
net sales
gross profit – operating expenses
net income
Net Sales
net Income – preferred dividends
average number of common shares
outstanding
operating Income
average total assets
net income
average total equity
net Income – preferred dividends
average common stockholder’s equity
quoted in financial press or disclosed
in financial statement
current stock price
earnings per share
26. dividend yield
annual dividend
current stock price
27. book value per
share
common stockholders’ equity
shares of common stock outstanding
the rate at which a key measure is
increasing ore decreasing ; the
“gsowth rate”
a measure of the profitability of the
company’s products
a measure of management’s ability
to control expenses
the profitability of a company’s
basic business activities
an indicator of management’s
ability to control costs
net income applicable to each
share of common stock
a measure of the productivity of
assets, regardless of how the assets
are financed
the rate of return earned on the
stockholders’ equity in the business
the rate of return earned on the
common stockholders’ equity
appropriate when company has
both common and preferred stock
reflects both investors’
expectations and current market
conditions
a measure of investors’
expectations about the company’s
future prospects
dividends expressed as a rate of
return on the market price of the
stock
the recorded value of net assets
underlying each share of common
stock
Lampian 1b : a summary of financial ratios
(Intermediate Accounting – Ninth Edition)
Kieso & Weygand
ratio
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formula
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purpose or use
I.
liquidity
1. current ratio
2. quick or acid test
ratio
3. current cash debt
coverage ratio
II. activity
4. receivables turnover
5. inventory turnover
6. asset turnover
III. profitability
7. profit margin on
sales
8. rates of return on
assets
9. rate of return on
common stock
10. earnings per share
11. price earnings ratio
IV. coverage
13. debt to total assets
14. times interest
earned
15. cash debt coverage
ratio
16. book value per
share
10
measures shot term debt paying
ability
measures immediate short term
liquidity
measures a company’s ability to
pay off its current liabilities in a
given year from its operations
net sales
average trade receivables (net)
cost of goods sold
average inventory
net sales
average total assets
measures liquidity of receivables
net income
net sales
net income
average total assets
net income minus preferred dividends
average common stockholders’ equity
net income minus preferred dividends
weighted shares outstanding
market price of stock
earnings per share
12. payout ratio
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current assets
current liabilities
cash marketable securities,
current liabilities
net cash provide by
operating activities
average current liabilities
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cash dividends
net income
total debt
total assets
income before interest
expense and taxes
interest expense
net cash provided by operating
activites
average total liabilities
common stockholders’ equity
outstanding shares
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measures liquidity of Inventory
measures how efficiently assets are
used to generate sales
measures net income generated by
each dollar of sales
measures overall profitability of
assets
measures profitability of owners’
investment
measures nit income earned on
each share of common stock
measures the ratio of the market
price per share to earnings per
share
measures percentage of earnings
distributed in the form of cash
dividends
measures the percentage of total
assets provided by creditors
measures ability to meet interest
payments as they
measures a company’s ability to
repay its total liabilities in a given
year from its operations
measure the amount each share
would receive if the company were
liquidated at the amounts reported
on the balance sheet
Lampiran 2
MENGANALISA SKA

SKA adalah kependekan dari siklus konversi asset atau assets conversion cycle
SKA meliputi proses konversi menyeluruh mulai dari kas atau bahan baku ke barang
jadi, ke piutang dan ke kas lagi.

Menganalisa SKA dari suatu perusahaan penting karena :
1. perusahaan hanya mampu memenuhi kepentingan stakeholders-nya apabila
mampu menyelesaikan SKA-nya dengan baik
2. dengan memahami SKA-nya, kita akan dapat mengetahui potensi kemacetan
dalam rangkaian proses konversi itu

Lihat Exhibit 4-1, hal. 197
1. Bahan baku dikirim
 dibeli tunai
 dibeli secara kredit dari pemasok, menimbulkan hutang dagang
 pinjam uang untuk membeli bahan baku
2. Nilai tambah (value added)
 bahan baku memasuki proses produksi dan di konversi menjadi barang jadi
 nilai ditambah oleh perkerja yang harus dibayar jasanya
 ada juga nilai tambah dalam bentuk biaya pemeliharaan pabrik, biaya
penggunaan utilities, biaya non-kas seperti penyusutan
3. Barang jadi tersedia untuk dijual
 hampir semua perusahaan memiliki “iron stock” untuk mencegah risiko
interupsi bisnis dan untuk memenuhi peningkatan dalam permintaan, dll
 biaya memiliki “iron stock” terdiri dari biaya gudang dan “carrying cost”
lainnya
4. Barang jadi dijual
 hampir semua perusahaan menjual secara kredit dan karenanya
menimbulkan piutang dagang
 menjual barang jadi menambah biaya, seperti biaya pemasaran dalam
bentuk gaji, iklan, distribusi, dan lain-lain
5. Piutang dagang dilunasi :
 pelunasan dari piutang dagang mengakhiri SKA perusahaan
 hanya melalui pelunasan piutang dagang ini perusahaan mampu memenuhi
kepentingan stakeholders-nya

Faktor Waktu dalam SKA
1. SKA dengan timing yang sempurna :
 contoh : beli bahan baku dengan kredit 30 hari
- bahan baku ke barang jadi :
10 hari
- jual barang jadi
5 hari
- tagih piutang dagang
15 hari
Jumlah
30 hari
 menghasilkan kas tepat waktu pada waktu hutang dagang dan accrued
expenses jatuh waktu
2. SKA dengan timing yang tidak sempurna
 SKA = 60 hari sedangkan hutang dagang 30 hari
 Ini berarti perusahaan punya hutang yang jatuh tempo sebelum kas dari
tagihan masuk
 perbedaan timing ini harus diusahakan pembiayaannya
3. Perusahan mempunyai SKA yang berbeda-beda
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


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Untuk perusahaan yang SKA-nya pendek, perhatikan expertise manajemen,
fluktuasi harga produk, reliability dari pelanggan dan pemasok, risiko
transportasi, kemungkinan rusaknya produk, dll
Untuk perusahaan yang SKA-nya panjang, perhatikan kemungkinan buruh
mogok, umur pabrik, permintaan terhadap produk, dll
Bagaimana menganalisa SKA
Pelajari faktor apa saja yang mempengaruhi proses konversi bahan baku, barang
dalam proses, barang jadi, dan piutang dagang sehingga membuat perusahaan tidak
sanggup menyelesaikan SKA-nya !
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