Analisis Financial Distress Menggunakan Model Altman Z-Score, Springate, Zmijewski, Fulmer, Dan Grover Pada Perusahaan Property And Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2018

The purpose of this study is to determine and analyze financial distress with Altman Z-Score, Springate, Zmijewski, Fulmer, and Grover models as well as knowing the most accurate prediction models in predicting financial distress in the Property and Real Estate company in the 2016-2018 period. This research uses descriptive quantitative models and uses secondary data, the 2016-2018 Property and Real Estate company financial reports accessed from the Indonesia Stock Exchange website (www.idx.co.id) The final results of this study are (1) The prediction results using the Altman Z-Score model there are three companies that experienced financial distress during the 2016-2018 period, thast is Hanson International Tbk, Rimo International Lestari Tbk, and Bhuwanatala Indah Permai Tbk. (2) The prediction results using the Springate model are thirty companies that experienced financial distress during the 2016-2018 period, that is Agung Podomoro Land Tbk, Alam Sutera Realty Tbk, Bekasi Asri Pemula Tbk, Bumi Citra Permai Tbk, Bekasi Fajar Indah Industri Estate Tbk, Binakarya Jaya Abadi Tbk, Bhuwanatala Indah Permai Tbk, Sentul City Tbk, Cowell Development Tbk, Ciputra Development Tbk, Duta Anggada Realty Tbk, Intiland Development Tbk, Megapolitan Development Tbk, Fortune Mate Indonesia Tbk, Gowa Makassar Tourism Development Tbk, Jaya Real Property Tbk, Jababeka Tbk, Lippo Karawaci Tbk, Modernland Realty Tbk, Mega Manunggal Property Tbk, Hanson International Tbk, City Retail Development Tbk, Indonesia Prima Property Tbk, Plaza Indonesia Realty Tbk, Pakuwon Jati Tbk, Ristia Bintang Mahkotasejati Tbk, Rimo International Lestari Tbk, Suryamas Dutamakmur Tbk, Summarecon Agung Tbk, and Sitara Propertindo Tbk. (3) The prediction results using the Zmijewski model, there are two companies that experienced financial distress during the 2016-2018 period, that is Cowell Development and Rimo International Lestari Tbk. (4) The results of predictions using the Fulmer model there are three companies that experienced financial distress during the 2016-2018 period, that is Bhuwanatala Indah Permai Tbk, Rimo International Lestari Tbk, and Sitara Propertindo Tbk. (5) The prediction results using the Grover model are companies that experienced financial distress during the 2016-2018 period, that is Cowell Development Tbk, Hanson International Tbk, and Rimo International Tbk. (6) The Grover model is an appropriate model to be applied to Property and Real Estate companies listed on the Indonesia Stock Exchange for the period of 2016-2018. Keywords: financial distress, altman z-score, springate, zmijewski