Financial Performance Resilience of Indonesian Manufacturing Firms During Economic Turbulence: Liquidity and Solvency Analysis of Listed Companies (2018– 2023)

The manufacturing sector is one of the main drivers of Indonesia's economy, so the resilience of the company's financial performance in this sector is a strategic issue, especially amid global economic uncertainty and the impact of the Covid-19 pandemic. This study aims to analyze the financial performance resilience of manufacturing companies listed on the Indonesia Stock Exchange during the 2018–2023 period through a quantitative approach. The main variables studied are the liquidity ratio—which is measured using the Current Ratio, Quick Ratio, and Cash Ratio—as well as the solvency ratio—which is measured through the Debt to Asset Ratio. The analysis was carried out using secondary data from the annual financial statements of three manufacturing companies selected based on purposive sampling techniques. The results of the study show that PT Mayora Indah Tbk has the best level of financial resilience, with a high liquidity ratio and a controlled capital structure, so that it is able to meet short-term and long-term obligations consistently. On the other hand, PT Wahana Interfood Nusantara Tbk showed a volatile and vulnerable financial pattern due to high dependence on debt, while PT Sekar Bumi Tbk was in a stable but moderate position. These findings confirm that companies with adequate liquidity and prudently managed leverage are better able to withstand economic turbulence, supporting concepts in capital structure theory and previous empirical findings highlighting the importance of liquidity and solvency in maintaining sustainable financial performance. Academically, this research contributes to the development of financial resilience literature in emerging markets, especially in the Indonesian manufacturing sector. In practical terms, the results of research can be the basis for investors, financial managers, and regulators in designing funding and liquidity management strategies that are more adaptive to economic changes. Further research is recommended to expand the scope of the sample, include additional variables such as profitability or corporate governance, and use more dynamic econometric models so that a more comprehensive understanding of financial performance resilience can be obtained.