Comparative Analysis of the Financial Performance of Cigarette Companies Listed on the Indonesia Stock Exchange

A Trend-Based Financial Ratio Approach for the 2021–2025 Period

Abstract

Introduction/Main Objectives: This study analyzes and compares the financial performance of four tobacco companies listed on the Indonesia Stock Exchange (IDX)—GGRM, HMSP, ITIC, and WIIM—during 2021–2025. Background Problems: Previous studies have mainly examined individual companies over limited periods, leaving a gap in understanding differences in financial performance amid rising cigarette excise taxes and macroeconomic pressures. Novelty: This study provides a longitudinal and cross-sectional comparison of all four IDX-listed tobacco companies over a five-year post-pandemic period. Research Methods: A descriptive quantitative approach was applied using audited annual financial statements. Liquidity, solvency, and profitability ratios were analyzed through trend analysis. Finding/Results: HMSP consistently leads in profitability, while WIIM demonstrates the strongest growth. GGRM shows profitability pressure but significant deleveraging, whereas ITIC maintains stable performance and the highest gross profit margin. Conclusion: Tobacco companies exhibit heterogeneous financial performance shaped by scale, diversification, and strategic responses to regulatory and macroeconomic pressures.