Analisis Efisiensi Persediaan melalui Laporan Keuangan dan Hubungannya dengan Kinerja Keuangan Perusahaan FMCG Sektor Makanan di Indonesia

Abstract

This study analyzes inventory efficiency and its relationship to financial performance in seven FMCG food companies during the 2023–2025 period. Inventory efficiency is measured using Days Inventory Outstanding, while financial performance is measured using Return on Assets and Operating Cash-Flow Liquidity. The study uses secondary data from audited annual consolidated financial statements. With seven companies and three years of analysis, the data consists of 7 × 3 = 21 company-year observations. The results show that the average inventory is held for 70.60 days before being sold. Based on the first research question, the level and change in DIO differs between companies. AISA has the lowest average DIO of 32.5 days, while KEJU ​​has the highest average DIO of 119.2 days. However, the DIO level is not sufficient to determine the best or worst company. Based on the second research question, DIO has a negative relationship with ROA. An increase in DIO for 10 days is associated with a decrease in ROA of approximately 0.426 percentage points. However, the p-value of 0.513 indicates that the relationship is not statistically significant. Based on the third research question, DIO also has a negative relationship with OCFL. An increase in DIO over 10 days is associated with a decrease in OCFL of approximately 0.0235 times. However, the p-value of 0.743 indicates that the relationship is not significant. The main conclusion of this study is that DIO is useful as an early indicator for identifying potential inventory problems, but cannot be used alone to assess company performance. DIO should be analyzed in conjunction with business activity, profitability, cash flow, company size, and leverage.