Financial Performance Analysis of IDX-MES BUMN 17 Companies Using the EVA and MVA Methods

https://doi.org/10.35912/simo.v6i4.4895
Published: Jan 19, 2026

Abstract:

Purpose: This study aims to evaluate the financial performance of companies listed in the IDX-MES BUMN 17 index during the 2019–2023 period using the Economic Value Added (EVA) and Market Value Added (MVA) methods. The objective is to provide a comprehensive analysis of the extent to which these companies generate economic and market value for their shareholders.

Methodology/Approach: This quantitative study examines three companies from the IDX-MES BUMN 17 index, selected from a population of 16 companies listed between December 1, 2023, and May 31, 2024. Each company is observed over five consecutive years, yielding a total of 15 data points for analysis.

Results/findings: The results indicate that during 2019–2023 all sampled firms showed weak financial performance based on EVA. Based on MVA, PT WEGE Tbk recorded negative values, while PT PGAS Tbk and PT ANTM Tbk achieved positive MVA.

Conclusion: During 2019–2023, the sampled IDX-MES BUMN 17 firms showed negative EVA, indicating weak economic value creation, while market performance differed—PT WEGE Tbk had negative MVA, whereas PT PGAS Tbk and PT ANTM Tbk recorded positive MVA.

Limitations: Although EVA and MVA offer insights into value creation, they rely on historical accounting data and assumptions, which may not fully capture market dynamics or future prospects of IDX-MES Soe 17 companies from 2019–2023.

Contribution: This study analyzes the financial performance of SOEs on IDX-MES Soe 17 (2019–2023) using EVA and MVA, offering insights into shareholder value creation and capital efficiency.

Keywords:
1. Economic Value Added
2. Financial Performance
3. Market Value Added
Authors:
1 . Meri Popitasari
2 . Nurul Hak
3 . Rizky Hariyadi
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How to Cite
Popitasari, M., Hak, N., & Hariyadi, R. (2026). Financial Performance Analysis of IDX-MES BUMN 17 Companies Using the EVA and MVA Methods . Studi Ilmu Manajemen Dan Organisasi, 6(4), 95–104. https://doi.org/10.35912/simo.v6i4.4895
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Issue & Section
Vol. 6 No. 4 (2026): Januari
Articles
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  1. Aliyah, Meidina. 2019. “Analisis Pengaruh Economic Value Added (Eva) Dan Market Value Added (Mva) Terhadap Return Saham (Studi Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode Tahun 2012-2016).”
  2. Andi Martias. 2020. “Analisa PengaruhEconomic Value Added, Return on Assetdan Return OnEkuitasTerhadapMarket ValueAddedPerusahaan Saham Teraktif Di Bursa Efek Indonesia.” Jurnal Akuntansi Dan Keuanga Vol. 7 No.: 221–216.
  3. Banter Laksana Santa Maria Manunggkalit, Dimas Sumitra Danisworo. 2022. “Analisis Rasio Profitabilitasuntuk Menilai Kinerja Keuangan PT Indofarma (Persero) Tbk.” Of Economicsm and Management 2.3 (621–29): h. 622.
  4. Daulay, Khofifah Hasibuan dan Aqwa Naser. 2023. “Analisis Common Size Dalam Mengukur Kinerja Keuangan Bank Umum Syariah Di Indonesia” Vol. 29,No.
  5. Evly, Festus. 2023. Buku-Referensi-Kinerja-Keuangan-Perusahaan-1.
  6. Fauziyah, Ana. 2022. Kinerja Keuangan Perusahaan. Kinerja Keuangan Perusahaan. Jakarta: Program Pascasarjana Universitas Prof. Moestopo (Beragama).
  7. Felicia Angelica, Dkk. 2022. “Analisis Pengaruh Economic Value Added (Eva) Dan Market Value Added (Mva) Terhadap Return Saham.” Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis Dan Akuntansi Vol. 01 No: 122–114.
  8. Hartono. 2019. “Economic Value Added (EVA) Dan Market Value Added (MVA) Sebagai Alat Ukur Kinerja Keuangan (Studi Kasus Pada PT. Mayora Indah, Tbk. Dan PT. Unilever Indonesia, Tbk.).” Jurnal Ekonomi 21 No. 3: 236–221.
  9. Hutabarat, Francis. 2020. Analisis Kinerja Keuangan Perusahaan. jakarta: Desantra Muliavisitama.
  10. Irfani, A. S. 2020. Manajemen Keuangan Dan Bisnis; Teori Dan Aplikasi. Jakarta: Gramedia Pustaka Utama.
  11. Manurung, Ferry Irawan dan Nico Yudha. 2020. “Analisis Economic Value Added (Eva) Dan Market Value Added (Mva) Sebagai Alat Ukur Kinerja Keuangan Pt Garuda Indonesia Tbk Tahun 2017 -2019,” Jurnal Pajak Dan Keuangan Negara (PKN) 2, No. 1 (30 September 2020): 31–45, Https://Doi.Org/10.31092/Jpkn.V2i1.9.” Jurnal Pajak Dan Keuangan Negara (PKN) Vol. 2, No: 45–31. https://doi.org/10.31092/jpkn.v2i1.999.
  12. Nasution, Suci Chasara. 2021. “Pendekatan Pengukuran Kinerja Perusahaan Menggunakan Metode Market Value Added (Mva).” Jurnal Manajemen Dan Akuntansi Medan 3,2: 11–1.
  13. Purwanti, Dewi. 2021. “Determinasi Kinerja Keuangan Perusahaan?: Analisis Likuiditas, Leverage Dan Ukuran Perusahaan (Literature Review Manajemen Keuangan.” Jurnal Ilmu Manajemen Terapan 2 (5): 696–693. https://doi.org/10.31933/jimt.v2i5.593.
  14. Puspita Wulandari, dkk. 2020. “Kinerja Keuangan Menggunakan Metode Economic Value Added (Eva) Dan Market Value Added (Mva).” Journal of Management and Bussines (JOMB) 2 (2): 214–206. https://doi.org/10.1016/j.jnc.2020.125798%0Ahttps://doi.org/10.1016/j.smr.2020.02.002%0Ahttp://www.ncbi.nlm.nih.gov/pubmed/810049%0Ahttp://doi.wiley.com/10.1002/anie.197505391%0Ahttp://www.sciencedirect.com/science/article/pii/B9780857090409500205%0Ahttp:
  15. Sari, Citra Dewi Wulantika Manda. 2021. “Analisis Kinerja Keuangan Menggunakan Metode EVA Dan MVA Pada Perusahaan Semen Yang Terdaftar Di BEI” Vol. 2, No.
  16. Siregar, Sari Yana. 2022. “Analisis Kinerja Keuangan Dengan Eva Dan Mva Pada Perusahaan Telekomunikasi Periode 2015-2020.” Manajemen Keuangan Syariah 2 (1): 29–38. https://doi.org/10.30631/makesya.v2i1.1177.
  17. Trinuryono, Sulistyawati Dan. 2022. “Analisis (Deskriptif Kuantitatif) Motivasi Belajar Siswa Dengan Model Blended Learning Di Masa Pandemi Covid19” Vol. 13, N: 73–70.
  18. Witjaksana, Budi. 2019. “Activity Based Management Change Order Model-Based Economic Value Added Through The Effectiveness And Efficiency To Improve The Financial Performance Of Building Construction Projects In Surabaya City. Archives of Business Research.” Archives of Business Research Vol.7 No.2: 170–155.