Profitability Profile of Indonesia’s Healthcare Industry: A Comparative Descriptive Analysis of Financial Ratios for the Period 2010-2024

Heru Pranata; Moh. Yudi Mahadianto

doi:10.33395/owner.v10i4.3514

Authors

Heru Pranata
✉ Corresponding author: heru.122040004@ugj.ac.id Universitas Swadaya Gunung Jati
Moh. Yudi Mahadianto Universitas Swadaya Gunung Jati

DOI:

https://doi.org/10.33395/owner.v10i4.3514

Keywords:

Profitability, Healthcare, ROA, ROE, NPM, Kruskal-Wallis, Mann-Whitney U, Spearman’s correlation, Non-parametric

Abstract

This study provides the first longitudinal non-parametric analysis of subsector resilience differentials in Indonesia’s healthcare industry across a 15-year pre-to-post-pandemic horizon. Using purposive sampling, 35 companies listed on the Indonesia Stock Exchange (IDX) were examined over 367 firm-year observations (2010-2024) for ROA, ROE, and NPM. Non-parametric tests (Kruskal-Wallis, Mann-Whitney U, Spearman’s correlation) were applied given confirmed extreme non-normality. Three key insights emerge: (1) a statistically confirmed subsector asymmetry in which medical devices achieve superior asset efficiency and margin profitability over healthcare services, attributable to structural pricing power and favorable cost scalability; (2) the pandemic yielded the highest profitability ranks on all three ratios while the post-pandemic period fell below even pre-pandemic levels, a deterioration trajectory not previously documented with rigorous non-parametric evidence in the Indonesian context; and (3) very strong ROA-NPM coherence confirms margin efficiency, not asset turnover, as the dominant driver of profitability variation. Interpreted through Dynamic Capability theory, firms with stronger adaptive capacities proved more resilient, yielding actionable evidence for healthcare management, investors, and regulators.

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