Abstract
The condition of a company going bankrupt begins with the occurrence of financial distress, which is the stage of declining financial performance before liquidation occurs. The financial distress of a company can be analyzed before it happens. The earlier signs of financial distress are detected, the better it is for management because they can make improvements from the outset. Grover and Springate models are early warning models that can detect a company's financial distress or lack thereof. This study analyzes a company's financial distress using predictive models. The analytical technique used involves calculating the score index for each model and then analyzing it using binary logistic regression techniques. The research sample consists of companies listed on the Indonesia Stock Exchange. The analysis of financial distress using the Springate and Grover models shows that both models perform well in prediction. In this study, the Springate model demonstrates better predictive capabilities with a predictive accuracy rate of 100%. The Springate model exhibits a strong historical performance in predicting corporate bankruptcies. The Springate model produces superior predictions when applied to various types of companies and industries. In this regard, the Grover model has limitations in addressing the wide diversity of company profiles.

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