The number of Indonesian MSMEs has risen. It forces businesses to produce superior products and manage their finances well in order to thrive and become a leader in their respective sectors. However, most Indonesian MSMEs are run by individuals or groups of people who lack the knowledge and resources to produce financial reports. The study goals are to identify Indonesian MSMEs financial performance and offer practical recommendations to their owners based on their financial performance and business characteristics. Purposive sampling led to the selection of five Indonesian agro-industry businesses as samples. Data was gathered through in-depth interviews with owners and/or staff, as well as any production, inventory, and financial records. Profitability ratios, liquidity ratios, asset management ratios, and common-size analysis were used to assess financial performance based on the financial data from June to November 2021.

According to the result, all businesses rely on their capital and retained earnings to run their operations. In agro-industry businesses, profitability ratios, defensive interval ratios, asset management ratios, and common-size analysis were required to identify the management of its asset, equity, and expenses in order to decide on the procurement plan, generate more income, and inform potential investors and buyers. Rumah Ketela, Soto Mantenan, Sarisa Merapi, PLS, and Superbram were listed in order of lowest to highest net income. Soto Mantenan could cover its daily expenses with existing cash for 4 days and Sarisa Merapi for 414 days, based on their average cash on hand in a month. Furthermore, Soto Mantenan did not have a big total asset base, resulting in high inventory turnover, fixed asset turnover, and total asset turnover, as well as a short average time to convert inventory to cash. Its owners always had a minimum amount of cash and inventory on hand to cover day-to-day operations, thus there were not many current assets. Sarisa Merapi, on the other hand, had high average total assets, which had an impact on average inventory turnover, fixed asset turnover, and total asset turnover, all of which were low, and days in inventory period was high, among other businesses. Sarisa Merapi owns some contemporary machines, which contributed to the high total assets and expenses. When compared to median industry ratios, the median profitability ratios of all selected businesses were relatively low, while the median asset management ratios of all selected businesses were more effective. As for recommendations, Superbram can be more active on e-marketplaces to reach more customers, Sarisa Merapi may share value by renting its production machines to other MSMEs, and Soto Mantenan can introduce new product variation s to create more sales. Rumah Ketela will need to recalculate its expenses over time and PLS can apply forecasting to reduce the total cost of unsold or rejected products.