This research has purpose to explain differences on indicator financial ratio in up and down stream condition. This research uses real estate industries listed on Jakarta Stock Exchange as a sample. Sample selection is performed based on purposive sampling method with object to gain sample according to the research aim. Based on those criteria, there are 18 companies, which have fulfilling the conditions needed, starting from 1994 until 2002. The classification of business cycle on up and down

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... tream conditions to used stock pricing indexes of property and real estate which calculated by arithmatic mean method. Based on those criteria, the classifications from 1994 until 1997 are represented by up stream condition and from 1998 until 2002 are represented by down stream condition. The result shows indicators: profitability ratios, gross margin ratios, capital turnover ratios, asset to equity ratios, growth ratios, liquidity ratios, leverage ratios, and cash flow ratios are different in up and down stream conditions, both simultaneously and partially. Simultaneously, there is a significant difference between up and down stream condition with wilks lambda of 0,346 and p value of 0,000. This research shows financial ratio indicator has differences on business cycle. Abstract in Bahasa Indonesia : Penelitan ini mempunyai tujuan untuk mengetahui perbedaan indikator rasio keuangan pada kondisi up stream dan down stream. Penelitian ini menggunakan sampel pada industri di sektor properti yang terdaftar di Bursa Efek Jakarta. Pemilihan sampel dalam penelitian ini menggunakan Purposive Sampling yaitu sampel diambil berdasarkan kriteria-kriteria tertentu yang sesuai dengan tujuan penelitian ini. Berdasarkan kriteria tersebut, terdapat 18 perusahaan yang dapat dijadikan sampel mulai tahun 1994 sampai dengan 2002. Untuk menentukan perubahan business cycle pada kondisi up stream dan down stream dilakukan dengan menggunakan indeks harga saham di sektor properti dan realestat. Penentuan cut of point indeks harga saham di sektor p [...]