The covid-19 pandemic has shaken the foundations of the Indonesian economy, and one of which is in the capital or stock market sector. The stock market fell 5.09% throughout 2020, and the most significant contribution came from the property and real estate sector by 21.23%. Therefore, this study aims to analyze the financial health of companies in the property and real estate sector before and during the covid-19 pandemic. The analytical method used is paired sample T-test, industry average, and Altman Z-score. The sample used in this study were 18 companies in the property and real estate sector that have been listed on the Indonesia stock exchange. The findings in the study indicate differences in financial performance before and during the covid-19 pandemic, as seen from changes in Altman Z-Score and financial ratios. The Altman Z-Score shows that 16 companies (88.89% of the sample) experienced a decline in 2020, so that there were additional companies that entered the distressed category. In addition, financial health based on industry averages experienced a decline before and during the covid-19 pandemic. The research results can be input and consideration for managers to make decisions in the face of conditions of economic uncertainty, such as the covid-19 pandemic.