Financial performance is the determination of a certain size that can measure the success of an organization or company in generating profits. Merger is one of an external strategy that can be used by a company to develop their financial performance. However, not all companies improve their financial performance after merger. The purpose of this research is to find out if there is any significant difference of financial performance of PT Ciputra Development Tbk before and after merger. The comparison of ratio analysis has been done by using financial ratios which consist Net Profit Margin, Return on Asset, Return on Equity, Cash Ratio, Current Ratio, Quick Ratio, Total Asset Turnover, Fixed Asset Turnover, Receivable Turnover, Debt to Asset, Debt to Equity, Equity Ratio, Earnings per share, Price to Earnings and Price to Book. This research has been done by using secondary data which is obtained from Indonesia Stock Exchange in the form of financial statement in the periods of two year periods before (2015-2016) and two year periods after merger (2017-2018). The data analysis method has been carried out by using paired sample t-test The result of paired sample t-test in the periods of two year periods before and two year periods after merger from the tested 15 ratios, there are one ratio (Price to Book) that has significant difference. Meanwhile, remaining 14 ratios have no significant difference. Therefore, it can be concluded that there is no significant difference in the financial performance of PT Ciputra Development Tbk before and after merging.