Pengaruh Return on Assets (ROA) dan Debt to Equity Ratio (DER) terhadap Harga Saham pada Perusahaan Subsektor Barang Perindustrian yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2022–2025

Abstract

Stock prices represent an important indicator of a company’s financial performance and market valuation. Their movements are influenced by various financial factors, including Return on Assets (ROA) and the Debt-to-Equity Ratio (DER). This study aims to examine the effect of ROA and DER on the stock prices of companies in the industrial goods subsector listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. This study employs a quantitative approach using secondary data. The sample consists of seven companies selected through purposive sampling. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, t-tests, F-tests, and the coefficient of determination, with IBM SPSS Statistics version 27. The results show that ROA has a positive and significant effect on stock prices, with a t-value of 7.887 exceeding the critical t-value of 2.059 and a significance level of <0.001. In contrast, DER has a negative and significant effect on stock prices, with a t-value of −3.115 and a significance level of 0.005. Simultaneously, ROA and DER have a significant effect on stock prices, as indicated by an F-value of 35.506, which exceeds the critical F-value of 3.39, with a significance level of 0.001. Furthermore, the coefficient of determination indicates that ROA and DER explain 74% of the variation in stock prices, while the remaining 26% is attributable to other factors outside the research model. These findings indicate that profitability and capital structure are important financial factors associated with stock price movements in the industrial goods subsector.