<![CDATA[This research is motivated by the strategic role of telecommunication companies in Indonesia as the backbone of digital transformation, which requires substantial funding through the capital market where stock price movements are heavily driven by financial performance; however, prior studies on the effect of financial ratios on stock prices still exhibit inconsistent and conflicting findings. The purpose of this study is to analyze and determine the partial and simultaneous effects of the Current Ratio (CR), Return on Assets (ROA), and Debt to Equity Ratio (DER) on the stock prices of telecommunication companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. Employing a quantitative approach with secondary data derived from annual financial statements, the data analysis techniques include classic assumption tests, multiple linear regression analysis, and hypothesis testing (t-test and F-test) conducted using SPSS software across 36 observations. The partial results (t-test) reveal that the CR has a significant negative effect on stock prices, implying that excessively high liquidity signals inefficient asset management due to idle funds, while ROA exerts a significant positive effect because strong profitability delivers a positive signal to the market; conversely, DER shows a significant negative effect on stock prices. Simultaneously (F-test), CR, ROA, and DER exert a significant effect on stock prices with a coefficient of determination (R2) of 0.636, indicating that 63.6% of the variation in stock prices can be explained by the model, while the remaining 36.4% is influenced by other factors outside the scope of this study. In conclusion, a company's overall financial health encompassing liquidity, profitability, and solvency plays a critical role in driving stock price dynamics, wherein investors in the telecommunication subsector tend to prioritize profitability performance and optimal capital structure management.]]>
