<![CDATA[This study aims to analyze the effect of the Debt to Equity Ratio (DER) and Net Profit Margin (NPM) on Return on Assets (ROA) in Multifinance subsector companies listed on the Indonesia Stock Exchange during the period from the first quarter of 2024 to the second quarter of 2025. This research employs a quantitative approach using panel data regression analysis. The research sample consists of 9 Multifinance subsector companies with a total of 54 observations. The sampling technique applied is non-probability sampling with specific criteria. The data used in this study are secondary data obtained from corporate financial statements published by the Indonesia Stock Exchange. The results indicate that simultaneously, the Debt to Equity Ratio and Net Profit Margin have a significant effect on Return on Assets. Partially, the Debt to Equity Ratio does not have a significant effect on Return on Assets, while the Net Profit Margin has a positive and significant effect on Return on Assets. These findings suggest that the profitability of Multifinance companies is more strongly influenced by operational efficiency than by their capital structure. A high level of corporate debt does not directly enhance the company’s ability to generate profits from its assets; however, the ability to generate net income from operating revenue plays a crucial role in improving Return on Assets. The findings of this study are expected to provide useful insights for corporate management in formulating cost control policies and improving operational performance, as well as for investors in evaluating the financial performance of Multifinance subsector companies.]]>
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