<![CDATA[This study aims to analyze the effect of profitability, leverage, and liquidity on stock returns in non-banking IDX30 index companies for the 2023-2025 period. This study uses a quantitative method with secondary data obtained from annual financial reports and stock price data of companies on the IDX30 index selected through purposive sampling. Data were collected through documentation and literature studies. The research variables consist of stock returns, profitability (ROA), leverage (DER), and liquidity (CR). Data analysis uses descriptive statistics, classical assumption tests, and multiple linear regression using the IBM SPSS statistics 27 application. The results show that profitability and leverage have no significant effect on stock returns, while liquidity has a significant negative effect on stock returns. Simultaneously, profitability, leverage, and liquidity have a significant effect on stock returns. This study is limited to non-banking IDX30 companies for the 2023-2025 period with profitability (ROA), leverage (DER), and liquidity (CR) variables. This study is useful for company financial management to pay more attention to the efficiency of current asset management to avoid over-liquidity conditions that are negatively perceived by the market. For investors, to avoid using a high liquidity level (CR) as the sole indicator of investment security, consider macroeconomic factors, market sentiment, and other indicators such as Earnings Per Share (EPS) and Price to Book Value (PBV), which may be more relevant in predicting stock returns on the IDX30 index. This information can also add to the research literature in the capital market and serve as a reference for future research.]]>
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