Pengaruh Return On Asset (ROA), Earning Per Share (EPS) dan Debt To Equity Ratio (DER) Terhadap Return Saham Pada Perusahaan Manufaktur Subsektor Farmasi Yang Terdaftar di BEI

Alfina Salsabila (Universitas Asahan)
Hamida Sari Siregar (Universitas Asahan)

Miftah
Vol. 4 No. 1 (2026): April 2026

This study aims to analyze the effect of Return on Assets (ROA), Earnings Per Share (EPS), and Debt to Equity Ratio (DER) on Stock Returns in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employed a quantitative method with an associative approach. The results of the study indicate that: (1) Return on Assets (ROA) has no significant effect on Stock Returns, as evidenced by the t-value of -1.019, which is smaller than the t-table value of 2.03452; (2) Earnings Per Share (EPS) has no significant partial effect on Stock Returns, as indicated by the tvalue of 0.486, which is smaller than the ttable value of 2.03452; (3) Debt to Equity Ratio (DER) has no significant partial effect on Stock Returns, with a tvalue of -2.019, which is smaller than the ttable value of 2.03452; (4) ROA, EPS, and DER simultaneously have no significant effect on Stock Returns, as indicated by the Fvalue of 1.768, which is smaller than the Ftable value of 2.90; and (5) the variation in Stock Returns is explained by ROA, EPS, and DER by 14.2%, while the remaining 85.8% is influenced by other factors outside the research model that were not included in this analysis.