<![CDATA[Profitability serves as a vital metric for assessing a firm's capability to utilize resources efficiently. This study analyzes the determinants of profitability, measured by Return on Assets (ROA), at PT Mayora Indah Tbk, specifically examining the roles of Current Ratio (CR), Debt to Equity Ratio (DER), and Asset Turnover (ATO). Employing a quantitative approach, this research utilizes quarterly financial data spanning from 2019 to 2024. The analytical framework applies the Autoregressive Distributed Lag (ARDL) method, preceded by stationarity testing using the Augmented Dickey-Fuller (ADF) test. The Bounds Test results indicated no co-integration among variables. Thus, the analysis focused exclusively on short-run dynamics. The empirical findings reveal that the Current Ratio (CR) has no significant effect on ROA. Furthermore, while the current period values of DER and ATO were found to be insignificant, the first lag (t-1) of both variables demonstrated a significant negative effect on ROA. These results suggest that the impact of financial ratios on corporate profitability is dynamic and exhibits a lagged effect rather than an immediate one.]]>
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