<![CDATA[This study examines the effect of Return on Equity (ROE) and Earnings per Share (EPS) on stock price, with Price to Book Value (PBV) as a moderating variable, in state-owned (BUMN) banks listed on the Indonesia Stock Exchange during 2019–2024. A quantitative explanatory approach was used with panel data from four BUMN banks (Bank Mandiri, BRI, BNI, and BTN) over six years, analyzed through multiple linear regression and Moderated Regression Analysis (MRA). The results show that ROE has a significant negative effect on stock price, while EPS has a significant positive effect. PBV is not able to moderate the effect of ROE on stock price, but is able to significantly strengthen the effect of EPS on stock price. The regression model without moderation explains 66.0% of the variance in stock price, and this figure rises to 94.6% once the moderation interactions are included. These findings suggest that market valuation, as reflected in PBV, does not uniformly reinforce every profitability indicator, and that investors respond differently to equity-based profitability compared to per-share earnings when assessing BUMN bank stocks. The study offers practical implications for investors and bank management in interpreting financial performance signals within the context of market valuation.]]>
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