<![CDATA[This study aims to analyze the effect of the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR) on stock prices at PT Kencana Energi Lestari Tbk during the 2020–2024 period. This study employs a quantitative approach using secondary data in the form of the company’s financial statements and stock price data during the research period. The data were collected through documentation and analyzed using descriptive analysis and multiple linear regression analysis. The results show the regression equation Y = 245,893.36 + 3,488.84X₁ – 11,795.56X₂, with a correlation coefficient (R) of 92% and a coefficient of determination (R²) of 84%. The F-test results indicate that DER and DAR simultaneously have an effect on stock prices, but the effect is not statistically significant. The partial test results show that DER has a positive but statistically insignificant effect on stock prices, whereas DAR has a negative but statistically insignificant effect on stock prices. Thus, although DER and DAR jointly have a relatively strong explanatory power for variations in stock prices, as indicated by the R² value of 84%, neither variable demonstrates a statistically significant effect on the stock price of PT Kencana Energi Lestari Tbk during the study period.]]>
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