<![CDATA[This study investigates the significance of Inventory Turnover (ITO) and Total Asset Turnover (TATO) on Net Profit Margin (NPM) in healthcare sub-sector companies listed on the Indonesia Stock Exchange (IDX) from a Sharia perspective. Despite demonstrating a consistently increasing NPM trend from 8.99% (2019) to 17.06% (2023), healthcare companies exhibited inventory turnover ratios substantially below industry standards and declining asset utilization efficiency. This paradoxical performance raises questions about the operational drivers of profitability in this capital-intensive sector. Employing a quantitative associative approach with panel data regression using the Fixed Effect Model (FEM) processed through E-Views 12, this research analyzed 18 healthcare companies selected via purposive sampling over the 2019-2023 period. The findings reveal that ITO has no significant effect on NPM (t-statistic = 1.101575, p = 0.2744 > 0.05), while TATO demonstrates a negative and significant impact on NPM (t-statistic = -2.557839, p = 0.0127 < 0.05). Simultaneously, both variables significantly affect NPM (F-statistic = 2.149153, p = 0.011052 < 0.05), with an Adjusted R-squared of 19.69%. From a Sharia perspective, these findings are interpreted through the principles of balance (al-tawazun), justice (al-'adl), benefit (al-maslahah), and the prohibition of hoarding (ihtikar). The study contributes to the understanding of profitability determinants in healthcare companies and provides implications for Islamic financial management practices in asset-intensive industries.]]>
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