Pengaruh Net Profit Margin, Return on Equity, dan Debt to Equity Ratio Terhadap Harga Saham Pada Perusahaan Subsektor Makanan dan Minuman di Bursa Efek Indonesia Periode 2020-2025

Cahya Durrah Hikmiwati (Universitas Bina Sarana Informatika, Jakarta, Indonesia)
Ety Nurhayaty (Universitas Bina Sarana Informatika, Jakarta, Indonesia)

PERADABAN JOURNAL of ECONOMIC and BUSINESS
Vol. 5 No. 2 (2026)

This study aims to analyze the effect of Net Profit Margin (NPM), Return on Equity (ROE), and Debt to Equity Ratio (DER) on stock prices of food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2025 period. This research adopts a quantitative approach using secondary data derived from annual financial reports and stock price records. The sample was selected using a purposive sampling technique, resulting in 31 companies with a total of 183 observations after data processing. Data were analyzed using multiple linear regression analysis via IBM SPSS. The partial results indicate that NPM has no significant effect on stock prices, whereas ROE has a positive and significant effect on stock prices. DER has a negative and significant effect on stock prices. Simultaneously, NPM, ROE, and DER significantly affect stock prices with a coefficient of determination of 11.4%. These findings indicate that equity profitability and capital structure drive stock price movements, although the majority of stock price variations are influenced by factors outside the research model. Penelitian ini bertujuan untuk menganalisis pengaruh Net Profit Margin (NPM), Return on Equity (ROE), dan Debt to Equity Ratio (DER) terhadap harga saham pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2025. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan tahunan dan data harga saham. Sampel ditentukan melalui teknik purposive sampling, menghasilkan 31 perusahaan dengan total 183 observasi. Analisis data dilakukan menggunakan regresi linear berganda dengan IBM SPSS. Hasil penelitian menunjukkan bahwa secara parsial, NPM tidak berpengaruh signifikan terhadap harga saham, ROE berpengaruh positif dan signifikan terhadap harga saham, sedangkan DER berpengaruh negatif dan signifikan terhadap harga saham. Secara simultan, NPM, ROE, dan DER berpengaruh signifikan terhadap harga saham dengan koefisien determinasi sebesar 11,4%. Hal ini mengindikasikan bahwa profitabilitas ekuitas dan struktur modal berpengaruh terhadap pergerakan harga saham, meskipun sebagian besar variasi harga saham dipengaruhi oleh faktor di luar model.