<![CDATA[Purpose: This study examines the effects of the Current Ratio (CR), Return on Equity (ROE), and Debt-to-Equity Ratio (DER) on stock prices and investigates the moderating role of Earnings per Share (EPS). Design/Methodology/Approach: A quantitative approach was employed using panel data comprising 330 firm-year observations from property and real estate companies listed on the Indonesia Stock Exchange during 2020–2024. Panel data regression and Moderated Regression Analysis (MRA) were conducted using the Fixed Effects Model (FEM). Findings: The results show that CR has no significant effect on stock prices, while ROE and DER have positive and significant effects. EPS has no significant direct effect and does not moderate the relationships between CR and stock prices or between ROE and stock prices. However, the DER × EPS interaction is positive and significant, indicating that higher EPS strengthens the positive relationship between leverage and stock prices, as measured by the study’s price-volatility proxy. Thus, the hypothesized negative moderating effect of EPS on the DER–stock price relationship is not supported. Research Implications: The findings highlight the importance of considering earnings performance when interpreting the market implications of corporate leverage. This study contributes to the literature by examining liquidity, profitability, and leverage simultaneously, while positioning EPS as both a financial indicator and a moderating variable. The findings provide implications for investors and managers in evaluating leverage and earnings performance in the property and real estate sector.]]>
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