<![CDATA[This study examines the effects of Quick Ratio (QR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), and Return on Assets (ROA) on Price to Book Value (PBV) of PT Gudang Garam Tbk during 2014–2024. A quantitative explanatory approach was employed using secondary data from annual financial reports and market information, comprising 11 annual observations. Multiple linear regression was performed using IBM SPSS Statistics to evaluate partial and simultaneous effects. The results show that QR has a negative and insignificant effect on PBV (β = −0.309; p = 0.486), while DER also has a negative and insignificant effect (β = −0.021; p = 0.960). TATO exhibits a negative and insignificant effect on PBV (β = −0.209; p = 0.465). In contrast, ROA has a positive and significant effect on PBV (β = 0.778; p = 0.017). Simultaneously, QR, DER, TATO, and ROA significantly affect PBV (F = 5.876; p = 0.029), with an R² of 0.797. These findings indicate that profitability represents the strongest individual financial indicator associated with market valuation.]]>
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