<![CDATA[This study aims to analyze the effect of profitability indicators—Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM)—on stock prices and their implications for the firm value of PT Semen Indonesia (Persero) Tbk (SMGR) in the first half of 2025 and 2026. Firm value is proxied by Price to Book Value (PBV), while stock prices are analyzed using monthly and quarterly average data. The study employs a qualitative descriptive-comparative literature study and documentary analysis. Secondary data were obtained from SMGR’s financial reports, Indonesia Stock Exchange publications, stock market data, and relevant scientific literature. The results show that in 2025 profitability declined from Q1 to Q2, yet the average stock price increased from Rp2,596 to Rp2,703 and PBV remained relatively stable at 0.36x. In contrast, in 2026 profitability improved in Q2, but the stock price weakened and PBV fell to 0.26x due to systemic market pressures, including the sharp decline in the Jakarta Composite Index and geopolitical tensions. These findings indicate that the short-term relationship between profitability and stock price is non-linear; market sentiment, industry prospects, investor expectations, and macroeconomic conditions also shape firm value. Thus, profitability affects stock prices and firm value, but it is not the sole determinant of market perception.]]>
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