<![CDATA[ Banks in Indonesia have spent the past decade adjusting to a market that grew steadily less predictable, especially once COVID-19 shook economic stability, corporate earnings, and share prices all at once. That instability pushed investors toward closer scrutiny of financial ratios as a gauge of a firm's underlying health. At PT. Bank Rakyat Indonesia (Persero) Tbk., share price between 2016 and 2025 did not always track the bank's reported financial condition, a mismatch this study tries to unpack. Working from Signaling Theory, the analysis treats Return on Equity and the Loan to Deposit Ratio as two internal drivers, asks how each shapes Earnings Per Share, and then checks whether that chain of influence extends to the stock's market price. Quarterly financial statements and share-price series were run through multiple linear regression and path analysis in EViews under a quantitative, causal-associative design. Return on Equity came out positive and significant for Earnings Per Share; the Loan to Deposit Ratio did not. None of the three measures moved stock price on their own, and Earnings Per Share failed to carry any indirect effect from either ratio through to price.]]>
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