Inventory Turnover, Sales Growth, dan Operating Expense Ratio terhadap Profitabilitas Perusahaan Farmasi

Desi Lipuadino (Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Sam Ratulangi, Manado)
Jantje J. Tinangon (Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Sam Ratulangi, Manado)
Claudia W.M. Korompis (Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Sam Ratulangi, Manado)

Jurnal Akuntansi Keuangan Dan Perpajakan
Vol. 3 No. 2 (2026): Oktober - Desember

Profitability reflects a company's ability to generate profit from its assets and is influenced by inventory management efficiency, sales growth, and operating cost control. This study analyses the effect of inventory turnover, sales growth, and operating expense ratio on profitability, measured by Return on Assets (ROA), in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. A quantitative approach was applied using panel data regression with the Random Effect Model. Purposive sampling yielded 9 companies with 45 observations. The results show that inventory turnover (prob. 0.198) and sales growth (prob. 0.536) have no significant effect on ROA, while the operating expense ratio (prob. 0.000) has a negative and significant effect on ROA. Simultaneously, the three independent variables significantly affect ROA (Prob. F-statistic 0.000). The Adjusted R-squared of 0.655 indicates that 65.5% of the variation in ROA is explained by the model, while the remaining 34.5% is explained by other factors outside the model.