<![CDATA[This study examines the partial and simultaneous relationships of asset productivity, measured by Total Asset Turnover (TATO), and debt policy, measured by the Debt to Asset Ratio (DAR), with financial performance, measured by Return on Assets (ROA), at PT Kereta Api Indonesia (Persero) during 2015–2024. This quantitative study uses secondary data obtained from the company’s annual financial reports. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, the coefficient of determination, and t-tests and F-tests with SPSS version 27. The partial test results indicate that TATO is positively but not significantly associated with ROA at the 5% significance level (t = 2.087; p = 0.075). Similarly, DAR has a negative but statistically insignificant association with ROA (t = −0.656; p = 0.533). However, the simultaneous test indicates that TATO and DAR are jointly significantly associated with ROA (F = 7.037; p = 0.021). The coefficient of determination (R²) is 0.668, indicating that the two independent variables jointly explain 66.8% of the variation in ROA, while the remaining 33.2% is attributable to factors outside the research model. These findings suggest that asset productivity and debt policy, when considered jointly, are statistically associated with financial performance, although neither variable demonstrates an individually significant relationship at the 5% level.]]>
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