The Effect of Profitability and Capital Structure on the Value of F&B Companies Listed on the Indonesia Stock Exchange During the Covid-19 Recovery Period from 2021 to 2024

Aisya Ramadhani (Universitas Negeri Malang)
Dian Senly Andika (Universitas Negeri Malang)
Rizma Fauziyah (Universitas Negeri Malang)
Ely Siswanto (Universitas Negeri Malang)
Subagyo Subagyo (Universitas Negeri Malang)

Formosa Journal of Applied Sciences (FJAS)
Vol. 4 No. 12 (2025): December 2025

This study aims to analyze the effect of profitability and capital structure on the value of companies in the food and beverage (F&B) sub-sector listed on the Indonesia Stock Exchange during the COVID-19 recovery period from 2021 to 2024. Using a quantitative approach and multiple linear regression analysis of 12 companies that met the purposive sampling criteria, this study found that profitability had a positive and significant effect on company value. In contrast, capital structure had a negative and significant effect. These results indicate that the ability to generate profits is a strong signal for investors, while high debt levels lower market perception. Simultaneously, both variables have a significant effect, although their contribution is limited.