<![CDATA[This study aims to analyze the effect of the Current Ratio (CR), Return on Equity (ROE), Firm Size, and Debt-to-Equity Ratio (DER) on the stock prices of coal subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The research population consisted of all 34 coal subsector companies listed on the IDX, with a final sample of 26 companies selected using purposive sampling, resulting in 130 panel data observations. Secondary data, including annual financial statements and year-end closing stock prices, were analyzed using panel data regression with EViews software. The Random Effects Model (REM) was selected as the most appropriate model based on the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that, partially, the Current Ratio (CR), Return on Equity (ROE), and Debt-to-Equity Ratio (DER) have no significant effect on stock prices, while Firm Size has a positive and significant effect. Simultaneously, all four independent variables have a significant effect on stock prices, with an adjusted R-squared value of 0.1553, indicating that the model explains 15.53% of the variation in stock prices, while the remaining 84.47% is explained by other factors outside the model. These findings suggest that investors in the coal sector place greater emphasis on a company's scale and stability than on conventional financial ratios when making investment decisions.]]>
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