<![CDATA[This study aims to examine the partial and simultaneous effects of Net Profit Margin (NPM), inflation, and excise tax rates on the stock price of PT Gudang Garam Tbk during the 2015–2024 period. A quantitative approach was applied using secondary data drawn from the company's annual financial statements together with inflation and excise tax rate records for the period under study, which were subsequently analyzed through descriptive statistics, classical assumption testing, multiple linear regression, the t-test, the F-test, and the coefficient of determination, with SPSS version 27 serving as the statistical tool. The partial test results indicate that NPM, inflation, and excise tax rates each fail to exert a significant effect on stock price, with respective significance values of 0.621, 0.761, and 0.219, all exceeding 0.05. The simultaneous test, however, yields a contrasting outcome, confirming that the three variables collectively produce a significant effect on stock price, with a significance value of 0.014. An R Square value of 0.809 further indicates that the research model accounts for 80.9% of the variation in stock price, while the remaining portion is attributable to factors beyond the model. The study concludes that stock price movement at PT Gudang Garam Tbk is better understood as the outcome of several interacting factors rather than the influence of a single variable in isolation, suggesting that both the company and investors need to weigh multiple indicators jointly when assessing or managing stock performance.]]>
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