Rasio Keuangan Sebagai Prediktor Harga Saham: Studi Empiris pada PT Kimia Farma, Tbk Periode 2014-2023

This study is motivated by the importance of financial ratios as fundamental indicators for predicting stock price movements in pharmaceutical companies, an industry characterized by regulatory complexity and strong exposure to macroeconomic conditions. The objective of this research is to analyze the effect of Return on Assets (ROA), Net Profit Margin (NPM), and Current Ratio (CR) on the stock price of PT Kimia Farma Tbk during the 2014–2023 period. This research employed a quantitative approach with descriptive and verificative designs using multiple linear regression analysis preceded by classical assumption tests. The findings show that ROA, NPM, and CR partially have no significant influence on stock price, while simultaneously they exert a significant effect with a coefficient of determination of 33.9%, indicating that financial ratios still possess predictive capability despite reduced sensitivity due to external economic factors. The implication suggests that investors should evaluate financial ratios holistically along with other macroeconomic indicators to formulate more accurate and sustainable investment decisions.