Pengaruh Profitabilitas Return On Assets (ROA), Return On Equity (ROE), dan Net Profit Margin (NPM) terhadap Harga Saham Perusahaan Batu Bara yang Terdaftar di Bursa Efek Indonesia Periode 2021–2024

Abstract

Background: The coal sector plays a strategic role in the Indonesian economy as the country with the largest coal reserves in Southeast Asia. Commodity price volatility and global energy transition policy dynamics underscore the importance of analyzing the financial performance of coal companies listed on the IDX during 2021–2024. Inconsistencies in prior research findings regarding the effects of Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) on stock prices serve as the primary rationale for this study. Purpose: This study aims to analyze the partial and simultaneous effects of ROA, ROE, and NPM on stock prices of coal companies listed on the IDX for the period 2021–2024. Method: A quantitative approach using multiple linear regression analysis processed with SPSS was employed. Purposive sampling yielded 87 observations from 27 coal companies after outlier removal. Results: Partially, only ROA had a positive and significant effect on stock prices (β = 5,457.652; sig. = 0.036), while ROE (sig. = 0.498) and NPM (sig. = 0.973) were not significant. Simultaneously, all three variables significantly influenced stock prices (F = 16.161; sig. = 0.000) with an Adjusted R² of 0.346. Conclusion: ROA is the strongest fundamental signal to which the market responds in forming coal sector stock prices, consistent with signalling theory. Investors are advised to use ROA as the primary indicator for fundamental valuation of coal stocks.