PENGARUH ROA, ROE, EPS TERHADAP HARGA SAHAM PADA PT PERUSAHAAN GAS NEGARA TBK

Abstract

Stock price reflects company performance and is a primary consideration for investors; however, the relationship between profitability ratios and stock prices remains debatable due to inconsistent prior findings, particularly for state-owned energy enterprises in the post-pandemic period, which are still rarely examined. This study aims to analyze the effect of Return on Asset (ROA), Return on Equity (ROE), and Earning Per Share (EPS) on the stock price of PT Perusahaan Gas Negara Tbk (PGAS) listed on the Indonesia Stock Exchange during 2020–2024, both partially and simultaneously. A quantitative approach was employed using multiple linear regression on 20 quarterly data points selected through purposive sampling and processed with IBM SPSS Statistics version 30, complemented by classical assumption tests including the Durbin-Watson autocorrelation test. The results show that partially ROA has a negative and significant effect (β = -1.851; sig. 0.000), ROE has a negative and significant effect (β = -1.249; sig. 0.000), while EPS has a positive and significant effect (β = 11.663; sig. 0.000) on stock price. Simultaneously, the three variables have a significant effect (F = 962.498; sig. 0.000) with a coefficient of determination (R²) of 0.995. The main finding is the dominance of EPS as the strongest fundamental indicator affecting stock price, while the negative direction of ROA and ROE demonstrates that in state-owned energy enterprises, profitability ratios are not always responded to positively by the market, but are influenced by growth expectations, risk factors, and gas pricing policy. This study contributes to reinforcing the relevance of signaling theory in valuing state-owned energy stocks while providing practical guidance for investors and management.