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This study aims to assess the financial performance of 11 non-financial companies that conducted acquisitions in 2025 and are listed on the Indonesia Stock Exchange (IDX). Using a quantitative descriptive-comparative approach with a case study design, six financial ratios were analyzed: Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return on Assets (ROA), and Return on Equity (ROE). Data were obtained from consolidated financial statements as of December 31, 2024 (pre-acquisition) and December 31, 2025 (post-acquisition). The results show that the impact of acquisitions varies across companies. No consistent or significant differences were found in the CR, DAR, DER, ROA, or ROE ratios between the two periods. Meanwhile, the TATO ratio tended to decrease after the acquisition, indicating that the newly consolidated assets have not yet operated optimally. These findings confirm that the short-term financial impact of an acquisition is heavily influenced by the transaction’s funding structure, the size of the acquired entity, and the industry sector. This study contributes to the financial accounting literature on corporate acquisition strategies in the Indonesian capital market.

This study aims to analyze the effect of Return on Asset (ROA), Current Ratio (CR), Net Profit Margin (NPM), and Total Asset Turnover (TATO) on company value as measured by Price Book Value (PBV) in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2019–2023 period. This research adopts a quantitative method with a causal associative approach. The data was obtained from the financial reports of eight companies that met the purposive sampling criteria. Data analysis was conducted using multiple linear regression with the help of SPSS software. The results show that, partially, ROA and CR have a significant negative effect on PBV, while NPM does not have a significant effect on PBV, and TATO has a significant negative effect on PBV. Simultaneously, all four independent variables significantly affect PBV, with an R² value of 12.3%, indicating that most of the PBV variations are explained by other factors outside the research model. These findings provide insights for investors and company management regarding the importance of asset management and operational efficiency in enhancing firm market value.

 This study was conducted to evaluate the influence of Total Asset Turnover (TATO), Debt to Equity Ratio (DER), and Net Profit Margin (NPM) in predicting stock return fluctuations. The study focuses on retail sector issuers listed on the Indonesian Stock Exchange (IDX) between 2021 and 2024. Through the application of panel data regression analysis, the study determined that the Common Effects Model (CEM) is the most appropriate estimation method. This decision was made based on a series of tests including the Chow Test and the Lagrange Multiplier. Although classical assumption testing showed symptoms of heteroscedasticity, this problem was addressed using the EGLS (cross-sector weighting) Panel method to ensure the validity of the estimates. Based on partial testing, it is found that TATO and NPM variables have a positive and significant contribution to stock returns, while DER is found to have no significant effect. Collectively, all independent variables had a significant effect, with the Adjusted R-Square value reaching 27.80%. This indicates that for investors in the retail sector, profitability and operational efficiency are important indicators in making investment decisions.

The property and real estate sub-sector serves as a strategic pillar for investment in Indonesia, despite BPS (2023) data showing a growth slowdown to 2.18% due to macroeconomic pressures. Financial performance throughout the 2021–2024 period exhibited significant volatility, with profit growth contracting to –5% in 2022 before rebounding to 15% in 2024. These fluctuations reflect the dynamics of economic recovery and the success of corporate operational efficiency in navigating interest rate hikes and inflation. This study aims to determine the effect of Company Size, Capital Structure, Return on Assets (ROA), and Total Asset Turnover (TATO) on Profit Growth. The population used in this study is the Property & Real Estate sub-sector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. This study uses secondary data with a population of 68 companies. The sampling technique used a purposive sampling technique, resulting in a research sample of 30 Property & Real Estate sub-sector companies. The analysis technique used is multiple linear regression analysis processed using the Statistical Package for the Social Sciences (SPSS) program. The results show that Capital Structure, Return on Assets, Total Asset Turnover, and Company Size influence Profit Growth.

This study aims to analyze the financial performance of PT Aviasi Pariwisata Indonesia (Persero), commercially known as Injourney the state-owned enterprise (BUMN) holding company for the aviation and tourism sectors during the 2021-2024 period. Performance is measured using liquidity ratios (Current Ratio, Cash Ratio), solvency ratios (Debt to Asset Ratio, Debt to Equity Ratio), activity ratios (Total Asset Turnover), and profitability ratios (Net Profit Margin, Return on Equity) compared against industry standards. This research employs a descriptive quantitative approach. The data utilized is secondary data sourced from the published financial statements of PT Aviasi Pariwisata Indonesia (Persero). The results indicate varied liquidity performance, with an average Current Ratio of 97.82% (below the 200% benchmark, categorized as poor) and a Cash Ratio of 63.03% (above 50%, categorized as good). Solvency performance is underperformed, with an average DAR of  and DER of, reflecting a high reliance on debt. Activity performance is identified as inefficient with an average TATO of 0.199 times (<2 times), while profitability remains negative on average with an NPM of and ROE of. Despite a significant upward trend in performance improvement, the company's overall financial health is considered suboptimal compared to industry standards. This condition is primarily driven by high debt burdens and low asset efficiency within the company.

This study evaluates the impact of TATO, ROA, DER, stock returns, and firm size on company value (PBV) for 28 infrastructure companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. The background to this research is the crucial role of the infrastructure sector amid government budget dynamics that affect corporate performance and investor perception. The results show that ROA, DER, and stock returns have a significant positive effect on company value. This indicates that high profitability, optimal debt management, and good stock returns send positive signals to the market. Conversely, TATO was found to have a significant negative effect, reflecting that inefficiencies in asset management can reduce investor confidence. Meanwhile, firm size had no significant impact on company value. This study recommends that investors use ROA, DER, and stock return as key indicators in decision-making. At the same time, companies are advised to optimise profitability and debt management to enhance their value in the eyes of investors.

The food and beverage industry are generally known for its stability. Nevertheless, this sub-sector underwent fluctuations as a result of the COVID-19 pandemic, one of which was in its firm value. The study investigates how firm value is affected by key organizational characteristics, including financial performance, the scale of the firm, and the rate of sales growth. A firm's value is measured by its PBV (Price to Book Value). The study's measure of financial performance is a combination of Return on Equity (ROE) and the CR, DER, and TATO ratios. This study uses a quantitative approach. The study's population is composed of F&B firms publicly traded on the Indonesia Stock Exchange throughout 2019–2023. A purposive sampling technique was used to select the sample based on predefined requirements, leading to a total of 125 samples from 25 companies. Data were processed using WarpPLS version 8.0 to evaluate the research model through model fit, structural testing, and hypothesis testing. The results show that the model meets the required fit indices and has strong explanatory power. The findings reveal that profitability (ROE) and leverage (DER) have a positive and significant effect on firm value, while liquidity (CR) and sales growth exert a negative and significant effect. On the other hand, activity ratio (TATO) and firm size do not significantly influence firm value.

This study aims to analyze the Effect of Return on Equity (ROE), Total Asset Turnover (TATO), Net Profit Margin (NPM) on Stock Prices in food and beverage companies listed on the Indonesia Stock Exchange for the 2020-2024 period. The approach in this study is to use a quantitative approach, and based on the objectives, this type of research is causal. The independent variables in this study include Return on Equity (ROE), Total Asset Turnover (TATO), and Net Profit Margin (NPM) and the dependent variable in this study is Stock Price. The population in this study is food and beverage companies listed on the Indonesia Stock Exchange, totaling 27 companies for the 2020-2024 period. This study uses the Purposive Sampling method, selecting 18 companies multiplied by 5 periods, resulting in a sample size of 90 samples in this study. This study uses descriptive statistical analysis using secondary data with descriptive statistical tests. Continued with the classical assumption test using the multiple regression model hypothesis testing method. This study uses panel data regression tool analysis with the help of SPSS 26 application tools. The results of the study show that: (a) Return on equity (ROE) has a positive effect on share prices, (b) Total Asset Turnover (TATO) does not have an effect on share prices, (c) Net Profit Margin (NPM) has a positive effect on share prices.

This study analyzes the effect of Total Asset Turnover, Debt to Equity Ratio, and Return on Assets on earnings management in mining companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative and causal research design, the study examines 18 purposively selected companies over five years, resulting in 90 observations. Data were analyzed through panel data regression using SPSS 26. The results show that Total Asset Turnover does not significantly affect earnings management, while Debt to Equity Ratio and Return on Assets have a significant influence. These findings indicate that profitability and leverage play important roles in shaping earnings management practices in the mining sector

This study aims to analyze the effect of Total Asset Turnover (TATO) on stock prices at PT Baramulti Suksessarana Tbk during the 2014–2023 period. TATO is an activity ratio that measures how efficiently a company utilizes its total assets to generate sales. This research employs a quantitative associative approach using secondary data obtained from the company’s annual financial statements published by the Indonesia Stock Exchange. Data were analyzed using simple linear regression to determine the relationship between the independent variable (TATO) and the dependent variable (stock price). The results show that TATO has a positive and significant effect on stock prices, with a correlation coefficient of 0.859 and a significance value of 0.001 (p < 0.05). This indicates that the more efficiently a company uses its assets to generate sales, the higher its stock price will be. The findings support the signaling theory and efficient market hypothesis, suggesting that asset efficiency serves as a positive signal for investors in evaluating firm performance.

This study aims to examine the effect of Return on Equity (ROE), Debt to Equity Ratio (DER), Current Ratio (CR), Total Asset Turnover (TATO), and Dividend Payout Ratio (DPR) on Price Book Value (PBV). The population of this research consists of food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was determined using a purposive sampling technique, resulting in 18 companies with a total of 90 data observations. This research employs a quantitative approach with secondary data. The analysis technique used is multiple linear regression. The findings indicate that Return on Equity (ROE) has a significant effect on Price Book Value (PBV), Debt to Equity Ratio (DER) also has a significant effect on Price Book Value (PBV), while Current Ratio (CR), Total Asset Turnover (TATO), and Dividend Payout Ratio (DPR) have no significant effect on Price Book Value (PBV).

The capital market is a place for various investment instruments, ranging from short-term to long-term. Before buying shares in the capital market, investors need to analyze the share prices of selected companies to predict large profits. The higher the share price, the greater the possibility of making a profit. This study aims to determine the factors that influence the stock prices of companies in the hotel, resort, and shipping sub-sectors listed on the IDX for the period 2019–2024. The dependent variable in this study is stock price, while the independent variables are financial performance and sustainability report disclosure. Financial performance variables are proxied by DER, Current Ratio, ROA, and TATO. This is a quantitative study using secondary data obtained from annual reports and sustainability reports taken from the companies' official websites. The number of samples used in this study is 10 companies using classical assumption techniques, multiple linear regression analysis, determination tests, and ending with hypothesis testing. The results show that DER and Current Ratio have a negative effect on stock prices. ROA, TATO, and sustainability report disclosure partially have no effect on stock prices. Meanwhile, financial performance and sustainability report disclosure simultaneously affect stock prices.

This study aims to analyze the effect of Market Value Added (MVA), Price Book Value (PBV), and Total Asset Turnover (TATO) on stock prices of telecommunication subsector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. The research employed a quantitative approach using multiple linear regression analysis. The sample consisted of three companies, PT Telkom Indonesia Tbk, PT Indosat Tbk, and PT XL Axiata Tbk, selected through purposive sampling. The results show that MVA and PBV have a significant positive effect on stock prices, while TATO has no significant effect. Simultaneously, MVA, PBV, and TATO significantly influence stock prices with a determination coefficient of 68.3%. These findings indicate that investors place greater emphasis on value-added and market perception indicators rather than asset efficiency in making investment decisions within the telecommunication subsector. This study provides practical implications for company management to enhance value creation through innovation and strategic asset management, as well as academic contributions to enrich the literature on stock price determinants in the Indonesian capital market.

This study aims to analyze the performance of state-owned enterprises (BUMN) from a financial aspect based on the financial ratios stated in the Ministerial Decree No. KEP-100/MBU/2002 at PT. Adhi Karya (Persero) Tbk for the 2019-2023 period. This type of research is quantitative descriptive research. Using secondary data in the form of related company financial reports. The sampling technique was carried out using the purposive sampling method and obtained 5 financial reports from the company PT Adhi Karya (Persero) Tbk for the 2019-2023 period. The results of the study showed that the ROE calculation results experienced a drastic decline in 2020 with a value of 0.43% and began to increase in the following years, ROI increased in 2021 with a value of 22.99% but decreased again in the following year and showed unstable performance, The cash ratio showed significant growth and reached its highest value in 2023 at 18.03%, the current ratio showed unstable performance, reaching its lowest point in 2021 at 101.52%, The collection period value reached its highest point in 2023 with a total of 124.06 days, inventory turnover experienced an increase in performance so that in 2023 it was recorded at 103.37 days, TATO showed unstable performance reaching its lowest value in 2022 with a value of 87.36%, and Total Equity to Total Assets reached its lowest value in 2021 at 14.18% and began to increase in the following year.

This study aims to analyze the effect of Total Asset Turnover (TATO) and Debt to Equity Ratio (DER) on stock prices at PT Unilever Indonesia Tbk for the period 2014 to 2023. This research uses a quantitative approach with an associative type of research. The data used is secondary data obtained from the company's annual financial statements and the official website of the Indonesia Stock Exchange. The data analysis method used is multiple linear regression, preceded by classical assumption tests to validate the model. The results show that partially, DER has a significant effect on stock prices, while TATO does not have a significant effect. However, simultaneously, both TATO and DER have a significant influence on stock prices. This indicates that the company’s capital structure plays an important role in influencing stock value in the capital market. Therefore, it is recommended that company management be more prudent in managing debt and improving asset utilization efficiency to attract investors and maintain the company’s stock price stability in the market.

This study aims to explain and also prove the hypothesis regarding the effect of total asset turnover (TATO), debt to equity ratio (DER), current ratio (CR), and net profit margin (NPM) on profit changes in coal sub-sector companies listed on the Indonesia Stock Exchange in 2020-2021. The study uses quantitative research using purposive sampling techniques, the population is coal sub-sector companies and a sample of 32 financial reports from 8 companies in 2020-2023. The analytical techniques used are descriptive analysis, panel data estimation methods, classical assumption tests, t-tests (partial), F-tests (simultaneous), and coefficients of determination (R2). The results of the research that has been conducted, it can be concluded that total asset turnover partially does not have a significant effect on profit changes. The debt to equity ratio variable partially has a positive and significant effect on profit changes. The current ratio variable partially has a positive and significant effect on profit changes. The net profit margin variable partially has no effect on profit changes with. Simultaneously, the variables total asset turnover, debt to equity ratio, current ratio, and net profit margin influence changes in profit.

This study the analyze the influence of financial performance as a predictor of stock price in the property and real estate sector listed on the IDX for the 2020-2024 period, using a sample consists of 12 property companies. The financial performance variables used in this study include ROE, EPS, CR, and TATO. The result of show that simultaneously,all four variables have a significant  effect on stock prices. Partially, only ROE, EPS, and TATO have a significant impact, while CR has no significant effect. The analysis methods include descriptive statistics, classical assumption tests, multiple linear regression, and F Satatistical tests. The findings confirm that profitability, particularly (ROE and EPS) and asset efficiency (TATO), are the factors consideres  by investors when evaluating stocks in the property sector.  The analysis methods used in this study include descriptive statistics to summarize the data, classical assumption tests to ensure the validity of the regression model, multiple linear regression to examine the relationship between the financial performance variables and stock prices, and F-statistical tests to evaluate the overall significance of the model. The findings suggest that profitability, particularly ROE and EPS, and asset efficiency, represented by TATO, are the key factors considered by investors when evaluating stocks in the property sector.These results imply that investors in the property and real estate sector prioritize financial performance metrics that reflect the company's ability to generate returns and utilize its assets effectively. Specifically, ROE and EPS serve as crucial indicators of profitability and are closely monitored by market participants. On the other hand, CR, which measures the company's short-term liquidity, does not appear to have the same level of influence on stock prices.  

This study aims to analyze the effect of leverage measured by Debt to Asset Ratio (DAR) and activity ratio measured by Total Asset Turnover (TATO) on profitability measured by Return On Assets (ROA) at PT ABC Indonesia Tbk for the 2015–2024 period. The analysis is carried out both partially and simultaneously to provide an overview of the factors that affect the company's profitability. The type of research used is descriptive quantitative with secondary data obtained from the company's annual financial statements, in the form of balance sheet and income statements. Data analysis methods include t-test, f-test, and determination coefficient (R²). The results of the study show that partially, the Debt to Asset Ratio (DAR) does not have a significant effect on the Return On Assets (ROA). This indicates that the company's leverage level, in the form of a comparison of total debt to total assets, did not directly contribute to the level of profitability during the study period. Similarly, Total Asset Turnover (TATO) is also partially unaffected by ROA. These findings suggest that the effectiveness of a company in utilizing total assets to generate sales has not fully affected profitability. However, the results of the simultaneous test (F test) showed that DAR and TATO together had a significant effect on ROA. A determination coefficient value (R²) of 0.6037 or 60.37% indicates that the variation in the company's profitability can be explained by these two independent variables. Meanwhile, the remaining 39.63% was influenced by other factors outside the research model, such as operational efficiency, cost structure, marketing strategy, and external conditions of the retail industry. Thus, this study confirms the importance of comprehensively considering leverage and asset activity in managing a company's profitability, although the partial influence of each variable has not shown strong significance.

This study aims to examine the influence of financial performance ratios—namely, the liquidity ratio (Current Ratio/CR), solvency ratio (Debt to Asset Ratio/DAR), and activity ratio (Total Asset Turnover/TATO)—on the return on assets (ROA) of companies in the automotive sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2023. Employing a quantitative research approach with purposive sampling, the study focuses on automotive sector companies that met specific criteria over the observed time span. Data analysis was conducted using EViews version 13 software, and the methodology included descriptive statistics, panel data estimation, classical assumption tests, panel data regression analysis, t-tests (for partial effects), F-tests (for simultaneous effects), and coefficient of determination (R²) tests. The partial test results reveal that the liquidity ratio (CR) has a negative but statistically insignificant effect on ROA, indicating that higher liquidity does not necessarily enhance profitability. Similarly, the solvency ratio (DAR) demonstrates a negative and insignificant effect on ROA, suggesting that increased debt levels are not significantly associated with lower returns. In contrast, the activity ratio (TATO) has a positive and significant effect on ROA, implying that better asset utilization contributes positively to profitability. When tested simultaneously, the combination of CR, DAR, and TATO shows a positive and significant influence on ROA, indicating that these financial ratios collectively impact the profitability of automotive companies. These findings contribute to a deeper understanding of how internal financial indicators relate to profitability in the automotive sector and can inform management decisions and investor evaluations.

This study analyzes the effect of Total Asset Turnover (TATO), Earnings per Share (EPS), and Dividend Payout Ratio (DPR) on the stock prices of firms listed in the SRI-KEHATI Index during 2020–2024, employing a quantitative approach and multiple linear regression. The sample was selected purposively based on the following criteria: firms consistently included in the SRI-KEHATI Index throughout 2020–2024, availability of complete annual financial statements, and availability of dividend and stock price data for the observation period. The results indicate that TATO, EPS, and DPR jointly have a significant effect on stock prices, with R²=0.666, meaning 66.6% of the variation in stock prices is explained by the model, while 33.4% is influenced by other factors outside the model. Partially, EPS and DPR have positive and significant effects on stock prices, whereas TATO is not significant at the 5% level. The findings imply that investors in SRI-KEHATI constituents should prioritize per-share profitability (EPS) and dividend policy (DPR) in fundamental assessments, while TATO should be evaluated with regard to sectoral characteristics and each firm’s operational context.