The Effect of Working Capital Turnover, Net Profit Margin and BI Rate on Stock Returns at PT Mustika Ratu Tbk for the Period 2013–2024

This study aims to analyze the effects of Working Capital Turnover, Net Profit Margin, and the BI Rate on the stock returns of PT Mustika Ratu Tbk for the period 2013–2024, both partially and simultaneously. This research employs a quantitative method with an associative approach, using 12 annual observations selected through a saturated sampling technique. Secondary data were obtained from the company's annual financial reports, historical stock prices, and Bank Indonesia interest rate data. Data were analyzed using SPSS version 26, including descriptive statistics, classical assumption tests, multiple linear regression, correlation analysis, coefficient of determination, and hypothesis testing. The results indicate that Working Capital Turnover has a positive but insignificant relationship with stock returns (B = 0.291; t = 1.172; p = 0.275). Net Profit Margin has a positive and significant relationship (B = 0.065; t = 8.366; p < 0.001), while the BI Rate has a negative and significant relationship with stock returns (B = -0.209; t = -4.653; p = 0.002). Simultaneously, the three independent variables significantly explain stock returns (F = 43.302; p < 0.001), with an Adjusted R² of 0.920. These findings suggest that profitability and interest rate conditions are relevant to understanding stock return fluctuations at PT Mustika Ratu Tbk during the observation period, whereas Working Capital Turnover does not show a statistically significant partial relationship.