PT Unilever Tbk (UNVR becomes one of reputable business entity in FMCG Indonesia sector which has operated since 1933. Even though FMCG sector is increasing, UNVR confronts decline in financial performance in 2019-2023, signed by net profit down from Rp5,36 trillion (2022) to Rp4,8 trillion (2023) as well as the stock price fluctuation between Rp3.530–Rp8.400. The main factor effects the performance of company involve raw material prices instability, the competition level toward strict market, and the transformation of the costumer attitude. This study purposes to analyze the impact of Net Profit Margin (NPM), Current Ratio (CR), and Total Asset Turnover (TATO) toward UNVR stock price, with Return on Assets (ROA) as the intervening variable. The method used in this study is quantitative by associative approach, with the utilization of secondary data from the company financial report in 2019-2023. The analysis outcome shows that most of NPM reach 0,1478, CR 0,6176, TATO 2,1625, and ROA decline from 35,80% (2019) to 29,23% (2022). Normality test as well as multicollinearity depict that the regression model fulfills the statistic assumption. Path analysis with 2 models (Model 1 without intervening variable and Model 2 with ROA as the intervening variabel) prove that Model 2 provide more comprehensive understanding concerning the correlation between variables. Even though Model 1 has high predictive power, Model 2 explain more detail the mechanism of the independent variable impact toward the stock price with ROA mediation role. This finding indicates that investor more interested invest in entities with good profitability, stable liquidity, high asset utilization efficiency, and solid profitability performance, which all reflected in ROA. The profit decline and ROA contribute toward the stock price fluctuation, influenced by inflation 5,51% (2022) and e-commerce growth 2,75 % (2023). Based on this result, UNVR needs to increase operational efficiency as well as digital strategy to repair profitability as well as market valuation.

Keywords: Net Profit Margin, Current Ratio, Total Asset Turnover, Return on Assets, Stock Prices, PT Unilever Indonesia Tbk.