ABSTRACT: This study analysis the influence of valuation, financial performance, and macroeconomic conditions on the stock returns of manufacturing companies listed on the Indonesia Stock Exchange from the first quarter of 2023 to the first quarter of 2024. Utilizing a panel data regression analysis. The analysis was conducted using the STATAMP 17 software, the examine key indicators such as Price-Earnings Ratio (PER), Price-Book Value (PBV), Net Profit Margin (NPM), Earnings Per Share (EPS), Return on Assets (ROA), Return on Equity (ROE), Current Ratio (CR), Gross Domestic Product (GDP), inflation rate, and the Rupiah exchange rate. The result of partially that PBV, EPS, ROA, ROE, GDP, and the inflation rate significantly impact stock returns, whereas PER, NPM, CR, and the exchange rate do not exhibit a significant effect. The results offer valuable insights for investors and policymakers to make informed decisions based on the interplay between financial and macroeconomic factors affecting stock performance. The result of simultaneously, the model is highly significant, with an R-squared value of 0.8226, indicating that 82.26% of the variability in stock returns is explained by the independent variables included in the study, further underscored by the adjusted R-squared value of 0.8137.

KEYWORDS – Financial Performance, Macroeconomic Conditions, Manufacture Companies, Stock Return, Valuation Metrics