Pengaruh Debt to Asset Ratio, Sales Growth, dan Firm Size terhadap Return on Asset pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia (2017–2025)

Profitabilitas merupakan salah satu indikator penting dalam menilai kinerja perusahaan, khususnya pada sektor property dan real estate yang menghadapi tantangan berupa fluktuasi pertumbuhan penjualan, struktur pendanaan, dan perubahan ukuran perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh Debt to Asset Ratio (DAR), Sales Growth, dan Firm Size terhadap Return on Assets (ROA) pada perusahaan property dan real estate yang terdaftar di Bursa Efek Indonesia periode 2017–2025. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan perusahaan. Sampel penelitian ditentukan menggunakan teknik purposive sampling, sehingga diperoleh 7 perusahaan dengan total 63 observasi. Analisis data dilakukan menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa Debt to Asset Ratio dan Sales Growth berpengaruh signifikan terhadap Return on Assets, sedangkan Firm Size tidak berpengaruh signifikan terhadap Return on Assets. Secara simultan, Debt to Asset Ratio, Sales Growth, dan Firm Size berpengaruh signifikan terhadap Return on Assets dengan nilai Adjusted R² sebesar 50,2%, yang menunjukkan bahwa variasi ROA dapat dijelaskan oleh ketiga variabel tersebut sebesar 50,2%, sedangkan sisanya dipengaruhi oleh faktor lain di luar penelitian. Dengan demikian, perusahaan perlu mengelola struktur modal dan meningkatkan pertumbuhan penjualan secara optimal untuk mendukung peningkatan profitabilitas.

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Profitability is a key indicator for assessing corporate performance, particularly in the property and real estate sector, which faces challenges such as fluctuating sales growth, financing structures, and changes in firm size. This study aims to analyze the impact of the Debt-to-Asset Ratio (DAR), Sales Growth, and Firm Size on Return on Assets (ROA) for property and real estate companies listed on the Indonesia Stock Exchange during the 2017–2025 period. A quantitative approach was employed using secondary data obtained from company financial statements. The sample was selected using a purposive sampling technique, resulting in 7 companies and a total of 63 observations. Data analysis was conducted using multiple linear regression. The results indicate that the Debt-to-Asset Ratio and Sales Growth have a significant effect on Return on Assets, whereas Firm Size does not. Simultaneously, the Debt-to-Asset Ratio, Sales Growth, and Firm Size significantly influence Return on Assets, with an Adjusted R² value of 50.2%; this indicates that 50.2% of the variation in ROA can be explained by these three variables, while the remainder is influenced by factors outside the scope of this study. Consequently, companies need to optimally manage their capital structure and boost sales growth to support increased profitability.