The Effect of Debt to Equity Ratio, Return on Assets, and Working Capital Ratio on Stock Prices with Earnings per Share as a Mediating Variable: Evidence from Property and Real Estate Companies

The property and real estate sector plays an important role in Indonesia's economic development through its contribution to investment and infrastructure. However, the sector has experienced declining stock prices in recent years, reflecting increased investor concern over corporate financial performance. This study examines the effects of Debt to Equity Ratio (DER), Return on Assets (ROA), and Working Capital Ratio (WCR) on stock prices, with Earnings per Share (EPS) as a mediating variable. A quantitative explanatory approach was applied using cross-sectional data from 31 property and real estate companies listed on the Indonesia Stock Exchange (IDX) in 2025. The sample was selected through purposive sampling based on the availability of audited financial statements and complete market data. Path Analysis based on multiple linear regression was used to estimate direct and indirect effects, while the mediating role of EPS was assessed using the bootstrap method. The results show that ROA positively affects EPS, EPS has a positive and significant effect on stock prices, and EPS mediates the relationship between ROA and stock prices. However, EPS does not mediate the effects of DER or WCR on stock prices. These findings support Signaling Theory by demonstrating the role of profitability in transmitting financial information to investors