THE EFFECT OF CASH RATIO, DEBT-TO-EQUITY RATIO, AND TOTAL ASSET TURNOVER ON NET PROFIT MARGIN IN HEALTHCARE SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2020–2025 PERIOD
Keywords:
Cash Ratio, Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Net Profit Margin (NPM)Abstract
This research aims to determine the effect of Cash Ratio, Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) on Net Profit Margin (NPM) in healthcare companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2025 period. The research approach used is quantitative research. The population in this study consists of 38 healthcare companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2025 period, with a sample size of 9 companies. The data analysis techniques include multiple linear regression analysis, classical assumption tests, hypothesis testing, and the coefficient of determination test, utilizing SPSS 26.0 software. The results of the normality test show a significance (Sig.) value of 0,071 > 0,05, leading to the conclusion that the residual values are normally distributed. The partial analysis results show that Cash Ratio has a positive significant effect on Net Profit Margin, Debt to Equity Ratio has a negative and insignificant effect on Net Profit Margin, and Total Asset Turnover has a negative significant effect on Net Profit Margin. The simultaneous analysis results show that Cash Ratio, Debt to Equity Ratio and Total Asset Turnover have a positive significant effect on Net Profit Margin
References
Afkarini, I., & Febriana, A. (2025). Analisis Penerapan Laporan Keuangan Berbasis Standar Akuntansi Keuangan – Entitas Tanpa Akuntabilitas Publik (Sak Etap) Pada Usaha Mikro Kecil Menenggah (Umkm) Ud. Ajiwon Polyboga Indonesia. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 2109-2126. https://doi.org/10.31955/mea.v9i2.5926.
Alifia, R., & Parhusip, A. A. (2025). The Effect of Total Asset Turnover, Debt to Equity Ratio, and Current Ratio on Return On Equity in the Plastic and Packaging Sub-Sector Listed on the Indonesia Stock Exchange Period 2019 2022. International Journal of Business, Marketing, Economics and Leadership, 1(4), 1036-1050. DOI: 10.55324/ijoms.v4i11.1171.
Anggelalaora Anggun, & M. Djauhari. (2024). Pengaruh Cash Ratio Dan Debt To Equity Ratio Terhadap Profit Margin Pada Pt Gudang Garam Tbk. Jurnal Akuntansi Dan Keuangan Entitas, 4(2), 20 28. https://doi.org/10.65378/entitas.v4i2.220. https://ejournal-jayabaya.id/Entitas.
Arbiansyah, E., & Indriastuti, D. R. (2025). Pengaruh Perputaran Kas, Perputaran Piutang Dan Perputaran Persediaan Terhadap Profitabilitas Pada CV. Sumber Agung Ngawi. Jurnal Ilmiah Ekonomi, 1(3), 1624 1634. https://doi.org/doi.org/10.63822/e6kp3p92.
Artasya Dila, K. (2026). Pengaruh Current Ratio, Total Asset Turnover, Ukuran Perusahaan Terhadap Net Profit Margin Pada Sektor Transportasi Dan Logistik Di Bei Tahun 2020 - 2024. Department Of Digital Business Journal Of Artificial Intelligence And Digital Business (RIGGS), 5(1), 5943-5945. https://doi.org/https://journal.ilmudata.co.id/index.php/RIGGS.
Astuti, Sembiring Lenny Dermawan, Supitriyani, Khairul Azwar, E. S. (2021). Analisis Laporan Keuangan. Bandung; CV. Media Sains Indonesia.
Brigham, E. F., & Ehrhardt, M. C. (2020). Financial Management: Theory & Practice (16 Edition). Boston: Cengage Learning.
Bursa Efek Indonesia. (2023). Laporan Statistik Pasar Modal Indonesia. Diakses dari https://www.idx.co.id/.
chyar, A. (2019). Konsep Manajemen Mutu Terpadu Dan Implementasinya Dalam Pendidikan Islam Studi Kasus Di Pondok Pesantren Darul Muttaqien Bogor. Jurnal Pendidikan Islam, 10(2), 180 204. https://doi.org/10.32832/tawazun.v10i2.1161.
Damayanti, S. A., & Erdkhadifa, R. (2023). Pengaruh Current Ratio, Total Asset Turnover, Debt To Equity Ratio Dan Net Profit Margin Terhadap Pertumbuhan Laba Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Pada Bei Periode 2017-2021. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(1). 408-425. https://doi.org/10.31955/mea.v7i1.2956.
Djoddy, Arya Setiawan, R. I. (2025). Pengaruh Cash Ratio, Debt To Asset Ratio, Total Asset Turnover Dan Sales Growth Terhadap Net Profit Margin. Cakrawala: Jurnal Ekonomi, Manajemen Dan Bisnis, 2(3), 535-536. https://doi.org/10.70451/cakrawala.v2i3.644
Fahmi. (2020). Analisis Laporan Keuangan. Bandung: Alfabeta.
Fahmi. (2022). Analisis Manajemen Keuangan Perusahaan Modern. Bandung: Alfabeta.
Firdiana, F., & Nugroho, R. D. (2024). Pengaruh Cash Ratio, Debt To Asset Ratio Dan Total Asset Turnover Terhadap Net Profit Margin Pada PT Profesional Telekomunikasi Indonesia Tbk. Periode2013-2023. Journal Of Research And Publication Innovation, 2(3), 2294 2302. http://openjournal.unpam.ac.id/index.php/JOAIIA/index.
Ghozali, H. I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (Edisi 10). Semarang: Universitas Diponegoro.
Hadi Y, M Sukmawati, VEH Sinaga, B. S. (2021). Analysis Of The Effect Of Total Asset Turnover (TATO), Cost Of Goods Sold (CGS), And Net Working Capital (NWC) On Net Profit Margin (NPM) In Food And Beverage Sub-Sector Companies Listed On The Indonesia Stock Exchange 2016- 2018. International Conference Onbusiness Economics, Social Sciences & Humanities.
Hakim, M. F. (2025). Metode Manajemen Keuangan Teori Dan Penerapannya. Yogyakarta: Anak Hebat Indonesia.
Hanafi, M. M., & Halim, A. (2023). Analisis Laporan Keuangan Berbasis Riset Indonesia. Jurnal Akuntansi Dan Investasi, 24(1), 45-60.
Hendrawan, Y., Moorcy, N. H., Wulandari Santoso, A., & Sukimin, S. (2022). Pengaruh Indikator Makroekonomi Dan Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Geoekonomi, 13(2), 195 210. https://doi.org/10.36277/geoekonomi.v13i2.207. http://jurnal.fem.uniba bpn.ac.id/index.php/geoekonomi.
Herfanda, A. Y. (2024). Fungsi Manajemen Keuangan Pada Perusahaan. Jurnal Ekonomi Dan Bisnis Digital, 2(1), 21 25. https://jurnal.ittc.web.id/index.php/jebd/index.
Hery. (2021). Analisis Detail Dan Mendalam Atas Data Kuantitatif Laporan Keuangan. Bandung: Gava Media.
Hafizh, M., Ramansyah, F. P., & Maulida, C. Z. (2024). The Effect Of Economic Growth And Inflation On Foreign Direct Investment (Fdi) In Asean Countries. Journal of Accounting Research, Utility Finance and Digital Assets, 3(2), 274-279.
Ilham, R. N., & Ramansyah, F. P. (2024). Financing Efficiency Analysis Using Data Envelopment Analysis (Dea) Approach At Bank Aceh Syariah. Journal of Accounting Research, Utility Finance and Digital Assets, 3(2), 249-254.
Ilham, R. N., Bate'e, M. M., & Ramansyah, F. P. (2026). Phenomenological Study Of Carbon Emission Disclosure, Profitability And Environmental Performance In Improving Stock Returns Of energy Sector Companies In Big Four Asean Countries. Calitatea, 27(212), 509-523.
Ilham, R. N., Sinta, I., Ramansyah, F. P., Sembiring, P. M., & Ramadani, D. OPTIMIZING CAPITAL MANAGEMENT STRATEGIES TO INCREASE COMPANY COMPETITIVENESS IN THE GLOBAL MARKET.
Ilham, R. N., Sinta, I., Ramansyah, F. P., Riansyah, E., & Fauzi, H. S. POLICY MONETARY IN INDONESIA.
Ilham, R. N., Sinta, I., Ramansyah, F. P., Alsura, T., & Hidayat, T. MANAGEMENT OF COMMERCIAL BANKS AND INDONESIAN SHARIA BANKING.
Juanda, R., Ilham, R. N., Ramansyah, F. P., & Multazam, M. (2024). The Role Of Digital Asset Investment In Country Economic Growth. Journal of Accounting Research, Utility Finance and Digital Assets, 3(2), 211-217.
Jaya, I. M. L. M. (2025). Metode Penelitian Kuantitatif Dan Kualitatif. Yogyakarta: Quandrant.
Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal Of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X.
Julianty Sintia, R. (2025). Pengaruh Total Asset Turnover, Debt To Equity Ratio Dan Current Ratio Terhadap Net Profit Margin. Jurnal Ilmu Sosial & Hukum, 3(5), 10366 10377. https://doi.org/10.61104/alz.v3i6.3160. https://ejournal.yayasanpendidikandzurriyatulquran.id/index.php/AlZynp-ISSN.
Kasmir. (2019). Analisis Laporan Keuangan. Depok: PT. Rajagrafindo Persada. Sumber: Google Books Https://Books.Google.Co.Id/Books?Id=0ijoeqaaqbaj&Printsec=Copyright&Hl=Id.
Khadir, A., & Phang, S. B. (2022). Analisis Faktor-Faktor Yang Mempengaruhi Net Profit Margin Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia. Manajemen Dan Akuntansi, 13(1), 1462-1471.
Khaddafi, M., Hilmi, R. N. I., Ramansyah, F. P., & Murhadi, T. ADOPTION OF ERP (ENTERPRISE RESOURCE PLANNING), CLOUD COMPUTING, AND BLOCKCHAIN PROMOTES TRANSPARENCY AND EFFICIENCY OF FINANCIAL GOVERNANCE IN STATE-OWNED ENTERPRISES IN INDONESIA.
Lesmana, R., & Lestiyadi, A. P. (2025). Pengaruh Current Ratio (CR) Dan Debt To Equity Ratio (DER) Terhadap Net Profit Margin (NPM) Pada PT Indofarma Tbk Periode 2014-2023. Jurnal Ilmiah Ekonomi Dan Manajemen (JIEM), 3(9), 40-53. https://doi.org/10.61722/jiem.v3i9.6454.
Lukito, D. P., & Sandra, A. (2021). Pengaruh Capital Intensity, Profitabilitas, Dan Financial Distress Terhadap Tax Avoidance. Jurnal Akuntansi, 10(2), 114-125. https://doi.org/10.46806/ja.v10i2.803 .
Lumbantobing, S. P., Adwimurti, Y., & Selfiani, S. (2023). Pengaruh Current Ratio, Debt To Asset Ratio Dan Total Asset Turn Over Terhadap Net Profit Margin. Jurnal Akuntansi, Keuangan, Pajak Dan Informasi (JAKPI), 3(2). 16-34. https://doi.org/10.32509/jakpi.v3i2.3638.
Marlinah Sri, S. (2025). Pengaruh Quick Ratio Dan Total Asset Turnover Terhadap Net Profit Margin Pada Pt Solusi Bangun Indonesia Tbk Periode 2013-2023. Journal Of Research And Publication Innovation, 3(1), 2633 2643. https://doi.org/https://jurnal.portalpublikasi.id/index.php/JORAPI/index
Multazam, M., Ramansyah, F. P., & Idhami, R. (2024). CARBON TAXITION, ENERGY TRANSITION, AND SOCIAL INEQUALITY: EVIDENCE FROM BRICS COUNTRIES. Global Economics Research and Actual Management, 1(2), 82-90.
Mahenrato, V., Hidayat, M. F., & Ramansyah, F. P. (2025). Analysis of Human Resource Management at Nasari Syariah Savings and Loan Cooperative, Lhokseumawe. Journal of Accounting Research, Utility Finance and Digital Assets, 4(1), 401-406.
Mawaddah, I., Ramansyah, F. P., Siregar, P. W. A., Lista, W. M., & Maharani, D. (2026). ANALYSIS OF INVESTMENT OPPORTUNITIES AND CHALLENGES IN THE TELECOMMUNICATIONS SECTOR IN INDONESIA FROM AN INVESTMENT AND PORTFOLIO MANAGEMENT PERSPECTIVE. Global Economics Research and Actual Management, 3(2), 178-189.
Multazam, M., Ilham, R. N., & Ramansyah, F. P. THE EFFECT OF FINANCIAL LITERACY, FINANCIAL PLANNING, AND FINANCIAL CONTROL ON THE FINANCIAL PERFORMANCE OF MSMES WITH THE ADOPTION OF DIGITAL FINANCIAL
Mursalini, W. I., & Alyusmita. (2021). Faktor-Faktor Yang Mempengaruhi Likuiditas Perusahaan Di Bursa Efek Indonesia. Jurnal Advanced, 15(1), 255 336. DOI: 10.24912/jm.v21i3.
Noer Azizah, N., & Khairudin, K. (2022). Kualitas Laba: Peran Konservatisme Dan Good Corporate Governance. Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan, 1(10), 1925 1930. https://doi.org/10.54443/sibatik.v1i10.281.
Nugraha, N. M., & Susyana, F. I. (2021). Pengaruh Net Profit Margin, Return On Assets Dan Current Ratio Terhadap Pertumbuhan Laba. Jurnal Ekonomi Manajemen Perbankan, 3(1), 56 69.https://doi.org/10.32897/jemper.v3i1.56.
Octavia, D. D., & Janudin. (2024). Pengaruh Total Assets Turnover, Current Ratio Dan Debt To Equity Ratio Terhadap Net Profit Margin Pada Pt Nippon Indosari Corpindo Tbk Periode 2013-2022. Journal Of Research And Publication Innovation, 2(4), 3089 3099. https://jurnal.portalpublikasi.id/index.php/JORAPI/index.
Patricia Steffina Mawitjere et al,. (2024). Manajemen Keuangan Konsep Dasar Dan Aplikasi. PT. Star Digital Publishing.Https://Books.Google.Co.Id/Books?Id=Aesbeqaaqbaj&Pg=PA188&Dq=Brigham+%26+Houston+(2025)&Hl=Id&Newbks=1&Newbks_Redir=1&Sa=X&Ved=2ahukewjyzp761q6waxxjjueihdhib0oq6af6bagieam.
Prabowo, A., & Risal, T. (2023). Peran Enterpreneurial Orientation Dan Social Media Marketing Terhadap Peningkatan Strategi Bersaing (Umkm) Coffe Shop Pada Era Modern Customer Di Kota Medan. Jurnal Menara Ekonomi: Penelitian dan Kajian Ilmiah Bidang Ekonomi, 9(1).
Prabowo, A., Adam, A. A., Subhan, Z. N., Tanjung, Y., Parhusip, A. A., & Deviana, A. Irwansyah.(2025). Sustainable Business Practices in Coffee Shops: The Role of Marketing Innovation, Digital Marketing, and Branding Innovation Through Market Development. International Journal of Accounting and Economics Studies, 12 (6), 43, 50. https://doi.org/10.14419/p0k0pc78
Prabowo, A., Dewi, A. F., Parhusip, A. A., Wijaya, M. R., & Tanjung, Y. (2025). MODERN ENTERPRENEURSHIP (Enterpreneurial Mindset: Cara Berpikir Yang Mengubah Ide Menjadi Realitas). Serasi Media Teknologi.
Prabowo, A., Wahyuni, E. S., Tanjung, Y., Wijaya, M. R., & Adam, A. A. (2025). Manajemen Pemasaran (Strategi Pemasaran Era Digital: Menguasai Tren dan Teknologi Sebagai Konsep Baru Meningkatkan Penjualan). Serasi Media Teknologi.
Prayitno, Y. H., & Mohd Saudi, M. H. (2020). The Effect Of Cash Ratio And Receivable Turnover On Net Profit Margin: Study On Industry Of Consumer Goods Companies That’re Listed On The Isx At The Term Of 2016-2018. International Journal Of Psychosocial Rehabilitation, 24(7), 7304-7313.
Puspita, R., & Utami, S. (2023). Pengaruh Total Asset Turnover Dan Debt To Equity Ratio Terhadap Profitabilitas Pada Perusahaan FMCG. Jurnal FMCG Indonesia, 2(6), 193-199.
Ratnanih, & Hendra, D. (2024). Pengaruh Perputaran Kas Dan Perputaran Modal Kerja Terhadap Net Profit Margin Pada PT Wijaya Karya (Persero) Tbk Periode 2012-2021. Jurnal Ekonomi, Manajemen Dan Bisnis, 1(1), 43-51. https://jurnalamanah.com/index.php/cakrawala/index.
Robbins, P. Stephen, C. M. (2016). Manajemen (Edisi 13). Jakarta: Erlangga.
Ramansyah, F. P., Husaini, H., Jummaini, J., & Wardhiah, W. (2023, December). Determination Of Firm Value In The Consumer Cyclicals Sector Listed On The Indonesia Stock Exchange. In Proceedings of International Conference on Finance Economics and Business (ICOFEB) (Vol. 1, pp. 0033-0033).
Ramansyah, F. P., Idhami, R., & Saragih, M. M. S. (2025). ENERGY DEMAND, INCENTIVE POLICIES, AND RENEWABLE ENERGY PRODUCTION: EVIDENCE FROM SOUTH AFRICA. Global Economics Research and Actual Management, 2(1), 18-25.
Ramansyah, F. P., Salsabila, R., Lubis, F. Y., Jannah, M. M., & Listyaningtias, H. (2025). Analisis Laporan Keuangan PT Essa Industries Indonesia Tbk Tahun 2023. Zona Manajerial: Program Studi Manajemen (S1) Universitas Batam, 15(1), 1-8.
Ramansyah, F. P., Tunnur, M., & Idhami, R. (2025). MINI RESEARCH OF UMKM SURABAYA CHICKEN GREAT RESTAURANT (BUSINESS CAPITAL). Journal of Accounting Research, Utility Finance and Digital Assets, 3(4), 412-416.
Ramansyah, F. P., Idhami, R., Aryantie, A., & Rizka, L. S. (2025). Analysis of Human Resource Management Strategy at Angkringan D'Legend Coffee UMKM. Journal of Accounting Research, Utility Finance and Digital Assets, 3(4), 397-400.
RAMANSYAH, F. P. (2025). DAMPAK PENGUNGKAPAN EMISI KARBON, INOVASI HIJAU, ENVIRONMENTAL SOCIAL GOVERNANCE (ESG), EKOEFISIENSI, DAN KINERJA LINGKUNGAN TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR BASIC MATERIAL DAN ENERGY) (Doctoral dissertation, Universitas Malikussaleh).
Sinta, I., Ilham, R. N., Muttagien, M., Juanda, R., Ramansyahs, F. P., & RAMANSYAHS, F. P. (2025). The Effect of Working Capital Management and Leverage on the Value of Manufacturing Companies Listed on Big Four ASEAN Country Stock Exchange: Special Report on Simultaneous General Elections. Calitatea, 26(208), 204-213.
Sinta, I., Ilham, R. N., Multazam, M., & Ramansyah, F. P. (2024). Solvability Ratio To Bond Rating In The Company Pt. Adhi Commuter Properties And Subsidiaries In 2021-2022 Listed On The Indonesian Stock Exchange (BEI). Journal of Accounting Research, Utility Finance and Digital Assets, 2(4), 154-159.
Saharuddin, M. A., Ilham, R. N., & Ramansyah, F. P. INFLUENCE, INVESTMENT AND GDP TO LEVEL OPEN UNEMPLOYMENT IN INDONESIA THE EFFECT OF INVESTMENT AND GDP ON THE OPEN UNEMPLOYMENT RATE IN INDONESIA.
Sanjaya, I. N. A., Widnyana, I. W., & Tahu, G. P. (2025). Pengaruh Profitabilitas, Efisiensi Operasi, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan Pada Perusahaan Makanan Dan Minuman Di Bursa Efek Indonesia. Jurnal EMAS, 6(7), 1463-1482. https://doi.org/10.36733/emas.v6i7.8115.
Setiani, S. N., & Nurcahayati, S. (2024). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Net Profit Margin Pada PT Indofarma Tbk Periode 2013-2022. Journal Of Research And Publication Innovation, 2(4), 1364-1372. https://jurnal.portalpublikasi.id/index.php/JORAPI/index.
Setywan, D. A. (2024). Modul Statistik Inferensial. Surakarta: Kemenkes RI.
Sindi Pebiyani, & Hendri Prasetyo. (2025). Pengaruh Total Asset Turn Over Dan Debt To Equity Ratio Terhadap Net Profit Margin Pada Pt. Industri Jamu Dan Farmasi Sido Muncul Tbk Periode 2014-2024. Jurnal Ilmiah Manajemen Dan Akuntansi, 2(6), 193 199. https://doi.org/10.69714/41qqqm08.
Singgih, E. (2021). Pengaruh Cash Ratio Dan Debt To Equity Ratio Terhadap Net Profit Margin Pada Pt. Mayora Indah Tbk. Periode 2016-2019. Jurnal JUBISMA, 3(1), 59-60. https://doi.org/10.58217/jubisma.v3i1.56.
Siregar, M. Y., & Nasution, S. O. (2021). Effect Of Cash Ratio, Total Asset Turn Over And Debt To Equity Ratio On Net Profit Margin In Porselain, Ceramic And Glass Listed On The Indonesia Stock Exchange For The 2015-2019 Period. Budapest International Research And Critics Institute-Journal (BIRCI-Journal), 4(3), 5610-5622. https://doi.org/10.33258/birci.v4i3.
Sugiyono. (2022). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tanjung, S., & Prabowo, A. (2025). Analisis social media marketing dan customer relationship marketing terhadap kepuasan konsumen Sikologi Coffee. Economic and Education Journal (Ecoducation), 7 (3), 975–989.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Amelia Dwi Syahputri, Asnahwati
This work is licensed under a Creative Commons Attribution 4.0 International License.
