This study aims to examine the effect of profitability ratios (EPS and NPM), market value ratios (PBV), and reference coal prices (HBA) on stock prices in 2009 - 2019. This study is a quantitative descriptive approach with the company chosen by ADRO, ITMG, and PTBA. The method of analysis used descriptive analysis and multiple linear regression analysis. Hypothesis testing uses the t-test to test the coefficient partially, and the Goodness of Fit test uses R2 (Coefficient of Determination) to

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... st simultaneously. All variables have been tested using the classical assumption test. The results showed that all variables passed the classical assumption test and were suitable for research data. The statistical t-test results show that the variable earning per share ratio (EPS) partially has a significant and positive effect on stock prices. The ratio variable of net profit margin (NPM) partially has a significant and negative effect on stock prices. The price to book value (PBV) ratio variable partially has a significant effect on stock prices, and the reference coal price (HBA) partially has a negative but not significant effect on stock prices. Simultaneously, the ratio of Earning per Share (EPS), Net Profit Margin (NPM), Price to Book Value (PBV), and Coal Price (HBA) has a significant effect on stock prices. This is explained by Sig F. = 0,000 <Level of Significant = 0.05, and the value of R2 (coefficient of determination) is 92.8%, while other factors outside the model explain the remaining 7.2%. This research can be used by companies and investors who will invest.