Joint Effects of Liquidity, Leverage, and Asset Efficiency on Profitability: Evidence from PT Akasha Wira (2014–2024)

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Quantitative analysis shows CR, DER, and TATO significantly influence NPM in a large Indonesian firm, suggesting interdependencies.

Net profit margin is significantly influenced by current ratio, debt to equity ratio, and total asset turnover together.
Individually, current ratio, debt to equity ratio, and total asset turnover have no significant impact on net profit margin.
Multiple linear regression analysis was used to evaluate the relationship among liquidity, leverage, and efficiency.
The study highlights that 90.4% of the variation in net profit margin can be explained by these factors, indicating their collective importance.

Lestari et al. (2025) studied this question.

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