<p><em>Financial ratios such as NPM, ROA, DER, and PBV are used by investors as a guide to determine how company growth will affect their investment decisions in the food and beverage subsector can benefit from studies that examine the impact of financial performance on stock returns, with dividend policy variables as moderating variable. The purpose of this study was to analyze and determine the effect of Net Profit Margin (NPM), Return on Assets (ROA), Debt to Equity Ratio (DER), Price to Book Value (PBV), and dividend policy on stock returns in the food sub-sector. and beverages as well as the ability of dividend policy in moderating the relationship between Price to Book Value (PBV) and stock returns. The analytical model used is Partial least Square Structral Equation Modeling (SEM-PLS) which consists of validity test, reliability test, hypothesis testing and moderating effect test. The number of samples used in the research object in 2016-2020 as many as 12 samples. The results of the study stated that the Net Profit Margin had a significant effect on stock returns. The results show that Return on Assets has a significant effect on stock returns. The results show that the Debt to Equity Ratio has not significantly affected stock returns. The results state that Price to Book Value has a significant effect on stock returns. The results state that dividend policy has a significant effect on stock returns. The results state that the Debt to Equity Ratio has a significant effect on stock returns through dividend policy. The results state that Return on Assets has a significant effect on stock return&nbsp; through dividend</em> <em>policy.</em></p>