This study aimed to analyze the effect of Macroeconomics and Firm Value on Consumer Goods Stock Returns. The choice of shares in consumer goods was taken because at this time of the pandemic, people still need food, beverages and medicines or pharmaceuticals. The quantitative method was carried out using the Vector Error Correction Model (VECM) analysis model approach. The results of this study were to determine the effect of Macroeconomics (Inflation, Interest Rates and Exchange Rates) on consumer goods stock returns. To determine the effect of firm value (PER, PBV) on consumer goods stock returns. Short-term and long-term relationships could be seen from the results of the VECM analysis and investing in consumer goods companies' stocks can be an option

Keywords : Inflation, Interest Rate, Exchange Rate, PER and PBV.