In 2022, the world is heating up with the war between Russia and Ukraine. Several countries' economies experienced a downfall due to the several countries had sanctioned Russia supported by the U.S. They sanction Russia on exporting, importing, and international transactions. During the war, a leading stock market index Daw Jones experienced a significant downfall, and the U.S. currency inflated. The war's effect on several countries has brought a negative effect. However, this research regarding the geopolitical crisis effect on stock return has not been discussed much in Indonesia. Therefore, through this study, the author aims to investigate how the geopolitical crisis affects stock return in Indonesia. Using a quantitative approach, primary data was taken from the annual financial report found on the IDX and company's website of 43 Indonesian companies. The collected data is calculated by eviews employed with panel data regression. Result of this study shows geopolitical crisis has no significant effect on stock returns. Though geopolitical crisis shows no significant effect, financial ratios such as net profit margin (NPM), current ratio (CR), and return on assets (ROA) are the ones that show a significant effect on stock return.