The COVID-19 pandemic profoundly disrupted Indonesia's economy, especially impacting the healthcare and pharmaceutical sectors. This study investigates the financial performance of PT Siloam International Hospitals Tbk (SILO) and PT Merck Tbk (MERK) over two key periods : pre-pandemic (2016-2019) and post-pandemic recovery (2020-2023). Utilizing a robust quantitative methodology, including time series regression, normality tests, descriptive statistics, and hypothesis testing, this research explores the intricate relationship between stock returns and a range of financial metrics, such as profitability, leverage, liquidity, asset turnover, and market returns, with particular attention to the pandemic's economic ramifications. The findings indicate that neither return on equity (ROE) or return on investment (ROI) significantly influenced stock returns in either period, challenging traditional views that these profitability metrics are key drivers of stock performance. Similarly, leverage ratios like debt to asset ratio (DAR) and debt to equity ratio (DER) showed no significant impact on stock returns, suggesting that investors deprioritized traditional leverage measures in response to the pandemic's economic uncertainties. Conversely, liquidity, specifically the current ratio, emerged as a critical factor influencing stock returns post-pandemic, highlighting the increased importance placed on a company's capacity to meet short-term liabilities in times of financial instability. The cash ratio and total asset turnover (TATO) did not significantly impact stock returns, reflecting a shift in investor focus away from operational efficiency and cash reserves towards more pressing financial health indicators. Market return significantly affected stock returns only before the pandemic, suggesting a reduced influence of market trends during the recovery phase. These results underscore the evolving importance of financial metrics in stock performance amid economic disruptions. The research provides vital insights for stakeholders in the healthcare industry, stressing the need for adaptive strategies to navigate future economic challenges and ensure sustainable growth. The application of signaling theory further enhances the understanding of how different financial signals influence investor behavior under varying economic conditions. Companies may need to prioritize liquidity and resilience to align with shifting investor expectations in uncertain times.