This study aims to analyze the effect of financial ratios, market return, and macroeconomic factors, then relate them to the company's stock return in Indonesia telecommunication companies, especially during the period before and after the IoT services from 2012 to 2019. Due to very limited studies that have discussed the impact of IoT implementation on firm performance. The variables in this study were NPM, ROA, ROE, Current Ratio, TATO, DER, Market return, GDP growth rate, Inflation rate, Interest rate, and Exchange rate. This study used a quantitative method by collecting secondary data from quarterly financial reports on three main players of Indonesia telecommunication companies listed on the Indonesia Stock Exchange (IDX) during the period 2012-2019. This study was analyzed using statistical methods, namely t-Test and panel data regression with dummy variables. The results of this study are
(1) partially only TATO which has a positive effect on stock return; and the Inflation rate has a negative effect on stock return in Indonesia telecommunications companies before the IoT services (2012-2015). Meanwhile, there are three independent variables that affect stock returns in Indonesia telecommunication companies after the IoT services (2016-2019), namely ROA*Dummy_IoT has a positive effect on stock return, ROE*Dummy_IoT has a positive effect on stock return, and TATO*Dummy_IoT has a negative effect to stock return.
(2) Simultaneously, financial ratios, market return, and macroeconomic factors affect stock return.
(3) There is no difference in stock return between before and after the IoT services. The results of this study could be used.
(1) by academicians as a reference for further research related to financial ratios, market return, macroeconomic factors, and stock return,
(2) by Managers in makingstrategies,
(3) and by Investors to determine whether worthy or not to buy stocks of the selected company.

Keywords: Internet of Things, Telecommunication, Financial Ratio, Market Return, Macroeconomic Factors, Stock Return, Dummy_IoT