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The purpose of this study was to analyze the effect of company size, leverage, gross domestic product, and inflation rate on sharia stock return. Firm value was used as moderating variable to analyze the influence of firm size and leverage on sharia stock returns. These research populations are property and real estate companies listed in the Indonesia Sharia Stock Index (ISSI) in 2014-2017 as many as 53 companies. The samples were obtained by 38 companies with purposive sampling technique. The collection of data using documentation technique. The analysis of data used descriptive statistics and Structural Equation Modeling with smart PLS. The results showed that firm size and leverage did not affect sharia stock return. Gross domestic product and inflation rate have a significant positive effect on sharia stock return. The firm value moderated the influence of leverage on sharia stock return but did not moderate the influence of firm size on sharia stock return. The conclusions of this study are gross domestic product, inflation rate, and firm value are factors that can be considered in making investment decisions. Further research is recommended to add independent variables.