<![CDATA[Purpose: This study examines the effects of sales growth, liquidity, asset tangibility, and operating efficiency on the financial performance of transportation and logistics companies. It also assesses the moderating role of operating efficiency.Research Methodology: A quantitative explanatory design was applied using panel data from transportation and logistics companies listed on the Indonesia Stock Exchange during 2020–2024. Companies were selected through purposive sampling, and the data were analyzed using panel regression and moderation analysis with EViews 13 software.Results: Sales growth and operating efficiency have significant positive effects on financial performance, while asset tangibility has a significant negative effect. Liquidity has no significant effect. Operating efficiency does not significantly moderate the relationships between sales growth, liquidity, asset tangibility, and financial performance.Conclusions: Financial performance is primarily associated with firms’ ability to sustain revenue growth and utilize assets efficiently. Operating efficiency acts as a direct determinant rather than a moderating mechanism.Limitations: This study is limited to Indonesian transportation and logistics companies, the 2020–2024 period, and selected financial and operational factors. Future studies should examine other industries, countries, periods, and performance measures.Contributions: This study extends corporate finance literature by providing evidence from an asset-intensive industry and offers practical guidance for improving profitability through effective asset utilization.]]>
