<![CDATA[Purpose: This study examines the effects of leverage, liquidity, and firm size on the financial performance of property and real estate firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024, a period marked by the COVID-19 shock, tighter interest rates, and distress cases such as PT PP Properti Tbk Design/Methodology: This quantitative causal associative study uses purposive sampling, resulting in 69 firms and 345 firm-year observations. Financial performance is measured by return on assets (ROA), leverage by the debt to equity ratio (DER), liquidity by the current ratio (CR), and firm size by the natural logarithm of total assets. The data come from audited financial statements and are analyzed with multiple linear regression (pooled OLS) using heteroskedasticity-consistent robust standard errors. Findings: The research findings indicate that leverage has a negative and significant effect on ROA. Firm size has a positive and significant effect. Liquidity has no significant effect. The model is jointly significant, but the adjusted R² of shows that these firm-level ratios explain only a small share of the variation in profitability. Practical Implications: The implication of this study is that corporate management needs to be more precise in optimizing long-term debt levels and large-scale asset management to maintain profitability Originality/Value: This study offers recent evidence on the determinants of ROA among listed Indonesian property firms over a five-year panel that covers the pandemic and its aftermath. It shows that leverage and size matter for profitability while liquidity does not, and that firm-level ratios alone leave most of the variation unexplained, which points future research toward macroeconomic and non-financial factors. JEL Classification: G32, L25, R30 SDG: SDG 8; SDG 11, SDG 9 ]]>
