<![CDATA[This study aims to analyse the effect of liquidity, activity, and company size on profitability with leverage as an intervening variable in telecommunications companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach with a purposive sampling method, where 10 telecommunications companies that are consistently listed during the 2019-2023 period and have complete data are sampled. The results of the analysis show that partially, liquidity (CR) has a probability value of 0,919 (p> 0.05), activity (TATO) of 0,9754 (p> 0.05), and firm size of 0,2927 (p> 0.05), which means that all three have no significant effect on profitability (NPM). In contrast, leverage (DAR) has a significant negative effect on profitability, with a probability value of 0,0000 and a t-statistic of -4,6409. In testing the leverage variable as dependent, CR has a p-value of 0,3782 (not significant), TATO shows a significant negative effect with a p-value of 0,0005 and a t-statistic of -3,7503, while firm size shows a significant positive effect with a p-value of 0.0000 and a t-statistic of 6.8866. Sobel test is conducted to determine the indirect effect. The results show that liquidity has no significant effect on profitability through leverage, with a t-value of 0.8739 < 2.0117. Activity (TATO) is proven to have a significant positive effect on profitability through leverage, because the t value is 2.9170 > 2.0117. Meanwhile, firm size also shows a significant indirect effect on profitability through leverage, but with a negative direction, indicated by a t value of -3.8486 < -2.0117.]]>
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