<![CDATA[This research examines the effect of Current Ratio, Debt to Equity Ratio, and Total Asset Turnover on Return on Asset, with Return on Equity as a moderating variable in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during 2013–2024. The study uses a quantitative approach and secondary data from annual financial statements. Five companies were selected through purposive sampling, producing 60 firm-year observations. Data were analyzed using descriptive statistics, multiple linear regression, and Moderated Regression Analysis. The results show that Current Ratio has a negative and significant effect on Return on Asset (B = −0.186; p = 0.003), Debt to Equity Ratio has a negative and significant effect (B = −0.413; p < 0.001), while Total Asset Turnover has a positive and significant effect (B = 0.141; p < 0.001). The moderation tests indicate that Return on Equity tends to weaken the relationships of Current Ratio, Debt to Equity Ratio, and Total Asset Turnover with Return on Asset, but the interaction effects are not statistically significant (p = 0.456; 0.679; and 0.799). These findings imply that profitability is more closely associated with efficient asset utilization and prudent liquidity and leverage management, while Return on Equity does not provide sufficient statistical evidence as a moderator in the observed relationships.]]>
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