<![CDATA[Financial performance is an important indicator of a company's ability to utilize its assets and generate profits. This study aims to examine the effect of liquidity, leverage, firm size, and sales growth on the financial performance of plantation subsector companies listed on the Indonesia Stock Exchange during the 2022–2025 period. This study employs a quantitative approach with a causal research design using secondary data obtained from annual reports and audited financial statements. The sample was selected using purposive sampling based on predetermined criteria, while the data were analyzed using descriptive statistics and multiple linear regression with Return on Assets (ROA) as the proxy for financial performance. Liquidity was measured using the Current Ratio (CR), leverage using the Debt-to-Equity Ratio (DER), firm size using the natural logarithm of total assets, and sales growth using the annual percentage change in sales. The results show that liquidity has a positive but statistically insignificant effect on ROA, while leverage has a negative and statistically significant effect on ROA. Firm size does not have a statistically significant effect on ROA, whereas sales growth has a positive and statistically significant effect on ROA. Furthermore, the F-test indicates that liquidity, leverage, firm size, and sales growth simultaneously have a significant effect on ROA. These findings indicate that leverage and sales growth are the financial factors that demonstrate significant partial relationships with the financial performance of plantation companies in the observed sample. The study provides additional empirical evidence regarding the determinants of financial performance in the plantation sector and suggests that future research consider longer observation periods, broader samples, and additional financial and operational variables.]]>
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