<![CDATA[This study examines the effect of capital structure and liquidity on the financial performance of health sub-sector companies listed on the Indonesia Stock Exchange during 2020–2024 amid the pandemic shock and post-pandemic normalization. Capital structure is proxied by the Debt to Equity Ratio, liquidity by the Current Ratio, and financial performance by Return on Assets. The study adopts a quantitative associative design using secondary data from audited annual reports of twenty companies selected through purposive sampling over five years. The data are analyzed with panel data regression, in which the Chow, Hausman, and Lagrange Multiplier tests identify the Random Effect Model as the most appropriate estimator. The findings reveal that capital structure has a negative and significant effect on financial performance, whereas liquidity has a positive but insignificant effect. Jointly, both variables significantly affect financial performance, although their explanatory power remains moderate. These results indicate that debt burden is more decisive for profitability than the size of liquid assets, so prudent debt policy should become the core of financial strategy for managers and a key consideration for investors.]]>
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