<![CDATA[Background: Corporate profitability indicates how successfully a company converts its assets, capital, and other resources into earnings. Within the food and beverage manufacturing industry, this performance may depend on the efficiency of asset utilization, financing decisions, technological capability, composition of assets, organizational scale, and managerial characteristics. Examining these determinants is therefore necessary to support sound corporate decision-making. Objective: This research examines the determinants of profitability among food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) throughout the 2021–2025 period. Methods: A quantitative, causal design was applied to food and beverage manufacturing firms listed on the IDX from 2021 to 2025. Purposive sampling produced a sample of 42 firms and 210 firm-year observations. The panel data were estimated in EViews 12. Return on Assets (ROA) and Return on Equity (ROE) represented profitability. The explanatory variables were Fixed Asset Turnover (FAT), Financial Leverage (FL), Technological Innovation (TI), Current Asset to Total Asset Ratio (CATA), Firm Size (SIZE), and Gender of Management (GEND). Results: FAT is positively significant for ROA but is not significant for ROE. FL is negatively associated with both ROA and ROE, whereas TI and CATA show significant positive associations with the two profitability indicators. SIZE has a significant negative relationship with both ROA and ROE. GEND is not significant for ROA but has a significant negative relationship with ROE. Conclusion: Profitability is supported by technological innovation and productive asset management, whereas greater leverage and company scale are associated with lower profitability in the observed firms.]]>
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