<![CDATA[This study aimed to examine the effect of liquidity, leverage, and activity ratio on profitability in non-financial food and beverage companies listed on the Indonesia Stock Exchange during the 2023–2025 period. The study employed a quantitative approach with an associative-causal design. The population consisted of 102 food and beverage companies, and a sample of 64 companies was selected through purposive sampling, resulting in 192 firm-year observations over three years. Secondary data were collected from audited annual financial statements. Profitability was measured by Return on Assets, while liquidity, leverage, and activity ratio were measured by Current Ratio, Debt-to-Equity Ratio, and Total Asset Turnover, respectively. The data were analyzed using panel data regression with model selection tests and classical assumption tests. The results showed that liquidity had no significant effect on profitability, with a regression coefficient of −0.000110 and a significance value of 0.781. Leverage had a significant negative effect on profitability, with a regression coefficient of −0.045 and a significance value of 0.000. Activity ratio had a significant positive effect on profitability, with a regression coefficient of 0.071 and a significance value of 0.000. The adjusted coefficient of determination indicated that 63.56 percent of the variation in profitability was explained by the three independent variables, while the remaining 36.44 percent was attributed to factors outside the model. These findings implied that food and beverage companies should not only maintain short-term solvency but also control debt usage and improve asset utilization to strengthen profitability, as excessive liquidity may become idle assets that do not generate income, while high leverage increases fixed financial obligations that reduce net profit.]]>
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