T This writing aims to analyze the effects of capital structure, asset structure,liquidity, and firm size, with corporate governance serving as a moderatingvariable, on firm performance as measured by return on assets (roa) and returnon equity (roe). the study uses a sample of consumer cyclicals companies inindonesia listed on the indonesia stock exchange (idx) during the period 20202024. the research sample consists of 100 companies, resulting in a total of 500observations that met the established criteria. panel data analysis was employed totest the hypotheses, using eviews 12 software. the findings indicate that capitalstructure has a significant effect on financial performance as measured by bothroa and roe. asset structure significantly affects roa but does not have asignificant effect on roe. liquidity has a significant effect on roa but does notsignificantly affect roe. corporate governance is not proven to moderate therelationship between capital structure and financial performance, whether measuredby roa or roe. however, corporate governance is found to moderate therelationship between asset structure and financial performance, as measured by bothroa and roe. furthermore, the results reveal that firm size does not have asignificant effect on financial performance, whether measured by roa or roe.the implications of this study suggest that firms need to manage their capitalstructure and asset structure prudently, as both exert a negative influence onprofitability (roa). an increase in liquidity is shown to be beneficial for enhancingroa, thereby necessitating that management maintain an appropriate liquiditybalance. the role of corporate governance, particularly that of independentcommissioners, proves to be significant in moderating the relationship betweenasset structure and firm performance, indicating that strengthening the supervisoryfunction can assist firms in managing their assets more effectively to improvefinancial performance.