T This study aims to examine the effects of operating capacity, operating cash flow,and intellectual capital on financial distress and to investigate the moderating roleof gender diversity. the research objects comprise property, real estate, andinfrastructure companies listed on the indonesia stock exchange during the 20222024 period. this study uses secondary data obtained from the companies’ annualreports and financial statements. the sample was selected using purposivesampling, resulting in 375 firm-year observations in a balanced panel dataset.financial distress was measured using the altman z-score, while operatingcapacity was proxied by total asset turnover, operating cash flow was measuredby the ratio of operating cash flow to total assets, intellectual capital was measuredusing the value added intellectual coefficient, and gender diversity was measuredby the proportion of women on the board of directors. firm size was included as acontrol variable. the data were analyzed using panel data regression with thecommon effect model and eviews 9 software.the results show that operating capacity and intellectual capital have positive andsignificant effects on the altman z-score. these findings indicate that greater assetutilization efficiency and more effective intellectual capital management areassociated with improved financial health and a lower risk of financial distress. incontrast, operating cash flow has a negative and significant effect on the altman zscore, indicating that an increase in operating cash flow does not necessarily reflectan improvement in a company’s financial condition. the moderation analysisshows that gender diversity does not moderate the effect of operating capacity onfinancial distress. however, gender diversity moderates the relationship betweenoperating cash flow and financial distress. furthermore, gender diversitysignificantly weakens the positive effect of intellectual capital on the altman zscore; therefore, the direction of the moderating effect does not support theproposed hypothesis. these findings demonstrate that the moderating role of genderdiversity is conditional and is particularly evident in improving the effectiveness ofcorporate operating cash flow management.