The food and beverage business is one of the world's most rapidly developing industries, including in Indonesia. This research was carried out to test the influence of Business Strategy, Asset Management and Capital Structure on Financial Performance in food and beverage firms recorded on the Indonesia Stock Exchange (IDX) in 2018-2020. This research used a quantitative approach with panel data regression analysis method. The independent variables in this study are Business Strategy (METSR), Asset Management (TATO) and Capital Structure (DER). While the dependent variable in this study is financial performance (ROA). The results showed that simultaneously Business Strategy (METSR), Asset Management (TATO), and Capital Structure (DER) had a significant effect on Financial Performance.  Partially, Business Strategy (METSR) and Asset Management (TATO) have no effect on Financial Performance, while DER, on the other hand, has a favorable and considerable impact on financial performance.