This study investigates the determinants of financial risk in indonesian property firms, with a particular focus on the performance of the gome building segment. the research explores how homebuliding segment profitability, home building inventory turnover, interest rates, and exchange rate volatility influence frim risk, and test the moderating role of the COVID-19 pandemic. drawing on data from 25 publicy listed property companies on the indonesia stock exchange between 2013 and 2023, the study employs panel data regression methods to analyze both firm-specific and macroeconomic variables. findings reveal that a higher home building inventory turnover robustly and significantly reduces firm risk, establishing operational efficiency as a primary risk mitigator. exchange rate volatility is associated with increased firm risk. however, the direct impact of interest rates was found to be statistically insignificant .notably the study did not find statistical support for the hypothesis that the COVID-19pancemic moderated these relationships. this research contributes to a deeper understanding of how internal financial performance and external economic cobditions jointly shape the risk profile of property developers. it offers actionable insights for investors, property entrepreneurs, and regulators aiming to improve resilienve by prioritizing core operational performance.