The development of the manufacturing industry is very progressive in Indonesia, this is shown by the contribution of the Non-oil and gas processing industry contributed by 17%. However, what happened was that the industry experienced an economic contraction due to the COVID 19 pandemic which hit the whole world, including Indonesia. So that policymakers make mobility rules and limit company operational activities resulting in a decrease in company performance. In this study, the researchers used the variables cash, account receivable, inventory, fixed assets, and net profit margin on return on equity by adding the debt-to-equity ratio as moderation. The methodology used includes panel data test, classical assumption test, and regression tests with e-Views and SPSS tools. The results show that prior to moderation by the leverage variable cash, account receivable, inventory, fixed asset turnover, and net profit margin have a positive and significant effect on profitability. However, after moderation by cash-only leverage, fixed asset turnovers, and net profit margin have a positive and significant effect on profitability. Meanwhile, account receivable and inventory turnover has no effect on profitability. The use of leverage as a moderating variable can ideally be used provided that the company still takes into account the amount of leverage on the company's ability to meet its short-term obligations.