The research has the purpose to test and analyze the influence of cash conversion cycle, cash holding, tangible fixed assets, current ratio, leverage, growth, and size toward firm performance which is measured by return on asset (ROA). Samples are obtained through purposive sampling method, and 5 pharmaceutical companies listed in Indonesia Stock Exchange for the period 2011-2019 met the criteria as needed with 45 data for this study. Data analysis in this study used multiple regression techniques with panel data approach. The results of the research shows that cash conversion cycle has negative influence toward firm performance (ROA). Current ratio and growth have positive influence toward firm performance (ROA). Cash holding, tangible fixed assets, leverage and size do not have influence toward firm performance (ROA). The companies have to pay more attention to the factors such as cash conversion cycle, current ratio and growth to create a better firm performance.