The purpose of this study to determine the factors that affect the companys profitability. The independent variables include activity, capital structure and firm size. The moderating variable is the currency exchange rate. Design/methodology/approach: the subjects of this research are food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange from 2006-2017. The sampling method used purposive. Panel data were analyzed using multiple regression.. Finding: The result showed that the activity ratio had a positive effect, the solvency ratio had no effect, the size of the company had no effect on profitability. But the exchange rate can moderate the effect of solvency on profitability. Original/Value: This model was developed by including the exchange rate as a moderating variable. This is to explain exchange rate fluctuations, if there is currency depreciation, the amount of debt will increase which result in a decrease in profitability and vice versa.