This study aims to assess the financial performance of PT Kimia Farma Tbk. from 2020 to 2023 using Return on Assets (ROA) and Return on Equity (ROE) ratio analysis. Financial performance was examined to understand the company’s effectiveness in utilizing assets and equity to generate profits amidst challenges in the pharmaceutical industry. The method employed is qualitative descriptive analysis based on published annual financial report data. The findings show a downward trend in PT Kimia Farma Tbk.’s financial performance, with ROA and ROE values consistently declining and turning negative in the last two years of the study period. These results indicate that the company has not yet optimized its resources to create added value for shareholders. This study is expected to provide insights for company management in evaluating and enhancing future financial strategies.