This study aims to analyze the comparison of companies’ financial performance before and after acquisitions, particularly in terms of profitability, liquidity, and capital structure, focusing on Technology, Media, and Telecommunications sector companies listed on the Indonesia Stock Exchange during the 2019–2022 period. Acquisitions are an external growth strategy to expand operations, improve efficiency, and strengthen market position; however, their effectiveness on financial performance remains varied. The research employs a quantitative approach with a comparative method and purposive sampling, covering companies that conducted acquisitions during the observation period. Profitability is measured using ROA, ROE, and NPM; liquidity using CR, QR, and Cash Ratio; and capital structure using DAR, DER, and EAR. Data analysis is conducted using the Paired Sample t-Test and Wilcoxon Signed Rank Test to examine significant differences. The results show that most financial ratios did not experience significant changes after the acquisitions. ROA, ROE, and NPM changed in value but were not statistically significant. Similarly, CR, QR, and Cash Ratio fluctuated without significant differences. Capital structure ratios (DAR, DER, EAR) also showed no significant changes. These findings indicate that acquisitions in this sector have not provided a direct and significant short-term impact on financial performance