This research was conducted with the aim of examining the effect of profitability on capital structure in moderation by refinancing and there are control variables in it consisting of firm size and tangible assets. The population in this study is all manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2021 period, totaling 193 companies. The sampling technique was carried out using a purposive sampling technique obtained from the results of a sample of 36 companies with a 4-year period so that the total data was 144. This study used multiple linear regression analysis with an absolute difference test. The results of this study prove that profitability and refinancing have a negative and significant effect on capital structure, moderation of refinancing weakens the negative effect of profitability on capital structure, and firm size and tangible assets have no effect on capital structure.