This study aimed to investigate the volatility of cash flow, net working capital, and capital expenditure toward cash holding. The study focused on property and real estate companies listed in Indonesian Stock Exchange during 2016-2018 periods. This study used purposive sampling method in order to collect sample 47 property and real estate companies. The statistical method used in this study was multiple linier regression analysis. The result of this study showed that volatility of cash flow and net working capital has the positive effect toward cash holding, while capital expenditure has no significant effect toward cash holding.