The manufacturing industry contributes to the Indonesian economy, especially by enhancing export and import activities. The Covid-19 pandemic has reduced the manufacturing sector activities, which has also caused the termination of employment, closure of factories, and decline of production. This condition certainly requires manufacturing business actors to regulate their capital requirements in order to continue the operations, both internal (own capital) and external (debt) funding. The

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... of debt used by the firm to finance its operational activities is a financial policy related to the capital structure. The capital structure is assessed with the leverage ratio by calculating the debt ratio, the debt to equity ratio, and the long-term debt to equity ratio. This study utilizes the quantitative method by conducting a mean difference test. The samples are sourced based on manufacturing firms listed on the Indonesia Stock Exchange (IDX). The results show that there is no significant difference between the leverage ratio before the Covid-19 pandemic and during the Covid-19 pandemic.