Penelitian ini bertujuan untuk menguji pengaruh efisiensi dan persaingan terhadap financial distress dengan struktur modal sebagai variabel moderasi pada perusahaan sektor infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2015–2023. Latar belakang penelitian ini didasari oleh kondisi ekonomi yang fluktuatif akibat perang dagang dan pandemi Covid-19 yang menyebabkan tekanan signifikan terhadap kinerja keuangan perusahaan, khususnya di sektor infrastruktur yang memiliki ketergantungan tinggi pada proyek jangka panjang dan pembiayaan eksternal. Financial distress diukur menggunakan model Zmijewski, yang memiliki tingkat akurasi tinggi dalam memprediksi kebangkrutan, dengan ketentuan bahwa nilai X-Score ≥ 0 menunjukkan kondisi distress. Efisiensi diukur melalui rasio BOPO, persaingan diukur menggunakan Indeks Lerner, dan struktur modal diukur melalui rasio Debt to Equity Ratio (DER). Metode analisis yang digunakan adalah regresi linier berganda dan Moderated Regression Analysis (MRA) dengan bantuan software SPSS. Hasil penelitian menunjukkan bahwa efisiensi dan persaingan berpengaruh signifikan terhadap financial distress. Selain itu, struktur modal terbukti memoderasi hubungan antara efisiensi dan financial distress, serta antara persaingan dan financial distress. Temuan ini memberikan kontribusi teoritis dan praktis dalam upaya deteksi dini financial distress dan penyusunan strategi keuangan perusahaan sektor infrastruktur agar mampu bertahan dalam kondisi ekonomi yang tidak menentu.

This study aims to examine the effect of efficiency and competition on financial distress with capital structure as a moderating variable in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2015–2023. The background of this study is based on the fluctuating economic conditions due to the trade war and the Covid-19 pandemic which have caused significant pressure on the company's financial performance, especially in the infrastructure sector which has a high dependence on long-term projects and external financing. Financial distress is measured using the Zmijewski model, which has a high level of accuracy in predicting bankruptcy, provided that the X-Score value ≥ 0 indicates a distress condition. Efficiency is measured through the BOPO ratio, competition is measured using the Lerner Index, and capital structure is measured through the Debt to Equity Ratio (DER). The analysis methods used are multiple linear regression and Moderated Regression Analysis (MRA) with the help of SPSS software. The results of the study show that efficiency and competition have a significant effect on financial distress. In addition, capital structure is proven to moderate the relationship between efficiency and financial distress, as well as between competition and financial distress. These findings provide theoretical and practical contributions in efforts to detect financial distress early and develop financial strategies for infrastructure sector companies to survive in uncertain economic conditions.