Market Expansion, Financial Strategy, and Profitability of Indonesian Listed State-Controlled Enterprises

State-controlled enterprises must convert market expansion into sustainable financial performance while balancing commercial and strategic mandates. However, cross-sector evidence on how market growth, financing, and investment jointly relate to profitability in emerging-economy state-controlled firms remains limited. This study examines the associations of revenue growth, financial leverage, and capital expenditure intensity with accounting profitability in 13 Indonesian listed nonfinancial state-controlled enterprises during 2021-2023, producing 39 firm-year observations. Revenue growth represents realized market expansion, while return on assets and operating margin measure profitability. Pooled ordinary least squares models include year effects, asset turnover, and firm-clustered standard errors. Revenue growth is positively associated with both profitability measures, capital expenditure intensity is positive in the baseline models, and leverage is strongly negative for operating margin and for return on assets after distressed firms are excluded. The revenue growth-leverage interaction is not significant. The study's novelty lies in jointly integrating market expansion, financing pressure, and productive investment within a state-ownership setting, showing that these factors operate mainly through additive relationships rather than stable leverage-based moderation.