This study aims to examine a model that hypothesizes that the net trade cycle, company size, and net working capital of cement companies in Indonesia impact achieving a return on assets as a proxy for profitability through the company's cash holdings. The sample consists of 45 cement producers in Indonesia that have produced commercially before 2011 and regularly publish company annual reports. The results of the path analysis confirm that the net trade cycle, firm size, and networking capital do not affect the return on assets as a proxy for profitability. Likewise, statistically, it still shows the same results after being mediated with cash holdings. Moreover, found the effect of cash holdings on ROA. These findings can provide a starting point for further research to find a more appropriate formula to increase profitability, especially for companies in the cement sector in Indonesia, where utilization rates tend to be low, and market conditions are becoming very competitive.