This study aims to analyze how return on assets can be influenced by the level of financial leverage and operating efficiency at state-owned commercial banks in Indonesia. Case studies were conducted on 4 (four) state-owned commercial banks in Indonesia based on data from 2011-2022 with a sample size of 48 observation data. Data is collected from the annual report of each state-owned commercial bank which is processed based on accounting metrics. Data analysis was carried out based on a quantitative descriptive approach using panel data regression. The results showed that return on assets is simultaneously influenced by financial leverage. Partially, any increase in return on assets can be explained by increased financial leverage which is managed effectively, and more efficient bank operations.