The aim of this study is to determine the internal factors affecting the profitability of the company. For this purpose, panel data analysis were performed by using the financial data of 2009-2017 of 21 companies whose shares are traded in BIST Food and Beverage index. While the variables with profitability indicators are used as dependent variables, the internal factors that are thought to have an impact on profitability, that is, the financial structure, liquidity and activity efficiency ratios of firms are used as independent variables. Two different models were used to determine the factors that affect profitability. The economic profitability ratio was used in Model1 and the asset profitability ratio was used as a dependent variable in model2. Fifteen different financial ratios were used to determine the factors affecting profitability in the models. As a result of the analysis, it has been determined that there is a significant effect on the economic profitability ratio and asset profitability ratio of the variables of equity, profitability, short-term debt ratio, long-term debt ratio and average collection period. In both models, while the rate of return on equity has a positive effect on profitability variables, it was observed that the average collection period, short-term debt ratio, long-term debt ratio and net working capital variables have negative effects.