The purpose of this study is to analyze the effect of sales stability and business risk on capital structure, with asset structure serving as a moderating variable, in basic industry and chemicals companies listed on the Indonesia Stock Exchange. The researcher is motivated to undertake this study because the phenomena of growing sales stability and lowering company risk are not accompanied by an increase in capital structure. This study included both quantitative and descriptive methods. The research sample consisted of 110 data taken from the existing population using a purposive sampling approach. Sales stability was determined by comparing total sales this year to total sales the previous year, the business risk was determined by the return on equity, the capital structure was determined by the debt to equity ratio, and asset structure was determined by comparing total fixed assets to total assets. The research data was examined using smartPLS software with the partial least squares (PLS) data analysis approach, and the results showed that sales stability had no influence on capital structure, however business risk did. Asset structure cannot be a moderating variable in the effect of sales stability but can be a moderating variable in the effect of business risk.