Coal export contributed 4.16 percent to Indonesia GDP in 2023. However, the contribution is fluctuated from 2014 to 2023. However, the contribution is fluctuated from 2014-2023 according to the central bureau of statistics in Indonesia (BPS). The global shift away from coal, spurred by COP26 and COP28 agreements, where declining demand and potential trade restrictions are likely to significantly impact coal-dependent economies by reducing revenue and necessitating economic diversification. This study obtained financial and macroeconomic analyses before and during COVID-19 at seven coal mining companies. This methodology is quantitative, and the data was collected from the annual financial reports of seven coal mining companies listed on the stock exchange from 2014 to 2023. This research used microsoft excel, eviews, and IBM SPSS, to process descriptive analytical test, classical assumption, panel data regression of model estimation, model selection, and hypothesis test. As a result, the variable of current ratio (CR), total asset turnover (TATO) did not affect significantly on return on asset (ROA), while debt-asset-ratio (DAR) has a negative effect and COVID-19 has a positive and significant effect on the first equation. On the second equation, CR, Market return (MR), ROA have a positive effect, excluding DAR, TATO, Foreign exchange (FOREX), and coal price (CP). Hence, the research can gain implications to stakeholders that evaluated the positive and/or significant effect during phenomena because the financial performance and macroeconomic variables can be impacted on ROA and stock return drastically towards seven coal mining companies. This study warn to lower DAR, strengthen efficiency, control the pandemic and enhance market return.