The purpose of the research is to investigate the effect of external and internal factors on corporate performance and sustainable competitive advantage. The samples of the study are ten manufacturing companies in the pharmaceutical, cosmetic, and household utility sectors listed on the Indonesia Stock Exchange (IDX). The data analysis use PLS-SEM. The result shows that corporate performance is influenced by leverage and liquidity (internal factors) significantly but is not influenced by external factors significantly as well as organizational performance doesn’t impact the sustainable competitive advantage significantly. The results of this study can be a concern for companies that corporate performance is not the ultimate goal of a business. Still, it must be followed by a sustainable competitive advantage if the company wants the return is not temporary, but sustainable. The originality of the paper is the results of this study show that the competitive advantage of an industry or company can not only rely on one factor, from external or internal environmental factors.