Financial performance of listed firms draws attention not only from the government but also shareholders and other stakeholders. The management thus works around the clock to implement the strategic plans as well as turnaround strategies. To achieve this, more emphasize is on investment and financing decisions including the general corporate governance as key ingredients of boosting financial performance of firms in Kenya. Existing empirical studies have focused on the study variables even though not collectively. To fill the gap, the study therefore sought to establish the moderating effects of capital structure and corporate governance in the relationship between asset structure and financial performance of construction and manufacturing firms listed in Kenya. As guided by agency and stewardship theories, post positivist research paradigm and explanatory research design were used. Secondary panel data collected from 12 listed firms was analyzed using both descriptive and inferential statistics. From the panel regression analysis results, both noncurrent as well as current assets positively and statistically significantly affected financial performance. Given interaction analysis, capital structure had a negative and insignificant moderating effect in noncurrent assets-financial performance linkage. On the other hand, capital structure positively and significantly moderated current assets-financial performance linkage. Moreover, a positive and significant moderating effect of corporate governance was documented given the nexus between noncurrent assets and financial performance. Similarly, corporate governance positively and significantly moderated current assets-financial performance linkage. The study thus concluded the existence of enhancing moderating effect, since increase in capital structure increased the effect of currents assets on financial performance. Moreover, corporate governance was an enhancing moderating given that its increase led amplified the effect of asset structure, that is, noncurrent and current assets, on financial performance. Other than the findings having theoretical and practical implications, further research was expected to extend the scope, model as well as measurement approaches for study variables.