This study aimed to evaluate the effect of companies’ debt structure and investment on the financial distress of companies listed on the Tehran Stock Exchange. This applied study was conducted on companies listed on the Tehran Stock Exchange in 2016-2021, 120 of which were selected by screening. The research hypotheses were tested, and the results were analyzed using panel data, Generalized least-squares (GLS) regression, and EViews software version 10. Based on the results, the capital structure had a positive and significant effect on the financial distress of listed companies. In addition, there was a significant negative relationship between investment and financial distress.