This study aimed to analyze the comparative financial performance and stock price both before and after the ex-dividend on 14 manufacturing companies listed in Indonesia Stock Exchange the period 2009-2011 using quarterly data. The results is known that the company's overall financial performance as measured by the current ratio (CR), debt to equity ratio (DER), total asset turnover (TATO), return on assets (ROA), dividend payout ratio (DPR) and the average stock price after the ex- dividend have better grades than before the ex-dividend period. Significant differences occur particularly at variable of TATO, ROA, DPR, and stock prices.