This research was done with the aim of identifying financial health indicators based on good governance with thematic analysis approach. This research is considered a qualitative research in terms of applied purpose and in terms of the type of data. The statistical population of this research includes the experts of the government organizations of Masjid Sulaiman city, among whom 16 people were selected using the purposeful judgmental sampling method, taking into account the criteria of expertise as the sample size of the research. The tool for collecting the required data was a semi-structured interview with experts. The interview process continued until the data reached the theoretical saturation stage. The collected data were analyzed and coded using thematic analysis method. Also, the validity of the research was done by examining the participants and the reliability of the research was done using the method of calculating the reliability between two coders, and the results show the appropriate validity and reliability of the coders. According to the results, 44 basic themes were identified in the form of 9 organizing themes and one inclusive theme under the title of financial health based on good governance. The findings of the research showed that the components and indicators of financial health based on good governance include (1) rule of law with an index (2) financial responsibility with 4 indicators (2) financial transparency with 5 indicators, - financial accountability with 5 indicators, (5) financial participation with 3 indicators, efficiency and effectiveness of the financial sector with 6 indicators, (7) financial supervision with 7 indicators, (8) financial justice with 5 indicators, fight against financial corruption with 5 indicators. Based on this, the conceptual model of financial health based on good governance was calculated with 44 indicators in the form of 9 components.