The aim of this study is to investigate the effect of stock liquidity on financial leverage and secured debt leverage, as well as the effect of stock liquidity on financial leverage among financially constrained and high-risk companies among companies listed on the Tehran Stock Exchange. In this study, financial leverage and secured debt leverage were considered as dependent variables, and stock liquidity was considered as an independent variable. The research method is applied and the method of collecting archival data. The statistical sample includes 95 companies during the period 1393 to 1402 (the total number of observations is 950 company-years). The hypothesis test was performed using multivariate linear regression and the Iviews software. The results of the study showed that stock liquidity has a significant effect on the company's secured debt leverage, but stock liquidity does not have a significant effect on the company's financial leverage. Also, the effect of stock liquidity on financial leverage does not differ between high-risk and low-risk companies, while the effect of stock liquidity on financial leverage differs between low-risk and high-risk companies.