The aim of this study is to evaluate how companies adapt their strategy based on changing circumstance by measuring the frequencies of its life cycle phases. This study used sales growth as its variable. Quarterly data was collected from IPO date that happened before the year 2000. A total of 84 manufacturing firms from the 2015 Indonesia Capital Market Directory were sampled. Birth, growth, maturity, maturity survival and maturity revival phases of the companies were studied and it was found only 6% from the total were categorised as adaptable companies which tried to ensure steady sales. Few of them never experienced any changing phases. After the growth phase, their sales showed steady growth, even indicating increasing pattern.