Stakeholder relations are often considered instrumental in explaining firm performance, especially during significant environmental disruptions such as systemic crises. However, existing research findings on how stakeholder relations drive performance during crises are ambiguous. Some scholars emphasize the importance of focusing on one or a limited group of stakeholders to secure critical resources and support, while others advocate for a more integrated engagement of multiple stakeholder groups. We posit that prior studies lack a comprehensive theory accommodating the strategic fit between firms, their stakeholders, and crisis exposure in determining performance. We highlight the interdependence between firms’ resource positions, stakeholder management strategies, and crisis exposure. Utilizing fuzzy-set qualitative comparative analysis (fsQCA) and unique data of 2,727 publicly listed U.S. firms during the COVID-19 outbreak, we identify six combinations of conditions linked to high firm performance. We elaborate on our findings to develop a typology of optimal crisis preparedness, advancing firms’ stakeholder management and crisis performance literature.