<![CDATA[Differences in previous research findings regarding the relationship between financial ratios and firm value indicate the need for testing using more than one indicator of firm value. This study aimed to analyze the effects of activity, liquidity, profitability, and leverage on the value of manufacturing firms listed on the Indonesia Stock Exchange and included in the Jakarta Islamic Index during the 2020–2024 period. The study employed an associative quantitative approach with a panel data design. The sample was selected using purposive sampling, while secondary data were obtained from the companies’ financial statements and annual reports. Activity was measured using Inventory Turnover (ITO), liquidity using the Quick Ratio (QR), profitability using the Net Profit Margin (NPM), leverage using the Debt-to-Equity Ratio (DER), and firm value using Price-to-Book Value (PBV) and Tobin’s Q. The data were analyzed using panel data regression. The results showed that, partially, ITO, QR, NPM, and DER had no significant effect on PBV but simultaneously had a significant effect on PBV. When measured using Tobin’s Q, only NPM had a positive and significant effect (p = 0.0387), whereas ITO, QR, and DER had no significant effect. Simultaneously, the four financial ratios also had no significant effect on Tobin’s Q. These findings confirm that the effects of financial ratios on firm value differ depending on the measurement indicator and that profitability constitutes important information in assessing a firm’s prospects when firm value is measured using Tobin’s Q. This study makes a methodological contribution by reinforcing the importance of using multiple indicators of firm value and provides opportunities for future research to integrate internal company factors and broader macroeconomic conditions.]]>
