<![CDATA[Sektor makanan dan minuman merupakan salah satu sektor strategis dalam perekonomian Indonesia yang terus mengalami pertumbuhan dan menghadapi berbagai dinamika, termasuk dampak pandemi COVID-19 yang menyebabkan fluktuasi kinerja dan nilai perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2023–2025. Pendekatan kuantitatif digunakan dengan data sekunder berupa laporan keuangan tahunan yang diperoleh dari situs resmi BEI. Teknik purposive sampling menghasilkan sampel sebanyak 16 perusahaan selama tiga tahun, sehingga total observasi berjumlah 48. Variabel dependen diukur menggunakan Tobin's Q, sementara variabel independen terdiri atas likuiditas (Current Ratio/CR), profitabilitas (Return on Assets/ROA), dan ukuran perusahaan (logaritma natural total aset). Analisis meliputi statistik deskriptif, uji asumsi klasik, dan regresi linier berganda. Hasil uji t parsial menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan, sedangkan ukuran perusahaan berpengaruh negatif dan signifikan. Adapun likuiditas tidak menunjukkan pengaruh yang signifikan. Nilai Adjusted R Square sebesar 0,462 mengindikasikan bahwa ketiga variabel independen mampu menjelaskan 46,2% variasi nilai perusahaan. Kata kunci: Likuiditas; Profitabilitas; Ukuran Perusahaan; Nilai Perusahaan; Tobin's Q THE EFFECT OF LIQUIDITY, PROFITABILITY, AND FIRM SIZE ON FIRM The food and beverage sector is one of the strategic sectors in the Indonesian economy that continues to grow while facing various dynamics, including the impact of the COVID-19 pandemic which caused fluctuations in company performance and firm value. This study aims to analyze the effect of liquidity, profitability, and firm size on firm value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the period 2023–2025. A quantitative approach was employed using secondary data from annual financial reports obtained from the official IDX website. Purposive sampling yielded a sample of 16 companies over three years, resulting in 48 observations. The dependent variable was measured using Tobin's Q, while independent variables consisted of liquidity (Current Ratio/CR), profitability (Return on Assets/ROA), and firm size (natural logarithm of total assets). Analysis methods included descriptive statistics, classical assumption tests, and multiple linear regression. Partial t-test results indicate that profitability has a positive and significant effect on firm value, while firm size has a negative and significant effect. Liquidity does not show a significant effect on firm value. The Adjusted R Square value of 0.462 indicates that the three variables explain 46.2% of firm value variation. Keywords: Liquidity; Profitability; Firm Size; Firm Value; Tobin's Q]]>
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