<![CDATA[Purpose: This study examines the effects of liquidity, solvency, and profitability on firm value in food and beverage companies listed on the Indonesia Stock Exchange during 2019–2022. Research Method: An explanatory quantitative design was employed using secondary data obtained from audited financial statements and annual reports. The purposive sample comprised 17 companies and 68 firm-year observations. The data were analyzed using pooled multiple linear regression and supporting regression diagnostics. Results and Discussion: Liquidity, proxied by the Current Ratio, has a positive and significant effect on PBV. Solvency, proxied by the Debt-to-Equity Ratio, has a negative and significant effect, while profitability, proxied by Return on Assets, has a positive and significant effect. The three variables are jointly significant, with R² = .511 and adjusted R² = .488. Implications: Managers should maintain adequate but productive liquidity, align leverage with cash-flow capacity, and improve the productivity of assets in generating earnings. Investors should read CR, DER, and ROA jointly rather than treating each ratio in isolation when evaluating consumer-sector firms. Originality: It integrates signaling theory with the trade-off perspective to explain why liquidity and profitability convey positive valuation signals, whereas leverage may signal heightened financing risk.]]>
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