<![CDATA[This study investigates the influence of financial performance, proxied by Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Net Profit Margin (NPM), on Price to Book Value (PBV) in banking companies listed on the Indonesia Stock Exchange during the 2020-2024 period. Employing a quantitative approach, the research applies multiple linear regression analysis to examine the relationship between financial performance indicators and firm value. The population includes all banking companies listed on the exchange, while the sample was determined using purposive sampling based on specific criteria relevant to the study, yielding 29 companies with 145 observations. Secondary data were obtained from annual financial reports published by the companies. The findings reveal that ROA does not significantly affect PBV, suggesting that asset-based profitability was not a primary determinant of firm value during the study period. In contrast, ROE shows a positive and significant effect on PBV, indicating that higher returns to shareholders enhance firm valuation. Meanwhile, DER and NPM both exhibit negative and significant effects on PBV, implying that increased leverage and higher profit margins were paradoxically associated with lower firm value. Furthermore, the simultaneous test confirms that ROA, ROE, DER, and NPM collectively exert a significant influence on PBV. These results highlight that investors assess banking companies by considering a combination of profitability and capital structure indicators rather than relying on a single ratio. The findings contribute to signaling and agency theories in the Indonesian banking context.]]>
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