<![CDATA[Energy companies play a strategic role in supporting economic growth and national energy security. In carrying out their operational activities, energy companies face demands to optimally manage their funding structures while also considering environmental sustainability. Firm value reflects investors' perceptions of a company's performance and future prospects. This study aims to analyze the role of financial performance in mediating the influence of capital structure and environmental performance on firm value in energy companies listed on the Indonesia Stock Exchange (IDX). The research sample was obtained using a purposive sampling method in energy companies during the 2021-2024 period, using a quantitative approach and path analysis techniques. The results indicate that capital structure and environmental performance do not significantly influence firm value. Capital structure has a positive and significant effect on financial performance, while environmental performance does not significantly influence financial performance. Financial performance has a positive and significant effect on firm value. The results of the mediation test indicate that financial performance is able to mediate the effect of capital structure on firm value, but is unable to mediate the relationship between environmental performance and firm value. The implications of this study indicate that optimal capital structure management improves financial performance as the primary determinant of firm value, while environmental performance has not been fully internalized in market valuations.]]>
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