<![CDATA[Using Consumer Non-Cyclicals firms listed on the Indonesia Stock Exchange over 2021–2025, this study examines how asset efficiency and leverage relate to firm value and whether profitability transmits these relationships. A purposive sample of 65 firms provides 325 firm-year observations from audited annual reports and market data. Total Asset Turnover, Debt to Equity Ratio, Return on Assets, and Price to Book Value proxy asset efficiency, leverage, profitability, and firm value. The model is estimated with PLS-SEM in SmartPLS 4 using 5,000 bootstrap subsamples, and a panel regression with firm size and year effects serves as a robustness check. Asset efficiency has no significant direct effect on firm value, whereas leverage and profitability raise it. Asset efficiency increases profitability, while leverage reduces it. Profitability does not significantly mediate the link between asset efficiency and firm value but negatively mediates the link between leverage and firm value, a competitive mediation in which the positive direct effect of leverage is partly offset by its negative effect through earnings. Managers should therefore weigh financing decisions against their consequences for profitability.]]>
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