<![CDATA[Mining-sector firm value declined during 2022–2024 even as liquidity improved and leverage decreased, indicating that changes in conventional financial ratios were not consistently followed by market valuation. This study examines the effects of liquidity, solvency, profitability, and firm size on the value of mining companies listed on the Indonesia Stock Exchange during 2022–2024. Secondary data were obtained from annual reports and financial statements. Purposive sampling yielded 21 companies and 63 firm-year observations. Data were analyzed through descriptive statistics, classical assumption tests, and multiple linear regression using IBM SPSS Statistics 26. Liquidity had a significant negative effect on firm value (p = 0.006), solvency had a significant positive effect (p = 0.011), profitability had no significant effect (p = 0.214), and firm size had a significant negative effect (p < 0.001). Jointly, the four variables significantly explained firm value, with an adjusted R-squared of 0.612. These findings show that higher liquidity, profitability, or asset scale does not automatically translate into higher market valuation when asset utilization and capital structure are not perceived as value-creating.]]>
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