<![CDATA[This study aims to analyze the effects of profitability, measured by Return on Assets (ROA), and leverage, measured by the Debt-to-Equity Ratio (DER), on firm value, measured by Price-to-Book Value (PBV), among companies in the processed foods subsector listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. This study employs a quantitative approach using multiple linear regression analysis. The population consists of 29 companies, from which 19 companies were selected through purposive sampling. Over the five-year observation period, a total of 95 observations were obtained. The simultaneous test results indicate that ROA and DER jointly have a significant effect on firm value. However, the partial test results show that ROA does not have a statistically significant effect on PBV, indicating that annual profitability alone may not be a decisive factor in shaping market perceptions. In contrast, DER has a positive and statistically significant effect on PBV, suggesting that the productive use of debt financing may send a positive signal to investors and enhance market valuation. The findings highlight the importance of optimizing financing structure efficiency as a strategic measure for management to increase firm value.]]>
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