The Effect of Financial Performance on the Value of Cement Companies on the Indonesia Stock Exchange

This study aims to analyze the influence of capital structure, profitability return on assets (ROA), liquidity current ratio, and asset growth on the value of companies in the cement industry listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The company's value was measured using the Tobin's Q ratio. Capital structure is measured by debt to equity ratio (DER), profitability is measured by return on assets (ROA), and liquidity is measured by current ratio (CR). Data was obtained from the company's annual financial statements that met the purposive sampling criteria. The results of the study show that ROA has a positive and significant effect on the company's value. Meanwhile, DER, CR, and asset growth do not have a significant effect on the company's value. These findings indicate that investors are more concerned about efficiency and profitability in assessing a company's performance compared to financial structure or asset growth. The implications of these results encourage management to focus more on operational performance improvement strategies to create long-term value for the company.