This paper examines the impact of liquidity, profitability, firm size, asset structure and capital structure on business value. From 2015 to 2018, the study's population included numerous industries listed on the Indonesia Stock Exchange. Purposive sampling was used to gather the research sample-multiple linear regression and path analysis with Partial Least Squares (PLS). Capital structure was negatively influenced by liquidity, profitability, size, and asset structure. Profitability boosts business value. Moreover, liquidity, company size, asset structure, and capital structure have no impact on firm value. The effect of liquidity, profitability, company size and asset structure on firm value is not mediated by capital structure. The obtained results show that increasing business value as measured by Price to Book Value (PBV) involves more than just financial variables and a competitive and sustainable strategy.