This study aims to determine the effect of liquidity, solvency, and activity mediated by profitability on firm value. The object of this study is the sub-sector of oil and gas companies listed on the Indonesia Stock Exchange with a study population of 8 companies. Selection of the sample using the saturated sample method. The research design is a causality study with data analysis methods using panel data regression analysis. The results of the research show that the variables of liquidity, solvency and activity do not directly affect firm value. Liquidity and solvency variables mediated by profitability have a positive effect on firm value.