This study aims to obtain empirical evidence of the Effect of Managerial Ownership and Leverage on Firm Value and to investigate the role of Profitability in strengthening or weakening the effect of Managerial Ownership and Leverage on Firm Value. The sampling procedure used purposive sampling with certain criteria; 27 manufacturing companies listed on the Indonesia Stock Exchange in the Consumer Non-Cyclicals sector were selected for the 2018–2021 period. A moderated regression analysis was used to test the research hypothesis. The results of the study prove empirically that before the interaction of profitability as moderating variable, managerial ownership does not affect firm value and leverage affects firm value. Profitability is not able to moderate the effect of leverage on firm value, but profitability is able to moderate the effect of managerial ownership on firm value.