<p>This study explores the intricate relationship between profitability and firm value in the context of Indonesian real estate enterprises. The primary objective is to decipher the extent to which profitability, including its individual constituents, influences the valuation of real estate firms. Utilizing a panel data methodology, this research draws from financial data spanning six years (2017-2022) of 21 Indonesian real estate firms. The analysis employs a robust random effect model for data exploration. The empirical findings unveil crucial connections between profitability and firm value in the Indonesian real estate realm. Notably, a significant negative correlation emerges between profitability and firm value, indicating that higher profitability does not guarantee higher firm value. Additionally, firm size exerts a dampening effect on firm value. Conversely, total asset growth and turnover prove to be influential drivers of firm value, underscoring the importance of robust asset growth and turnover. This study contributes by delving into the profitability-firm value relationship unique to Indonesia's real estate sector. The insights gained benefit policymakers, investors, and practitioners in comprehending the complexities of firm valuation in this distinctive market landscape.</p>