<p><em>This research aims to determine the effect of Current ratio (CR) and Debt to equity ratio (DER) on company value (PBV) with Return on assets (ROA) as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange for the period 2020 - 2022. Research This uses signaling theory, agency theory, trade off theory and economic off scale.</em><em> </em></p><p><em>This research was conducted using quantitative analysis techniques and consists of several research hypotheses. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange for the 2020-2022 period using purposive sampling. So a sample of 162 company data was obtained.</em><em></em></p><p><em> Data processing in this research uses smartPLS.</em><em> </em><em>The results of this study show that the current ratio has a positive and significant effect on return on assets, the debt to equity ratio has a negative and significant effect on return on assets, the current ratio has a negative and significant effect on firm value, the debt to equity ratio has a positive and significant effect on value. company, return on assets has a positive and significant effect on company value, the current ratio on company value through return on assets has an insignificant positive effect and the debt to equity ratio on company value through return on assets has an insignificant negative effect.</em><em></em></p>