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Firm value is the main indicator that reflects how the market assesses a company's performance and future prospects. However, fluctuations in the firm value of companies included in the LQ45 Index are influenced by profitability, liquidity, leverage, and dividend policy. This study aims to empirically examine the relationship between profitability, liquidity, and leverage on firm value, with dividend policy as a moderating variable, in companies listed in the LQ45 Index on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. This study employed a quantitative approach using secondary data obtained from the companies' financial statements. The sample was selected using a purposive sampling technique with a total of 62 observations and was analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that profitability has a positive and significant effect on firm value, while liquidity and leverage have a negative and significant effect on firm value. The moderating analysis shows that dividend policy strengthens the positive relationship between profitability and firm value while weakening the negative effects of liquidity and leverage on firm value. These findings indicate that dividend policy plays an important role in increasing firm value.