The purpose of this study is to examine and prove the effect of capital structure and liquidity on firm value as mediated by profitability. The data used in this study are financial reports and annual reports of infrastructure companies (2014-2018), the sample size is nine companies. The analysis technique used is panel data regression (pooled data), with descriptive statistical analysis, stationarity test, regression model selection, classical assumption test, and hypothesis testing in model suitability test (R2m), individual parameter significance test (t-test), and sobel test done in the Eviews 10. The results of this study indicate that capital structure and liquidity have no effect on firm value. Profitability was found to be unable to mediate the effect of capital structure on firm value, but was able to mediate the effect of liquidity on firm value.