Abstract: The company’s ability to generate and raise profits can encourage investors to invest and expand the firm’s value. However, highly illiquid Firms may also find it difficult to react to unforeseen expenses or take advantage of sudden market opportunities, hampering growth. This study, therefore, seeks to investigate the relationship between liquidity, profitability proxy by current ratio, and net profit margin on firm value proxy by Tobin’s Q of listed non-financial firms in Nigeria. To achieve these objectives, the study employs an ex-post facto research design with special focus on a longitudinal panel. The population comprises 107 listed non-financial firms, out of which 70 firms that had consistently published their audited annual financial reports from 2011 to 2024 were sampled, using a purposive sampling technique.  The collected data were analyzed using a panel multiple regression technique with the help of E-views 13 statistical tools. Findings revealed that the current ratio has a positive and significant effect on Tobin’s Q of listed non-financial firms in Nigeria. In contrast, net profit margin has a positive but insignificant effect on Tobin’s Q of listed non-financial firms in Nigeria. The study, therefore, concludes that liquidity has a significant and positive effect on firm value, while profitability has a positive but insignificant effect on firm value. The study, therefore, recommends that management of listed non-financial firms in Nigeria should continue to maintain an optimal current ratio that balances liquidity and focus on improving net profit margin by increasing revenue and reducing costs.

Keywords: Firm Liquidity, Firm Profitability, Current Ratio, Net Profit Margin, Firm Value, Tobin’s Q, Firm Age.