This study aims to: 1) examine and analyze the effect of liquidity and activity on profitability in hotel companies listed on the Indonesian stock exchange, 2) examine and analyze the effect of liquidity, activity on firm value in hotel companies listed on the Indonesian stock exchange. 3) examine and analyze the effect of profitability on firm value in hotel companies listed on the Indonesian stock exchange, 4) examine and analyze the effect of liquidity and activity on firm value through profitability in hotel companies listed on the Indonesian stock exchange. This study uses a causal approach with secondary data in the form of financial statements of hotel companies obtained from the Indonesian Capital Market Directory (ICMD), through the Makassar Branch of the Capital Market Information Center (PIPM) and the IDX website. The population in this study were all hotels listed on the Indonesia Stock Exchange (IDX) since 2016-2019.The analytical method used is Structural Equation Modeling (SEM) analysis with the help of PLS software. Based on the results of the study found that (1) Liquidity has a significant positive effect on profitability. (2) Activities have a significant positive effect on profitability, (3) Liquidity has a significant positive effect on firm value. (4) Activities have a positive but not significant effect on firm value, 5) Liquidity has a significant positive effect on firm value through profitability. (6) Activities have a significant positive effect on firm value through profitability.