According to the Environmental Performance Index (EPI), Indonesia is listed at 133, from 180 countries in the world. These results were obtained over the assessment of 10 categories including air quality, heavy metals, and water sanitation. The Ministry of Environment and Forestry of The Republic Indonesia has established a company performance rating, namely, PROPER, whose assessment aspect is almost equal to EPI such as environmental permits, water and air pollution, and waste management. The purpose of this research is to see the effect of profitability, solvency, and liquidity toward firm value with PROPER rating as a moderation variable. Research was conducted over 54 companies in Indonesia from 2015-2018 using multiple regression analysis. The results showed profitability had significant effect on the firm value. Meanwhile, solvency and liquidity had no significant effect towards firm value. PROPER rating positively moderates the effect of profitability on firm performance. However, it negatively moderates the effect of liquidity and solvability towards firm value. The study used market to book ratio as a firm value and for further research, it will be interesting to use economic value added (EVA) since it measures firm value not merely by market value, it is also measures overall firm capability to create value.