This study aims to examine the effect of Market Value Added (MVA) and Economc Value Added (EVA) on stock returns through firm value as an intervening variable. This research was conducted on banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020– 2024 period. The method used is quantitative with secondary data from financial reports and stock return data. Data analysis was performed using SPSS software. The results of this study show that MVA and EVA have no significant effect on firm value, and neither directly nor indirectly affect stock returns. These findings indicate that internal value indicators such as MVA and EVA are not the main drivers of investor return expectations in the banking sector.