This study investigated the impact of firm characteristics on firm value of listed healthcare firms in Nigeria. The aim is to identify the extent to which the selected firm characteristics affect the firm value of the healthcare firms in Nigeria. In carrying out this study, a panel data is used with the adoption of ex-post facto design. The study formulated five hypotheses and used panel data regression to analyze the secondary data extracted from the annual reports and accounts of the ten firms for the period 2008 to 2015. Firm value was represented by two proxies; share prices and Tobin‟s Q. The study found that firm size has positive significant impact on the firm value of listed healthcare firms in Nigeria. The study also found that liquidity has negative significant influence on the firm value of listed healthcare firms in Nigeria suggesting that excess liquidity position will be counter-productive to the firms because it decreases their value. Lastly, it was reported that leverage has negative and significant effect on firm value implying that high leverage does not lead to increase in value of the firm. In view of the findings, it is recommended that the management of the healthcare firms should increase their assets base so as to raise the scope of their activities. The study also recommended that companies should develop sound techniques of managing current assets to ensure that neither insufficient nor unnecessary funds are invested in current assets because maintaining a balance between short-term assets and short-term liabilities is critical.