This study is to examine the relevance of company’s capital structure in influencing its value. Within the framework of capital structure theories, this study uses Pearson Correlation methodology and Simple OLS Regression in measuring the strength of relationship between degree of leverage and share price. In using yearly time series data from January 2004 to December 2013, this study also measures the effect of earnings per share (EPS) on share price. It is found that EPS has more pervasive effect as compared to leverage in influencing firm’s value. 45 out of 55 sample companies demonstrate positive relationship between EPS and share prices. However, only 31% shows significant relationship between EPS and share price. It is thus evident that the Modigliani-Miller theory provides better clarification compared to the Trade-Off theory in explaining Malaysian property firm’s value.