This research examines the influence of profitability and free cash flow toword company value with dividend policy as an intervening variable. The samole was taken from the manufacture companies listed on Indonesia Stock Market or Bursa Efek Indonesia (BEI) during 2012-2016. This study used purposive sampling method. The data analysis technique in this research was using conducted using multiple linear regression. The result shows that profitability is significantly influence on firm value, meanwhile free cash flow is not significantly influence on firm value. Profitability are not significantly influenced on dividend policy and free cash flow positively and significantly affect the dividend policy . firm value positively and significantly affect the dividend policy. Dividend policy can be an intervening variable from profitability and free cash flow.