This study examines the relationship between free cash flow and shareholder value moderated by contextual variabels investment opportunity set. Financial data of manufacturing firms listed in the Indonesian Stock Exchange for the (IDX) period from 2010 to 2015 are used. A total of 93 companies taken as a sample based on the method of purposive sampling (purposive sampling method). The analysis technique used is moderated regression analysis (MRA) using the program Eviews 7. This study used the dependent variabel is shareholder value, while the independent variabel is free cash flow and financing decisions as well as moderating variabel is the set of investment opportunities. The results of this study indicate that the simultaneous testing (Test F), variabel free cash flow, financing decisions, investment opportunity set, free cash flow moderation with a set of investment opportunities, and funding decisions moderation with a set of investment opportunities has a significant positive effect on shareholder value. In a partial test (Test T), free cash flow to shareholder value does not show significant result, while funding decisions to shareholder value, free cash flow moderating with investment opportunity set to shareholder value and funding decisions moderating with investment opportunity set to shareholder value showed significant negatif results.