This study aims to analyze the effect of leverage and profitability on firm value with dividend policy as intervening variable study on manufacturing companies listed Indonesian Stock Exchange period 2012-2016. In this study, sample of 39 companies were selected using purposive sampling. Analysis tool used in this study is multiple linear regression analysis. Based on the analysis that have been made by the results Leverage have positive effect but not significantly to Firm Value. Profitability have positive significant effect to Firm Value. are Leverage have negative significant effect to Dividend Policy. Profitability have positive significant effect to Dividend Policy. Dividend Policy have positive significant effect to Firm Value. Leverage have a effect to the Firm Value through Dividend Policy and Profitability have a effect to the Firm Value through Dividend Policy.