This study was aimed to analyze effect of profitability, leverage policy, and free cash flow (FCF) of firm value with dividend policy as intervening variable on manufacturing companies listed in indonesian stock exchange period 2014-2017. This research used panel data. Samples used amounts to 200 samples from 70 company with purposive sampling method. Technical data analysis used multiple linear regression using Eviews 9.0 data processing. The result of this study indicate that profitability has a negative and not significant effect on dividend policy. Profitability has a positive and significant effect on firm value. Debt policy has a positive and significant on dividend policy. Debt policy has a positive and significant on firm value. Free cash flow has a negative and not significant effect on dividend policy. Free cash flow has a positive and not significant effect on firm value. Dividend policy has a positive significant effect on firm value. Profitability does not affect the value of the company with dividend policy as an intervening variable. Debt policy has a positive and significan effect on firm value with dividend policy as an intervening variable. Free cash flow has no effect directly on firm value and through the dividend policy as an intervening variable.