The purpose of this study was to examine the effect of profitability and leverage on firm value with dividend policy as an intervening variable. Manufacturing businesses listed on the Indonesia Stock Exchange (IDX) from 2019 to 2021 make up the study's population. Purposive sampling is a technique used in the sample selection process. The research data totaled 63 because there were 21 companies in the sample. Sobel test and multiple linear regression were the analysis methods employed. The findings indicate that firm value is influenced by profitability, leverage, and dividend policy all at once. Profitability and leverage, however, have no bearing on dividend policy. While only partially, profitability increases firm value. Dividend policy and leverage have no impact on a company's value. Partially, the dividend policy is unaffected by profitability or leverage. According to the results of the Sobel test, dividend policy has little bearing on how profitability and leverage affect a firm's value.