This study aims to determine the effect of profitability, asset structure, free cash flow and company size on debt policy with company value as a moderation variable. The research design used was causal associative. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2021 period and the number of samples used is 51 companies with 306 observations. The data analysis method used is multiple linear regression analysis using STATA software. The results showed that profitability has a positive and significant effect on debt policy, asset structure has a positive and significant effect on debt policy, free cash flow is positive and significant on debt policy, company size is positive and insignificant on debt policy. The results of the moderating variable test show that company value can moderate the relationship between profitability to debt policy, company value can moderate the relationship between asset structure to debt policy, company value can moderate the relationship between free cash flow to debt policy and company value can moderate the relationship between company size to debt policy