Univrsity of Tehran Press Industrial Management Journal 3115-7386 18 2 2026 02 01 Evaluating Financial Performance of Exchange-Listed Companies with Integrated DEA and Malmquist Index 121 149 106270 10.22059/imj.2026.409783.1008283 EN Abdol Hossein Jafarzadeh Ph.D. Candidate, Faculty of Industrial Management and Technology, College of Farabi, University of Tehran, Iran. Mohammad Reza Fathi Associate Prof., Faculty of Industrial Management and Technology, College of Farabi, University of Tehran, Iran. Can Deniz KÖKSAL Prof., Akdeniz University, Antalya, Turkey. Journal Article 2026 01 17 <strong>Objective</strong>: A stock exchange is a formal market where companies' shares are traded. Therefore, examining the efficiency of companies listed on the stock exchange is of significant importance. One of the main shortcomings of existing financial performance evaluation methods is their emphasis on a single key indicator and their reliance on subjective judgments. This study aims to evaluate the financial performance of selected companies listed on the stock exchange using a hybrid approach combining Data Envelopment Analysis (DEA) and the Malmquist Productivity Index. <strong>Methodology:</strong> In this research, to overcome the limitations of traditional analyses based on financial ratios, such as their one-dimensional nature, potential to be misleading, and difficulty of interpretation, the Data Envelopment Analysis technique is employed to assess corporate performance. This method aggregates multiple financial ratios and assigns each company a single score, called efficiency. Moreover, the Malmquist Productivity Index, an important concept in DEA, is used to evaluate changes in the efficiency of a decision-making unit over two time periods. <strong>Results</strong>: Based on this study's results, in almost all years, the symbols Sebahan in the mining industry, Khodro in the automotive industry, and Foolad in the basic metals industry ranked first. Therefore, it is recommended that investors considering these industries base their investment decisions on these results. <strong>Conclusion</strong>: This article presents a combined application of Data Envelopment Analysis and the Malmquist Productivity Index and evaluates the financial performance of selected companies listed on the stock exchange. https://imj.ut.ac.ir/article_106270_60a392cdab7dbbb84e72ba2f1b132608.pdf