Karami et al., study (2009) showed analysis of the role of financial ratios in explaining stock returns, using information from listed companies in Tehran Stock Exchange during 2000-2006 has been carried out. In this study, four groups of twelve financial ratios, liquidity ratios, leverage, activity and profitability have been studied. The hypothesis of this study, we used a multivariate regression model that simultaneously examines the relationship between financial ratios and stock returns. The results of this study indicate that the current ratio, debt to you, return on equity and profit to sales, there is a positive relation with stock returns. Based on the findings, these financial ratios small percentage of the variation in stock returns, the figure turns.