This study examines the relationship between cash flow management, firm performance, and financial risk among companies listed on the Tehran Stock Exchange. Focusing on operating, investing, financing, and free cash flows, as well as the cash conversion cycle, the research analyzes their effects on performance represented by return on assets (ROA) and risk measured by the standard deviation of stock returns. The study is applied in purpose and follows a descriptive-correlational design. Using a systematic screening method, a sample of 137 firms was selected and analyzed over a six-year period from 2019 to 2024, yielding 822 firm-year observations. Multivariate regression analyses, conducted with EViews 8 software and panel data under fixed effects, were employed to test the hypotheses. The findings demonstrate that operating, investing, financing, and free cash flows have a significant influence on both firm performance and risk, while the cash conversion cycle has a significant impact only on performance, not on risk. These results contribute to a deeper understanding of how diverse aspects of cash flow management affect corporate value and stability in emerging financial markets.