Mojtaba Karimi Pashaki - Department of Financial Management, Shahr Qods Branch, Islamic Azad University, Tehran, Iran
Mahnaz Ahadzadeh - Department of Mathematics, Shahr Qods Branch, Islamic Azad University, Tehran, Iran
Shadi Shahverdiani - Department of Financial Management, Shahr Qods Branch, Islamic Azad University, Tehran, Iran

investors can choose different companies for investment based on the financial ratios analysis. Financial ratios can be used to measure the performance and determine the performance standards. In this paper, financial ratios of 26 active companies in Tehran Stock Exchange (in cement sector) between 2013 and 2016 have been collected; then, the active companies in the cement indust ry are ranked through using the combined method of Grey Relational Analysis (GRA) and Data Envelopment Analysis (DEA). Finally, the results of this study can help investors to choose the top companies for investment in terms of the financial ratios

Grey Relational Analysis, Data Envelopment Analysis, Financial Ratios