This study examines the efects of non-additivity valuations on cash fows and sales growth by using the Choquet fuzzy approach as a pooled non-additive integral. The study targets 62 parent companies with 322 subsidiaries in the Tehran stock market from 2011 to 2019. The study divides frms’ assets into four categories (inventories, receivables, fxed, and long-term investments). It uses the Choquet integral’s properties to determine the frms’ total non-additivity values. The Choquet integral approach used in this study considers the synergy of a set’s componential factors in diferent measurements by considering and implementing the weights and coefcients of the elements. The results indicate that while the market valuation of companies (based on non-additivity valuations) has no signifcant correlation with their operating cash fows, it has a positive correlation with their sales growth, which could be attributed to the synergy created by the business combination of the parent companies with their subsidiaries. Moreover, the fndings show a signifcant correlation between sales growth and the market price-to-book ratio as a simple approach to measuring a company’s performance. However, the results suggest that non-additivity valuations ofer a better estimation in measuring the efciency of companies than market price-to-book ratio-based approaches. Indeed, the valuations of companies are determined based on their abilities in using their resources compared to similar companies in the same industry when they use non-additivity valuations. These fndings are expected to be very helpful for potential investors and shareholders.

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