Confronting the challenges facing organizations requires that their managers have an appropriate model of performance measurement in order to achieve continuous improvement in all areas. Performance measurement enables continuous progress toward the set goals and identifies stagnation and boom points. Financial performance is one of the most important performance measures that can be measured by various methods. In this paper we combine fuzzy multivariate analysis of gray relations analysis and financial ratios. The present study was conducted as a survey in Tehran Stock Exchange. The statistical sample of the research was selected from the top 50 stock exchange companies in 2008 whose data were analyzed during the 12 months. The findings of this study include clustering of financial performance evaluation indices and selection of indices from financial ratios using gray relationship analysis. Since some financial ratios are similar and have the same structure, we first clustered the financial ratios for the year under study using gray relationship analysis. Each cluster contains a number of similar financial ratios. The final ranking of the sample companies is the result of this study obtained by combining fuzzy TOPSIS and gray matter analysis. The results show that by applying this combined approach, financial performance of companies can be easily compared and ranked.