The objective of this article is to investigate the usefulness of the four fundamental independent variables – shareholders’ equity, stock price, dividends, and operating earnings – on the annual operating earning growth rate (the dependent variable). The relevant data was collected for a five-year-period (1387-1382). To study the significance correlation, two relevant statistical models namely Multivariable Regression and Panel Data were employed. The hypothesis test result showed a significant correlation between the variables, with the exception of dividends.