This study explains the nexus of company’s fundamentals and stock return of non-financial firms listed at Pakistan Stock Exchange.These fundementals include profitability, liquidity, growth, size, leverage, market multiple, dividend, foreign institutional ownership and quality of financial reporting of non-financial firms listed on Pakistan Stock Exchange (PSX). The study sample consists of hundred non-financial companies listed on PSX for the period 2005 to 2016. Panel EGLS (Estimated Generalized Least Square) regression model is used to get the empirical findings. Liquidity, profitability, growth and size of the firm are found to be statistically significant and positively effecting the returns whereas market ratio appears to be negatively significant with the stock returns. Dividend, foreign institutional ownership and quality of financial reporting and leverage are found to be statistically insignificant with the returns. This study recommends managers of non-financial firms to focus more on those financial ratios that have a significant impact with stock return for more profits and growth. Supervisor:- Dr. Arshad Hassan