In today's highly competitive environment, suitable appraisal of a company's performance is of vital importance not only for the company but also for its suppliers and customers. The main objectives of this study were to analyze the financial ratios of Iranian cement-producing companies and to develop a fuzzy model to evaluate financial performance. The proposed fuzzy approach is based on the fuzzy analytical hierarchy process (FAHP) and the technique for order preference by similarity to ideal solution (TOPSIS) method. In contrast to other studies in the literature, in the present study, the FAHP method was used in determining the weightage of criteria by decision makers and the TOPSIS method was used in determining the ranking of the companies. The proposed combined method was used to evaluate the performance of eight Iranian cement companies listed in the Tehran Stock Exchange using data from their financial tables and subsequent ranking of these companies. The final results of the analysis revealed the performance ranking of the companies Sabhan, Sarab, Sedasht, Safar, Sekaroun, Sakarma, Sanir, and Sahrmoz with priority scores of 0/55, 0/51, 0/50, 0/49, 0/42, 0/37, 0/36, and 0/33, respectively. The results indicate an overall performance ranking because the weights of the criteria were determined by decision makers with different experiences, positions, and proficiencies. If it is desired, it is possible to make an evaluation only for creditors, investors, or shareholders; however, in such cases, the weights of the criteria will vary and the ranking of the companies can change. The proposed method can also be applied to the evaluation of companies in other sectors.