The ability to produce future cash flows is an important part of the decision-making mechanism of the various shareholders. If cash flows can be predicted appropriately, a significant part of the informational needs associated with cash flows will be provided. Some analysts and investors argue that cash flows are the main criterion for valuation. In this regard, the objective of this study is to examine the impact of firm characteristics in predictable future cash flows from operating activities by employing present operating cash flow and profitability. For this reason, eight hypotheses were developed and information was analyzed for 127 firms listed in Tehran Stock Exchange for the period of between 2011 and 2020. The regression model was tested with fixed effect model using panel data. The findings of the study showed that the firm characteristics like size, level of competition and level of supervision have a positive impact on the predicting power of present operating cash flow and present profitability in anticipating future operating cash flow. By contrast, the outcomes disclose that characteristics such as company’s life will not have a significant effect on the predicting strength of present operating cash flow and present profitability to forecast future cash flow from operating activities.