This thesis investigates the predictive value of accounting earnings, cash flows, and accruals in estimating future corporate returns. Using data from companies listed on Athens Stock exchange over the period of 2013-2022 we test three hypotheses with linear regression models. Our first finding is that accounting earnings enriched with accruals outperform operating cash flows in predicting future corporate returns. Subsequently our research demonstrates that segmenting accounting earnings into cash and accrual components offers additional information for the prediction of future corporate return. A critical finding is the role of earnings quality, as companies with a combination of low accruals and high operating cash flows show statistically higher future returns than companies with a combination of high accruals and low operating cash flows. Notably, a combination of high accruals with high operating cash flows is associated with the best future returns. This finding indicates that high accruals do not always signify low earnings quality. The findings of this study align with much of the literature and emphasize the differentiated roles of accruals and operating cash flows in financial analysis, highlighting the importance of examining these components together for a more comprehensive study and prediction of corporate returns.