This study explores the relationship between exports and financial health using a panel dataset of 98 Iranian manufacturing firms during 1999- 2018. In this study, financial health index built by principal component analysis (PCA) method on eight variables: asset return, instant ratio, financial leverage, equity ratio, sales return, cash ratio, and working-capital. We find that firms with higher levels employment and lower leverage are likely to be exporters and also exporters are healthier than domestic firms. Treatment groups (exporters) had an average financial health of 0.04, while other firms had an average financial health of - 0.28.
