This study aimed to explore the value relevance of the direct method of disclosing operating cash flows, by analyzing the impact of disclosing operating cash flows using the direct method on stock prices, directly or indirectly. Furthermore, the effect of the following variables: the company's size, total accruals, the decline stage in the company's life cycle, and the company's realization of losses, on the value relevance of the direct method of disclosing operating cash flows, are tested. The study sample consists of (121) non-financial companies listed on the Egyptian Stock Exchange during the period from (2011-2018), with a total of (968) firm-year observations. The E-VIEWS program was used to analyze the results and test the study hypotheses. The results of the study concluded that there is a value relevance for the direct method of disclosing operating cash flows, as there is a positive relationship between the direct method of disclosing operating cash flows and stock prices. There is no indirect value relevance for the method of disclosing operating cash flows, as there is no impact of the direct method of disclosing operating cash flows on the relationship between book value and stock prices on the one hand, as well as on the relationship between profit and stock prices on the other hand. The results also found that there is a significant negative relationship between (company size, stage of decline, and losses realization) on the value relevance of the direct method of disclosing operating cash flows, and a non-significant effect of total accruals on the value relevance of the direct method of disclosing operating cash flows. This study contributes to the accounting literature by providing empirical evidence from the Egyptian business environment about the value-relevance of the direct method of disclosing operating cash flows, which reduces the controversy about it. It also provides an additional explanation about the factors that may affect the value relevance of the direct method. Keywords: value relevance of the direct method, alternatives of presenting operating cash flows, company size, total accruals, decline stage.