In the modern business era of competition, companies are required to find out the ways to survive in the market and they try to maintain an upper hand over competitors. It is evident from the literature that investing in the intangible assets is as important as investing in the tangibles. This study is based upon determining the relations between the intangible assets and operating cash flows, and operating efficiency with the control variables of company age and company size by taking the panel data of companies listed on Pakistan Stock-Exchange (PSX) from period 2007-2017. STATA is used in this study to analyze the panel data of selected listed companies and has been found that the intangible assets have the significant positive influence upon the operating cash flows while the intangible assets have the negative insignificant influence upon the operating efficiency of the non-financial companies of PSX. In order to reap the true benefits of intangible assets by way of improved cash flows, the management of the companies is also required to set the policies and procedures to manage the operating expenses.