In today’s competitive and dynamic environment, innovation is recognized as a key factor in achieving sustainable competitive advantage and enhancing organizational performance. However, the extent to which innovation impacts performance depends on a company's internal capabilities and resources—particularly its intellectual assets. Accordingly, this study examines the role of innovation in improving corporate performance, as well as the moderating role of intellectual assets. The statistical population of the study comprised all companies listed on the Tehran Stock Exchange; after applying specific constraints and criteria, a final sample of 175 companies was selected for the period spanning the years 1398 to 1404. Panel data and multivariate regression models were employed to test the hypotheses. The research findings revealed that innovation has a positive and significant impact on the adjusted performance of the companies. Furthermore, intellectual assets—through their various dimensions, including human capital efficiency, structural capital efficiency, and physical capital efficiency—play a positive and significant moderating role in the relationship between innovation and adjusted performance. In other words, the greater a company's intellectual assets, the more capable it becomes of translating innovation into superior performance. Overall, the study’s results underscore the importance of simultaneous investment in innovation and intellectual assets, demonstrating that strengthening knowledge-based, human, and structural infrastructures can enhance the effectiveness of innovation in improving corporate performance. These findings can assist managers, investors, and capital market policymakers in making more informed decisions.