The study investigates the impact of earnings management on stock price performance among manufacturing firms in Nigeria. The study adopted the ex-post facto research design, and data was obtained from the annual report of five (5) selected consumer goods firms listed in the Nigerian Exchange Group (NGX) with data spanning from 2020-2023. To proxy earnings management, the study utilized discretionary accruals, operating cash flow activities, and earnings before interest and tax (EBIT) on stock capitalization. The study used the Hausman test and fixed effect models to analyze the data. The findings reveal that discretionary accruals have a significant negative effect on stock capitalization, indicating that higher levels of earnings management are associated with lower stock capitalization. Operating cash flow activities show a positive but insignificant effect on stock capitalization, suggesting that while healthier cash flow from operations is generally beneficial, its impact on stock capitalization is not strong enough to be statistically significant. Earnings smoothing practices (EBIT) have a negative but insignificant effect on stock capitalization, indicating that efforts to smooth earnings do not significantly influence stock capitalization. These results highlight the complexities of earnings management and its varied impacts on stock price performance. Recommendations include strengthening corporate governance and audit practices, improving cash flow management, and avoiding earnings manipulation in favor of sustainable financial performance.