This study investigates whether the performance of stock price momentum is affected by factors associated with the persistence of earnings components. We find that stocks with high accruals (or low cash flows) generate higher momentum payoffs than low accruals (or high cash flows) stocks, and the additional momentum payoffs are mostly attributable to abnormal accruals and net distributions to equity. While our results primarily support the earnings fixation explanation, a momentum trading strategy based on the growth in net operating assets generates comparable profits. Lastly, the performance of our trading strategy based on a combination of price momentum and earnings components cannot be explained by limits to arbitrage or standard risk adjustments.