Privatization as a topic has attracted intense debate and scholarly attention across industries in various literature over the past decades. However, in the context of the Nairobi Securities Exchange, the subject has received limited research attention. The privatization decision is vital since the profitability of a firm is directly affected by such decisions. In addition, proper care and attention need to be given while determining the best privatization method. This study investigated the impact of privatization on organizations’ performance in Kenya by looking at five years before and five years after privatization of ten listed companies in the Nairobi Securities Exchange (NSE) between the years 1967 to 2016. Panel data analysis was carried out, specifically the random effects model. Based on the findings of the study, profitability, liquidity, leverage, activity and investor relation ratios improve after privatization of firms by comparing the means before and after privatization. However, further analysis shows positive, negative and even mixed results after privatization. Listed firms that require more profitability and liquidity must thus use more equity to finance their operations. This would result in an overall increase in the return on capital employed. The outcomes of the study are useful in guiding organizations, government, financial institutions and other stake holders to formulate better policy decisions as far as privatization is concern. One key recommendation from the study is that firms listed on the NSE should carry out feasibility studies before privatization so as to come up with the best method of privatization to maximize the benefits of privatization and to increase efficiency of the listed firms once privatized.