The F-Value, developed by Stanford accounting professor Joseph Piotroski, measures a company's financial strength based on nine distinct criteria. Piotroski suggest using the value as part of a value investing strategy to rank stocks with a low price-to-book ratio. The approach is described in detail in Piotroski's 2002 Paper Value Investing: The Use of Historical Financial Statement Information to Separate Winners From Losers.

Financial strength (Piotroski F-Value)

5 / 9

Return on assets (ROA) greater than 0

check 6.0%

Operating cash flow greater than 0

check $4.75M

ROA greater than previous year

check 6.0% > 3.4%

Cash flow return on assets (CFROA) greater than Return on assets (ROA)

close 1.8% ≤ 6.0%

Leverage ratio lower than previous year

close 0.6% ≥ 0.5%

Current ratio greater than previous year

close 324.5% ≤ 450.6%

No new common stock issued last year

close $80.55K

Gross margin greater than previous year

check 44.3% > 42.7%

Asset turnover greater than previous year

check 31.7% > 24.9%

F-Value history

The F-Value is calculated for each quarter based on the cumulation of the previous four quarterly statements. Click on the chart to see the F-Value at a specific time in the past.