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)

6 / 9

Return on assets (ROA) greater than 0

close -8.6%

Operating cash flow greater than 0

check $229.53M

ROA greater than previous year

check -8.6% > -19.5%

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

check 17.9% > -8.6%

Leverage ratio lower than previous year

check 0.8% < 20.4%

Current ratio greater than previous year

check 79.6% > 70.3%

No new common stock issued last year

close $195.24M

Gross margin greater than previous year

check 31.7% > 22.2%

Asset turnover greater than previous year

close 63.9% ≤ 75.8%

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.