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)

2 / 9

Return on assets (ROA) greater than 0

check 1.5%

Operating cash flow greater than 0

close -$355.82M

ROA greater than previous year

close 1.5% ≤ 2.3%

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

close -16.3% ≤ 1.5%

Leverage ratio lower than previous year

close 72.7% ≥ 64.9%

Current ratio greater than previous year

close 0.0% ≤ 10.3%

No new common stock issued last year

close $3.31M

Gross margin greater than previous year

check 95.9% > 85.5%

Asset turnover greater than previous year

close 4.2% ≤ 4.2%

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.