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)

3 / 9

Return on assets (ROA) greater than 0

close -73.5%

Operating cash flow greater than 0

close -$16.78M

ROA greater than previous year

close -73.5% ≤ -44.3%

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

check -14.5% > -73.5%

Leverage ratio lower than previous year

close 74.1% ≥ 56.0%

Current ratio greater than previous year

check 1,471.5% > 400.3%

No new common stock issued last year

close $84.64M

Gross margin greater than previous year

check 39.3% > 32.0%

Asset turnover greater than previous year

close 3.4% ≤ 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.