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 -0.3%

Operating cash flow greater than 0

check $13.39M

ROA greater than previous year

check -0.3% > -15.5%

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

check 5.6% > -0.3%

Leverage ratio lower than previous year

close 74.5% ≥ 74.1%

Current ratio greater than previous year

check 217.4% > 156.1%

No new common stock issued last year

check -$8.82M

Gross margin greater than previous year

close 40.8% ≤ 41.2%

Asset turnover greater than previous year

check 45.3% > 26.0%

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.