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)

4 / 9

Return on assets (ROA) greater than 0

close -11.1%

Operating cash flow greater than 0

close -$5.01M

ROA greater than previous year

check -11.1% > -38.1%

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

check -2.3% > -11.1%

Leverage ratio lower than previous year

check 23.5% < 33.4%

Current ratio greater than previous year

close 12.1% ≤ 46.4%

No new common stock issued last year

close $2.96M

Gross margin greater than previous year

close 19.1% ≤ 23.2%

Asset turnover greater than previous year

check 66.2% > 66.2%

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.