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)

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Return on assets (ROA) greater than 0

close -18.2%

Operating cash flow greater than 0

close -$2.57M

ROA greater than previous year

close -18.2% ≤ -10.3%

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

close -23.3% ≤ -18.2%

Leverage ratio lower than previous year

check 0.0% < 0.1%

Current ratio greater than previous year

close 0.7% ≤ 4.0%

No new common stock issued last year

close $2.72M

Gross margin greater than previous year

close 0.0% ≤ 0.0%

Asset turnover greater than previous year

close 0.0% ≤ 0.0%

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.