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

close -16.4%

Operating cash flow greater than 0

close -$3.20M

ROA greater than previous year

close -16.4% ≤ -13.9%

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

check -3.7% > -16.4%

Leverage ratio lower than previous year

close 1.7% ≥ 0.1%

Current ratio greater than previous year

close 13.8% ≤ 17.8%

No new common stock issued last year

close $8.17M

Gross margin greater than previous year

close 28.6% ≤ 0.0%

Asset turnover greater than previous year

check 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.