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 -27.7%

Operating cash flow greater than 0

close -$51.88M

ROA greater than previous year

close -27.7% ≤ -11.6%

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

check -13.5% > -27.7%

Leverage ratio lower than previous year

check 1.2% < 1.4%

Current ratio greater than previous year

check 823.2% > 568.5%

No new common stock issued last year

check -$1.99M

Gross margin greater than previous year

close 34.1% ≤ 38.8%

Asset turnover greater than previous year

close 15.2% ≤ 20.9%

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.