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)

5 / 9

Return on assets (ROA) greater than 0

close -11.8%

Operating cash flow greater than 0

close -$2.90M

ROA greater than previous year

check -11.8% > -12.0%

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

check -7.1% > -11.8%

Leverage ratio lower than previous year

close 79.8% ≥ 64.5%

Current ratio greater than previous year

close 107.3% ≤ 137.9%

No new common stock issued last year

check $0.00

Gross margin greater than previous year

check -11.6% > -95.0%

Asset turnover greater than previous year

check 19.1% > 15.0%

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.