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)

6 / 9

Return on assets (ROA) greater than 0

check 6.7%

Operating cash flow greater than 0

check $370.18M

ROA greater than previous year

close 6.7% ≤ 26.7%

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

check 10.8% > 6.7%

Leverage ratio lower than previous year

check 26.9% < 27.0%

Current ratio greater than previous year

check 143.9% > 130.8%

No new common stock issued last year

close $26.51M

Gross margin greater than previous year

close 54.8% ≤ 56.2%

Asset turnover greater than previous year

check 38.6% > 36.2%

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.