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 -46.3%

Operating cash flow greater than 0

close -$1.12M

ROA greater than previous year

close -46.3% ≤ -45.5%

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

check -24.3% > -46.3%

Leverage ratio lower than previous year

close 3.8% ≥ 2.8%

Current ratio greater than previous year

close 419.8% ≤ 592.9%

No new common stock issued last year

close $2.02M

Gross margin greater than previous year

check 74.1% > 7.4%

Asset turnover greater than previous year

close 22.4% ≤ 45.8%

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.