Piotroski F-Score Calculator
Score a stock's financial health across 9 criteria: profitability, leverage, and operating efficiency.
Scores of 7-9 indicate strong fundamentals.
The Piotroski F-Score
The Piotroski F-Score is a 9-point scoring system developed by Stanford accounting professor Joseph Piotroski in 2000. It measures the overall financial strength of a company using publicly available accounting data. Each criterion is binary: 1 point if the condition is met, 0 if not. The total score ranges from 0 (weakest) to 9 (strongest).
Three categories with 9 criteria:
Profitability (4 points):
| Criterion | Condition |
|---|---|
| P1, ROA | Net income / total assets > 0 |
| P2, OCF | Operating cash flow is positive |
| P3, ROA trend | ROA improved versus last year |
| P4, Accruals | Cash from operations exceeds net income |
Leverage and Liquidity (3 points):
| Criterion | Condition |
|---|---|
| L1, Leverage | Long-term debt ratio decreased |
| L2, Liquidity | Current ratio improved |
| L3, Dilution | No new shares issued this year |
Operating Efficiency (2 points):
| Criterion | Condition |
|---|---|
| E1, Gross margin | Gross margin improved versus last year |
| E2, Asset turnover | Asset turnover ratio improved |
Interpreting the score:
| Score | Signal |
|---|---|
| 8 – 9 | Strong, high-quality financials, potential buy signal |
| 6 – 7 | Above average, solid fundamentals |
| 4 – 5 | Neutral, mixed results |
| 2 – 3 | Weak, multiple financial concerns |
| 0 – 1 | Very weak, avoid or short candidate |
How to use it:
Piotroski designed the score to work best when combined with a value screen. Start with low P/B stocks (typically below 1.0), then filter for F-Scores of 7 or higher. This eliminates financially distressed cheap stocks and keeps only strong ones.
Limitations:
The score is backward-looking and uses annual report data. It works best for traditional asset-heavy businesses, not for growth companies with negative earnings. Always verify raw data from annual filings — the score is only as good as the inputs.
How we build and check this calculator
This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
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