This calculator implements the original nine Piotroski signals across profitability, leverage & liquidity, and operating efficiency. Each test is binary—1 (pass) or 0 (fail)—yielding a total score from 0 to 9. Scores 7–9 indicate strong financial health, 4–6 average, 0–3 weak. Enter two years of inputs (NI, CFO, Total Assets, Long-Term Debt, Current Assets/Liabilities, Shares, Revenue, Gross Profit) to get the score, pass/fail breakdown, and a quick interpretation. Note: Screening tool—use alongside your own research; not investment advice.
Free financial calculator
Piotroski F-Score Calculator
9 balance-sheet signals of fundamental strength — enter the values, the signals are checked automatically.
Inputs
Net income
Also called: Net profit, earnings, bottom line
Where to find it: Income statement, very last line.
How to derive: Revenue − all costs, interest and taxes.
Operating cash flow
Also called: OCF, cash from operations
Where to find it: Cash-flow statement, first section.
How to derive: Net income + non-cash items ± change in working capital.
%
Return on assets
Also called: ROA
Where to find it: Stats page, or compute it.
How to derive: Net income ÷ total assets × 100.
%
Return on assets
Also called: ROA
Where to find it: Stats page, or compute it.
How to derive: Net income ÷ total assets × 100.
Total debt
Also called: Interest-bearing debt, borrowings
Where to find it: Balance sheet: short-term + long-term borrowings (bonds, loans).
How to derive: Add short-term and long-term interest-bearing debt.
Total debt
Also called: Interest-bearing debt, borrowings
Where to find it: Balance sheet: short-term + long-term borrowings (bonds, loans).
How to derive: Add short-term and long-term interest-bearing debt.
Current ratio
Also called: Liquidity ratio
Where to find it: Compute from the balance sheet.
How to derive: Current assets ÷ current liabilities. >1 = liquid.
Current ratio
Also called: Liquidity ratio
Where to find it: Compute from the balance sheet.
How to derive: Current assets ÷ current liabilities. >1 = liquid.
Shares outstanding
Also called: Share count
Where to find it: Stock overview page or balance-sheet notes.
How to derive: Market cap ÷ share price (as a rough check).
Shares outstanding
Also called: Share count
Where to find it: Stock overview page or balance-sheet notes.
How to derive: Market cap ÷ share price (as a rough check).
%
Margin
Also called: Profit margin (gross/net)
Where to find it: Income statement: respective profit ÷ revenue.
How to derive: Gross margin = gross profit ÷ revenue; net margin = net income ÷ revenue.
%
Margin
Also called: Profit margin (gross/net)
Where to find it: Income statement: respective profit ÷ revenue.
How to derive: Gross margin = gross profit ÷ revenue; net margin = net income ÷ revenue.
Asset turnover
Also called: Asset turnover ratio
Where to find it: Compute from income statement + balance sheet.
How to derive: Revenue ÷ total assets. Higher = more efficient.
Asset turnover
Also called: Asset turnover ratio
Where to find it: Compute from income statement + balance sheet.
How to derive: Revenue ÷ total assets. Higher = more efficient.
Result — live
F-Score (0–9)
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Piotroski (2000): value stocks scoring ≥ 7 beat the market decisively. The 9 signals: profitability (4), leverage/liquidity (3), efficiency (2).
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Piotroski F Score Calculator
Piotroski F-Score: A 9-Point Test of Financial Strength—7 or Above is a Good Sign
Piotroski Calculator Light
Profitability:
Leverage:
Operating Cash Flow:
The Piotroski F Score Calculator is a tool designed to assess the financial strength and performance of a company based on specific accounting metrics. Named after its creator, Joseph Piotroski, a finance professor at the University of Chicago, the F Score evaluates various fundamental indicators to determine the overall health and potential for improvement of a company.
The calculator typically considers nine financial metrics, including profitability, leverage, liquidity, and operating efficiency, among others. Each metric is assigned a score based on predetermined criteria, with higher scores indicating stronger financial performance and lower risk.
By inputting relevant financial data into the calculator, you can generate an F Score that quantifies the company’s financial condition. This score serves as a valuable tool for investors and analysts seeking to make informed decisions about investing in or assessing the health of a company.
It simplifies the evaluation process by automating the calculation of this composite score, providing you with a quick and convenient way to gauge a company’s financial strength and potential for future growth.
The Piotroski F-Score is a financial scoring system developed by Stanford professor Joseph Piotroski to measure the financial strength of a company. It is based on nine fundamental criteria across three categories:
Profitability (e.g., return on assets, operating cash flow)
Leverage, Liquidity, and Source of Funds (e.g., debt levels, current ratio)
Operating Efficiency (e.g., gross margin, asset turnover)
Each criterion scores either 1 (pass) or 0 (fail), so the total score ranges from 0 to 9.
High scores (7–9) indicate strong financial health and often signal undervalued companies worth further analysis.
Mid-range scores (4–6) suggest average financial strength.
Low scores (0–3) may indicate financial weakness and higher risk.
In value investing, a Piotroski Score of 7 or above is generally considered good.
Piotroski F-Score Calculator — Pro Version
Nine accounting signals, one clear score (0–9). 7+ is considered strong.
Piotroski F-Score (Professional 9/9)
Nine accounting signals across profitability, leverage & liquidity, and efficiency.
Profitability
Net Income — Current Year
Same units as CFO (e.g., million €).
Net Income — Prior Year
Operating Cash Flow — Current Year
Total Assets — Current Year
ROA uses avg((TA_t + TA_t-1)/2).
Total Assets — Prior Year
Leverage & Liquidity
Long-Term Debt — Current Year
Long-Term Debt — Prior Year
Current Assets — Current Year
Current Assets — Prior Year
Current Liabilities — Current Year
Current Liabilities — Prior Year
Shares Outstanding — Current Year
In millions or same units as prior year.
Shares Outstanding — Prior Year
Operating Efficiency
Revenue (Sales) — Current Year
Revenue (Sales) — Prior Year
Gross Profit — Current Year
Gross Profit — Prior Year
Please fill all fields with valid numbers. Revenue and Current Liabilities must be non-zero.
Enter values and click Calculate to compute the 9-point Piotroski F-Score.
Method notes
- ROA uses avg assets for current year: (TA_t + TA_t-1)/2; prior ROA approximated with TA_t-1.
- Leverage = LTD / TA · Current Ratio = CA / CL · Gross Margin = GP / Sales · Asset Turnover = Sales / avg assets.
- No equity issuance = Shares_t ≤ Shares_t-1.
- Binary scoring: pass = 1, fail = 0; total 0–9.
Interpretation: 8–9 very strong · 7 strong · 4–6 average · 0–3 weak.
FAQ: Piotroski F-Score
A simple 0–9 checklist that flags financial strength using nine accounting signals. Great to pair with value screens.
What is the Piotroski F-Score?
It’s a 0–9 score that sums nine yes/no tests on profitability, leverage/liquidity and operating efficiency to judge basic financial health.
Which nine signals are used?
- Profitability: Net income > 0; Operating cash flow > 0; ROA improved year over year; Cash flow > Net income (quality of earnings).
- Leverage/Liquidity: Leverage (long-term debt/asset ratio) decreased; Current ratio improved; No new shares issued.
- Operating efficiency: Gross margin improved; Asset turnover improved.
How do I read the score?
- 8–9: very strong fundamentals
- 5–7: average/okay
- 0–4: potential weakness—dig deeper
What period does the tool compare?
Signals are evaluated year over year (latest fiscal year versus the prior year). Keep definitions consistent when you review filings.
How should I use F-Score with other tools?
- Screen for cheap stocks in the Stock Screener.
- Filter by F-Score (e.g., ≥7) to avoid weak balance sheets.
- Value finalists on Stock Valuation or with a DCF.
Limitations I should know about
- Works best for non-financial companies; banks/insurers use different balance-sheet logic.
- YoY “improvements” can be cyclical or due to one-offs—cross-check.
- Share-count changes from mergers/options can affect the “no issuance” test.
Quick checklist before trusting the score
- Use the same currency and fiscal period for both years.
- Ignore clear one-offs when judging profitability and margins.
- Confirm leverage and share-count from the notes to the accounts.
What’s a simple workflow on this page?
- Run your universe through the F-Score.
- Keep candidates with 7–9; review 5–6 if valuation is compelling.
- Proceed to valuation and position sizing; manage diversification in the Portfolio Manager.