Piotroski F-Score Calculator
9 balance-sheet signals of fundamental strength - enter the values, the signals are checked automatically.
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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
Piotroski (2000): value stocks scoring ≥ 7 beat the market decisively. The 9 signals: profitability (4), leverage/liquidity (3), efficiency (2).
The Piotroski F-Score sums up a company's fundamental health in a single number from 0 to 9. Each passed balance-sheet signal scores one point. The higher the score, the sounder its profitability, leverage and efficiency.
How the formula works
Nine yes/no tests from three areas: profitability (4), leverage and liquidity (3), and efficiency (2). Each signal met scores one point.
Example: A firm is profitable, cuts debt and lifts its margin, it passes 8 of the 9 tests. F-Score = 8, fundamentally strong.
How to read the result
- 7 to 9: fundamentally strong.
- 5 to 6: decent.
- 0 to 4: weak, caution.
What to watch out for
- The score measures the trend in fundamentals, not valuation, a strong firm can still be expensive.
- Piotroski built it for cheap value stocks; on pricey growth names it says less.
- A single year can mislead through one-off effects.
To find stocks with a high F-Score, use the Piotroski F-Score screener, each with its fair value.