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Piotroski F-Score

Alpha Finance Academy

F-Score

Alpha Finance Academy

Piotroski F-Score

/9
WORST BEST
0
1
2
3
4
5
6
7
8
9
Weak
Stable
Strong
Profitability
Current ROA
Cash Flow Return on Assets
Change in Return on Assets
Quality of Earnings (Accrual)
Funding
Change in Leverage
Change in Working Capital
Shares Issue
Efficiency
Change in Gross Margin
Change in Asset Turnover

Definition

The Piotroski F-Score, developed by accounting professor Joseph Piotroski, evaluates a company's financial strength using nine criteria across profitability, leverage, and operational efficiency. Each criterion scores 1 (pass) or 0 (fail) — the total ranges from 0 to 9. A strategy of buying value stocks with high F-Scores has historically outperformed the market by an average of about 7.5–11% annually.

Strong8 – 9
Stable5 – 7
Weak3 – 4
Very Weak0 – 2
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