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Piotroski F-Score Calculator Formula Breakdown
Positive Net Income (1), Positive Operating Cash Flow (1), CFO > Net Income (1), and Positive ROA (1).
Decreasing Long-Term Debt (1), Increasing Current Liquidity (1), and No Share Dilution (1).
Expanding Gross/Operating Margin (1) and Accelerating Asset Turnover (1).
How to Calculate Piotroski F-Score Step-by-Step
Gather trailing balance sheet, income statement, and cash flow statement data.
Run the 4 profitability tests: positive net income, positive CFO, CFO exceeding net income, and positive ROA.
Run the 3 capital structure tests: debt ratio control, liquidity buffer, and lack of equity dilution.
Run the 2 operational efficiency tests: margin health and asset turnover ratio.
Sum total points to produce the 0-9 Piotroski F-Score rating.
How to Interpret the Result
Frequently Asked Questions
What is the Piotroski F-Score?
Developed by Stanford accounting professor Joseph Piotroski in 2000, the F-Score is a discrete 9-point score that measures the financial strength of a firm based on 9 specific accounting signals.
What is considered a good Piotroski score?
A score of 7, 8, or 9 is considered very strong. In academic studies, buying high F-score value stocks while shorting low F-score stocks generated 23% annualized excess returns over two decades.
Can high-growth tech stocks score 9/9?
Yes! High-growth profitable tech giants like Apple, Google, and Nvidia frequently score 8 or 9 out of 9 due to massive operating cash flows and pristine balance sheets.
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