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Piotroski F-Score Calculator

Score a company from 0 to 9 on Joseph Piotroski’s nine accounting tests — profitability, leverage, liquidity, dilution and efficiency — from two years of income statement and balance sheet figures.

Net income — this year
Net income — last year
Cash flow from operations — this year
Total assets — this year
Total assets — last year
Long-term debt — this year
Long-term debt — last year
Current assets — this year
Current assets — last year
Current liabilities — this year
Current liabilities — last year
Shares outstanding — this year (millions)
Shares outstanding — last year (millions)
Revenue — this year
Revenue — last year
Gross profit — this year
Gross profit — last year
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How it works

One point each: ROA > 0 · operating cash flow > 0 · ROA higher than last year · cash flow from operations > net income · long-term debt ÷ total assets lower · current ratio higher · no increase in shares outstanding · gross margin higher · asset turnover (revenue ÷ total assets) higher · F-Score = sum (0–9)

Accounting professor Joseph Piotroski designed the F-Score in 2000 to separate strong from weak companies among cheap, high book-to-market stocks. Nine simple yes/no tests cover profitability, balance-sheet strength and operating efficiency; in his study, buying high scorers (8–9) and shorting low scorers (0–1) earned about 23% a year more than the market from 1976 to 1996. This version uses year-end total assets for ROA and asset turnover; Piotroski’s paper used beginning-of-year assets, which can change a borderline test.

Worked example

With net income rising from 100 to 120 on assets of 950 and 1,000, ROA is positive and up (10.53% → 12.00%), operating cash flow of 150 is positive and above net income, debt to assets fell (24.21% → 20.00%), the current ratio rose (1.50 → 1.60), gross margin rose (39.00% → 40.00%) and asset turnover rose (1.053 → 1.100). Only the share test fails because shares grew from 100 to 102 million, so the score is 8 / 9 — strong.

Sources: Piotroski (2000) — Value Investing: The Use of Historical Financial Statement Information, Journal of Accounting Research · Investopedia — Piotroski Score

Frequently asked questions

What is a good Piotroski F-Score?

8 or 9 is strong, 0 to 2 is weak. Piotroski found the gap in returns between those groups was largest among value stocks with a high book-to-market ratio.

Does the F-Score work for every company?

It was built for value stocks and works less well for banks, insurers and young growth companies, whose accounts do not fit tests such as current ratio and gross margin.

Why is cash flow above net income a good sign?

Earnings backed by cash are of higher quality. When profit runs far ahead of operating cash flow, it is often driven by accruals that later reverse.

Why do new shares cost a point?

Issuing equity can signal that the company cannot fund itself internally, and it dilutes existing shareholders.

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Educational estimate, not investment, trading or tax advice. Brokers, exchanges and data providers use their own conventions, fees and figures — confirm with your broker, the exchange’s documentation or a licensed adviser before acting.