Piotroski F-score

Also called: f score, f-score, piotroski

Nine yes/no tests of a company's financial strength from its last two annual reports: profitable, cash-generating, improving margins and efficiency, less debt, no new shares.

Formula

F-score = number of the 9 tests passed (0–9)

Worked example

1. Example: profitable ✓, cash flow positive ✓, return on assets up ✓, cash flow above profit ✓, less debt ✓, current ratio up ✗, no new shares ✓, gross margin up ✓, asset turnover up ✗
2. 7 of 9 passed

Result: 7 / 9 (strong)

How to read it

7–9 strong, 4–6 average, 0–3 weak. Most useful for spotting which cheap-looking companies are genuinely healthy.

See it with real numbers: Any company page → (free account)