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The
Piotroski F-score is a method invented or thought up a few decades ago. Since realities are no longer what they were when it was conceived, it can happen that this strategy, although effective, suffers from some shortcomings. First, it is a strategy that only compares a company's results in one
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The highest possible
Piotroski score is 9 and the lowest is 0. Higher the score better the value of the company's stock. F-score of 8–9 is considered to be strong. Alternatively, firms achieving the F-score of 0–2 are considered to be weak.
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year to those of the previous year. This makes it difficult to apply in cyclical sectors or during particular periods such as during health crises that affect the profitability of all sectors (e.g. the Covid-19 pandemic in 2020).
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Average value of
Piotroski F-score can be different in different branches of economy (e.g. manufacturing, finance, etc.). This should be taken into consideration when comparing companies with different specializations.
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The score is calculated based on the data from financial statement of a company. A company gets 1 point for each met criterion. Summing up of all achieved points gives
Piotroski F-score (number between 0 and 9).
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is a number between 0 and 9 which is used to assess strength of company's financial position. The score is used by financial
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Change in Return of Assets (ROA) (1 point if ROA is higher in the current year compared to the previous one, 0 otherwise);
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293:"Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers"
112:(long-term) ratio (1 point if the ratio is lower this year compared to the previous one, 0 otherwise);
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86:(1 point if Operating Cash Flow/Total Assets is higher than ROA in the current year, 0 otherwise);
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265:"The Piotroski F-Score: Reviewing Joseph Piotroski's accounting-based value investing screen"
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151:(1 point if it is higher in the current year compared to the previous one, 0 otherwise);
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Some improvements to the
Piotroski F-score were suggested in Alpha Architect and
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310:"Value Investing Research: Simple Methods to Improve the Piotroski F-Score"
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Le
Piotroski F-Score : Outil D’un Investisseur Intelligent En Bourse
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70:(ROA) (1 point if it is positive in the current year, 0 otherwise);
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The score is calculated based on 9 criteria divided into 3 groups.
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Some adjustments that were done in calculation of the required
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337:"AAII: The American Association of Individual Investors"
298:. The University of Chicago Graduate School of Business.
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30:(nine being the best). The score is named after
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196:American Association of Individual Investors
16:Numerical assessment of a company's finances
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97:Leverage, Liquidity and Source of Funds
291:Piotroski, Joseph D. (January 2002).
159:are discussed in the original paper.
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244:FPI - Fundamental Power Index
367:Conseil Boursier Gratuit -
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26:in order to find the best
386:Financial risk management
122:Change in the number of
229:Magic formula investing
198:(AAII) official blogs.
42:Calculation procedure
34:accounting professor
224:Fundamental analysis
149:Asset Turnover ratio
131:Operating Efficiency
391:Valuation (finance)
20:Piotroski F-score
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316:. 2015-05-05
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142:Gross Margin
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189:Other notes
380:Categories
347:2017-01-19
320:2017-01-19
274:2022-03-08
250:References
147:Change in
140:Change in
115:Change in
108:Change in
73:Operating
75:Cash Flow
24:investors
203:See also
110:Leverage
84:Accruals
32:Stanford
180:Limits
124:shares
296:(PDF)
239:TMAI
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