Piotroski F-Score Calculator

What Is the Piotroski F-Score?

The Piotroski F-Score is a 9-point scoring system developed by Stanford accounting professor Joseph Piotroski in his 2000 paper “Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers.” It evaluates a company's financial health across three dimensions: profitability, leverage/liquidity, and operating efficiency.

Each of the nine criteria earns either 1 (pass) or 0 (fail), producing a total score from 0 to 9. Piotroski's research showed that buying high-scoring stocks (7-9) and shorting low-scoring ones (0-3) generated an annual return premium of 23% between 1976 and 1996.

What makes the F-Score unique is that it measures direction of change, not absolute levels. A company doesn't need to be the most profitable — it just needs to be improving. This means a company recovering from a bad year can score higher than a dominant market leader whose metrics are plateauing.

When to Use F-Score vs Graham Number vs Intrinsic Value

Use them together: Start with the F-Score to filter out financially deteriorating companies. Then use the Graham Number for a quick sanity check on valuation. Finally, run a full Intrinsic Value calculation on your best candidates.

The F-Score Is Free Here. Other Sites Charge $240–449/Year.

Sites like GuruFocus ($449/year), Finbox ($240/year), and Stock Rover ($275/year) lock the Piotroski F-Score behind expensive paywalls. The calculation uses only publicly available data from financial statements. There is no reason this tool should cost hundreds of dollars per year.

At Poor Man's Stock Analysis, we believe fundamental analysis tools should be accessible to every investor, not just those who can afford premium subscriptions. That's why our F-Score calculator is 100% free, with no account required, no data limits, and no hidden upsells.

Common Mistakes When Using the F-Score

1. Using it for growth stocks. The F-Score was designed for value stocks (high book-to-market). Growth companies that are heavily investing often score low because their assets grow faster than their income — see Meta's 5/9 score above.
2. Ignoring the individual criteria. A score of 5 from passing all profitability tests but failing leverage tests tells a different story than a 5 from the opposite pattern. Always look at which criteria passed and failed.
3. Using it as a standalone buy signal. Piotroski himself stressed that the F-Score works best as a filter within a value strategy, not as a complete investment system. High F-Score + cheap valuation = the sweet spot.
4. Comparing across industries. Capital-intensive businesses naturally have different leverage and asset turnover profiles than asset-light businesses. Compare F-Scores within the same industry.
5. Not checking the data period. The F-Score compares the most recent fiscal year to the prior year. Always verify which fiscal years you're comparing.

Frequently Asked Questions

Can I use the F-Score for any stock?

Yes, but it was specifically designed for value stocks — companies trading at low prices relative to book value. It is most predictive for small-cap and mid-cap value stocks. For large-cap growth stocks, the F-Score may flag “issues” that are actually intentional growth investments.

How often should I recalculate the F-Score?

Recalculate after each annual earnings report (10-K filing). The F-Score uses annual data, not quarterly. Most companies file their 10-K within 60–90 days of fiscal year end.

What is a “good” F-Score?

Piotroski's original research showed that stocks scoring 8-9 significantly outperformed those scoring 0-1. Generally: 7-9 is strong, 4-6 is average/mixed, and 0-3 signals financial deterioration. But context matters — always investigate why a company scored what it did.

Does the F-Score predict stock price?

Not directly. It predicts financial health trajectory, which historically correlates with stock returns for value stocks. A high F-Score means the company's fundamentals are improving, which tends to eventually be reflected in the stock price. But timing is unpredictable.

Where do I find the data to calculate the F-Score?

All nine data points come from standard financial statements: the Income Statement (net income, revenue, gross profit), Balance Sheet (total assets, long-term debt, current assets/liabilities, shares outstanding), and Cash Flow Statement (operating cash flow). Free sources include SEC EDGAR, StockAnalysis.com, and Yahoo Finance.

Pre-loaded examples use data from StockAnalysis.com as of March 2026. For the most current analysis, enter the latest figures from a company's most recent 10-K filing.