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Piotroski F-Score Calculator

Score any stock's financial health with the 9-point Piotroski system. Evaluates profitability, leverage, and operating efficiency — using only publicly available data from annual financial statements.

Try a pre-loaded example:

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Piotroski F-Score

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/ 9
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0/9 criteria scored — fill in more fields

—/4
Profitability
—/3
Leverage
—/2
Efficiency

Criteria Breakdown

Profitability

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F1Net Income

Enter Net Income

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F2Operating Cash Flow

Enter Operating Cash Flow

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F3Return on Assets (Change)

Enter Net Income, Total Assets (current & prior)

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F4Quality of Earnings

Enter Net Income & Operating Cash Flow

Leverage & Liquidity

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F5Long-Term Debt Ratio

Enter LT Debt & Total Assets (current & prior)

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F6Current Ratio (Change)

Enter Current Assets & Liabilities (current & prior)

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F7Share Dilution

Enter Diluted Shares (current & prior)

Efficiency

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F8Gross Margin (Change)

Enter Gross Profit & Revenue (current & prior)

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F9Asset Turnover (Change)

Enter Revenue & Total Assets (current & prior)

Use With Other Tools

📐 Graham Number Calculator →📊 DCF (Intrinsic Value) Calculator →🏷️ P/E Ratio Analyzer →

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 criterion 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 or least indebted — it just needs to be improving. This is why a money-losing company (like Snap above) can outscore a highly profitable one (like Meta).

F-Score Interpretation Guide

ScoreCategoryWhat It MeansInvestor Action
8–9StrongExcellent financial health across all dimensions.Fundamentals support a buy thesis. Combine with valuation.
7StrongVery good. Minor weakness in one area.Generally favorable. Investigate the failing criterion.
5–6AverageMixed signals. Some strengths, some concerns.Dig deeper. Don't rely on F-Score alone.
3–4AverageBelow average. Multiple warning signs.Proceed with caution. Understand why before investing.
0–2WeakSignificant financial deterioration.Major red flags. High probability of continued decline.

F-Score vs Graham Number vs Intrinsic Value

ToolBest ForMeasuresTimeframe
Piotroski F-ScoreScreening value stocks for financial health trendsDirection of change in 9 fundamental metricsYear-over-year comparison
Graham NumberQuick fair-value estimate for conservative investorsWhether current price is below a conservative intrinsic valuePoint-in-time snapshot
Intrinsic Value (DCF)Deep analysis of individual stocksPresent value of future cash flowsForward-looking projection

Use them together: Start with the F-Score to filter out financially deteriorating companies → Use the Graham Number for a quick valuation sanity check → Run a full DCF on your best candidates.

5 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 invest heavily often score low because their assets grow faster than income. See Meta's 5/9 score above — that's intentional AI investment, not deterioration.

2

Ignoring individual criteria

A score of 5 from passing all profitability tests tells a different story than a 5 from passing all leverage tests. Always look at which criteria passed and failed, not just the total.

3

Using it as a standalone buy signal

Piotroski himself stressed the F-Score works best as a filter within a value strategy, not a complete system. High F-Score + cheap valuation = the sweet spot.

4

Comparing across industries

Capital-intensive businesses (utilities, manufacturing) naturally have different leverage and asset turnover profiles than asset-light businesses (software). 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 you're using the correct fiscal year periods and that both years' 10-Ks have been filed.

Frequently Asked Questions

Can I use the Piotroski 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, a low F-Score may reflect intentional investment spending, not deterioration.
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" Piotroski F-Score?▼
Piotroski's original research showed 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. Context matters — always understand 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 fundamentals are improving, which tends to eventually reflect in 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: 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: SEC EDGAR, StockAnalysis.com, Yahoo Finance.
Why do other sites charge for this?▼
Sites like GuruFocus ($449/year), Finbox ($240/year), and Stock Rover ($275/year) lock the Piotroski F-Score behind paywalls. The calculation is straightforward — it only uses publicly available data. There is no reason this should cost hundreds of dollars per year. It's free here.

Data Freshness Note: 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. All figures should be in millions USD unless otherwise noted.