Piotroski F-Score Calculator
The Piotroski F-Score grades a company's financial health on a simple 0 to 9 scale using nine yes or no tests drawn from its income statement, balance sheet, and cash flow statement. Created by Joseph Piotroski in 2000, it was designed to separate strong from weak firms within a pool of value stocks. Enter 1 for each test the firm passes and 0 for each it fails. This calculator sums the nine signals across profitability, leverage and liquidity, and operating efficiency, then reports the total score and a strength band.
Piotroski F-Score formula
F-Score = sum of the nine binary tests
Each passed test scores 1, each failed test scores 0
Maximum score = 9, minimum score = 0
The nine signals cover profitability (4 tests), leverage and liquidity (3 tests), and operating efficiency (2 tests). Bands: 7 to 9 strong, 4 to 6 moderate, 0 to 3 weak.
Using the F-Score
- The score was introduced in Joseph Piotroski's 2000 study of value investing returns.
- Each test is equally weighted and strictly binary: a firm either passes or fails.
- Enter only 1 or 0 for each criterion based on the firm's reported financials.
- High scores (8 to 9) indicate improving, financially sound firms.
- The F-Score ignores valuation, so pair it with a valuation screen.
Piotroski F-Score: frequently asked questions
What is the Piotroski F-Score?
The Piotroski F-Score is a 9-point scale created by accounting professor Joseph Piotroski in 2000 to measure a firm's fundamental financial strength. Each of nine binary tests across profitability, leverage and liquidity, and operating efficiency scores one point if passed, giving a total from 0 to 9.
What are the nine F-Score tests?
Profitability: positive net income, positive operating cash flow, higher return on assets than last year, and operating cash flow exceeding net income. Leverage and liquidity: lower long-term debt ratio than last year, higher current ratio, and no new shares issued. Operating efficiency: higher gross margin and higher asset turnover than last year.
What is a good F-Score?
A score of 8 or 9 indicates strong fundamentals, while 0 to 2 signals weakness. Piotroski's research found that, within value stocks, high-scoring firms tended to outperform low-scoring firms. The score is a screening signal, not a guarantee of returns.
How does this calculator work?
Each of the nine criteria is a yes or no toggle. Enter 1 if the firm passes the test and 0 if it fails, based on its financial statements. The calculator sums the nine answers to produce the total F-Score and reports the strength band.
What are the limits of the F-Score?
The F-Score uses backward-looking accounting data and treats all nine signals as equally weighted binary flags. It does not consider valuation, industry context, or future prospects directly. Use it as one screen within a broader analysis rather than a standalone buy or sell rule.
Official sources
- U.S. Securities and Exchange Commission: How to read a financial statement.
- U.S. Securities and Exchange Commission: Financial statements.
Reviewed by the CalculatorHub team, edited by James Graham, 16 June 2026. See our methodology.