What Is the Piotroski F-Score?
The Piotroski F-Score is Joseph Piotroski's 9-criterion quality checklist; we drop the 'no new share issuance' criterion due to data limits (max 8). It answers 'is there year-over-year improvement?' across profitability, leverage/liquidity, and operating efficiency.
6 min read
How to read
- The large number at the top is the total score (e.g. 6/8); below it sits a Strong / Moderate / Weak band badge.
- The horizontal bar shows fill percentage in color (green/yellow/red).
- Below, the 8 criteria are listed individually: ✓ (passed), ✗ (failed), — (no data). On the right you may see a short detail (e.g. 'ROA positive').
- For context, the header shows the period as '2024 → 2025' — this is a YoY comparison.
Threshold ranges
- 7 – 8Strong quality — improving profitability and solid structure.
- 4 – 6Moderate — improving on some criteria, deteriorating on others.
- 0 – 3Weak — most core quality criteria are deteriorating.
Watch out for
- F-Score is most powerful for small-cap value names; mega-cap growth companies can score persistently low because they're already at a high base, leaving little room to improve.
- It measures 'YoY improvement'; even a great company can score low if it relatively worsens vs. last year. Don't conflate it with absolute quality.
- Not a standalone buy/sell signal; combine with Health Score and Valuation.
Sector note
Academic research found the F-Score strategy historically beat the market on small-cap, low-P/B stocks; the same edge doesn't show up in tech and growth names.
Try on live data
See these metrics on real US stocks: