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Stock

IBM

Calculate

Piotroski F Score
Piotroski
Piotroski
Piotroski
Piotroski
Piotroski
Piotroski
Piotroski
Piotroski
Piotroski

1:
2:
3:
4:
5:
6:
7:
8:
9:

Net Income
Operating Cash Flow
Return on Assets
Quality of Earnings
LT Debt vs Assets
Current Ratio
Shares Outstanding
Gross Margin
Asset Turnover

2012

2013

2014

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1
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0
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1
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1

1
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The 3 Most Profitable Piotroski Criteria


http://www.oldschoolvalue.com/blog/investing-strategy/profitable-piotroski-score/

Piotroski Score

A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm'
position. The Piotroski score is used to determine the best value stocks, nine being the best. The
named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to sp
found in the financial statements. For every criteria (below) that is met the company is given one
not met, then no points are awarded. The points are then added up to determine the best value s

Profitability
*
*
*
*

Positive return on assets in the current year (1 point)


Positive operating cash flow in the current year (1 point)
Higher return on assets (ROA) in the current period compared to the ROA in the previous year
Cash flow from operations are greater than ROA (1 point)

Leverage, Liquidity and Source of Funds

* Lower ratio of long term debt to in the current period compared value in the previous year (1
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)

Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)

http://www.oldschoolvalue.com

ermine the strength of a firm's financial


cks, nine being the best. The score was
ised the scale according to specific criteria
met the company is given one point, if it is
to determine the best value stocks.

the ROA in the previous year (1 point)

value in the previous year (1 point)


point)

point)

Enter Data Into Yellow Cells ONLY. Press F9 to Update


Year
Net Income
Total Assets

2012
$
$

ROA

2013

3.21
1,301.72

$
$

0.2%

4.55
1,357.17

0.3%

Cash from Operations

LT Debt
LT Debt/Total Assets

1.90

1.15

Current Assets
Current Liabilities
Current Ratio

$
$

125.08
41.50
3.01

$
$

131.03
49.14
2.67

Net Income From Total Operations


Fully Diluted EPS
Shares outstanding

$
$

Revenues
Gross Income
Gross Margin

$
$

Asset Turnover

(35.36) $

11.73 $
0.01 $
225.44
105.41
43.96
41.7%

$
$

0.08

46.11

9.31
0.02
225.35
145.00
48.71
33.6%
0.11

Piotroski Calcaulation
Piotroski 1: Net Income
Piotroski 2: Operating Cash Flow
Piotroski 3: Return on Assets
Piotroski 4: Quality of Earnings
Piotroski 5: LT Debt vs Assets
Piotroski 6: Current Ratio
Piotroski 7: Shares Outstanding
Piotroski 8: Gross Margin
Piotroski 9: Asset Turnover
Piotroski F Score

2012
1
0
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0
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2013
1
1
1
1
0
0
1
0
1
6

o Update
2014
$
$

6.95
1,286.76

0.5%

2015
2016
$
8.08 $
17.24
$ 1,286.46 $ 1,447.21
1%
1%

95.61

123.53

156.86

1.51

0.72

0.72

$
$

131.61
36.86
3.57

$
$

133.05
32.81
4.06

$
$

191.41
82.28
2.33

$
$

$
$

13.22 $
0.03 $
225.35
119.51
41.39
34.6%

$
$

12.70 $
0.04 $
225.35
128.02
40.93
32%

$
$

30.09
0.07
225.35
249.34
79.14
32%

0.09

0.10

0.17

2014
1
1
1
1
0
1
1
1
0
7

2015
1
1
1
1
0
1
1
0
1
7

2016
1
1
1
1
0
0
1
0
1
6

Average
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