What You Will Learn
- How to use the Piotroski F Score to search for investing opportunities
- How to know if a company is profitable by using a short checklist
Piotroski F Score Spreadsheet & Calculator
Manual input is required to calculate the final scores. The spreadsheet no longer uses the Excel plugin to grab data from the internet. Subscribe to our paid app and spreadsheet analyzer for automatic updates.
What is the Piotroski F Score?
The Piotroski F Score is a combination of 9 accounting checks to come up with a final score for the quality of the business. The Piotroski F Score is certainly a number you want to consider when searching for investment opportunities.
Here is another description of the Piotroski F Score.
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm’s financial position. The Piotroski score is used to determine the best value stocks, nine being the best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks. (Investopedia)
There are 3 main components to the Piotroski F Score:
The first four criteria of the Piotroski Score count towards the profitability.
1. Positive net income compared to last year (1 point)
2. Positive operating cash flow in the current year (1 point)
3. Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
4. Cash flow from operations greater than Net Income (1 point)
Leverage, Liquidity and Source of Funds
Points 5-7 of the Piotroski Score, looks at the health of the balance sheet in teams of debt and the number of shares outstanding.
5. Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
6. Higher current ratio this year compared to the previous year (1 point)
7. No new shares were issued in the last year (1 point)
The last two factors of the Piotroski Score looks the operating efficiency.
8. A higher gross margin compared to the previous year (1 point)
9. A higher asset turnover ratio compared to the previous year (1 point)
How to Interpret the Piotroski F Score
But before I get into the analysis, just click on the image below to download a free Piotroski spreadsheet to help you pick fundamentally strong stocks. You’ll also get exclusive content and resources we don’t publish anywhere else.
Obviously, the higher the score, the better. A company that achieves a score of 9 is fundamentally very strong. Any company that has a score 8 and above is considered excellent.
Introducing the Free Piotroski F Score Spreadsheet
I’ve created a free Excel spreadsheet for you to calculate the Piotroski F Score for any company. This is a very basic version that calculates the last 3 years of Piotroski scores, along with how each score was totaled.
The limitation is that financial companies such as banks, REITs and insurance companies cannot be calculated with the Piotroski Score spreadsheet as their GAAP financial statement format is different.
Screenshot of what the Piotroski F Score spreadsheet looks like.
Simply enter the ticker into the yellow box and press calculate.
Piotroski F Score Excel Spreadsheet Requirements
- Windows ONLY. Not mac compatible.
- Requires Microsoft Excel 2003 and above
Installation Guide. Please Follow the Step by Step Instructions.
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