Piotroski F-score
Score a company from 0 to 9 on whether its profitability, balance sheet and efficiency improved over the last year, to separate recovering cheap stocks from failing ones.
Runs entirely in your browserRuns entirely on your device — nothing you type is sent anywhere. Educational only, and not investment advice.
How to use this calculator
Each step names a control you will find on screen above.
- Net profit
Profit after tax this year and last year, in ₹ crore. Used for the positive-profit test and, with total assets, for return on assets.
- Total assets
Total assets at each year end. Return on assets, leverage and asset turnover are all measured against them.
- Long-term debt
Long-term borrowings at each year end. The test passes if debt fell as a share of total assets.
- Revenue
Revenue from operations for each year, used for asset turnover — revenue divided by total assets.
- Current ratio
Current assets divided by current liabilities at each year end. A rise passes.
- Gross margin
Gross profit as a percentage of revenue for each year. A rise passes.
- Shares outstanding
The share count at each year end. The test passes if no new shares were issued.
- Operating cash flow — this year
Cash from operations this year. It must be positive, and it must exceed net profit.
Worked example: An improving manufacturer that issued shares
A company’s profit rose from ₹700 crore to ₹820 crore on assets up from ₹8,600 crore to ₹9,000 crore. Operating cash flow was ₹1,050 crore. Long-term debt fell from ₹1,700 crore to ₹1,500 crore, the current ratio rose from 1.5 to 1.6, revenue rose from ₹6,800 crore to ₹7,400 crore — but it issued one crore new shares and its gross margin slipped from 37% to 36.5%.
What to enter
- Net profit — this year / last year
- ₹820 Cr / ₹700 Cr
- Total assets — this year / last year
- ₹9,000 Cr / ₹8,600 Cr
- Long-term debt — this year / last year
- ₹1,500 Cr / ₹1,700 Cr
- Revenue — this year / last year
- ₹7,400 Cr / ₹6,800 Cr
- Current ratio — this year / last year
- 1.6× / 1.5×
- Gross margin — this year / last year
- 36.5% / 37%
- Shares outstanding — this year / last year
- 51 Cr / 50 Cr
- Operating cash flow — this year
- ₹1,050 Cr
What it shows you
- F-score
- 7 / 9
- Profitability
- 4 / 4
- Leverage & liquidity
- 2 / 3
- Efficiency
- 1 / 2
Where this is taught
A calculator gives you a number. These explain what the number means and when it misleads you.
- Fundamental Analysis10 minThe Piotroski F-score: nine tests of qualityA nine-point checklist that separates improving businesses from deteriorating ones, using only the financial statements. What each test checks, what a strong score means, and how to use it.
- Risk & Psychology11 minBorrowed money, and why it changes the arithmeticLeverage multiplies the outcome without improving your accuracy, and it hands somebody else the right to decide when you exit.
- Market Basics12 minFutures and options, explained honestlyWhat derivatives are, why they exist, how leverage actually works — and the SEBI data on what happens to retail traders who use them.
- Market Basics12 minMargin, pledging and the real cost of leverageMTF, pledging your holdings and intraday leverage all rent you money. What that rent actually costs, and why the same 10% fall behaves completely differently once you have borrowed.
- Technical Analysis10 minRisk parity: balance the risk, not the moneyA 60/40 portfolio is not 60/40 in risk — equities dominate almost all of it. Risk parity sizes holdings so each contributes equal risk, and why that idea both helps and hides a catch.