piotroski f score stocks

Piotroski observed that a model portfolio consisting of stocks with low price-book ratios and an F-Score of at least 8 or 9 outperformed the. More specifically, the objective of the paper is to determine whether the strategy, a combination of different value metrics with Piotroski's . Effectiveness of Piotroski F-Score for Finnish Stocks the effectiveness of financial statement data based stock picking on the Finnish stock market.

Piotroski f score stocks -

Piotroski F-Score: Investment strategy

Finrepo » Company's Financial Accounting » Financial Ratios: Formulas and Interpretation » Piotroski F-Score: Investment Strategy



How to identify the best value stocks?

Piotroski F-Score: Investment strategy

DEFINITION:

The Piotroski F-Score indicator (in Finnish, Piotroskin F-score sijoitusstrategia) is used to analyse a company's financial strength, and helps investors to determine the best-value stocks. This stock valuation method designed by American accounting professor Joseph Piotroski represents 9-point scoring system where nine is the best and zero is the worst score.

How to calculate:

The indicator is calculated based on the company’s accounting results in recent time periods (recent number of years). Piotroski F-score represents the sum of nine (9) individual criteria or aspects. Assessment is made separately for each criterion first. Every criterion can get either score of 0 or 1. If criterion is met the company is given one point (1), otherwise, there is no point is given (0).

Piotroski F-Score indicator calculation is based on 9 criteria divided into 3 groups (A, B, C):

    A. Profitability Parameters

  1. Positive Net Income in the current period (1 point)
  2. Positive Cash flow from operations in the current period (1 point)
  3. The current year's Return on assets (ROA) is higher when compared to the ROA of the previous year (1 point)
  4. Cash Flow from Operations exceeds Net income before extraordinary items (1 point)

  5. B. Funding Parameters

  6. A lower ratio (or equal) of long-term debt in the current period, compared to the value in the previous period (decreased Gearing or leverage) (1 point)
  7. A higher this year's Current ratio compared to the previous year's current ratio (increase in liquidity) (1 point)
  8. The smaller number (or same) of shares in issue this year compared to the number of shares in issue last year (lack of dilution) (1 point)

  9. C. Operating Efficiency Parameters

  10. A higher this year's Gross Margin compared to the previous year's gross margin (1 point)
  11. A higher this year's asset turnover ratio compared to the last year's asset turnover (1 point)

After all criteria has been calculated, the points are then added up to determine the final result.

RESULT INTERPRETATION:

The final result has to be between 0 and 9. The higher the score, the better a company's financial strength.

  • The best score: 9
  • Strong score: 8
  • Good or high score: 7
  • (7, 8, 9: Indicates very healthy situation of the company)

  • Average score: 4, 5, 6
  • (4, 5, 6: financial situation is typical for a stable company)

  • Bad or low score: 1, 2, 3
  • The worst score: 0
  • (Score lower than 3 indicates financially weak company; poor business operation; better to weed out of the portfolio)


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Источник: https://finrepo.fi/en/piotroski-f-score
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Piotroski F-Score back test

This article shows you the summarised results of all the back tests of the Piotroski F-Score investment strategy we could find.

What the Piotroski F-Score does

The Piotroski F-Score was developed by Professor Joseph D. Piotroski in his search for a ranking system that can increase the returns of a low price to book investment strategy.

I am not going to show you how the Piotroski F-Score is calculated you can read all about that over here: This academic can help you make better investment decisions – Piotroski F-Score

Does it work - F-Score back test?

When Prof Piotroski tested the F-Score over the 20 year period from 1976 to 1996 it exceeded his most optimistic expectations.

By buying only companies that scored the best (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average yearly outperformance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23.0% better than the market. 

Summary of the back test

Here are two tables from Professor Piotroski’s research paper: Value Investing: The Use of Historical Financial Statement Information to Separate Winners

Piotroski_f-score_back_test_1

Source: Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers p16

High Score = Low price to book companies with a Piotroski F-Score of 8 or 9
Low Score = Low price to book companies with a Piotroski F-Score of 0 or 1
High-Low = Long investment in High Score companies and short Low Score companies

Worked best on small companies

These were the back tested returns when he split the results between small, medium and large companies.

Piotroski_f-score_back_test_2

Source: Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers p19

As you can see small companies would have given you the best returns. But, because of their size they would most likely not work for a long short strategy. 

Important! - Companies to avoid like the plague

Avoiding low F-Score companies is a great idea as you can see for all three groups of companies these companies substantially underperformed the market of between -9.1% to -13.2% per year for 20 years!

So whatever you do don't buy companies with a Piotroski F-Score of 0 or 1.

Click here to get the Piotroski F-Score working in your portfolio

Can the Piotroski F-Score to improve the return of Growth stocks?

If you are a growth investor can you use the Piotroski F-Score to increase your returns?

That is what a friend of mine set out to test in an interesting research paper called: Utility of Piotroski F-Score for Predicting Growth Stock Returns.

In the paper he looked at the following:

  • Can the Piotroski F-Score increase the returns of a growth investment strategy?
  • What are the structural differences between growth and value investing?
  • How large is the improvement in returns the use of the Piotroski F-Score can give growth investors.
  • The success of a long-short strategy that buys high F-Score and shorts low F-Score growth companies?
  • Practical ideas of how you can get the return benefit between high and low Piotroski F-Score growth companies.

Astounding results

The table below shows the results of the study:

BT_Pio_growth_2

24.57% better than the market

As you can see there is a huge benefit to you as a growth investor of using the Piotroski F-Score.

Over the 12 year period High Piotroski F-Score companies (high quality companies) generated an average yearly return of 10.74% better than the market whereas low Piotroski F-Score companies (low quality companies) generated a return of -13.82% worse than the market.

The difference in the average return, or the return of a long short strategy (high-low) was an astounding 24.57% better than the market.

Click here to get the Piotroski F-Score working in your portfolio

The Piotroski F-Score improved the return of all 13 investment strategies

In the research paper Quantitative Value Investing in Europe: What Works for Achieving Alpha we tested 168 different investment strategies, on companies in the Eurozone, to find what strategies would have given you the best investment return over the 12-year period from 13 June 1999 to 13 June 2011.

In spite of the test period being quite short it was not a good time to be invested in the stock market, as it included the internet stock market bubble (1999), two recessions (2001, 2008-2009) and two bear markets (2001-2003, 2007-2009).

One remarkable finding

In spite of the Piotroski F-Score being a quality indicator (it can’t tell you if a company is undervalued) if you used it as a single factor to select investment ideas you would have done surprisingly well as the Piotroski F-Score was the fifth best single factor strategy we tested.

The following table shows you what your returns you could have earned if you used only the Piotroski F-Score to get investment ideas.

PFS_Other_2

Click image to enlarge
Source: Quantitative Value Investing in Europe: What Works for Achieving Alpha

Q1 was companies with the best (high) Piotroski F-Score and Q5 companies with the worst (lowest) F-Score.

Market returned only 30.5%

For all company sizes the companies with the best F-Score substantially beat the market which over the 12-year period of the study returned 30.54 % or 2.25% pa, dividends included. 

Piotroski F-Score with other ratios improved returns over 200%

We also tested the Piotroski F-Score with 13 other ratios and indicators to see if it could increase your returns. 

In this back test we first selected companies with a Piotroski F-Score of 8 or 9 then selected one of the 13 strategies.

What we found was remarkable

With the exception of two other ratios (ROIC and Net Debt on Market Value), combining the F-Score with another ratio would have given you a lot higher returns.

The following table shows you how much the return of the stand-alone strategies were improved by selecting only companies with a good Piotroski F-Score.

pfs_other_7

Click image to enlarge
Source: Quantitative Value Investing in Europe: What Works for Achieving Alpha

Best single ratio strategy = Price to book +400.3%

As you can see in the Stand-alone strategy column price to book was the best stand-alone strategy you could have used over the period.

This may have been because the test period contained two market crashes (internet bubble and the 2008 financial crisis) after which a low price to book strategy usually does very well.

However, be careful of a low price to book investment strategy because it has long periods of market underperformance. You can read more about it here: Be careful of this time tested value ratio

Best strategy with Piotroski F-Score = Free cash flow yield (FCF Yield) +680.4%

The strategy combined with the best Piotroski F-Score companies that gave the best returns over the 12 year period was FCF Yield which returned just over 680%.

Not bad at all I am sure you will agree.

Most improved strategy = Free Cash Flow Yield +363%

The Piotroski F-Score was able to add 363% to the return of a strategy of buying only the companies with the highest FCF Yield.

The second most improved strategy was Price Index 12 months (EBIT/Enterprise Value) which the Piotroski F-Score improved 318.1% from 159.6% to 477.7%.

As you can see all the returns were a lot better as on average the returns of all 13 ratios or strategies increased 210.6% over 12 years, that’s a huge improvement.

Here is a Piotroski F-Score, Free Cash Flow Yield investment strategy example:

Piotroski F-Score Investment Strategy Example

Click here to get the Piotroski F-Score working in your portfolio

Adding quality can substantially increase your returns

Thus adding a quality indicator, which the Piotroski F-Score really is, to your investment strategy or screen can increase your returns substantially.

The Piotroski F-Score, if you look at the way that the nine ratios it consists of are calculated, helps you add companies with good fundamental momentum to your portfolio.

And that's where its real value lies.

Summary and conclusion

I am sure this article has convinced you that the Piotroski F-Score is a great indicator that:

  • Increases your returns
  • Helps you screen out deteriorating companies (bad fundamental momentum)
  • Works especially well on small companies
  • Increased the return of nearly all strategies we tested
  • You can use as a fundamental stop loss (sell if F-Score < 6)

PS Everything you need to implement the Piotroski F-Score in your investment strategy can be found here.

PPS Why not sign up now while it is still fresh in your mind. You can cancel at any time for a FULL refund if you are not happy. Sign up here.

Click here to get the Piotroski F-Score working in your portfolio

Another interesting Piotroski F-Score articles

Here are another interesting article on the Piotroski F-Score:

This academic can help you make better investment decisions – Piotroski F-Score

Can you use the Piotroski F-Score to improve Growth Investment Returns?

Use the Piotroski F-Score to seriously improve your returns

Ever thought of using a fundamental stop-loss?

Price to Book & Piotroski F-Score investment strategy

Start using the Piotroski F-Score to increase your returns 210.6%

Источник: https://www.quant-investing.com/blog/piotroski-f-score-back-test/

The Piotroski F-Score: A fundamental screen for value stocks

In Brief 

The Piotroski F-Score aims to identify the healthiest companies amongst a basket of value stocks through applying a set of nine accounting-based stock selection criteria.

Background to the F-Score

Joseph Piotroski is now associate professor of accounting at the Stanford University Graduate School of Business. He developed the F-Score back in 2000 while at the University of Chicago. Piotroski recognized that, although it has long been shown that value stocks (or high book-to-market firms as he calls them) have strong returns as a group, there is nevertheless very wide variability in terms of the returns of these stocks.  He noted that: Embedded in that mix of companies, you have some that are just stellar. Their performance turns around. People become optimistic about the stock, and it really takes off [but] half of the firms languish; they continue to perform poorly and eventually de-list or enter bankruptcy.”

What he wondered was whether it was possible to weed out the poor performers and identify the winners in advance. He therefore sought to develop a simple accounting-based stock selection strategy for evaluating a stock’s financial strength. Piotroski's F-Score involves nine variables from a company’s financial statements. One point is awarded for each test that a stock passes. Piotroski regards any stocks that scored eight or nine points as being the strongest.

Does the F-Score work? 

Empirical analysis to test out the strategy in the UK market seems to be very limited. However, Piotroski’s research in the US does suggest that this type of fundamental analysis can be an effective value filter. By investing in the top performers, he showed that, over a 20-year test period from 1976 through 1996 that “the mean return earned by a high book-to-market investor can be increased by at least 7.5% annually”. Furthermore, he found that buying the top stocks in the market and shorting those that got the worst scores would have resulted in 23% annualized gains, more than double the Samp;P 500 broad market index return. Piotroski also found that weak stocks, scoring two points or less, were five times more likely to either go bankrupt or delist due to financial problems. 

More recently, the American Association of Individual Investors revealed that the F Score was the only one of its 56 screening methodologies that had positive results in 2008 (up 32.6% on average across 5 stocks, versus -41.7% for all of the AAII strategies over the same period).

Calculation / Definition of F-Score

Piotroski's approach essentially looks for companies that are profit-making, have improving margins, don't employ any accounting tricks and have strengthening balance sheets. The nine variables are split into three groups:

A. Profitability Signals

1.     Net Income – Score 1 if there is positive net income in the current year

2.     Operating Cash Flow – Score 1 if there is positive cashflow from operations in the current year.

3.     Return on Assets – Score 1 if the ROA is higher in the current period compared to  the previous year.

4.     Quality of Earnings – Score 1 if the cash flow from operations exceeds net income before extraordinary items

B. Leverage, Liquidity and Source of Funds

5.     Decrease in leverage – Score 1 if there is a lower ratio of long term debt to in the current period compared value in the previous year .

6.     Increase in liquidity – Score 1 if there is a higher current ratio this year compared to the previous year

7.     Absence of Dilution – Score 1 if the Firm did not issue new shares/equity in the preceding year. 

C. Operating Efficiency 

8.     Score 1 if there is a higher gross margin compared to the previous year

9.     Asset Turnover – Score 1 if there is a higher asset turnover ratio year on year (as a measure of productivity)

Geek Stuff
  • Piotrovski noted that 1/6th of the return delta between strong and weak firms is earned over the four three-day periods surrounding subsequent earnings announcements, suggesting that the underlying cause is that the market is too slow to appreciate improved financial performance.
  • He also made clear that the paper quot;does not purport to find the optimal set of financial ratios for evaluating the performance prospects of individual “value” firmsquot; - rather, it is just one way that investors can use relevant historical information to eliminate firms with poor future prospects from a generic value portfolio. 
Watch out for
  • The Pietroski F-Score is not intended to be used on its own, but rather as an additional filter for a value screen. The starting point is taking the companies which fall into the bottom 20% of the market in terms of their price to book/NAV value.
  • His paper also states that the “benefits to financial statement analysis are concentrated in small and medium-sized firms, companies with  low share turnover, and firms with no analyst following”. The reason for this is presumed to be the information gap – there is less likely to be a genuine mispricing for large companies that have a lot of analysts.
From the Source

The original 2002 paper can be found here: Value Investing: The use of historical financial statement information to separate winners from losers. It is well, well worth the read. 

Piotroski also notes that analysts do not typically recommend value stocks. His interesting explanation for this is that analysts are typically stock-pickers whereas, on an individual stock basis, the typical value firm will underperform the market and analysts probably recognize that a value strategy relies on purchasing a complete portfolio of stocks.

Useful Resources on Piotrowski F-Score:

Stockopedia

Источник: https://www.businessinsider.com/the-piotroski-f-score-a-fundamental-screen-for-value-stocks-2011-4
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Use the Piotroski F-Score to increase your returns 210.6%

You may have heard about the Piotroski F-Score but do you believe it can improve your investment returns?

If not keep reading, you will be surprised.

When we first heard about the F-Score we were skeptical – after all it was developed in 2000 by a unknown accounting professor.

Astounding results - Price to book with the Piotroski F-Score

Prof Joseph Piotroski, at the University of Chicago, developed the F-Score to improve the returns of an investment strategy that invests in cheap price to book value companies.

And it worked.

If you invested in only those companies that scored best or highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996, you would have outperformed the market by an average of 13.4% per year - and this over 20 years!

That sounds just about too good to be true. But it is.

Summary of the back test

Here are two tables from Professor Piotroski’s research paper Value Investing: The Use of Historical Financial Statement Information to Separate Winners:

Piotroski F-Score back test returns

Source: Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers p16

High Score = Low price to book companies with a Piotroski F-Score of 8 or 9

Low Score = Low price to book companies with a Piotroski F-Score of 0 or 1

High-Low = Long investment in F-Score High Score companies and short Low F-Score companies

Worked best on small companies

These were the back tested F-Score returns when he split the results between small, medium and large companies.

Piotroski F-Score back returns small companies

Source: Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers p19

As you can see small companies would have given you the best returns. But, because of their size they would most likely not work for a long short strategy so only look at the High Score returns, which is also excellent!

Important! - Companies to avoid like the plague

Avoiding low F-Score companies (0 and 1) is a great idea as you can see for all three groups of companies these companies performed a LOT worse than the market - between -9.1% to -13.2% per year for 20 years! 

To start finding high F-Score ideas for your portfolio now - Click here

Does it also work in Europe?

After getting excited about the returns we wanted to know if the Piotroski F-Score also works in Europe (Prof Piotroski only tested it in the USA) - and in the current market environment.

But there was a problem.

The Piotroski F-Score is not difficult to calculate but you need a lot of accounting information to calculate the nine ratios it is made up of.

And in order to test it you need this information for a LOT of companies.

Build the database

We thus build a high quality database of 22,153 companies in all the developed markets worldwide which allows us to calculate the Piotroski F-Score for all of them at the push of a button.

And this is how the Quant Investing stock screener got started.

110 ratios and indicators at your finger tips

Today the screener can calculate a lot more than just the Piotroski F-Score.

At the moment it can calculate 110 other ratios and indicators – a number that grows all the time as we do more research and test more market beating investment strategies.

I'm interested in high F-Score ideas, sign me up!

Getting back to the testing the Piotroski F-Score

The back test

In the research paper “What Works on European Markets: The Best Performing Investment Strategies” (which you get for free when you sign up), we tested 168 different investment strategies, on companies in the Eurozone, to find what strategies would have given you the best return over the 12-year period from 13 June 1999 to 13 June 2011.

In spite of the test period being quite short it was not a good time to be invested in the stock market, as it included the internet stock market bubble (1999), two recessions (2001, 2008-2009) and two bear markets (2001-2003, 2007-2009).

One remarkable finding

In spite of the Piotroski F-Score being a quality indicator (it can’t tell you if a company is undervalued) if you used it as a strategy to select investment ideas you would have done surprisingly well as the Piotroski F-Score was the fifth best single ratio investment strategy we tested.

The following table shows you what returns you could have earned if you used only the Piotroski F-Score to get investment ideas

Returns using only the Piotroski F-Score

Piotroski F-Score back test returns Europe

Source: What Works on European Markets: The Best Performing Investment Strategies

The Q1 column shows companies with the best (high) Piotroski F-Score and Q5 companies with the worst (lowest) F-Score.

This means: If you invested only in companies with the highest Piotroski F-Score, your return would have been between 144.3% to 301.7%! An outstanding return I am sure you will agree.

Market returned only 30.5%

For all company sizes the companies with the best F Score substantially beat the market which over the 12-year period of the study returned 30.54 % or 2.25% per year, dividends included. 

Piotroski F-Score with other ratios improved returns over 200%

We also tested the Piotroski F-Score with 13 other ratios and indicators to see if it could increase returns.

What we found was remarkable.

For every strategy we tested, if you combined the F-Score with another ratio it would have given you a lot higher returns.

The following table shows you how much the return of the stand-alone strategies were improved by selecting only companies with a good Piotroski F-Score (value of 8 or 9).

Returns increased substantially with the Piotroski F-Score

Source: What Works on European Markets: The Best Performing Investment Strategies

Values colour coded

The values in the Improvement column is colour coded with the highest values green (darker is higher).

Best strategy with Piotroski F-Score = Free cash flow yield (FCF Yield) +680.4%

The strategy combined with the best Piotroski F-Score companies that would have given you the best returns over the 12 year period was FCF Yield which returned just over 680%.

Not bad I am sure you will agree.

Most improved strategy = Free Cash Flow Yield +363%

The Piotroski F-Score was able to add 363% to the return of a strategy of buying only the companies with the highest FCF Yield and a good F-Score.

The second most improved strategy was Price Index 12 months (share price today/share price 12 months ago) which the Piotroski F-Score improved 318.1% from 159.6% to 477.7%.

As you can see the F-Score was able to increase the returns of all 13 strategies by an average of 210.6% over 12 years - that’s a huge improvement.

I'm interested in the Piotroski F-Score, sign me up!

Adding quality can substantially increase your returns

Thus adding a quality indicator, which the Piotroski F-Score really is, to your investment strategy or screen can increase your returns substantially.

The Piotroski F-Score, if you look at the way that the nine ratios it consists of are calculated, helps you add companies with good fundamental momentum to your portfolio.

And that's where its real value lies.

How to add the Piotroski F-Score to your investment strategy

In the Quant Investing stock screener it's really easy to add the F-Score to the strategies you use to find investment ideas.

Add it with the slider

You can easily add the F-Score by using one of the four sliders as the following screenshot shows.

How to select the best Piotroski companies

Select Piotroski F-Score from the Primary Factor drop down list under the Quality heading.

To select companies with the best (highest) F-Score move the slider so that you select 0% to 20% or 30% of the Piotroski F-Score values.

Or use filter

Or you can select the best Piotroski F-Score companies by using the filter function in one of the columns.

To do this first type the number 8 in the field next to the small funnel.

Choose best Piotroski F-Score companies

Then click on the small funnel image and select Greater Than.

Find Piotroski F-Score companies greater than 8

It’s as easy as that to add the Piotroski F-Score to the way you search for investment ideas.

Screener really easy to use

Also the screener is really easy to set up and use.

You can save as many searches as you like (with the F Score) which mean you can run them as often as you like with a few mouse clicks.

Everything you have saved is automatically completed for you.

I'm interested, sign me up!

Summary and conclusion - The Piotroski F-Score is a great investment strategy!

You clearly saw that by choosing only high (good) Piotroski F-Score companies from the 13 investment strategies we tested increased returns by an average of over 210% over a 12 year period.

Just think what adding the F-Score to your investment strategy can do for your returns.

All this costs less than a lunch for two

How much can a tool like this cost, you may be thinking?

To make it affordable, and give you a great return on your investment, even if your portfolio is still small we have made the price of the screener surprisingly low.

It costs less than an inexpensive lunch for two each month (Click here for more information).

PS: Why not sign up now, while this is fresh in your mind?

I'm interested in high F-Score ideas, sign me up!

Источник: https://www.quant-investing.com/blog/piotroski-f-score-investor/
piotroski f score stocks