High F-Score value
Cheap stocks on book value whose finances are improving on at least 8 of Piotroski's 9 tests.
Most cheap stocks are cheap for a reason. Joseph Piotroski showed that among them, the ones with rising profitability, falling leverage and better margins went on to outperform the rest. The F-Score separates value from value traps using only the latest two annual reports.
Based on Value Investing: The Use of Historical Financial Statement Information (Joseph Piotroski, 2000).
$10,000 in this list since 2016
Rebuilt every month from the data public at the time
- Per year
- +10.8%
- All stocks +9.4%, S&P 500 +13.8%
- Worst fall from a peak
- -48%
- All stocks -35%
- Months ahead of all stocks
- 45%
- 120 months tested
- Stocks held, on average
- 19
- Equal weights
- Past 12 months
- +15.0%
- All stocks +4.1%, S&P 500 +12.4%
- Volatility, per year
- 28%
- All stocks 22%
- Sharpe ratio
- 0.42
- All stocks 0.40; return over cash per unit of volatility
- Replaced each month
- 23%
- Share of the list that changes at a rebalance
Live since Oct 19, 2026. Holding the list as published, rebought at each month end: +3.8% against +2.1% for all stocks and +0.7% for the S&P 500, to Oct 30, 2026. Too short a period to read much into.
- High F-Score value
- All US stocks, equal weight
- S&P 500 (price only)
Year by year
| Portfolio | 2016from Oct 31 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026to Oct 19 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| This list | +15% | +7% | -11% | +34% | -1% | +48% | -10% | +23% | +3% | +9% | +5% |
| All US stocks | +12% | +19% |
24 stocks on the list today
As of the close on Oct 30, 2026; 1 joined and 1 left since Oct 29, 2026
| # | Company | Share price | 1D | Market cap | F-score | P/B | P/E | ROA | Debt/equity |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $11.47 | +1.2% | $7.7B | 8 | 0.3× | 7.6× | 2.4% | 0.19 | |
| 2 |
More value ideas
- Graham's defensive investorLarge, steady companies that pass Benjamin Graham's tests for the cautious investor.
- Net-netsCompanies trading for less than their current assets minus every liability.
- Magic FormulaGood businesses at bargain prices: the 30 best combined ranks on earnings yield and return on capital.
- More cash than they're worthCompanies whose net cash covers at least half of their market value.
- Undervalued and financially soundAt least 30% below our fair value estimate, with a healthy balance sheet.
A list produced by rules, not a recommendation. Past results in the backtest don't predict future returns. How the backtests work.