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Piotroski F-Score Stocks: Financially Improving Value Companies

79 High F-Score Turnarounds.

VCP Scanner Editorial TeamCurated by VCP Scanner Editorial Team
Refreshed Jun 18, 2026

The Piotroski F-Score: a 9-point test of financial health used to separate value stocks that will recover from those that will keep deteriorating. This screen finds companies scoring 8–9 (passing nearly all tests) at P/B ≤ 2 — the academically proven combination.

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Screen VitalsLive Metrics
High F-Score Stocks
79
Avg F-Score
8
Avg P/B Ratio
1.4
Avg Market Cap
$12.06B
Strong Signals
F-Score 8 or 9
Value Discount
P/B Ratio ≤ 2
Improving Trends
Profitability & Efficiency
Investable
$500M+ Market Cap
These stocks trade at a discount to the S&P 500's current 31.0x P/E (as of 2026-06-17). S&P 500 Valuation Dashboard →
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Compare Top 3 Open Screener
TickerCompanyF-ScoreP/BROED/EFCF Margin
PCRX logoPCRX
Pacira BioSciences, Inc.91.51%0.718.8%
HAFC logoHAFC
Hanmi Financial Corporation91.210%0.445.8%
HFWA logoHFWA
Heritage Financial Corporation91.07.6%0.025.5%
RF logoRF
Regions Financial Corporation91.311.7%0.322.7%
HBT logoHBT
HBT Financial, Inc.91.513.3%0.124.9%
WLY logoWLY
John Wiley & Sons, Inc.90.913.3%0.312.5%
NIC logoNIC
Nicolet Bankshares, Inc.91.812.4%0.127%
TCBI logoTCBI
Texas Capital Bancshares, Inc.91.29.4%0.317.4%
HBCP logoHBCP
Home Bancorp, Inc.91.211.1%0.121.2%
HIG logoHIG
The Hartford Financial Services Group, Inc.92.021.7%0.220.4%
AR logoAR
Antero Resources Corporation81.48.5%0.724.8%
EQT logoEQT
EQT Corporation81.27.9%0.331.3%
CPF logoCPF
Central Pacific Financial Corp.81.613.7%0.223.8%
BKU logoBKU
BankUnited, Inc.81.29.1%0.616.7%
CENT logoCENT
Central Garden & Pet Company81.710.4%0.99.3%
CI logoCI
Cigna Corporation81.814.3%0.83.1%
KEY logoKEY
KeyCorp81.29.5%0.518.8%
CRK logoCRK
Comstock Resources, Inc.81.314.9%1.0-23.6%
DCOM logoDCOM
Dime Community Bancshares, Inc.81.17.7%0.325%
FRME logoFRME
First Merchants Corporation80.99.5%0.427%
FOXA logoFOXA
Fox Corporation81.919.3%0.618.4%
FHN logoFHN
First Horizon Corporation81.310.8%0.519.2%
INGR logoINGR
Ingredion Incorporated81.517.7%0.47.1%
NRDS logoNRDS
NerdWallet, Inc.81.713.2%—15.6%
SKYW logoSKYW
SkyWest, Inc.81.416.6%0.97.1%
TPG logoTPG
TPG Inc.81.64.8%0.421.5%
GBX logoGBX
The Greenbrier Companies, Inc.80.912.3%1.1-0.5%
LXU logoLXU
LSB Industries, Inc.81.64.9%0.92.9%
CARE logoCARE
Carter Bankshares, Inc.81.77.8%0.412.5%
CAC logoCAC
Camden National Corporation81.210.6%0.916.2%
PCRX logoPCRX
Pacira BioSciences, Inc.
9F-Score
P/B1.5
ROE1%
D/E0.7
FCF Margin18.8%
HAFC logoHAFC
Hanmi Financial Corporation
9F-Score
P/B1.2
ROE10%
D/E0.4
FCF Margin45.8%
HFWA logoHFWA
Heritage Financial Corporation
9F-Score
P/B1.0
ROE7.6%
D/E0.0
FCF Margin25.5%
RF logoRF
Regions Financial Corporation
9F-Score
P/B1.3
ROE11.7%
D/E0.3
FCF Margin22.7%
HBT logoHBT
HBT Financial, Inc.
9F-Score
P/B1.5
ROE13.3%
D/E0.1
FCF Margin24.9%
WLY logoWLY
John Wiley & Sons, Inc.
9F-Score
P/B0.9
ROE13.3%
D/E0.3
FCF Margin12.5%
NIC logoNIC
Nicolet Bankshares, Inc.
9F-Score
P/B1.8
ROE12.4%
D/E0.1
FCF Margin27%
TCBI logoTCBI
Texas Capital Bancshares, Inc.
9F-Score
P/B1.2
ROE9.4%
D/E0.3
FCF Margin17.4%
HBCP logoHBCP
Home Bancorp, Inc.
9F-Score
P/B1.2
ROE11.1%
D/E0.1
FCF Margin21.2%
HIG logoHIG
The Hartford Financial Services Group, Inc.
9F-Score
P/B2.0
ROE21.7%
D/E0.2
FCF Margin20.4%
AR logoAR
Antero Resources Corporation
8F-Score
P/B1.4
ROE8.5%
D/E0.7
FCF Margin24.8%
EQT logoEQT
EQT Corporation
8F-Score
P/B1.2
ROE7.9%
D/E0.3
FCF Margin31.3%
CPF logoCPF
Central Pacific Financial Corp.
8F-Score
P/B1.6
ROE13.7%
D/E0.2
FCF Margin23.8%
BKU logoBKU
BankUnited, Inc.
8F-Score
P/B1.2
ROE9.1%
D/E0.6
FCF Margin16.7%
CENT logoCENT
Central Garden & Pet Company
8F-Score
P/B1.7
ROE10.4%
D/E0.9
FCF Margin9.3%
CI logoCI
Cigna Corporation
8F-Score
P/B1.8
ROE14.3%
D/E0.8
FCF Margin3.1%
KEY logoKEY
KeyCorp
8F-Score
P/B1.2
ROE9.5%
D/E0.5
FCF Margin18.8%
CRK logoCRK
Comstock Resources, Inc.
8F-Score
P/B1.3
ROE14.9%
D/E1.0
FCF Margin-23.6%
DCOM logoDCOM
Dime Community Bancshares, Inc.
8F-Score
P/B1.1
ROE7.7%
D/E0.3
FCF Margin25%
FRME logoFRME
First Merchants Corporation
8F-Score
P/B0.9
ROE9.5%
D/E0.4
FCF Margin27%
FOXA logoFOXA
Fox Corporation
8F-Score
P/B1.9
ROE19.3%
D/E0.6
FCF Margin18.4%
FHN logoFHN
First Horizon Corporation
8F-Score
P/B1.3
ROE10.8%
D/E0.5
FCF Margin19.2%
INGR logoINGR
Ingredion Incorporated
8F-Score
P/B1.5
ROE17.7%
D/E0.4
FCF Margin7.1%
NRDS logoNRDS
NerdWallet, Inc.
8F-Score
P/B1.7
ROE13.2%
D/E—
FCF Margin15.6%
SKYW logoSKYW
SkyWest, Inc.
8F-Score
P/B1.4
ROE16.6%
D/E0.9
FCF Margin7.1%
TPG logoTPG
TPG Inc.
8F-Score
P/B1.6
ROE4.8%
D/E0.4
FCF Margin21.5%
GBX logoGBX
The Greenbrier Companies, Inc.
8F-Score
P/B0.9
ROE12.3%
D/E1.1
FCF Margin-0.5%
LXU logoLXU
LSB Industries, Inc.
8F-Score
P/B1.6
ROE4.9%
D/E0.9
FCF Margin2.9%
CARE logoCARE
Carter Bankshares, Inc.
8F-Score
P/B1.7
ROE7.8%
D/E0.4
FCF Margin12.5%
CAC logoCAC
Camden National Corporation
8F-Score
P/B1.2
ROE10.6%
D/E0.9
FCF Margin16.2%
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Learn more about Piotroski F-Score Stocks: Financially Improving Value Companies

How We Build This List

  • Piotroski F-Score ≥ 8 (Strong Buy Zone)9 binary tests across profitability, leverage, and efficiency. Score 8–9 = passing nearly all simultaneously. Original research showed 10+ percentage points annual alpha.
  • Price/Book ≤ 2 (Value Universe Anchor)F-Score works best on value stocks where pessimism is priced in. At P/B ≤ 2, improvement signals produce outsized re-rating.
  • Market Cap ≥ $500M (Liquidity and Noise Filter)Filters micro-cap noise while preserving the small/mid-cap value universe where F-Score alpha concentrates.
  • Profitability Signals: ROA Positive and Improving (F-Score F1–F3)Requires positive and improving returns on assets. Eliminates value traps where cheap = genuinely deteriorating.
  • Leverage Signals: Debt Declining and Liquidity Improving (F-Score F5–F6)Balance sheet repair in progress — the classic signature of financial recovery that precedes re-rating.
  • Excludes ADRs (US-Listed Common Shares Only)F-Score's year-over-year ratio comparisons are distorted by currency translation. US GAAP only.
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What Makes a Stock a Piotroski F-Score Stocks constituent?

The Piotroski F-Score screen identifies fundamentally improving value stocks by requiring an F-Score of 8 or higher, a P/B ratio under 2.0, and a market cap exceeding $500M. This rigorous filter helped investors avoid the 2008 collapse of companies like Lehman Brothers by flagging deteriorating balance sheets before they hit zero.

F-SCORE
Quality Filter
F-Score >= 8
VALUE
Valuation Filter
P/B Ratio <= 2.0
SIZE
Liquidity Filter
Market Cap > $500M
1

Filter for Value Anchors

We start with P/B <= 2 to isolate undervalued assets, similar to how Warren Buffett bought American Express in 1964 when it traded at a deep discount following the Salad Oil Scandal.

2

Verify Financial Health

The F-Score >= 8 filter ensures profitability and liquidity are rising, which would have flagged the 2016 turnaround of Microsoft as it shifted focus to high-margin Azure cloud services.

3

Exclude Micro-cap Noise

A $500M market cap floor removes volatile penny stocks, ensuring the data quality is as reliable as the institutional-grade reporting seen in companies like Ford during its 2021 recovery.

Performance Dynamics: When Does This Strategy Outperform?

Strategy performance behaves differently based on market conditions. Let's analyze when this strategy outperforms and when it lags:

When F-Score Strategies Lead

  • ✓ During the 2000-2002 dot-com bust, high F-Score stocks significantly outperformed the S&P 500 as investors fled speculative growth for proven cash-flow generators.
  • ✓ In the 2022 inflationary environment, value-tilted F-Score portfolios beat the tech-heavy Nasdaq by over 18% as interest rate hikes punished unprofitable growth companies.
  • ✓ Post-recession recoveries, such as the 2009-2010 period, favor F-Score stocks because balance sheet repair is the primary driver of stock price re-rating.

When F-Score Strategies Trail

  • ✗ During the 2020 COVID-19 stimulus rally, high-growth tech stocks like Zoom and Peloton surged 300%+, leaving conservative value-based F-Score stocks behind.
  • ✗ In periods of extreme liquidity, such as 2021, speculative assets often ignore fundamental improvements, causing high F-Score stocks to underperform by 10-15%.
  • ✗ When central banks cut rates to zero, investors prioritize 'story' stocks over the steady, boring fundamental improvements that the F-Score measures.

How to Use the Screener Results Table

To build a resilient portfolio, do not buy stocks on simple statistics alone. Use the key columns in our table to audit the durability, safety, and returns of each stock:

Piotroski F-Score Multiplier

A score of 8-9 indicates a company is firing on all cylinders, like Apple in 2013 when it began massive share buybacks while maintaining high margins.

Price-to-Book Ratio Ratio

A P/B under 2.0 suggests the market is pessimistic, similar to Citigroup in 2012 when it traded at 0.5x book value before a multi-year recovery.

Return on Assets (ROA) Percentage

Positive and rising ROA signals efficiency, such as Caterpillar's 2017 turnaround where ROA jumped as global mining demand stabilized.

Debt-to-Asset Ratio Percentage

Declining leverage is a key F-Score component; compare this to General Electric in 2018, where rising debt levels signaled the massive dividend cut that followed.

Risk Factors & Warning Signs to Track

The Value Trap Risk

The main risk is buying a 'cheap' stock that is fundamentally dying. For example, Sears traded at low P/B ratios for years leading up to its 2018 bankruptcy because its retail model was obsolete, proving that a high F-Score is required to confirm the business is actually improving.

What are Piotroski F-Score Stocks?

Finds value stocks showing clear fundamental recovery based on Joseph Piotroski's 9-point scale. It requires an F-Score of 8-9 to identify recovering businesses.

  • Piotroski F-Score ≥ 8 (Strong Buy Zone)
  • Price/Book ≤ 2 (Value Universe Anchor)
  • Market Cap ≥ $500M
  • Excludes ADRs (US-Listed Common Shares Only)

Why Invest in Piotroski F-Score Stocks?

Proven Alpha

Exploits Joseph Piotroski's academic outperformance strategy

Value Trap Avoidance

Systematically filters out value traps and deteriorating companies

Early Turnaround Detection

Identifies improving fundamentals before they are priced in

Margin of Safety

Acquires recovering businesses at discounted valuations

Frequently Asked Questions

What is the Piotroski F-Score?
It is a 9-point scale developed by Stanford professor Joseph Piotroski to measure the financial strength of companies, famously used to identify value stocks that are actually recovering.
Why use a $500M market cap floor?
It ensures the company has enough analyst coverage and liquidity to prevent price manipulation, unlike micro-caps that often trade on hype rather than the fundamentals measured by the F-Score.
Does this screen work for tech stocks?
It works for mature tech, like Cisco in 2011, but often misses early-stage growth companies like Tesla in 2019 because they prioritize R&D spending over immediate profitability.
How often should I rebalance?
Piotroski's original research suggested annual rebalancing, as fundamental improvements like debt reduction take time to manifest in stock prices, similar to the 2-year turnaround seen at IBM.
Can I use this for dividends?
Yes, high F-Score stocks are often safer dividend payers; for instance, ExxonMobil maintained its dividend through the 2020 oil crash because its balance sheet was strong enough to support it.
What if a stock has an F-Score of 9?
An F-Score of 9 is the 'perfect' score, indicating the company passed every test, such as when Home Depot showed massive efficiency gains during the 2010 housing recovery.
Is this screen better than P/E?
P/E can be misleading due to one-time charges, whereas the F-Score looks at 9 different metrics, helping you avoid traps like GE in 2017 that looked cheap but were fundamentally broken.
Where does the alpha come from?
The alpha comes from the market's tendency to undervalue companies that are improving, as seen when investors ignored the 2015 turnaround of Best Buy until the stock had already doubled.

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