Piotroski (2000), Value Investing: The Use of Historical Financial Statement Information
Score a company on simple binary tests of profitability, leverage and cash, and prefer the ones that pass most of them.
no picks
Booked, per closed position
0 closed · average excess vs the market
—
Closed positions ahead of the market
-0.09%
Open book, marked to market
12 names still held
—
Average sessions held
window is 60 sessions
The ledger below is empty because the record is only 15 sessions old and nothing has yet left the portfolio. The open book is real and marked to the last close.
The rule, as implemented here
every condition, in the order it is applied
One point for positive trailing profit.
One point for cash conversion above 100% — profit backed by cash.
One point for debt below half of equity.
One point for a margin higher than a year ago.
One point for revenue higher than a year ago.
Four points out of five are required to qualify.
Ranking: Highest score first. Portfolio is the top 12 names, equal-weighted.
Where our version differs: Piotroski uses nine signals across two years of annual accounts. India publishes machine-readable balance sheets half-yearly and only since 2025, so five signals are computed and the score is out of five, not nine.
every published day, measured forward and averaged. “Typical day” is the median excess, which ignores one runaway session
Window
Portfolio
Universe
Excess
Typical day
Days ahead
Days scored
1d
+0.09%
+0.09%
+0.00%
+0.21%
50%
14
5d
+0.40%
+0.60%
-0.20%
-0.01%
40%
10
10d
+0.83%
+1.20%
-0.37%
-0.63%
40%
5
20d
not yet
not yet
not yet
not yet
not yet
0
3m
not yet
not yet
not yet
not yet
not yet
0
Booked positions
closed, with the market over the identical days
No position has closed yet. A name closes when the rules drop it or when it has been held 60 sessions, whichever comes first — so the first entries appear here about 60 sessions after the book opened.
How these numbers were made. Computed here from NSE and BSE end-of-day bhavcopy, adjusted for splits and bonuses, not supplied by anyone being measured. Portfolios are recorded on the day they are published and scored forward from that date, so no figure on this page could have been chosen after the outcome was known. The code that produced them is stamped in build.json.
This is our implementation, not Piotroski-style financial strength’s portfolio. Piotroski uses nine signals across two years of annual accounts. India publishes machine-readable balance sheets half-yearly and only since 2025, so five signals are computed and the score is out of five, not nine. None of the authors named on this site are associated with it, and nothing here is advice or a recommendation to buy or sell anything.