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Piotroski’s Best and Worst Large Cap Stocks

By Joel Stonington - 2011-12-06T01:37:02Z

Photograph by Jin Lee/Bloomberg

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The Piotroski Model

Joseph Piotroski, a professor at Stanford University, reasoned that many stocks seem to present attractive values yet may not be attractive investments. He came up with nine criteria designed to filter out the strongest value stocks from the weakest (companies that may be in trouble), assigning a point for each criterion that earned a positive value.

Piotroski's model looks for: positive net income, positive annual cash flow, increase on return on assets over the prior year, operating cash flow that exceeds net income, decreasing debt as a percentage of assets, increase in working capital, stasis or decrease in outstanding shares, improving gross margins and a percentage increase in sales that exceeds the percentage increase in total assets.

Bloomberg's Equity Application Specialist Team has taken Piotroski's model a step further, applying his criteria to the entire S&P 500-stock index. Read on for some of the strongest companies (scoring nine points) and the weakest (scoring two points or fewer), according to the model.