Price & Market BehaviorExtended setexperimental liveNew

Fundamental Inflection Fscore Delta

Updated quarterlyData needs: mediumlong onlylong short

2019

Piotroski 2000 JAR -- Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers; Asness-Frazzini-Pedersen 2019 JFE -- Quality Minus Junk.

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In plain terms

A rising Piotroski F-Score from a weak starting level signals fundamental recovery before the sell-side catches on.

How it works

A positive quarter-over-quarter change in Piotroski F-Score (improving from a low base) is a forward-looking inflection signal that precedes earnings revisions and analyst upgrades. The delta of the F-Score is more predictive than the level.

Live results

0 times picked on its own · 76 times inside a blend (67 beat the stock) · updated 2026-07-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 76 such blended picks (67 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

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Data dependencies

Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Fundamentals
Quarterly fundamentals (income, balance, cash-flow) from FMP + SEC.

Expected edge

Reported return: ~23% ann. long-short (QMJ Asness-Frazzini-Pedersen)
Tested over: 1976-1996 (Piotroski); 1956-2012 (QMJ)

F-score delta positive inflection from low base: ~3-5% 6-month return in cross-section.

Related families

Fundamental Inflection Gp AccrualsPrice & Market Behavior

Companies where gross profit is rising while accruals are falling signal improving earnings quality that the market is slow to price.

Fundamental Inflection StressPrice & Market Behavior

Financially stressed firms with rising leverage and shrinking cash flow systematically underperform -- the short leg of the Piotroski F-Score screen.

Explore Fundamental Inflection Fscore Delta on alphactor.ai

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