BZWR (Business Warrior) Piotroski F-Score: 0 (As of Jul. 30, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Business Warrior Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Business Warrior has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Business Warrior's Piotroski F-Score or its related term are showing as below:

Business Warrior  (OTCPK:BZWR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

Business Warrior Piotroski F-Score Related Terms

Business Warrior Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Business Warrior's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Business Warrior Piotroski F-Score Chart

Business Warrior Annual Data
Trend Aug21 Aug22 Aug23
Piotroski F-Score
N/A N/A 4.00

Business Warrior Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A 4.00 N/A N/A 2.00

How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (May24) TTM:Last Year (May23) TTM:
Net Income was -1.562 + -1.023 + -3.195 + -1.628 = $-7.41 Mil.
Cash Flow from Operations was 0.001 + -0.266 + -0.311 + -0.268 = $-0.84 Mil.
Revenue was 1.053 + 1.119 + 0.678 + 0.555 = $3.41 Mil.
Gross Profit was 0.231 + 0.292 + 0.171 + 0.152 = $0.85 Mil.
Average Total Assets from the begining of this year (May23)
to the end of this year (May24) was
(2.994 + 2.469 + 2.372 + 2.163 + 2.102) / 5 = $2.42 Mil.
Total Assets at the begining of this year (May23) was $2.99 Mil.
Long-Term Debt & Capital Lease Obligation was $3.63 Mil.
Total Current Assets was $0.21 Mil.
Total Current Liabilities was $5.94 Mil.		 Net Income was -5.61 + -0.99 + -2.496 + -0.249 = $-9.35 Mil.

Revenue was 1.295 + 1.456 + 0.877 + 0.911 = $4.54 Mil.
Gross Profit was 0.316 + 0.424 + 0.268 + 0.263 = $1.27 Mil.
Average Total Assets from the begining of last year (May22)
to the end of last year (May23) was
(6.44 + 3.878 + 3.454 + 3.686 + 2.994) / 5 = $4.0904 Mil.
Total Assets at the begining of last year (May22) was $6.44 Mil.
Long-Term Debt & Capital Lease Obligation was $1.74 Mil.
Total Current Assets was $0.78 Mil.
Total Current Liabilities was $3.01 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Business Warrior's current Net Income (TTM) was -7.41. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Business Warrior's current Cash Flow from Operations (TTM) was -0.84. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (May23)
=-7.408/2.994
=-2.4742819

ROA (Last Year)=Net Income/Total Assets (May22)
=-9.345/6.44
=-1.45108696

Business Warrior's return on assets of this year was -2.4742819. Business Warrior's return on assets of last year was -1.45108696. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Business Warrior's current Net Income (TTM) was -7.41. Business Warrior's current Cash Flow from Operations (TTM) was -0.84. ==> -0.84 > -7.41 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: May24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May23 to May24
=3.628/2.42
=1.49917355

Gearing (Last Year: May23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May22 to May23
=1.74/4.0904
=0.42538627

Business Warrior's gearing of this year was 1.49917355. Business Warrior's gearing of last year was 0.42538627. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: May24)=Total Current Assets/Total Current Liabilities
=0.213/5.935
=0.0358888

Current Ratio (Last Year: May23)=Total Current Assets/Total Current Liabilities
=0.779/3.011
=0.25871803

Business Warrior's current ratio of this year was 0.0358888. Business Warrior's current ratio of last year was 0.25871803. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Business Warrior's number of shares in issue this year was 513.824. Business Warrior's number of shares in issue last year was 465.618. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=0.846/3.405
=0.24845815

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1.271/4.539
=0.28001763

Business Warrior's gross margin of this year was 0.24845815. Business Warrior's gross margin of last year was 0.28001763. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (May23)
=3.405/2.994
=1.13727455

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May22)
=4.539/6.44
=0.70481366

Business Warrior's asset turnover of this year was 1.13727455. Business Warrior's asset turnover of last year was 0.70481366. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+1+0+0+0+0+1
=2

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Business Warrior has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Business Warrior Business Description

Address 455 E Pebble Road, No 230912, Las Vegas, NV, USA, 89123-0912
Business Warrior Corp is a software development company. The firm's software improves businesses' ability to make decisions that help to get more customers, increase revenues, obtain access to growth capital, and build a professional legacy for themselves and their families. The company's flagship software product is PayPlan which offers an end-to-end consumer financing experience. The company's segment are Helix House and Other. It derives maximum revenue from Helix House segment.