Royce Small-Cap TrustRVT +0.16%51 Piotroski F-Score is 7 as of Jul. 01, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates RVT with a GF Score™ of 51/100 and a GF Value™ of $16.62 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,593 Asset Management companies, Royce Small-Cap Trust ranks better than 92.91% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Royce Small-Cap Trust has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Royce Small-Cap Trust's Piotroski F-Score or its related term are showing as below:
RVT'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 7
Current: 7
During the past 9 years, the highest Piotroski F-Score of Royce Small-Cap Trust was 7. The lowest was 4. And the median was 5.
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.
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.
Royce Small-Cap Trust Piotroski F-Score Related Terms
Royce Small-Cap Trust Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Royce Small-Cap Trust'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.
RVT vs ETY, CLM, GOF: Piotroski F-Score Comparison
For the Asset Management subindustry, Royce Small-Cap Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Royce Small-Cap Trust Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Royce Small-Cap Trust's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Royce Small-Cap Trust's Piotroski F-Score falls into.
* 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.
*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.
Royce Small-Cap Trust's current Net Income (TTM) was 87.76.
==> Positive ==> Score 1.
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.
Royce Small-Cap Trust's return on assets of this year was 0.04309594. Royce Small-Cap Trust's return on assets of last year was 0.00447979.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Royce Small-Cap Trust's gearing of this year was 0. Royce Small-Cap Trust's gearing of last year was 0.0177667.
==> This year is lower or equal to last year. ==> Score 1.
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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Royce Small-Cap Trust's current ratio of this year was 481.77254554. Royce Small-Cap Trust's current ratio of last year was 53.8175331.
==> This year's current ratio is higher. ==> Score 1.
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.
Royce Small-Cap Trust's number of shares in issue this year was 122.364. Royce Small-Cap Trust's number of shares in issue last year was 117.624.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Royce Small-Cap Trust's net margin of this year was 0.98951356. Royce Small-Cap Trust's net margin of last year was 0.87020408.
==> This year's net margin is higher. ==> Score 1.
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
Royce Small-Cap Trust's asset turnover of this year was 0.04355265. Royce Small-Cap Trust's asset turnover of last year was 0.00514797.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Royce Small-Cap Trust has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Royce Small-Cap Trust (RVT) has a Piotroski F-Score of 7 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Royce Small-Cap Trust and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Royce Small-Cap Trust's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Royce Small-Cap Trust ranks #113 out of 1593 companies in the Asset Management industry, placing it in the top 7.1%.
Is Royce Small-Cap Trust's Piotroski F-Score too high?
Royce Small-Cap Trust's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Asset Management industry median Piotroski F-Score is 5.00. Royce Small-Cap Trust's value of 7 is 40% above this industry median. Based on the distribution chart, Royce Small-Cap Trust ranks #113 out of 1593 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Royce Small-Cap Trust has a GF Score™ of 51/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Royce Small-Cap Trust's Piotroski F-Score compare to ETY and CLM?
According to the Asset Management industry distribution chart, Royce Small-Cap Trust ranks #113 out of 1593 companies for Piotroski F-Score. This places Royce Small-Cap Trust in the top 7% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Royce Small-Cap Trust's value of 7 is 40% above this benchmark. Historically, Royce Small-Cap Trust's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Royce Small-Cap Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,593 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Royce Small-Cap Trust's current Piotroski F-Score of 7 is 40% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Royce Small-Cap Trust and its competitors. For the Asset Management industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Royce Small-Cap Trust's current Piotroski F-Score is 7, which is 40% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Royce Small-Cap Trust stock overvalued right now?
Based on GuruFocus' analysis, Royce Small-Cap Trust (RVT) is currently considered Modestly Overvalued. The stock's GF Value™ is $16.62, compared to a current price of $18.50 — trading 11.3% above its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 40% above the Asset Management industry median of 5.00. Royce Small-Cap Trust's overall GF Score™ is 51/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Royce Small-Cap Trust (RVT), the current Piotroski F-Score is 7 as of Jul. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Royce Small-Cap Trust (RVT) Overvalued in 2026?
Based on GuruFocus' analysis, Royce Small-Cap Trust stock appears to be overvalued.
The current stock price of $18.50 is trading 11.3% above its estimated GF Value™ of $16.62.
GuruFocus considers Royce Small-Cap Trust to be Modestly Overvalued.
Key valuation signals for RVT:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: $16.62 vs. price of $18.50 (11.3% above fair value)
Industry Position: 40% above the Asset Management median (#113 of 1593)
No single metric tells the full story. See the RVT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Royce Small-Cap Trust Inc is a diversified closed-end investment company that invests in equity securities of small-cap companies. The company portfolio includes sectors such as Industrials, Financials, Information Technology, Health Care, and Consumer Discretionary.
51GF Score
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