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.
Steel Partners Holdings LP Piotroski F-Score Related Terms
Steel Partners Holdings LP Piotroski F-Score Historical Data
* 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.
SPLP vs MATW, DLX, FIP: Piotroski F-Score Comparison
For the Conglomerates subindustry, Steel Partners Holdings LP'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.
Steel Partners Holdings LP Piotroski F-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Steel Partners Holdings LP'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.
Steel Partners Holdings LP's current Net Income (TTM) was 252.
==> 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.
Score 1 if positive, 0 if negative.
Steel Partners Holdings LP's current Cash Flow from Operations (TTM) was 145.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Steel Partners Holdings LP's return on assets of this year was 0.06924981. Steel Partners Holdings LP's return on assets of last year was 0.05776582.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Steel Partners Holdings LP's gearing of this year was 0.03272018. Steel Partners Holdings LP's gearing of last year was 0.04612306.
==> 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
Steel Partners Holdings LP's current ratio of this year was 1.3429622. Steel Partners Holdings LP's current ratio of last year was 1.27318971.
==> 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.
Steel Partners Holdings LP's number of shares in issue this year was 21.484. Steel Partners Holdings LP's number of shares in issue last year was 23.986.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
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.
Steel Partners Holdings LP's gross margin of this year was 0.44106897. Steel Partners Holdings LP's gross margin of last year was 0.42811048.
==> This year's gross 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
Steel Partners Holdings LP's asset turnover of this year was 0.57586676. Steel Partners Holdings LP's asset turnover of last year was 0.50537061.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Steel Partners Holdings LP has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Steel Partners Holdings LP (SPLP) has a Piotroski F-Score of 8 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Steel Partners Holdings LP and its competitors. This is 60% above median its historical median of 5.00. Over the past decade, Steel Partners Holdings LP's Piotroski F-Score has ranged from 3.00 to 8.00.
Is Steel Partners Holdings LP's Piotroski F-Score too high?
Steel Partners Holdings LP's current Piotroski F-Score of 8 is 60% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Conglomerates industry median Piotroski F-Score is 5.00. Steel Partners Holdings LP's value of 8 is 60% above this industry median. Overall, Steel Partners Holdings LP has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's Piotroski F-Score compare to MATW and DLX?
Steel Partners Holdings LP's Piotroski F-Score of 8 can be compared against companies in the Conglomerates industry. The industry median Piotroski F-Score is 5.00. Steel Partners Holdings LP's value of 8 is 60% above this benchmark. Historically, Steel Partners Holdings LP's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Steel Partners Holdings LP 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 a Conglomerates company?
The median Piotroski F-Score among Conglomerates companies is 5.00, based on 556 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. Steel Partners Holdings LP's current Piotroski F-Score of 8 is 60% 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 Steel Partners Holdings LP and its competitors. For the Conglomerates 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. Steel Partners Holdings LP's current Piotroski F-Score is 8, which is 60% 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 Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current Piotroski F-Score of 8. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current Piotroski F-Score is 8, which is 60% above median its 10-year median of 5.00 and 60% above the Conglomerates industry median of 5.00. Steel Partners Holdings LP's overall GF Score™ is 66/100 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 Steel Partners Holdings LP (SPLP), the current Piotroski F-Score is 8 as of Jun. 25, 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued.
The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.
Key valuation signals for SPLP:
Piotroski F-Score: 8 (60% above median its 10-year median of 5.00)
GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
Industry Position: 60% above the Conglomerates median
No single metric tells the full story. See the SPLP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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