Stock Screens

Companies passing eight or nine of Joseph Piotroski's nine tests of improving financial health: profitable, cash-generative, more profitable than last year, cash flow ahead of earnings, leverage down, liquidity up, no new shares, gross margin up, asset turnover up.

Joel Greenblatt's ranking: good businesses at cheap prices. Each company is ranked on earnings yield and on return on capital, and the two ranks are added.

A version of Graham's tests for the defensive investor from The Intelligent Investor: a sizeable company, financially strong, consistently profitable, bought at a moderate price.

Companies whose free cash flow — operating cash flow less capital spending — is at least 8% of what the market values them at.

Companies that have raised their regular dividend in each of the last 25 fiscal years or more, by the dividends paid rather than by any index's membership list.

Companies that have raised their regular dividend in each of the last 50 fiscal years or more. The payment history here reaches back to the 1960s for some companies and only the 1980s for others, so a record longer than the history is counted to where it starts, and some kings fall short.

Companies yielding at least 4% whose free cash flow pays for the dividend, and which have made money in each of the last five years.

Companies that have made money in each of the last five years, trading within 5% of their lowest close of the past year. A low price is not a cheap one, but this is where to start looking for one.

Companies trading within 2% of their highest close of the past year, largest first.

Profitable companies trading well under their own usual valuation: the median P/E, price to sales and price to free cash flow they have traded at over their last ten fiscal years, applied to what they earn, sell and generate now. A company can be cheap against its own past for good reason — growth that has slowed, a business that has changed — so this is where to start looking, not a verdict.

Companies with the largest share of their stock sold short, as brokers reported their positions to FINRA at the latest settlement date. Days to cover is how many average days' trading it would take to buy it all back.

Companies returning the most cash to shareholders, as dividends and buybacks together, against their market value.