Magic Formula

The Magic Formula is an investment technique that was developed by Prof. Joel Greenblatt and introduced in his book The Little Book That Beats The Market. It selects the stocks that rank the highest for Cheapness (Low EV/EBIT) and Quality (High RoC).

Greenblatt suggests purchasing 30 “good companies”: cheap stocks with a high earnings yield and a high return on capital. He touts the success of his magic formula in his book ‘The Little Book that Beats the Market’ citing that it does, in fact, beat the S&P 500 96% of the time, and has averaged a 17-year annual return of 30.8%.

Greenblatt does not disclose all the necessary details on his implementation, but we assume he achieved such astounding returns by investing in micro-caps and equal-weighting the holdings. In their book “Quantitative Value”, Tobias Carlisle and Wes Grey re-create the Magic Formula but using larger cap stocks and value-weighting the portfolio holdings. They confirm that the Magic Formula beat the market over time, but have not been able to reach Greenblatt’s returns.

Formula:

Establish a minimum market capitalization (usually greater than $50 million).
Exclude utility and financial stocks.
Exclude foreign companies (American Depositary Receipts).
Determine company’s earnings yield = EBIT / enterprise value.
Determine company’s return on capital = EBIT / (net fixed assets + working capital).
Rank all companies above chosen market capitalization by highest earnings yield and highest return on capital (ranked as percentages).
Invest in 20–30 highest ranked companies, accumulating 2–3 positions per month over a 12-month period.
Re-balance portfolio once per year, selling losers one week before the year-mark and winners one week after the year mark.
Continue over a long-term (5–10+ year) period.

The Magic Formula stocks are available for free in Joel Greenblatt’s website, MagicFormulaInvesting.com. In the table below, we copied the top 50 Magic Formula stocks from that website, and broken the magic formula rank into its two components:

The Quality Rank: EBIT/(net fixed assets + working capital)
The Valuation Rank: EBIT / enterprise value

The higher the ranks, the better,

Our screener can be helpful as a starting point for stock research. Investors can sort stocks based on their Quality or Valuation or combined Quality and Valuation (the MF Rank).

Magic Formula Stocks with Market Cap of $10M and above

Magic Formula Screener

Market Cap ($M):

MF Rank:

MF Quality Rank:

MF Valuation Rank:

FS_Score:

Ticker	Name	Price	Market Cap ($M)	MF Rank	MF Quality Rank	MF Valuation Rank	TEV/EBIT	P/E TTM	EV/EBITDA	EV/Sales	P/FCF	P/B	Sh. Yield	FS_Score	ROC 5Y Avg.	Debt/Equity	Cur. Ratio	Updated:
PTN	Palatin Technologies Inc.	0.52	119	100.00	99.90	99.00	0.80	3.20	0.80	0.50	3.05	1.30	39.00	8	148	0.00	26.68	16/05/2020
CLCN	Creative Learning Corp	0.13	2	100.00	98.60	99.20	0.70	1.00	0.70	0.30	7.14	-0.82	0.00	7	233	0.00	0.87
BBX	BBX Capital Corp	1.93	177	100.00	98.80	98.80	0.70	5.50	0.70	0.70	4.65	0.32	-70.00	3	99	1.59	0.00
UBAAF	Urbana Corp	1.66	82	99.90	100.00	97.10	2.30	2.10	2.30	2.10	-2.92	0.42	-20.00	5	12	0.09	0.00
JNCE	JOUNCE THERAPEUTICS INC	5.41	184	99.90	98.10	98.90	1.10	4.30	1.00	0.40	-5.91	1.05	-10.00	5	178	0.11	10.66
FFXDF	Fairfax India Holdings Corp	7.63	1,165	99.90	99.90	96.70	2.50	2.30	2.50	2.30	31.83	0.45	0.00	7	18	0.21	0.00
JFIN	Jiayin Group Inc	2.00	108	99.90	97.90	98.70	0.70	0.00	0.70	0.20	0.00	-0.92	0.00	4	288	-0.05	0.00
CIH	China Index Holdings Limited	1.21	108	99.90	98.70	97.90	1.60	0.00	0.00	0.80	0.00	35.88	0.00	4	-243	1.80	1.14
MARPS	Marine Petroleum Trust	0.00	0	99.90	100.00	96.40	-1.90	0.00	-1.90	-1.30	0.00	0.00	0.00	3	32,227	0.00	0.00
LXRX	Lexicon Pharmaceuticals Inc	2.03	217	99.90	98.40	97.70	1.70	2.50	1.70	0.70	1.85	3.96	-1.00	10	225	4.48	3.63
WDR	Waddell & Reed Financial Inc.	13.37	891	99.80	97.50	98.20	1.30	8.50	1.20	0.20	6.69	1.16	-13.00	5	215	0.15	2.64
CPHRF	Cipher Pharmaceuticals Inc	0.89	24	99.80	97.70	97.60	1.60	5.60	1.50	1.00	3.36	0.86	32.00	8	85	0.26	1.29
SIRZF	SIR Royalty Income Fund	2.13	18	99.80	98.30	96.90	2.30	1.90	2.30	2.20	-150.00	0.26	44.00	5	11	0.00	1.25
ELFIF	E-L Financial Corp Ltd	487.50	1,960	99.80	98.30	96.60	2.60	3.00	0.00	2.60	6.79	0.43	1.00	2	14	0.08	0.00
GECC	Great Elm Capital Corp	3.48	35	99.80	99.20	95.60	3.50	-4.60	3.50	2.40	-0.94	0.40	-120.00	3	14	1.38	0.00
PZN	Pzena Investment Management Inc	4.59	83	99.80	96.70	98.00	1.20	1.80	1.10	0.50	1.24	3.79	-15.00	1	-489	0.62	0.00
ESNT	Essent Group Ltd	33.75	3,328	99.70	99.50	95.20	4.50	5.80	4.50	3.50	5.88	1.07	1.00	3	25	0.14	0.00
GBL	Gamco Investors Inc	13.40	367	99.70	97.70	97.00	2.60	4.50	2.60	1.00	4.21	6.71	-11.00	5	1,199	0.54	0.00
MTG	MGIC Investment Corp	8.51	2,881	99.70	98.00	96.40	3.30	4.30	3.10	2.40	5.14	0.68	-3.00	5	24	0.20	0.00
HNNA	Hennessy Advisors Inc	8.05	60	99.70	98.60	95.80	3.60	5.70	3.50	1.30	6.02	0.78	6.00	6	32	0.22	3.03
GMICF	Genworth MI Canada Inc	23.91	2,063	99.70	99.20	95.10	4.30	6.40	4.30	3.00	-6.62	0.85	37.00	7	18	0.19	0.00
SKAS	Saker Aviation Services Inc	3.20	3	99.70	94.30	99.90	-0.10	4.50	-0.10	0.00	3.66	0.54	-3.00	6	33	0.08	4.07
USNU	U.S. Neurosurgical Holdings Inc	0.21	2	99.70	95.90	98.30	1.20	14.30	1.20	0.60	1.29	0.63	70.00	8	25	0.36	1.64
BMNM	Bimini Capital Management Inc	0.65	8	99.60	98.00	96.20	1.70	0.60	1.60	0.90	0.00	0.20	-165.00	6	65	5.94	0.00
NMIH	NMI Holdings Inc	15.49	1,067	99.60	98.60	95.60	3.90	5.40	3.80	2.50	4.89	1.09	0.00	9	13	0.15	0.00
RDN	Radian Group Inc.	15.95	3,037	99.60	98.80	95.30	3.70	0.00	3.60	2.20	5.24	0.79	-9.00	6	23	0.29	0.00
OXSQ	Oxford Square Capital Corp	2.98	148	99.60	99.90	94.00	5.30	-1.20	5.30	4.10	7.58	0.90	51.00	6	10	0.65	0.00
OPNT	Opiant Pharmaceuticals Inc	11.22	47	99.60	97.50	96.20	1.50	4.10	1.50	0.40	12.50	1.37	4.00	8	499	0.02	7.00
SVVC	Firsthand Technology Value Fund Inc	3.66	26	99.60	98.40	95.00	4.00	-0.40	4.00	14.50	0.00	0.20	0.00	3	-2	0.00	0.00
CRRTF	Crescita Therapeutics Inc	0.50	10	99.50	95.00	98.20	1.10	7.10	0.80	0.20	2.59	0.61	19.00	8	-46	0.07	3.67
YIN	Yintech Investment Holdings Ltd	5.70	408	99.50	97.00	96.00	2.50	21.80	0.00	0.40	14.96	1.08	-2.00	7	180	0.01	0.00
DHIL	Diamond Hill Investment Group Inc	106.98	348	99.50	98.50	94.40	4.50	9.20	4.40	1.70	29.32	1.82	-4.00	5	76	0.02	0.00
MSB	Mesabi Trust	18.01	236	99.50	100.00	92.80	7.10	7.90	7.10	6.70	-24.87	19.95	25.00	5	-802	0.00	2.00
BEN	Franklin Resources Inc	18.91	9,366	99.50	96.40	96.10	3.20	9.60	3.00	0.90	-10.83	0.95	-3.00	1	45	0.16	0.00
EVTN	Enviro Technologies Inc	0.04	1	99.50	94.80	97.60	1.30	1.70	1.20	0.30	-2.04	4.76	-16.00	5	19	2.24	0.97
YLWDF	Yellow Pages Ltd	7.00	197	99.50	96.70	95.60	3.20	2.70	2.40	0.90	1.80	-15.34	67.00	10	47	-9.39	2.14
PFHO	Pacific Health Care Organization Inc.	1.00	13	99.40	96.50	95.70	3.30	10.80	3.10	0.70	12.62	1.40	-4.00	3	171	0.06	13.99
JHG	Janus Henderson Group PLC	21.89	3,970	99.40	96.70	95.40	4.60	65.50	4.10	1.20	17.42	0.91	-4.00	5	18	0.07	3.25
ALARF	Alaris Royalty Corp	7.47	272	99.40	99.10	93.10	5.50	-21.30	5.40	4.60	17.89	0.67	-33.00	4	10	0.42	2.87
GSKY	GreenSky Inc	4.02	267	99.40	97.30	94.80	1.80	2.80	1.70	0.40	2.33	10.39	-43.00	6	-699	15.50	0.00
ONEXF	ONEX Corp	47.59	4,767	99.40	97.60	94.20	5.00	1.10	4.70	3.30	11.18	0.68	525.00	6	6	0.01	0.00
EVGEF	Evergreen Gaming Corp	0.17	21	99.40	94.40	97.50	1.40	5.10	1.30	0.20	4.86	0.83	-3.00	6	46	0.24	3.48
BPZZF	Boston Pizza Royalties Income Fund	5.05	110	99.30	99.60	91.90	6.10	6.50	6.10	5.90	26.13	0.54	20.00	7	11	0.46	0.06
CHPRF	Champion Iron Ltd	1.68	748	99.30	94.90	96.50	2.90	7.60	2.80	1.30	9.44	5.30	-3.00	8	17	1.23	2.72
RMR	RMR Group Inc (The)	27.00	440	99.30	95.70	95.70	1.20	6.40	1.20	0.20	9.48	1.50	5.00	4	217	0.13	5.81
MNDO	Mind Cti Ltd	1.88	37	99.30	96.70	94.60	4.60	7.30	4.40	1.00	23.57	1.69	11.00	6	158	0.06	3.03
EAF	Graftech International Ltd	7.08	1,892	99.30	96.30	95.00	4.10	2.80	3.80	2.20	3.01	-2.78	11.00	6	44	-2.67	3.17
INVA	Innoviva Inc	14.36	1,455	99.30	98.70	92.60	5.30	6.30	4.90	5.10	5.72	3.83	0.00	7	61	1.00	166.87
GRVY	GRAVITY Co Ltd	41.78	290	99.30	97.40	93.60	4.50	8.40	0.00	0.60	13.19	2.90	-1.00	5	-209	0.04	2.79
CIFAF	CI Financial Corp	12.00	2,600	99.20	98.70	92.10	6.20	6.60	5.90	2.30	9.21	2.50	-18.00	4	32	1.23	0.79
BSIG	Brightsphere Investment Group Inc	8.50	730	99.20	96.20	94.50	4.30	3.00	4.00	1.70	-3.50	10.60	-63.00	4	44	10.96	0.00
FNF	Fidelity National Financial Inc FNF Group	30.26	8,243	99.20	97.40	93.10	6.30	10.10	5.40	0.80	10.58	1.61	-2.00	7	19	0.25	0.00
TCRD	THL Credit Inc	3.01	89	99.20	99.50	90.90	6.20	-1.00	6.20	5.60	1.56	0.39	62.00	4	9	0.83	0.00
FHI	Federated Hermes Inc	23.26	2,351	99.20	97.70	92.60	6.20	8.20	5.80	1.70	10.37	2.25	0.00	7	51	0.30	2.69
UIS	Unisys Corp	11.60	730	99.20	90.80	99.50	0.60	-14.80	0.40	0.10	-3.37	-2.98	-13.00	2	-17	-2.82	1.44
CHMI	Cherry Hill Mortgage Investment Corp	8.88	148	99.10	95.70	94.50	4.60	-3.40	4.60	1.30	4.86	0.50	-549.00	3	70	8.54	0.00
BMA	Banco Macro SA	19.48	1,246	99.10	90.20	99.90	0.10	0.00	0.10	0.00	0.00	0.83	0.00	5	1,215	0.36	0.00
BIOYF	Biosyent Inc	3.45	47	99.10	96.50	93.50	6.60	14.20	6.30	1.90	14.55	2.36	-16.00	4	202	0.07	7.99
RSKIA	Risk(George) Industries Inc	8.00	40	99.10	91.90	98.10	1.80	9.20	1.60	0.40	35.09	0.98	5.00	8	74	0.00	16.83
PARXF	Parex Resources Inc	11.41	1,635	99.10	92.70	97.20	2.40	5.10	1.90	1.30	10.61	1.17	-14.00	5	27	0.00	2.62
AMG	Affiliated Managers Group Inc.	68.89	3,252	99.10	97.70	92.20	5.90	6.80	5.20	2.10	3.39	1.09	-15.00	6	18	0.69	0.00
SLRC	Solar Capital Ltd	16.49	697	99.10	99.30	90.30	7.00	-15.70	7.00	4.80	5.94	0.77	-7.00	4	10	0.56	0.00
EVR	Evercore Inc	56.94	2,308	99.00	95.10	94.50	4.70	7.30	4.40	1.10	4.03	2.83	-18.00	6	198	0.88	3.14
SILEF	Silver Elephant Mining Corp.	0.20	24	99.00	92.10	97.50	2.80	1.80	2.80	0.00	-3.56	1.26	32.00	3	-106	0.00	1.39
MSGN	MSG Networks Inc	12.44	710	99.00	98.00	91.40	5.90	4.20	5.80	2.40	3.54	-1.16	24.00	5	92	-1.80	3.93
OMAB	Grupo Aeroportuario del Centro Norte SAB de CV	34.96	1,710	99.00	97.60	91.60	7.10	9.90	6.50	4.00	20.37	3.80	4.00	8	35	0.45	3.82
MCC	Medley Capital Corp	0.60	33	99.00	99.60	89.50	6.80	-0.40	6.80	3.90	0.15	0.15	511.00	5	7	0.93	0.00
PCOM	Points International Ltd	7.47	99	99.00	91.90	97.10	1.80	8.30	1.40	0.10	4.28	2.53	-23.00	8	-53	0.09	1.15
APAM	Artisan Partners Asset Management Inc	29.50	1,789	99.00	97.50	91.50	6.40	7.60	6.30	2.30	42.48	16.93	13.00	6	225	2.81	0.00
NSFDF	NXT Energy Solutions Inc	0.33	21	98.90	95.70	93.10	5.90	7.20	4.10	2.00	7.05	1.02	-20.00	8	-20	0.13	6.42
GGAL	Grupo Financiero Galicia Sa, Buenos Aires	8.83	1,260	98.90	88.80	99.80	0.10	0.00	0.10	0.00	0.00	0.80	0.00	5	-724	0.71	0.00
QD	Qudian Inc	1.48	376	98.90	89.60	99.00	0.20	0.80	0.00	0.10	0.48	0.22	-41.00	9	36	0.29	4.37
MOMO	Momo Inc	19.95	4,162	98.90	98.80	89.60	6.00	9.80	5.40	1.10	6.61	2.11	2.00	7	-947	0.38	6.06
QUTIF	Questor Technology Inc	1.12	30	98.90	92.10	96.20	2.40	5.30	2.00	0.90	9.15	1.10	1.00	2	41	0.02	4.43
ORXGF	Orca Exploration Group Inc	3.74	128	98.90	89.90	98.20	1.10	7.50	0.80	0.60	5.04	1.32	3.00	9	95	0.61	2.36
MTR	Mesa Royalty Trust	6.47	12	98.80	96.70	91.40	6.70	0.00	6.70	6.00	0.00	4.63	0.00	3	181	0.00	0.00
SNYR	Synergy CHC Corp	0.12	11	98.80	95.40	92.60	6.10	-1.20	4.10	0.50	3.73	-2.12	21.00	7	14	-1.10	0.50
TIKK	Tel Instruments Electronics Corp	3.05	10	98.80	92.20	95.80	2.70	4.50	2.70	0.50	5.62	-3.46	14.00	8	22	-0.37	1.17
PRDO	Perdoceo Education Corp	16.36	1,130	98.80	97.10	90.70	6.90	15.20	6.40	1.40	10.95	2.54	-7.00	8	-2	0.14	3.60
WHD	Cactus Inc	20.10	953	98.80	92.80	94.90	4.30	6.80	3.50	1.20	6.05	2.78	-2.00	5	118	0.10	5.35
STC	Stewart Information Services Corp	31.65	749	98.80	93.90	93.80	5.20	7.30	4.40	0.30	5.08	1.02	-13.00	6	18	0.29	0.00
SPKE	Spark Energy Inc	8.81	127	98.80	91.40	96.10	3.60	8.90	2.00	0.20	1.76	2.49	44.00	7	39	1.86	1.66
QIWI	QIWI plc	14.03	846	98.70	92.30	95.20	4.20	10.70	3.50	0.80	10.53	1.92	-8.00	6	134	0.79	1.24
DLX	Deluxe Corp	25.56	1,066	98.70	95.80	91.40	6.70	-3.50	4.70	1.00	7.10	2.25	-11.00	4	24	2.50	1.91
ICON	Iconix Brand Group Inc	1.05	12	98.70	97.50	89.80	6.70	-0.10	6.50	3.90	0.40	-0.04	326.00	2	14	-2.28	1.01
REGI	Renewable Energy Group Inc	28.04	1,094	98.70	89.90	97.30	2.20	2.20	2.10	0.40	9.02	0.92	-4.00	5	19	0.24	1.88
CJREF	Corus Entertainment Inc	2.35	489	98.70	94.60	92.60	5.60	3.10	4.10	1.40	2.53	0.40	62.00	8	12	1.10	0.80
HPTO	hopTo Inc	0.51	5	98.70	98.10	89.00	6.40	9.10	6.40	1.00	7.69	-12.20	0.00	9	37	0.00	1.06
FTLF	FitLife Brands Inc	11.00	12	98.60	92.60	94.40	4.60	4.40	4.60	0.60	5.45	3.59	-13.00	8	22	0.07	2.05
SAMG	Silvercrest Asset Management Group Inc	11.61	110	98.60	93.30	93.70	5.60	5.00	4.80	1.20	14.42	1.58	-48.00	5	113	0.79	0.00
PBT	Permian Basin Royalty Trust	3.80	177	98.60	99.90	87.00	9.00	0.00	9.00	7.80	0.00	411.63	0.00	4	-1,141	0.00	0.00
PINC	Premier Inc	34.35	2,441	98.60	94.80	92.00	6.10	7.90	4.40	2.00	8.08	17.26	-8.00	4	-42	2.23	1.10
SUNS	Solar Senior Capital Ltd	12.91	207	98.60	99.60	87.10	8.30	-31.80	8.30	7.20	3.36	0.79	-10.00	5	9	0.66	0.00
VCIGF	Vitreous Glass Inc	1.95	12	98.60	95.40	91.20	5.80	8.60	5.10	1.70	-60.00	3.67	12.00	4	84	0.03	3.82
TCNGF	Tricon Capital Group Inc	6.00	1,164	98.60	99.00	87.40	8.40	10.40	8.10	6.50	-13.77	0.70	-7.00	1	15	0.28	0.00
GPRK	GeoPark Ltd	8.28	492	98.50	91.10	95.20	3.60	8.50	2.30	1.30	4.61	3.70	-15.00	6	27	3.39	1.05
LTRPA	Liberty TripAdvisor Holdings Inc	2.85	214	98.50	89.30	96.80	3.00	-1.80	1.30	0.30	0.69	0.67	-52.00	4	36	1.63	1.27
AMCX	AMC Networks Inc	28.61	1,509	98.50	94.10	92.00	5.60	4.60	4.90	1.30	3.53	2.46	-20.00	5	28	5.13	2.17
GPP	Green Plains Partners LP	6.25	145	98.50	94.00	91.90	6.40	3.50	5.90	3.80	32.37	-1.89	17.00	6	76	-2.20	0.11
PAC	Grupo Aeroportuario Del Pacifico SA	66.46	3,493	98.50	94.50	91.30	7.20	11.90	5.90	3.40	0.00	3.62	0.00	8	42	0.00	5.27
MDWD	MediWound Ltd	2.00	54	98.50	93.90	91.70	6.00	26.10	5.00	1.10	7.20	3.56	-3.00	8	57	0.62	3.43
PZRIF	Pizza Pizza Royalty Corp	6.02	192	98.40	99.60	86.00	8.40	9.30	8.40	8.30	-468.29	0.87	11.00	7	11	0.16	2.16
MPAD	Micropac Industries Inc	13.25	34	98.40	90.10	95.50	3.60	7.40	3.40	0.70	18.09	1.19	1.00	8	16	0.01	12.61
NCMI	National CineMedia Inc	2.80	218	98.40	96.50	89.10	7.00	2.70	5.60	2.50	2.53	-0.57	12.00	7	34	-2.85	4.08
BIIB	Biogen Inc	300.50	50,274	98.40	96.90	88.60	6.80	8.60	6.40	3.70	7.68	4.01	-12.00	8	44	0.51	1.73
PSEC	Prospect Capital Corp	5.21	1,915	98.40	99.90	85.60	8.90	14.20	8.90	5.90	4.16	0.60	11.00	7	8	0.67	0.00
SOI	Solaris Oilfield Infrastructure Inc	6.85	196	98.40	87.50	98.00	1.80	5.80	1.40	0.70	0.00	0.90	0.00	7	68	0.04	4.06
CORR	CorEnergy Infrastructure Trust Inc	11.05	151	98.40	90.40	95.00	3.70	37.00	3.50	2.10	11.57	0.43	31.00	6	7	0.43	0.00
UTGN	UTG Inc	29.00	95	98.40	88.40	97.10	2.20	5.70	2.10	1.00	-11.07	0.73	-1.00	5	13	0.00	0.00
NODK	NI Holdings Inc	14.26	315	98.30	93.70	91.70	6.90	11.90	6.50	0.90	12.92	1.03	-1.00	5	15	0.00	0.00
BHAT	Blue Hat Interactive Entertainment Technology	1.23	43	98.30	89.30	96.10	3.60	4.70	3.30	1.40	-13.92	0.95	14.00	3	0	0.15	3.27
DEWY	Dewey Electronics Corp	3.20	4	98.30	89.40	96.00	2.60	3.00	2.60	0.50	6.67	1.36	5.00	9	8	0.12	2.99
JFU	9F Inc	5.70	1,105	98.30	89.50	95.80	2.80	0.00	5.50	0.60	0.00	0.86	0.00	1	60,828	0.01	0.00
SINA	Sina Corp	30.83	2,110	98.30	88.70	96.60	2.00	19.40	1.80	0.50	2.95	0.80	-47.00	3	36	0.75	2.68
MCFT	MasterCraft Boat Holdings Inc	14.77	279	98.20	94.10	91.00	7.20	15.30	6.10	0.90	9.84	5.43	-18.00	1	53	2.70	1.50
CURO	CURO Group Holdings Corp	7.02	289	98.20	90.60	94.40	4.30	2.80	4.00	0.90	0.45	4.85	-66.00	3	28	15.28	0.00
BKCC	BlackRock Capital Investment Corp	3.00	204	98.20	99.50	85.40	8.90	-2.40	8.90	6.60	-1.65	0.47	-49.00	1	8	0.71	0.00
FAF	First American Financial Corp	51.04	5,687	98.20	93.80	91.10	6.80	8.60	5.90	1.00	9.43	1.30	-7.00	8	23	0.37	0.00
ASFI	Asta Funding Inc	12.45	82	98.20	98.30	86.60	8.70	11.80	8.60	3.60	7.41	0.91	-1.00	6	3	0.01	0.00
NOG	Northern Oil and Gas Inc	0.80	325	98.20	88.30	96.60	2.50	-4.30	1.80	1.40	-1.42	0.32	-66.00	7	11	1.03	1.51
CPTA	Capitala Finance Corp	2.63	43	98.20	99.80	85.00	8.70	-0.60	8.70	6.80	0.87	0.29	107.00	4	8	1.86	0.00
PUMP	ProPetro Holding Corp	4.99	502	98.10	86.80	98.00	1.60	3.10	1.10	0.30	-10.55	0.52	-22.00	3	34	0.17	1.61
VGGOF	Cryptologic Corp	0.25	3	98.10	99.30	85.50	8.40	-0.20	3.20	0.80	0.33	-0.39	-594.00	7	128	-3.09	3.75
TARO	Taro Pharmaceutical Industries Ltd	69.07	2,662	98.10	92.60	92.10	6.10	10.70	5.60	2.50	10.49	1.29	-4.00	5	54	0.00	6.81
ICMB	Investcorp Credit Management BDC Inc	3.94	54	98.10	98.60	86.00	8.40	-11.90	8.40	5.70	-2.27	0.39	-73.00	1	9	1.23	0.00
UTHR	United Therapeutics Corp	115.00	5,060	98.10	95.20	89.40	6.70	9.60	6.20	3.00	8.97	1.72	-12.00	7	63	0.27	8.91
LX	LexinFintech Holdings Ltd	7.92	1,391	98.10	91.40	93.10	4.60	0.00	0.00	1.10	0.00	1.47	0.00	5	17	1.25	1.68
CHRS	Coherus BioSciences Inc	18.25	1,294	98.00	96.00	88.50	7.80	8.90	7.70	3.00	48.77	12.30	-6.00	8	-685	1.83	3.32
TZOO	Travelzoo	6.52	75	98.00	91.10	93.40	7.30	18.00	6.40	0.60	6.97	6.91	-44.00	5	-97	1.25	1.03
CETV	Central European Media Enterprises Ltd	3.93	999	98.00	95.90	88.40	7.10	8.60	5.90	2.10	5.72	3.44	17.00	8	12	2.07	1.68
CRT	Cross Timbers Royalty Trust	7.65	46	98.00	95.10	89.20	8.50	0.00	8.50	7.50	0.00	5.64	0.00	3	100	0.00	0.00
MVC	MVC Capital Inc	6.83	121	98.00	98.90	85.40	8.70	5.10	8.70	6.40	2.77	0.53	-8.00	6	5	0.60	0.00
FULO	Fullnet Communications Inc	0.05	1	98.00	88.60	95.60	5.10	3.10	4.60	0.40	2.44	-1.14	0.00	5	-37	-0.70	0.58
LEE	Lee Enterprises Inc	1.24	72	98.00	93.60	90.50	6.60	6.60	4.80	1.00	1.74	-2.20	81.00	6	19	-13.26	0.94
GTX	Garrett Motion Inc	5.31	401	97.90	89.00	94.80	4.00	1.40	3.40	0.50	2.80	-0.20	41.00	6	-43	-0.73	0.86
WLKP	Westlake Chemical Partners LP	19.23	677	97.90	87.50	96.30	2.90	1.90	2.30	1.00	1.99	1.30	33.00	9	78	0.77	7.90
FF	FutureFuel Corp	13.15	575	97.90	87.10	96.60	3.40	5.70	3.00	1.30	22.88	1.62	2.00	5	43	0.00	2.35
CELP	Cypress Energy Partners LP	4.49	54	97.90	90.40	93.30	4.90	3.10	4.00	0.30	27.55	6.08	26.00	7	10	8.82	3.25
LIFZF	Labrador Iron Ore Royalty Corp	15.90	1,018	97.90	98.60	85.10	9.50	6.30	9.50	7.20	-29.94	2.57	21.00	8	20	0.00	1.89
HMI	Huami Corp	9.10	563	97.90	91.30	92.40	4.10	0.00	0.00	0.40	0.00	1.57	0.00	2	100	0.34	1.96
SBR	Sabine Royalty Trust	28.18	411	97.80	100.00	83.70	9.70	0.00	9.70	9.10	0.00	82.53	0.00	3	-3,274	0.00	0.00
CPRX	Catalyst Pharmaceutical Inc	4.31	446	97.80	98.90	84.70	7.90	10.40	7.90	2.90	12.89	5.09	0.00	6	-14,642	0.01	6.63
MCESF	Macro Enterprises	1.86	58	97.80	85.90	97.60	1.50	3.00	1.00	0.20	-5.03	0.65	-18.00	5	10	0.33	1.74
ALSN	Allison Transmission Holdings Inc	37.52	4,435	97.80	95.80	87.80	8.00	7.30	6.70	2.60	7.37	6.40	-8.00	4	23	3.63	1.56
MO	Altria Group Inc	38.81	72,123	97.80	98.40	85.10	8.80	-83.00	8.60	4.70	31.54	11.02	4.00	6	40	4.58	0.71
NOBH	Nobility Homes Inc	22.50	82	97.80	92.50	90.90	6.50	9.50	6.30	1.20	-36.61	1.63	-1.00	6	28	0.02	7.76
MFCSF	Medical Facilities Corp	3.23	100	97.80	88.80	94.50	4.30	1.70	3.00	0.70	2.52	0.80	-30.00	6	31	1.75	1.84
DISCA	Discovery Inc	21.97	11,249	97.70	96.40	86.80	8.00	5.10	3.50	2.30	3.96	1.19	-2.00	8	14	1.68	1.61
DMLP	Dorchester Minerals LP	11.88	412	97.70	93.60	89.50	7.60	7.80	6.00	5.10	-86.01	3.67	19.00	4	54	0.02	11.97
HKIB	AMTD International Inc	6.50	1,520	97.70	93.40	89.60	6.40	0.00	43.10	5.90	0.00	2.00	0.00	4	86	0.05	7.97
MMI	Marcus & Millichap Inc	28.07	1,102	97.70	96.10	86.70	8.70	14.30	8.00	1.00	66.87	2.16	-8.00	1	-140	0.17	5.37
JRSH	Jerash Holdings (US) Inc	4.66	53	97.70	86.80	96.00	3.30	7.60	2.80	0.30	-23.45	0.95	23.00	6	32	0.02	6.43
VCTR	Victory Capital Holdings Inc	16.59	1,123	97.70	97.90	84.80	9.30	12.10	8.40	3.30	5.23	2.09	-71.00	6	19	1.72	0.00
CKHUY	CK Hutchison Holdings Ltd	6.14	23,677	97.70	90.70	92.10	5.20	3.90	3.70	1.70	7.54	0.40	-35.00	5	21	0.95	1.36
LOV	Spark Networks SE	3.01	39	97.60	95.60	87.10	8.00	-5.00	4.30	0.30	2.52	2.07	-26.00	7	-1,255	0.68	0.40
AWRRF	A&W Revenue Royalties Income Fund	19.37	272	97.60	99.70	82.90	9.50	11.00	9.50	9.30	34.43	2.33	6.00	7	22	0.40	3.12
PSYTF	Pason Systems Inc	5.29	445	97.60	91.80	90.70	6.00	11.50	3.90	1.60	12.66	1.69	5.00	5	34	0.04	5.73
HCC	Warrior Met Coal Inc	14.48	741	97.60	87.00	95.40	3.60	3.50	2.50	0.80	9.11	0.94	48.00	5	53	0.56	4.25
QTRHF	Quarterhill Inc	1.47	175	97.60	89.90	92.40	6.50	16.60	2.90	0.80	89.74	0.83	0.00	7	6	0.03	3.84
CRTO	Criteo SA	9.73	600	97.60	84.90	97.40	2.10	6.60	1.30	0.10	4.56	0.60	-38.00	3	37	0.16	1.76
LAZ	Lazard Ltd	27.63	2,888	97.50	91.50	90.80	6.20	11.10	5.80	1.30	6.65	5.94	-45.00	4	126	4.76	0.00
WTSHF	Westshore Terminals Investment Corp	11.01	714	97.50	89.10	93.00	5.40	6.70	4.80	2.80	7.89	1.42	1.00	6	30	0.40	2.63
CCEL	Cryo-Cell International Inc	7.40	56	97.50	95.60	86.30	8.30	20.70	7.90	1.70	8.58	-9.33	6.00	7	-61	-1.45	1.05
SUPN	Supernus Pharmaceuticals Inc	24.50	1,287	97.50	96.10	85.90	8.50	11.40	8.30	3.20	9.17	2.10	-3.00	4	44	0.66	3.31
EBIX	Ebix Inc	22.78	694	97.50	95.40	86.40	9.10	7.70	8.10	2.30	17.79	1.33	-6.00	4	15	1.40	1.71
ITIC	Investors Title Co	134.78	255	97.50	96.30	85.50	9.50	8.10	5.20	1.30	196.15	1.39	6.00	2	23	0.02	0.00
HCI	HCI Group Inc	45.50	352	97.50	85.80	95.80	4.20	17.30	4.00	0.70	4.22	1.96	21.00	8	195	1.06	0.00
LPLA	LPL Financial Holdings Inc	72.44	5,713	97.40	92.30	89.30	7.70	10.20	6.40	1.20	7.84	5.65	-12.00	8	31	2.69	0.00
EGY	Vaalco Energy Inc	0.98	57	97.40	83.60	97.90	1.70	-20.00	1.30	0.50	3.54	0.52	-75.00	4	-83	0.30	1.09
NRIFF	Nuvo Pharmaceuticals Inc	0.60	7	97.40	93.70	87.70	7.60	2.70	4.60	1.60	4.05	0.38	-91.00	6	35	5.15	1.66
TNET	Trinet Group Inc	53.83	3,686	97.40	94.60	86.80	9.80	15.40	8.50	0.80	12.62	6.92	-6.00	8	1,848	1.28	1.18
BRBR	BellRing Brands Inc	20.08	792	97.40	95.40	85.80	8.30	0.00	7.30	1.70	0.00	-0.35	0.00	3	0	-0.34	2.68
CINR	Ciner Resources LP	12.01	238	97.40	85.40	95.80	3.30	2.30	2.60	0.70	36.62	1.38	0.00	5	36	0.75	3.06
TCPC	Blackrock TCP Capital Corp	9.95	585	97.30	99.30	81.80	10.30	19.10	10.30	7.40	-7.32	0.75	-4.00	4	9	1.17	0.00
KBAL	Kimball International Inc	11.79	435	97.30	87.60	93.50	5.70	10.50	4.50	0.50	20.79	1.83	0.00	6	41	0.09	2.01
MTEX	Mannatech Inc	13.12	31	97.30	84.00	97.10	2.80	9.40	1.90	0.10	12.40	1.14	-20.00	5	597	0.30	1.42
GHL	Greenhill & Co Inc	10.21	192	97.30	94.50	86.50	8.40	10.20	8.00	1.50	3.12	19.07	-82.00	6	22	36.61	0.00
NXTD	Nxt-ID Inc	0.37	11	97.30	97.90	83.20	8.20	-4.60	6.20	1.20	-17.46	1.64	46.00	4	-3,065	1.77	0.59
TKC	Turkcell Iletisim Hizmet AS	5.02	4,416	97.30	89.20	91.80	6.00	9.40	3.60	1.40	4.28	1.55	14.00	8	17	1.04	1.82
WETF	Wisdomtree Investments Inc	2.88	440	97.30	96.40	84.60	9.30	-15.80	9.10	2.10	27.80	1.35	4.00	2	95	0.60	2.13
XRX	Xerox Holdings Corp	16.81	3,578	97.20	87.10	93.80	5.00	7.00	3.60	0.60	3.70	0.66	7.00	6	12	0.86	1.77
ITRN	Ituran Location and Control Ltd	17.00	354	97.20	91.20	89.70	7.80	45.60	5.30	1.40	16.45	2.74	2.00	5	62	0.62	1.72
FOXA	Fox Corp	28.93	17,466	97.20	94.50	86.30	8.70	12.60	7.90	1.70	12.00	1.73	-40.00	7	22	0.72	3.79
RMAX	RE/MAX Holdings Inc	28.00	507	97.20	96.00	84.70	10.00	11.60	7.50	2.40	11.69	1.01	-11.00	6	13	0.57	1.40
BANX	StoneCastle Financial Corp	16.78	110	97.20	99.50	81.10	10.60	0.00	10.60	7.50	0.00	0.88	0.00	3	6	0.07	0.00
CGGYY	CGG	1.18	838	97.20	88.40	92.10	5.90	12.00	2.00	1.20	1.65	0.58	-21.00	8	3	0.92	1.93
MD	Mednax Inc	15.96	1,359	97.20	94.00	86.60	8.50	-1.10	7.00	0.90	6.26	0.91	2.00	4	12	1.47	2.72
QFIN	360 Finance Inc	9.60	1,408	97.10	83.30	97.20	2.10	3.90	0.00	0.70	3.33	1.36	-3.00	5	193	0.03	2.02
IDEX	Ideanomics Inc	0.41	61	97.10	92.90	87.50	7.30	-0.60	6.10	1.80	-3.91	1.82	-6.00	4	-44	0.66	0.20
OSN	Ossen Innovation Co Ltd	2.01	13	97.10	84.70	95.80	3.10	1.00	3.00	0.40	-3.99	0.12	18.00	6	12	0.43	2.98
GLAD	Gladstone Capital Corp	7.31	228	97.10	99.40	80.80	11.00	-17.80	11.00	8.40	68.26	0.91	15.00	2	9	0.74	0.00
LM	Legg Mason Inc	49.87	4,330	97.10	94.90	85.30	8.30	15.20	8.50	1.70	13.31	1.14	6.00	5	11	0.53	2.12
BBSI	Barrett Business Services Inc	50.59	380	97.10	84.10	96.20	4.00	7.90	3.70	0.20	6.54	2.36	-6.00	3	-292	0.19	1.16
CODA	Coda Octopus Group Inc	5.81	62	97.00	89.80	90.40	7.90	11.60	7.00	1.90	17.66	1.93	2.00	6	30	0.03	6.75
JE	Just Energy Group Inc	0.41	62	97.00	88.60	91.60	5.80	-0.40	6.40	0.30	-3.66	-0.20	-147.00	6	49	-1.89	0.76
AFL	AFLAC Inc	36.63	26,314	97.00	88.60	91.60	6.40	8.90	4.90	1.20	5.78	1.00	-7.00	4	19	0.26	0.00
SOGO	Sogou Inc	3.15	1,207	97.00	85.10	95.00	1.20	13.50	0.00	0.10	6.37	1.13	-4.00	6	-123	0.01	2.88
MOH	Molina Healthcare Inc.	186.86	11,025	97.00	93.80	86.40	8.10	15.40	7.50	0.50	45.56	6.69	-1.00	7	-53	1.12	1.77
FSK	FS KKR Capital Corp	3.72	1,850	97.00	98.10	81.90	10.10	-3.30	10.10	7.70	-3.12	0.61	-34.00	4	7	1.40	0.00
HPQ	HP Inc	15.01	21,515	97.00	87.40	92.70	5.30	7.10	4.50	0.40	6.29	-13.17	-3.00	6	-330	-3.69	0.73
			Market Cap ($M)	MF Rank	MF Quality Rank	MF Valuation Rank								FS_Score

The Terms in the table are defined in the Glossary.

How to use the Screener:

The stocks are sorted based on MF Rank (Magic Formula Rank), with the best stocks on top. The MF Rank is the average of the MF Quality Rank and the MF Valuation rank. A rank of 95% means that the stock is better (for Valuation Rank - Cheaper; for Quality Rank - Higher Quality) than 95% of the stocks in the universe.

Use the slides above the table to tweak the screener according to your preferences:
The Market Cap Slider can be used to restrict the screener to small caps (for higher returns) or large caps (for lower volatility).
The FS_Score slider can be used to restrict the screener to the high-quality or low-quality stocks, based on the modified piotroski's FS_Score.

To assist you with gaining insights on the stocks, we've included various Value & Quality attributes. The Value attributes are highlighted in Blue and the Quality attributes - in purple.

Each column can be sorted by clicking on its title.

Magic Formula

Formula:

Magic Formula Stocks with Market Cap of $10M and above

Magic Formula Screener

How to use the Screener:

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