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Benchmarks

 

U.S. Research Returns

 

U.S. Research Breakpoints

 

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International Research Returns

Consulting Relationship
Fama / French Forum

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Detail for CF/P Breakpoints

Annual Breakpoints:

 

1951-2023

 

 

 

Construction:

 

We compute CF/P (in percent) breakpoints at the end of each June. The CF used in June of year t is the cash flow for the last fiscal year end in t-1. P (actually ME) is price times shares outstanding at the end of December of t-1.

 

 

 

Stocks:

 

The breakpoints for year t use all NYSE stocks for which we have ME for December of t-1 and (positive) cash flow for the last fiscal year end in t-1.

 

 

 

Percentiles:

 

The file contains every fifth percentile of CF/P, from 5% to 100%.

 




 

 

 

Copyright Eugene F. Fama and Kenneth R. French