Also, with respect to return on assets (ROA), ResMed looks attractive at 13.7%, a lofty premium compared to the peer group average of 6.7%.

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To separate the junk from the hidden gems, he required that the return on assets be positive and that ROA for the most recent fiscal year be greater than the return from the previous year.

FORBES: Winning With The Market's Losers

The Piotroski: High F-Score screen comes close, using return on assets, also referred to as ROA. However, the screen looks for a year-over-year improvement in ROA instead of a specific number or level.

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Instead of chasing after retailers using the old standby of return on assets, consider a variation: Go for companies whose ROA measures will remain unscathed if and when rulemakers lower the boom on lease accounting.

FORBES: Retailers