OCFtoDebt
Operating CF / Debt — Ou and Penman 1989
Leverage
Quick facts
| Factor ID | OCFtoDebt |
| Display name | Operating CF / Debt |
| Family | Predictor |
| Category | Leverage |
| Direction | higher_expected_return |
| Status | supported |
| Paper | Ou and Penman 1989 |
| Source tables | — |
| Required fields | — |
| PIT required | yes |
| Coverage | 2010-04-27 – 2026-05-15 · 678,331 rows · 99.0% of panel |
Formula
ocf_to_debt / 100
China adaptation
No adaptation note.
Direction-adjusted cumulative return
Return metrics
| Metric | Value |
|---|---|
| Months in sample | 193 |
| Monthly mean | 0.0778% |
| Monthly std | 2.3922% |
| Annualized Sharpe | 0.11 |
| t-stat (simple) | 0.45 |
| Hit rate (months > 0) | 56.0% |
| Last 12M compounded | -2.46% |
| Cumulative wealth (start = 1) | 1.099 |
Recent 12 months
| Month | L/S return | Cumulative | Names |
|---|---|---|---|
| 2025-05 | -2.15% | 1.103 | 5125 |
| 2025-06 | +1.18% | 1.116 | 5135 |
| 2025-07 | -0.04% | 1.115 | 5136 |
| 2025-08 | +1.29% | 1.130 | 5148 |
| 2025-09 | -0.77% | 1.121 | 5156 |
| 2025-10 | -1.70% | 1.102 | 5161 |
| 2025-11 | +0.63% | 1.109 | 5165 |
| 2025-12 | +1.13% | 1.121 | 5179 |
| 2026-01 | -1.09% | 1.109 | 5178 |
| 2026-02 | +1.21% | 1.123 | 5183 |
| 2026-03 | -1.12% | 1.110 | 5184 |
| 2026-04 | -0.97% | 1.099 | 5182 |
Known data issues
None recorded.
Notes
None recorded.
See also: Leverage family, Factor library, Factor returns.