Herbalife: A Debt-Heavy Direct Seller Trading Below Modeled Value
Herbalife posted Q2 2026 net sales of $1.327 billion, up about 5.4% year over year, with gross margin near 77.7% but a q...
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Digital Turbine: Revenue Acceleration, Persistent Loss, and a Balance Sheet on the Wrong Side of Debt
Digital Turbine's Q1 FY2027 revenue rose 26.8% year-over-year to $165.98M, swinging operating income to a $23.06M profit...
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Pennant Group: Strong Operating Growth Meets a Premium Price
Pennant Group grew Q2 2026 revenue 35.8% to $298.0 million on the back of home health and hospice admissions and senior ...
Stepan Company: Specialty Chemicals at a Price That Already Asks for a Lot
Stepan Company posted Q2 2026 net sales of $684.1 million, up 15.0 percent year-over-year, with operating income of $37....
Allient: Motion Control Profit Engine, But the Market Is Already Paying for a Lot of Growth
Allient's second quarter delivered $153.8M of revenue (+10.2% year-over-year) with gross margin of 34.9% and operating m...
National Bank Holdings: A Western Regional Bank at a Price That Leaves Little Margin of Safety
National Bank Holdings reported second-quarter 2026 net income of $26.5 million with $109.3 million of net interest inco...
BlackLine: Strong Cash Generation on a Subscription Book, but Leverage and an Unproven AI Premium Limit the Margin of Safety
BlackLine's second quarter of fiscal 2026 produced $187.8 million of revenue at a 76.0% gross margin and turned a $43.1 ...
Blue Bird Corporation: A School-Bus Franchise Tested by Acquisition Math
Blue Bird posted $517 million of third-quarter revenue, up roughly 30% year-over-year, with operating profit rising 25% ...
Encore Capital Group: Debt Buyer With Recovery Tailwind, but the Price Already Assumes It
Encore's second quarter of 2026 produced $491.9 million of revenue and $187.0 million of operating income, but operating...
ADMA Biologics: Vertical Specialty Biologics Manufacturer in a Phase of Strong Cash Generation
In Q2 2026, ADMA Biologics delivered revenue of $124.4 million and net income of $37.8 million, producing an accounting ...
LCI Industries: Components Supplier on the Eve of a Transformative Merger
LCI Industries posted $968.7 million of Q2 2026 net sales with gross margin of 31.1%, but the IEEPA tariff refund inflat...
Adeia Inc.: IP Licensing Engine, Litigation-Driven Cash, and a Price That Already Bakes In Growth
Adeia's Q2 2026 revenue rose to $96.1 million from $85.7 million a year earlier, with operating income of $25.4 million ...
Arcutis Biotherapeutics: Operating Profit Arrives, but the Market Is Paying for Years of Growth
Arcutis posted Q2 2026 product revenue of $129.9 million and a $15.0 million net profit, with trailing-twelve-month oper...
Magnite: Big Revenue, Better Cash, But The Market Is Paying For It
Magnite's Q2 2026 revenue of $192.8 million was up 11.3% year-over-year, with operating cash flow of $186.6 million (cum...
Scotts Miracle-Gro: Cyclical Cash, Levered Balance Sheet, Price Already Above the Base Case
In its fiscal third quarter ended June 27, 2026, Scotts Miracle-Gro reported $1.17B of net sales at a 31.2% gross margin...
WisdomTree, Inc.: Asset Manager With Acquired Revenue and a Levered Balance Sheet
WisdomTree reported $177.2 million in revenue and $71.8 million of operating income for the second quarter of 2026, with...
Par Pacific Holdings: Cyclical Refiner With Geographic Moats at Cycle-Peak Pricing
Par Pacific reported $2.97 billion of second-quarter revenue, $634.6 million of operating income and $242.9 million of a...
Envista Holdings: Margin Repair, Buybacks, and a Market Price That Looks Already Priced
Envista's second quarter showed revenue of $730.5 million, up 7.1% year over year, with operating margin expanding to 11...
Delek US Holdings: Cyclical Refiner Trading Well Below a Discounted-Cash-Flow Mid-Cycle Value
Delek US reported $4.09 billion of Q2 2026 revenue and $169.5 million of net income, a sharp swing from prior-year losse...
LivaNova: A MedTech Story Wrapped Around a Litigation Tail
LivaNova delivered 10.8% revenue growth in Q2 2026 with a 70.1% gross margin and $108.6 million of net income, but that ...
BillionToOne at $99.39: Strong Operations, Expensive Market Price
BillionToOne swung to a $5.5 million operating profit and roughly $9.1 million of operating cash flow in Q2 2026, valida...
Brunswick Corporation: Disciplined Marine Operator, Premium Priced
Brunswick delivered Q2 2026 net sales of $1,557.8 million with GAAP operating earnings of $129.4 million, supported by 7...
Materion: Specialty-Engineered Materials at a Cyclical Premium
Materion's second quarter produced record net sales of $613.9 million and $51.7 million of operating profit on a 17.0% g...
Archrock: Compression Compounder at a Cyclical Price
In Q2 2026 Archrock earned $371 million of revenue and, derived from cumulative filings, roughly $63 million of accounti...
JBT Marel: Post-Marel Integration Quarter at a Market Price That Already Prices in Steady Execution
Second-quarter 2026 revenue of $981 million rose about 4.9% year over year, while six-month operating cash flow of $221 ...
Paylocity Holding Corp: Premium Cloud HCM Priced Near Fair Value
Paylocity closed FY2026 with $1.77 billion of revenue, a 23% operating-cash-flow lift to $533 million on a trailing basi...
Commerce Bancshares: A Midwestern Bank at a Premium Price
Commerce Bancshares delivered a solid second quarter, with reported net income of $159.8 million and a slightly wider ne...
TG Therapeutics: Operating Profit Arrives, but the Market Has Already Priced a Far Larger Franchise
TG Therapeutics posted $240.3 million of Q2 2026 revenue, up sharply year over year, and reported operating income of $2...
Protagonist Therapeutics: Approval Milestones and a Price That Already Knows
Protagonist's second-quarter revenue of $213.5 million and net income of $162.8 million are milestone-driven, not recurr...
Insulet at $147: Quality Compounder, Pricey Market
Insulet posted Q2 2026 revenue of $801.7 million and operating income of $129.7 million, with GAAP net income of $95.0 m...