# Small-Cap Growth + Positive FCF Screen
**Query:** US small-cap stocks with market cap under 2 billion dollars, revenue growth above 20% and positive free cash flow
**Data as of:** 2026-10-02

45 US small caps under $2B with latest reported revenue growth above 20% and positive free cash flow, ranked by growth (data as of October 2, 2026). Financials (regional banks) and Health Care dominate the list; the strongest trend structures cluster in small-cap banks, specialty pharma and a handful of profitable software/payments names.

### Small-Cap Compounders: >20% Revenue Growth With Positive Free Cash Flow

| Symbol | Company | Sector | Industry | Theme | Market Cap ($M) | Revenue Growth YoY | Free Cash Flow ($M) | FCF Margin | P/E (TTM) | Price / Sales | Debt / Equity | 1M Return | 3M Return | 6M Return | % from 150D SMA | Momentum Score | Comments |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| STOK | Stoke Therapeutics, Inc. - Common Stock | Health Care | Biotechnology | Biopharma Drug Discovery Platforms, Neurology & Rare Diseases | 1,653 | 404.50% | 44.915 | 24.35% | — | 73.96 | 0.0087 | -16.00% | -21.70% | -19.36% | -19.08% | 41.2 | Growth is off a tiny base — the true signal is the first meaningful product revenue (Dravet/Zorevra) finally hitting the P&L. Fully funded but still cash-consuming; watch partnership economics and the migraine/neurology pipeline read-outs. Chart has broken down, so the setup is event-driven rather than trend-following. |
| ANAB | AnaptysBio, Inc. | Health Care | Biotechnology | Autoimmune & Immunology Therapies | 1,451 | 157.01% | 19.61 | 8.36% | — | 7.17 | 0.0011 | -13.09% | -22.12% | 26.20% | -10.25% | 90.8 | The revenue jump reflects milestone/royalty economics from partnered immunology programs rather than a commercial ramp, so the forward run-rate is lumpy. Cash-rich balance sheet is the real asset here — optionality on the pipeline with a fully-funded runway. |
| DEC | Diversified Energy Company | Energy | Oil & Gas Integrated | Oil & Gas Exploration & Production | 926.4794 | 141.54% | 280.019 | 15.31% | 2.2 | 0.52 | 4.04 | -12.00% | 1.81% | -18.34% | -6.44% | 14.4 | An unusual structure: an oil & gas consolidator whose reported growth reflects acquisitions rather than organic production. Cash flow is genuinely prodigious and the heavy use of leverage plus asset-retirement obligations is the key risk — the yield depends on the strip holding. |
| TOYO | TOYO Co., Ltd | Information Technology | Solar | Solar Energy Equipment | 458.0166 | 141.52% | 41.2358 | 9.65% | 2.24 | 0.35 | 0.734 | 1.86% | -35.07% | -53.01% | -48.36% | 42.5 | A solar cell manufacturer with heavy China exposure; the growth spurt came from capacity coming online into a brutal pricing downturn. Tariff policy and polysilicon prices are the swing factors — deeply cyclical, high beta to solar sentiment. |
| DCTH | Delcath Systems, Inc. - Common Stock | Health Care | Medical Devices | Oncology Therapeutics | 524.9928 | 129.08% | 20.969 | 24.60% | — | 5.94 | 0.008 | -8.75% | 12.24% | 57.11% | 20.99% | 98.3 | Rare profitable micro-cap device story: revenue inflection is driven by liver-directed oncology procedure adoption. Single-product concentration plus reimbursement risk, but the profitable profile is unusual for this space. Technical structure is the strongest on the list. |
| WASH | Washington Trust Bancorp, Inc. | Financials | Banks - Regional | US Regional & Community Banks | 733.5983 | 127.57% | 78.305 | 34.19% | 13.31 | 3.41 | 0.071 | -1.08% | 8.22% | 17.71% | 10.64% | 94.5 | The 127% growth reflects a large acquired mortgage-banking book rather than organic loan growth — a fee-income mix shift at a Northeast community bank. Watch rate sensitivity and credit marks on the acquired book. |
| ETON | Eton Pharmaceuticals, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Neurology & Rare Diseases | 1,582 | 104.94% | 10.191 | 12.75% | 141.95 | 16.18 | 1.02 | -10.65% | 45.61% | 121.53% | 47.88% | 95.8 | Specialty pharma with a name now worth legacy-plus: the growth reflects a small portfolio kicking in, but the valuation is fully event-driven on the pipeline. Extreme multiple means everything hinges on the next data read-out. |
| NUTX | Nutex Health Inc. | Health Care | Medical Care Facilities | Managed Care & Health Insurance, Home Health & Post-Acute Care, Real Estate Development | 1,036 | 82.36% | 245.599 | 28.06% | 8.39 | 1.53 | 0.119 | 12.76% | 11.86% | 114.53% | 46.37% | 100 | Rare micro-cap healthcare that actually generates meaningful cash: growth reflects mix of facilities plus a real-estate portfolio. Ascending-triangle setup with strong momentum, but leverage and payer concentration keep volatility elevated. |
| TBPH | Theravance Biopharma, Inc. | Health Care | Biotechnology | Autoimmune & Immunology Therapies | 884.1764 | 66.92% | 236.406 | 219.99% | 16.38 | 8.49 | 0.147 | 0.00% | -3.40% | 12.11% | 3.21% | 53.9 | Revenue growth is driven by VIBATIV/inhaled programs plus a large one-off, so the quality of the growth is debatable. Net cash and a very high FCF margin (royalty-like economics). Binary risk around partnered programs. |
| GCT | GigaCloud Technology Inc | Information Technology | Software - Infrastructure | Online Retail Marketplaces | 1,919 | 64.96% | 182.787 | 15.74% | 12.8 | 1.29 | 0.932 | 6.44% | 57.72% | 20.03% | 24.75% | 98.8 | Growth economy-scale logistics platform connecting Asian furniture supply to Western e-commerce; genuinely profitable and cash-generative at a low P/S. Tariff and cross-border shipping policy are the dominant risks given its trade lane. |
| IDR | Idaho Strategic Resources, Inc. | Materials | Gold | Gold & Silver Mining | 437.4353 | 64.59% | 12.3873 | 29.21% | 18.93 | 10.06 | 0.017 | -13.22% | -13.19% | -21.59% | -19.89% | 74 | Micro-cap gold miner where growth reflects rare-earth/processing byproduct revenue on top of bullion. Resource-price leveraged and illiquid — the FCF is real but the mine plan and grade variability are the swing factors. |
| RIGL | Rigel Pharmaceuticals, Inc. | Health Care | Biotechnology | Autoimmune & Immunology Therapies | 880.7556 | 64.15% | 75.205 | 25.56% | 2.79 | 3.14 | 0.113 | -4.59% | 17.11% | 71.27% | 31.19% | 99.7 | The growth is milestone/royalty driven and the forward extension depends on partner commercialization. Rare to screen as profitable micro-cap biotech; the upward channel plus strong momentum make this one of the better technical setups here. |
| COFS | ChoiceOne Financial Services, I | Financials | Banks - Regional | US Regional & Community Banks | 495.1773 | 63.64% | 25.187 | 11.07% | 8.76 | 2.94 | 0.0061 | -1.00% | 0.10% | 18.22% | 5.64% | 49.1 | The headline growth is an acquisition/mix artifact at a small Michigan bank. Fundamentally a spread-income story: credit quality and deposit costs matter more than the revenue print. |
| ASTH | Astrana Health Inc. | Health Care | Medical Care Facilities | Managed Care & Health Insurance | 1,780 | 56.39% | 104.491 | 3.28% | 43.76 | 0.49 | 1.18 | -6.97% | -23.51% | 43.23% | 0.34% | 50.7 | Growth reflects a full year of the Care Partners/health-plan consolidation at a value-based primary-care platform. Thin FCF margin and payer/Medicare risk are the constraints; scale economics should improve but execution is the question. |
| OMDA | Omada Health, Inc. | Health Care | Health Information Services | Managed Care & Health Insurance | 1,247 | 53.24% | 16.93 | 6.51% | 30.4 | 4.68 | 0.132 | -12.61% | -10.85% | 61.92% | 11.32% | 96.2 | Digital chronic-care platform recently public; the growth is organic but the company is only marginally cash-positive. The uptrend is intact but post-IPO lock-up dynamics and a crowded digital-health field are worth watching. |
| TLS | Telos Corporation | Information Technology | Software - Infrastructure | Cybersecurity | 313.1472 | 52.21% | 29.443 | 17.87% | — | 1.85 | 0.083 | -11.04% | -15.18% | -3.01% | -5.45% | 79.8 | Federal cybersecurity contractor whose growth came off a depressed base plus IT modernization demand; the government budget cycle and contract concentration are the key swing factors. Deeply discounted asset with improving cash conversion. |
| ATLC | Atlanticus Holdings Corporation | Financials | Credit Services | Consumer Financial Services | 1,394 | 50.09% | 637.214 | 32.37% | 11.93 | 1.89 | 0.038 | -2.06% | -4.11% | 71.92% | 9.45% | 96.8 | Consumer credit/BNPL-adjacent lender where the growth is genuine loan-book expansion. Cheap multiple on strong ROE, but the whole thesis rests on credit losses staying benign — a consumer-credit cycle turn would hit this hardest. |
| INVX | Innovex International, Inc. | Energy | Oil & Gas Equipment & Services | Oilfield Services & Equipment | 1,910 | 48.04% | 158.286 | 16.18% | 30.69 | 2.11 | 0.077 | -12.33% | 10.12% | 12.62% | -0.05% | 82.6 | Result of the Dril-Quip/Innovex merger — the growth reflects combined-entity revenue plus recovering international oilfield spend. Energy capex cyclicality is the dominant driver; low debt helps weather a down-cycle. |
| GILT | Gilat Satellite Networks Ltd. | Information Technology | Communication Equipment | Satellite & Space-Based Services | 973.8351 | 47.87% | 9.185 | 2.03% | 22.8 | 1.57 | 0.135 | -0.89% | -23.38% | -38.62% | -28.20% | 16.6 | Satellite networking name benefiting from defense and in-flight-connectivity demand, but the reported growth reflects lumpy program recognition. Cheap and cash-generative, yet the chart shows a full downward channel — a value story needing a catalyst. |
| MAGN | Magnera Corporation | Consumer Staples | Household & Personal Products | Specialty Materials & Nonwovens | 431.828 | 46.50% | 36 | 1.12% | — | 0.13 | 1.94 | -7.23% | -8.04% | 29.67% | 0.63% | 16.1 | Nonwovens/specialty materials spin-off where growth is largely consolidation-driven with a very low P/S but heavy leverage. A deep-cyclical industrial whose earnings hinge on input costs and demand normalization. |
| QCRH | QCR Holdings, Inc. | Financials | Banks - Regional | US Regional & Community Banks | 1,653 | 46.29% | 354.108 | 64.84% | 11.95 | 4.35 | 0.011 | -0.31% | 3.81% | 16.00% | 6.96% | 44.3 | The growth is a fee-income/acquisition artifact at an Iowa/Quad-Cities bank, so the underlying story is spread income and a strong local economy. Balanced mix across banking and leasing is a durable profitability advantage. |
| ALHC | Alignment Healthcare, Inc. | Health Care | Healthcare Plans | Property & Casualty Insurance | 1,647 | 46.06% | 113.146 | 2.87% | 41.79 | 0.62 | 1.6 | -41.57% | -66.64% | -55.52% | -53.33% | 18.7 | Medicare Advantage growth is real and rapid but margins are razor-thin; the collapse in price reflects intense concern about MLR/coding pressure. High-risk reversal candidate with extreme volatility, not a momentum name. |
| TIC | TIC Solutions, Inc. | Industrials | Specialty Business Services | Tech-Enabled Business Services, Testing, Inspection & Certification | 1,803 | 45.73% | 61.26 | 4.00% | — | 1.02 | 0.812 | -11.75% | 0.98% | 18.85% | -2.11% | 70.5 | The growth reflects the consolidation of testing/inspection assets into a new-issue roll-up; a low P/S but a debt-funded story. Integration and deleveraging are the keys to the thesis. |
| ACNB | ACNB Corporation | Financials | Banks - Regional | US Regional & Community Banks | 648.6381 | 45.10% | 52.567 | 27.40% | 12.06 | 4.08 | 0.666 | -2.18% | 6.12% | 36.04% | 13.36% | 92.8 | Pennsylvania community bank with growth boosted by acquired books; the fundamental story is disciplined credit and improving efficiency. Not a growth platform — a rate-sensitive spread business with solid capital. |
| BWFG | Bankwell Financial Group, Inc. | Financials | Banks - Regional | US Regional & Community Banks | 531.3319 | 43.96% | 27.129 | 959.98% | 12.37 | 4.4 | 0.035 | 1.17% | 14.39% | 35.79% | 16.64% | 45.2 | The 44% growth reflects a prior acquisition plus a big swing in reserve provision/one-offs; FCF margin is distorted by a tiny revenue base. Small, thin credit-focused Connecticut bank — treat the growth print with caution. |
| ANIP | ANI Pharmaceuticals, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Biopharma Drug Discovery Platforms | 1,658 | 43.78% | 171.39 | 19.40% | 15.73 | 1.71 | 0.524 | -1.20% | -15.13% | -2.74% | -7.33% | 52.6 | Specialty pharma transitioning to a rare-disease commercial model; growth is real and it's now a higher-margin, cash-generating business. Cortrophin and the rare-disease portfolio are the earnings drivers; pipeline concentration is the risk. |
| XERS | Xeris Biopharma Holdings, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Autoimmune & Immunology Therapies | 1,655 | 43.72% | 27.541 | 9.44% | — | 4.61 | 19.9 | 5.83% | 8.48% | 50.33% | 26.24% | 97.6 | Multi-product endocrinology/neurology portfolio driving organic growth, but the debt/equity ratio is very high and the balance sheet is the main constraint. Refinancing and cash burn are the swing items. |
| PAYS | Paysign, Inc. | Information Technology | Software - Infrastructure | Managed Care & Health Insurance, Prepaid & Payment Card Services | 803.4564 | 40.50% | 51.2418 | 62.47% | 54.73 | 7.23 | 0.182 | 13.57% | 70.42% | 140.37% | 70.32% | 99.7 | Payments platform with healthcare/patient-affordability exposure; the growth is organic and the FCF margin is unusually high for a processing company. Customer concentration and interchange/regulatory changes are the risks. |
| EVLV | Evolv Technologies Holdings, Inc. - Class A Common Stock | Industrials | Security & Protection Services | Safety & Protective Equipment | 822.0124 | 40.48% | 14.959 | 10.25% | — | 5.5 | 0.351 | -10.39% | -28.37% | -24.21% | -20.92% | 38.8 | Weapons-detection screening company whose growth reflects venue deployment expansion; governance/legal overhangs and customer concentration are meaningful. Speculative and prone to headline risk in both directions. |
| ARRY | Array Technologies, Inc. | Information Technology | Solar | Solar Energy Equipment | 627.6116 | 40.22% | 79.813 | 6.22% | — | 0.6 | — | -10.72% | -41.88% | -44.41% | -37.89% | 4.8 | Solar tracker manufacturer whose growth reflects a rebound in US utility-scale bookings; tariff and interest-rate sensitivity make this deeply cyclical. Now cash-positive, but margins are hostage to steel and project timing. |
| VISN | Vistance Networks, Inc. | Information Technology | Communication Equipment | Telecommunications Carriers | 1,432 | 39.71% | 252.6 | 13.08% | 0.64 | 0.7 | 0.014 | -4.02% | -12.01% | 19.19% | -1.13% | 76.4 | The growth comes from an acquired telecom/network portfolio; laser-focused infrastructure play with a very cheap multiple. Balance-sheet leverage and integration risk are what the market is discounting. |
| MAMA | Mama's Creations, Inc. | Consumer Staples | Packaged Foods | Packaged Foods | 609.6168 | 39.23% | 9.767 | 5.69% | 86.2 | 4.02 | 0.256 | -17.27% | -30.67% | -13.34% | -18.04% | 65.5 | Premium deli/food producer growing through distribution gains and acquisitions in a low-margin category; the multiple is rich relative to peers. Commodity input costs and retailer concentration are the risks. |
| GABC | German American Bancorp, Inc. | Financials | Banks - Regional | US Regional & Community Banks | 1,856 | 37.80% | 154.001 | 31.60% | 13 | 4.94 | 0.088 | -0.36% | 4.69% | 17.42% | 8.45% | 91 | Indiana community bank with a steady, low-risk franchise; the growth print reflects mix/acquisition rather than organic lending. A durable dividend-and-spread story rather than a growth one. |
| HROW | Harrow, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | Autoimmune & Immunology Therapies | 1,143 | 36.41% | 42.977 | 15.78% | — | 5.07 | 10.8 | -21.95% | -28.23% | -8.47% | -19.70% | 91.6 | Ophthalmic pharma with volume-driven growth across an expanding branded portfolio, but leverage is high and the stock has been de-rated on growth-quality concerns. Execution on the retina pipeline is the catalyst. |
| PNTG | The Pennant Group, Inc. | Health Care | Medical Care Facilities | Home Health & Post-Acute Care | 1,371 | 36.31% | 36.255 | 3.83% | 43.12 | 1.18 | 3.39 | 3.65% | -1.68% | 32.30% | 10.03% | 75.9 | Home-health/hospice roll-up growing through acquisitions with real operating leverage; labor cost inflation and reimbursement policy are the perennial risks. Consistent compounder profile within a fragmented industry. |
| ORRF | Orrstown Financial Services, In | Financials | Banks - Regional | US Regional & Community Banks | 819.6333 | 36.00% | 70.499 | 189.80% | 9.36 | 3.23 | 0.024 | -1.14% | 2.76% | 16.00% | 7.02% | 71.2 | Small Pennsylvania bank whose growth reflects acquired books and recovering net interest margin. Credit and deposit costs are the swing factors; cheap and well-capitalized. |
| AMSC | American Superconductor Corpora | Industrials | Specialty Industrial Machinery | Power Generation & Utilities | 1,454 | 34.26% | 18.26 | 6.10% | 9.74 | 4.3 | 0.02 | 5.34% | -21.30% | -6.48% | -18.96% | 33.5 | Grid/power-electronics company with growth tied to utility and semiconductor capex; the revenue is real but lumpy on project timing. Deep de-rating reflects cyclical order concerns despite a profitable base. |
| CPF | Central Pacific Financial Corp | Financials | Banks - Regional | US Regional & Community Banks | 937.7214 | 33.81% | 92.303 | 178.13% | 11.71 | 3.38 | 0.171 | -3.04% | -5.33% | 14.38% | 2.33% | 41.3 | Hawaii bank with a tourism-dependent loan book; cheap on tangible book with solid capital. The growth print is rate/mix driven — credit resilience in a slower island economy is the key question. |
| PRCH | Porch Group, Inc. | Financials | Insurance - Property & Casualty | Insurance Brokers | 1,965 | 33.71% | 65.965 | 15.75% | — | 3.85 | — | -2.42% | 16.33% | 130.49% | 43.20% | 99.9 | Home-services software/marketplace growing rapidly on insurance-roofing volume while generating real cash. The high beta reflects housing-cycle exposure — a levered play on roofing/insurance claims activity. |
| ELA | Envela Corporation | Consumer Discretionary | Luxury Goods | Apparel & Footwear | 315.7159 | 33.62% | 1.3803 | 0.57% | 14.14 | 1.22 | 0.337 | -11.63% | -57.89% | -27.79% | -34.97% | 23.6 | Consumer jewelry/resale and IT-asset business growing via niche acquisitions; very thin cash generation and low liquidity. A micro-cap with limited coverage — the free cash flow is barely material versus market cap. |
| ALKT | Alkami Technology, Inc. | Information Technology | Software - Application | Fintech & Digital Payments | 1,485 | 32.89% | 41.364 | 9.32% | — | 4.42 | 0.048 | -30.13% | -26.70% | -16.12% | -20.08% | 77.3 | Digital-banking software platform growing with community-bank/credit-union digitization; a low debt profile and recurring revenue base. The steep drawdown reflects market concern about the pace of new-bank signings. Long-duration software recovery candidate. |
| LQDT | Liquidity Services, Inc. | Consumer Discretionary | Internet Retail | Wholesale & Surplus Marketplace | 1,354 | 31.20% | 58.958 | 12.37% | 42.38 | 2.65 | 0.059 | 9.75% | 12.64% | 38.74% | 16.43% | 86.5 | Surplus/returns-management marketplace with genuine cash generation and modest leverage; growth is tied to reverse-logistics demand from retailers and government agencies. An upward channel with improving fundamentals. |
| GENI | Genius Sports Limited | Communication Services | Internet Content & Information | Online Gambling & Sports Betting | 1,611 | 31.04% | 64.544 | 9.64% | — | 2.72 | 0.042 | -18.87% | -9.06% | 32.02% | 1.27% | 50.2 | Sports data/tech platform with structural growth in betting-data rights, but the take-rate model depends on legalized-sports expansion and league contract renewals. Marginal profitability keeps it sentiment-driven. |
| NRIM | Northrim BanCorp Inc | Financials | Banks - Regional | US Regional & Community Banks | 550.7804 | 30.43% | 133.868 | 52.38% | 8.14 | 2.64 | 0.268 | -3.36% | -8.61% | 5.87% | -0.81% | 91.1 | Alaska-focused community bank with very strong returns; the growth print is driven by mix/one-offs on a small base. A high-quality regional franchise with a solid dividend and credit discipline. |
| PRGS | Progress Software Corporation | Information Technology | Software - Infrastructure | Enterprise AI & Automation | 1,508 | 29.79% | 229.485 | 23.47% | 17.91 | 1.83 | 2.83 | -14.84% | -4.75% | 43.25% | 4.64% | 92.2 | Infrastructure-software company growing through a mix of organic and acquired revenue, with high recurring mix and strong cash flow. The main risk is leverage from acquisitions plus slower legacy product growth; a value-plus-cash-flow software name. |

### Qualifying Universe by Sector (size = market cap)

_[heatmap: Qualifying Universe by Sector (size = market cap)]_

### Overview

## The Setup

This screen isolates the rarest combination in the small-cap universe: **companies under $2B that are already profitable in cash terms while still growing revenue north of 20%**. With the major indices pushing highs and volatility low, but the average small cap still well below its 52-week highs, the payoff in small caps has narrowed to names with self-funding economics rather than story stocks.

## What the Screen Reveals

- **Financials are over-represented** — regional and community banks (ACNB, COFS, QCRH, GABC, ORRF, CPF, NRIM, WASH, BWFG) dominate the count. Their "growth" is frequently acquisition-driven or rate/mix driven rather than organic, so pair the revenue print with credit quality and deposit costs.
- **Health Care is the second cluster** — specialty pharma and devices (DCTH, ANIP, RIGL, TBPH, ETON, HROW, XERS, PNTG). Several of these have royalty-like, high-FCF-margin models where growth is milestone or reimbursement driven, i.e. lumpy.
- **Genuine organic compounders are scarcer** — GCT, PAYS, LQDT, ATLC and TLS combine real operating cash generation with a lower-leverage business model.

## The Two Baskets

| Basket | Profile | Examples |
|---|---|---|
| Trend leaders | Above rising 150-day SMA, strong momentum scores | DCTH, NUTX, GCT, RIGL, ATLC, PAYS, PRCH, PRGS |
| Deep-value reversals | Heavy drawdowns, cheap multiples, cash-generative | ALHC, ARRY, EVLV, GILT, ALKT, MAMA, VISN |

## Risks

A high revenue-growth print from a small base is not the same as durable growth. Several names here are one-off or acquisition-driven (DEC, WASH, BWFG, TIC), and biotech growth is event-dependent. The cash-flow filter is the quality control here — it strips out the clinical-stage, cash-burning names that plague generic high-growth small-cap screens.

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_Generated by Relaxfolio — investment opportunity discovery. A research starting point, not investment advice._