BELVEDERE RESEARCH
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Independent equity research, financial analysis and continuously updated company intelligence on undercovered public companies.
Dated extract
Data date 2026-09-21
114 growing vs year-ago quarter
of 22 with OCF and capex
$5m–$250m quarterly revenue
Among 157 issuers with a comparable year-ago quarterly revenue fact, 114 (72.6%) showed higher latest-quarter revenue than the year-ago quarter and 43 (27.4%) showed lower revenue. Among 22 issuers with both operating cash flow and capex tagged, 17 (77.3%) had positive Belvedere free cash flow (operating cash flow minus capex) and 5 (22.7%) had negative Belvedere FCF. Percentages use the stated denominator in this extract, not the entire listed market.
| Sector | Issuers | Growing vs year-ago quarter | Positive Belvedere FCF / tagged FCF |
|---|---|---|---|
| Biotechnology | 4 | 4 / 4 | 0 / 0 |
| Consumer | 9 | 4 / 9 | 2 / 3 |
| Financial Services | 22 | 11 / 18 | 3 / 3 |
| Gaming | 4 | 2 / 4 | 0 / 0 |
| Healthcare | 5 | 5 / 5 | 1 / 1 |
| Industrials | 37 | 27 / 37 | 2 / 3 |
| Lodging & Leisure | 23 | 13 / 22 | 1 / 1 |
| Materials | 7 | 4 / 6 | 1 / 3 |
| Technology | 49 | 42 / 49 | 7 / 8 |
| Telecommunications | 3 | 2 / 3 | 0 / 0 |
Published analysis
CEVA, Inc. CEVA
CEVA licenses signal-processing and connectivity IP. Latest reported quarterly revenue grew versus the year-ago quarter while operating results remained negative. The research question is whether royalty and licensing scale can cover operating costs without repeated dilution.
Johnson Outdoors Inc. JOUT
Johnson Outdoors reported $189.7 million of revenue for the quarter ended July 3, 2026, up 5.0% year over year, with a 45.3% gross margin and positive operating income. The company remains a branded outdoor-products manufacturer whose results are seasonal.
Movado Group, Inc. MOV
Movado Group reported $169.8 million of revenue for the quarter ended July 31, 2026, up 4.9% year over year, with a 59.4% gross margin and $12.3 million of net income. Licensed market data is not used.
SEC-derived universe
163 U.S. SEC registrants with usable XBRL as of the 2026-09-21 extract. Coverage status is independent of ranking placement. See universe facts.
| Company | Ticker | Industry | Revenue | Growth | Latest filing | Research |
|---|---|---|---|---|---|---|
| CENTURY CASINOS INC /CO/Nasdaq: CNTY | CNTY | Hotels & Motels | $152M | +0.8% | 10-Q · Aug 7, 2026 | Active research |
| CEVA INCNasdaq: CEVA | CEVA | Services-Computer Programming, Data Processing, Etc. | $29M | +13.1% | 10-Q · Aug 10, 2026 | Active research |
| JOHNSON OUTDOORS INCNasdaq: JOUT | JOUT | Sporting & Athletic Goods, NEC | $189.7M | +5.0% | 10-Q · Aug 7, 2026 | Active research |
| MOVADO GROUP INCNYSE: MOV | MOV | Watches, Clocks, Clockwork Operated Devices/Parts | $169.8M | +4.9% | 10-Q · Aug 26, 2026 | Active research |
| ONESPAWORLD HOLDINGS LtdNasdaq: OSW | OSW | Services-Membership Sports & Recreation Clubs | $261.2M | +8.5% | 10-Q · Jul 30, 2026 | Active research |
| Accel Entertainment, Inc.NYSE: ACEL | ACEL | Services-Amusement & Recreation Services | $0.00 | — | 10-Q · Aug 4, 2026 | Universe |
| Acushnet Holdings Corp.NYSE: GOLF | GOLF | Sporting & Athletic Goods, NEC | $820M | +13.8% | 10-Q · Aug 6, 2026 | Universe |
| AEHR TEST SYSTEMSNasdaq: AEHR | AEHR | Instruments For Meas & Testing of Electricity & Elec Signals | $10.3M | -43.7% | DEF 14A · Sep 9, 2026 | Universe |
Financial information is derived from public filings and other identified sources. Belvedere calculations may differ from company-defined non-GAAP measures. See methodology and source notes.
What changed
These statements are arithmetic comparisons of SEC-sourced facts. They are not investment conclusions.
Open CENTURY CASINOS INC /CO/Our approach
Experience spanning investment banking, investor relations, public markets and institutional investors.
Financial modeling, valuation, industry analysis, company diligence and thesis-driven research.
Work with and advising companies across the public and private spectrum, rather than only observing issuers as an analyst.
Deep technical expertise in data science, machine learning and structured financial-data systems.
Coverage map
Sectors in which Belvedere has operating and research experience. Company counts reflect the current SEC-derived universe, not a claim of exhaustive coverage.
Transparent methodology
Belvedere rankings are generated using published methodologies and are not available for purchase.
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Filing-linked changes
Numerical changes from comparable SEC periods. Not a buy list.
For public companies
Initiation research, recurring updates, structured financials and a public research presence. Compensation does not purchase ranking placement or editorial conclusions.
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Primary documents, labeled calculations, conflict disclosure, a corrections process and human review of published conclusions.
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