# Belvedere Research > Independent equity research firm. Independent equity research, financial analysis and continuously updated company intelligence on undercovered public companies. Belvedere Research is not a SaaS platform, IR agency, or AI company. Technology is research infrastructure. ## Dated extract (cite these; include the data date) - As of 2026-09-21, Belvedere Research’s operating-company universe included 163 U.S. SEC registrants with usable XBRL in the current extract. - 160 of 163 issuers (98.2%) had a tagged latest quarterly revenue fact greater than zero. - 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. - Using latest quarterly SEC revenue as a disclosure-size proxy (not market cap), 80 issuers fell in the $5 million–$250 million band and 15 issuers had revenue below $50 million. 13 issuers sit in both proxies ($5 million to under $50 million). - The current filing window stores 3912 SEC forms across the universe, including 45 issuers with a Form 10-K (or 10-K/A), 153 with a Form 10-Q (or 10-Q/A), and 159 with a Form 8-K (or 8-K/A). - 5 issuers currently have active Belvedere research status, and 5 dated research reports are in the live archive. 693 filing-linked numerical change signals are stored for the current extract. - 147 issuers have tagged cash; 94 have tagged debt. Missing debt tags are not treated as a zero-debt capital structure. 20 issuers currently show cash greater than identified debt. Citation: Belvedere Research, “SEC-Derived Universe Statistics,” data as of 2026-09-21, SEC EDGAR. https://belvedereresearch.com/universe-facts/ JSON: https://belvedereresearch.com/universe-facts.json HTML: https://belvedereresearch.com/universe-facts/ These counts describe a curated SEC XBRL extract, not a complete listed-market census and not market capitalization. ## Canonical - Home: https://belvedereresearch.com/ - Research: https://belvedereresearch.com/research/ - Companies: https://belvedereresearch.com/companies/ - Industries: https://belvedereresearch.com/industries/ - Rankings: https://belvedereresearch.com/rankings/ - Data: https://belvedereresearch.com/data - Insights: https://belvedereresearch.com/insights/ - For companies: https://belvedereresearch.com/for-companies - About: https://belvedereresearch.com/about - Methodology: https://belvedereresearch.com/methodology - Disclosures: https://belvedereresearch.com/disclosures - AI policy: https://belvedereresearch.com/ai-policy - Contact: https://belvedereresearch.com/contact - Equity research: https://belvedereresearch.com/equity-research/ - Reports: https://belvedereresearch.com/equity-research-reports/ - Initiation of coverage: https://belvedereresearch.com/initiation-of-coverage/ - Small-cap research: https://belvedereresearch.com/small-cap-equity-research/ - Micro-cap research: https://belvedereresearch.com/micro-cap-equity-research/ - Valuation: https://belvedereresearch.com/equity-research-valuation/ - Research Radar: https://belvedereresearch.com/research-radar/ - Research Profile: https://belvedereresearch.com/research-profile/ - Research standards: https://belvedereresearch.com/research-standards/ - Company sponsored research: https://belvedereresearch.com/company-sponsored-research/ - Issuer sponsored research: https://belvedereresearch.com/issuer-sponsored-research/ - Equity research coverage: https://belvedereresearch.com/equity-research-coverage-for-public-companies/ - What is a micro-cap company: https://belvedereresearch.com/what-is-a-micro-cap-company/ - Positive FCF small-cap proxy: https://belvedereresearch.com/small-cap-companies-with-positive-free-cash-flow/ - Independent research firms: https://belvedereresearch.com/equity-research-firms/ - Micro-cap healthcare: https://belvedereresearch.com/micro-cap-healthcare-stocks/ - Small-cap healthcare: https://belvedereresearch.com/small-cap-healthcare-stocks/ - Micro-cap industrials: https://belvedereresearch.com/micro-cap-industrial-stocks/ - Small-cap industrials: https://belvedereresearch.com/small-cap-industrial-stocks/ - Small-cap technology: https://belvedereresearch.com/small-cap-technology-companies/ - Universe facts: https://belvedereresearch.com/universe-facts/ - Universe facts JSON: https://belvedereresearch.com/universe-facts.json - Sitemap: https://belvedereresearch.com/sitemap.xml ## Rankings - Fastest-Growing Companies in the Belvedere Universe: https://belvedereresearch.com/rankings/fastest-growing-small-caps - Revenue Growth Acceleration: https://belvedereresearch.com/rankings/revenue-acceleration - Highest Free Cash Flow Margins: https://belvedereresearch.com/rankings/highest-fcf-margin - Strongest Balance Sheets: https://belvedereresearch.com/rankings/strongest-balance-sheets - Belvedere Undercoverage Screen: https://belvedereresearch.com/rankings/most-undercovered-companies - Companies With Revenue Growth and Positive Free Cash Flow: https://belvedereresearch.com/rankings/revenue-growth-and-positive-fcf - Technology Companies by Revenue Growth: https://belvedereresearch.com/rankings/technology-revenue-growth - Healthcare Companies by Revenue Growth: https://belvedereresearch.com/rankings/healthcare-revenue-growth - Industrial Companies by Revenue Growth: https://belvedereresearch.com/rankings/industrials-revenue-growth - Micro-Cap Proxy Companies by Revenue Growth: https://belvedereresearch.com/rankings/micro-cap-revenue-growth ## Research - Licensing Leverage Against a Still-Unprofitable Operating Line: https://belvedereresearch.com/research/ceva-initiation - Seasonal Outdoor Brands, Mid-Single-Digit Growth and a Cash-Heavy Balance Sheet: https://belvedereresearch.com/research/johnson-outdoors-initiation - Watch Wholesaler with High Gross Margin and Positive Operating Cash Conversion in the Prior Quarter: https://belvedereresearch.com/research/movado-initiation - Cruise-Linked Wellness Services with Operating Leverage and Residual Leverage on the Balance Sheet: https://belvedereresearch.com/research/onespaworld-initiation - Regional Gaming Scale Against Negative Equity and Identified Debt: https://belvedereresearch.com/research/century-casinos-initiation ## Industries - Technology: https://belvedereresearch.com/industries/technology - Media: https://belvedereresearch.com/industries/media - Telecommunications: https://belvedereresearch.com/industries/telecommunications - Consumer: https://belvedereresearch.com/industries/consumer - Healthcare: https://belvedereresearch.com/industries/healthcare - Biotechnology: https://belvedereresearch.com/industries/biotechnology - Real Estate: https://belvedereresearch.com/industries/real-estate - Gaming: https://belvedereresearch.com/industries/gaming - Lodging & Leisure: https://belvedereresearch.com/industries/lodging-and-leisure - Industrials: https://belvedereresearch.com/industries/industrials - Energy: https://belvedereresearch.com/industries/energy - Materials: https://belvedereresearch.com/industries/materials - Financial Services: https://belvedereresearch.com/industries/financial-services ## Company directory (sample of universe) - Accel Entertainment, Inc. (ACEL): https://belvedereresearch.com/companies/accel-entertainment-inc-acel - Acushnet Holdings Corp. (GOLF): https://belvedereresearch.com/companies/acushnet-holdings-corp-golf - AEHR TEST SYSTEMS (AEHR): https://belvedereresearch.com/companies/aehr-test-systems-aehr - AGILYSYS INC (AGYS): https://belvedereresearch.com/companies/agilysys-inc-agys - Alarm.com Holdings, Inc. (ALRM): https://belvedereresearch.com/companies/alarm-com-holdings-inc-alrm - ALICO, INC. (ALCO): https://belvedereresearch.com/companies/alico-inc-alco - ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL): https://belvedereresearch.com/companies/alpha-and-omega-semiconductor-ltd-aosl - AMBARELLA INC (AMBA): https://belvedereresearch.com/companies/ambarella-inc-amba - Amphastar Pharmaceuticals, Inc. (AMPH): https://belvedereresearch.com/companies/amphastar-pharmaceuticals-inc-amph - ANGIODYNAMICS INC (ANGO): https://belvedereresearch.com/companies/angiodynamics-inc-ango - APARTMENT INVESTMENT & MANAGEMENT CO (AIV): https://belvedereresearch.com/companies/apartment-investment-and-management-co-aiv - APPFOLIO INC (APPF): https://belvedereresearch.com/companies/appfolio-inc-appf - Apple Hospitality REIT, Inc. (APLE): https://belvedereresearch.com/companies/apple-hospitality-reit-inc-aple - Atlanta Braves Holdings, Inc. (BATRA): https://belvedereresearch.com/companies/atlanta-braves-holdings-inc-batra - AtriCure, Inc. (ATRC): https://belvedereresearch.com/companies/atricure-inc-atrc - AXCELIS TECHNOLOGIES INC (ACLS): https://belvedereresearch.com/companies/axcelis-technologies-inc-acls - Bandwidth Inc. (BAND): https://belvedereresearch.com/companies/bandwidth-inc-band - BANNER CORP (BANR): https://belvedereresearch.com/companies/banner-corp-banr - BASSETT FURNITURE INDUSTRIES INC (BSET): https://belvedereresearch.com/companies/bassett-furniture-industries-inc-bset - BEL FUSE INC /NJ (BELFB): https://belvedereresearch.com/companies/bel-fuse-inc-nj-belfb - BENCHMARK ELECTRONICS INC (BHE): https://belvedereresearch.com/companies/benchmark-electronics-inc-bhe - BJs RESTAURANTS INC (BJRI): https://belvedereresearch.com/companies/bjs-restaurants-inc-bjri - BLACKBAUD INC (BLKB): https://belvedereresearch.com/companies/blackbaud-inc-blkb - BLACKLINE, INC. (BL): https://belvedereresearch.com/companies/blackline-inc-bl - Boot Barn Holdings, Inc. (BOOT): https://belvedereresearch.com/companies/boot-barn-holdings-inc-boot - BRANDYWINE REALTY TRUST (BDN): https://belvedereresearch.com/companies/brandywine-realty-trust-bdn - CALERES INC (CAL): https://belvedereresearch.com/companies/caleres-inc-cal - CALIX, INC (CALX): https://belvedereresearch.com/companies/calix-inc-calx - CENTERSPACE (CSR): https://belvedereresearch.com/companies/centerspace-csr - CENTURY ALUMINUM CO (CENX): https://belvedereresearch.com/companies/century-aluminum-co-cenx - CENTURY CASINOS INC /CO/ (CNTY): https://belvedereresearch.com/companies/century-casinos-inc-co-cnty - Century Communities, Inc. (CCS): https://belvedereresearch.com/companies/century-communities-inc-ccs - CERUS CORP (CERS): https://belvedereresearch.com/companies/cerus-corp-cers - CEVA INC (CEVA): https://belvedereresearch.com/companies/ceva-inc-ceva - Chatham Lodging Trust (CLDT): https://belvedereresearch.com/companies/chatham-lodging-trust-cldt - CHOICE HOTELS INTERNATIONAL INC /DE (CHH): https://belvedereresearch.com/companies/choice-hotels-international-inc-de-chh - Cinemark Holdings, Inc. (CNK): https://belvedereresearch.com/companies/cinemark-holdings-inc-cnk - CIRRUS LOGIC, INC. (CRUS): https://belvedereresearch.com/companies/cirrus-logic-inc-crus - COHU INC (COHU): https://belvedereresearch.com/companies/cohu-inc-cohu - CRACKER BARREL OLD COUNTRY STORE, INC (CBRL): https://belvedereresearch.com/companies/cracker-barrel-old-country-store-inc-cbrl Financial figures are sourced from SEC EDGAR. Market prices are omitted unless a licensed provider is configured. Rankings cannot be purchased.