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Small-Cap Companies with Positive Free Cash Flow

Issuers in Belvedere’s small-cap revenue proxy with positive Belvedere FCF. Data date Sep 21, 2026. Not investment advice.

Belvedere does not currently display licensed market capitalization. The screens below use latest reported quarterly revenue from SEC XBRL as a disclosure-size proxy, not as a market-cap category. Positive FCF here means Belvedere-calculated free cash flow greater than zero.

Data dateSep 21, 2026
SourceSEC EDGAR XBRL
Market capNot used
Document typeData page

Which small-cap companies have positive free cash flow?

On Belvedere, that screen means issuers in the small-cap revenue proxy (latest quarterly SEC revenue $5 million–$250 million) whose Belvedere FCF (operating cash flow minus capex) is positive. It is not a market-cap index and not a buy list.

Is positive FCF the same as the company’s non-GAAP FCF?

Not necessarily. Belvedere FCF is a standardized calculation. Company-defined FCF may add or subtract other items. Both should be read with the source filing.

Universe table

Public companies in the Belvedere universe
CompanyTickerIndustryRevenueGrowthBelvedere FCFLatest filingResearch
AGILYSYS INCNasdaq: AGYSAGYSServices-Computer Integrated Systems Design$87.7M+14.3%$7.3M10-Q · Jul 27, 2026Universe
CTS CORPNYSE: CTSCTSPrinted Circuit Boards$139.2M+10.7%$12.3M10-Q · Jul 28, 2026Universe
DAKTRONICS INC /SD/Nasdaq: DAKTDAKTMiscellaneous Manufacturing Industries$234.6M+7.1%$27.3M10-Q · Sep 2, 2026Universe
MESA LABORATORIES INC /CO/Nasdaq: MLABMLABIndustrial Instruments For Measurement, Display, and Control$60.1M+1.0%$14.2M10-Q · Aug 10, 2026Universe
MONARCH CASINO & RESORT INCNasdaq: MCRIMCRIHotels & Motels$136.6M+8.9%$43M10-Q · Jul 28, 2026Universe
NETSCOUT SYSTEMS INCNasdaq: NTCTNTCTServices-Computer Integrated Systems Design$210.4M+12.7%$47.3M10-Q · Aug 6, 2026Universe
ROGERS CORPNYSE: ROGROGPlastic Materials, Synth Resins & Nonvulcan Elastomers$200.5M+5.2%$1.1M10-Q · Jul 29, 2026Universe
WORLD ACCEPTANCE CORPNasdaq: WRLDWRLDPersonal Credit Institutions$139.2M+4.8%$63.1M10-Q · Aug 6, 2026Universe

8 issuers currently meet both the revenue proxy and positive Belvedere FCF.

Among these, ranked by quarterly revenue growth

  • 1. AGILYSYS INC (AGYS) · +14.3%
  • 2. NETSCOUT SYSTEMS INC (NTCT) · +12.7%
  • 3. CTS CORP (CTS) · +10.7%
  • 4. MONARCH CASINO & RESORT INC (MCRI) · +8.9%
  • 5. DAKTRONICS INC /SD/ (DAKT) · +7.1%
  • 6. ROGERS CORP (ROG) · +5.2%
  • 7. WORLD ACCEPTANCE CORP (WRLD) · +4.8%
  • 8. MESA LABORATORIES INC /CO/ (MLAB) · +1.0%

Methodology

Universe, eligibility, and limitations

Eligibility

  • Belvedere operating-company universe
  • Latest quarterly revenue between $5 million and $250 million
  • Belvedere FCF or TTM FCF greater than zero

Limitations

  • Not a market-cap small-cap index
  • FCF is a Belvedere calculation and may differ from company-defined FCF
  • No recommendations
Growth and positive FCF rankingSmall-cap equity researchCompany screener

Frequently asked questions

Which small-cap companies have positive free cash flow?
On Belvedere, that screen means issuers in the small-cap revenue proxy (latest quarterly SEC revenue $5 million–$250 million) whose Belvedere FCF (operating cash flow minus capex) is positive. It is not a market-cap index and not a buy list.
Is positive FCF the same as the company’s non-GAAP FCF?
Not necessarily. Belvedere FCF is a standardized calculation. Company-defined FCF may add or subtract other items. Both should be read with the source filing.

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