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Research focus

Small-Cap Equity Research

Small-cap research is analysis of public companies whose public information environment is often thinner than mega-cap issuers. Belvedere does not currently display market capitalization.

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What is small-cap equity research?

Fundamental analysis of smaller public companies. Index providers draw small-cap lines with market capitalization. Belvedere does not currently apply those lines. The table on this page uses latest quarterly SEC revenue between $5 million and $250 million as a disclosure-size proxy.

Does Belvedere use a market-cap definition of small cap?

No. Licensed market-cap data is not configured. Revenue is a proxy for disclosure size, not a claim about enterprise value.

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. Current small-cap proxy: latest quarterly revenue $5 million–$250 million. Data date Sep 21, 2026. 80 issuers currently match.

How Belvedere analyzes these companies

The work starts with filings: revenue, margins, cash flow, balance sheet, shares and subsequent events. Operating KPIs appear only when the issuer discloses them. Valuation multiples that require a live price are omitted.

Companies (disclosure-size proxy)

Public companies in the Belvedere universe
CompanyTickerIndustryRevenueGrowthBelvedere FCFLatest filingResearch
AEHR TEST SYSTEMSNasdaq: AEHRAEHRInstruments For Meas & Testing of Electricity & Elec Signals$10.3M-43.7%—DEF 14A · Sep 9, 2026Universe
AGILYSYS INCNasdaq: AGYSAGYSServices-Computer Integrated Systems Design$87.7M+14.3%$7.3M10-Q · Jul 27, 2026Universe
ALICO, INC.Nasdaq: ALCOALCOAgricultural Production-Crops$9M+7.7%—10-Q · Aug 10, 2026Universe
ALPHA & OMEGA SEMICONDUCTOR LtdNasdaq: AOSLAOSLSemiconductors & Related Devices$163.8M-0.5%—10-K · Aug 27, 2026Universe
AMBARELLA INCNasdaq: AMBAAMBASemiconductors & Related Devices$108.1M+13.2%—10-Q · Sep 4, 2026Universe
Amphastar Pharmaceuticals, Inc.Nasdaq: AMPHAMPHPharmaceutical Preparations$183.9M+5.4%—10-Q · Aug 6, 2026Universe
ANGIODYNAMICS INCNasdaq: ANGOANGOSurgical & Medical Instruments & Apparatus$78.4M+8.9%—4 · Jul 31, 2026Universe
APARTMENT INVESTMENT & MANAGEMENT CONYSE: AIVAIVReal Estate Investment Trusts$6.2M——10-Q · Aug 7, 2026Universe
AtriCure, Inc.Nasdaq: ATRCATRCSurgical & Medical Instruments & Apparatus$153.6M+12.8%—10-Q · Jul 27, 2026Universe
AXCELIS TECHNOLOGIES INCNasdaq: ACLSACLSSpecial Industry Machinery, NEC$215.2M+10.6%—10-Q · Aug 6, 2026Universe
Bandwidth Inc.Nasdaq: BANDBANDServices-Prepackaged Software$208.8M+19.8%—10-Q · Jul 29, 2026Universe
BANNER CORPNasdaq: BANRBANRState Commercial Banks$11.4M+9.5%—10-Q · Aug 4, 2026Universe

80 companies currently meet the revenue proxy. This is not a complete small-cap market.

Related rankings

  • 1. SITIME Corp (SITM) · +126.5%
  • 2. MAXLINEAR, INC (MXL) · +55.2%
  • 3. HARMONIC INC. (HLIT) · +53.5%
  • 4. VEECO INSTRUMENTS INC (VECO) · +53.2%
  • 5. NLIGHT, INC. (LASR) · +33.8%
  • 6. SUPERNUS PHARMACEUTICALS, INC. (SUPN) · +32.4%
  • 7. SMITH & WESSON BRANDS, INC. (SWBI) · +32.3%
  • 8. Knowles Corp (KN) · +31.8%

Full methodology: Fastest-Growing Companies in the Belvedere Universe.

Published research

Research Radar (subset)

8 recent filing-linked numerical changes among proxy companies. Not a buy list.

  • MasterCraft Boat Holdings, Inc. (MCFT) — Cash: $43.9M · Cash and cash equivalents were $43.9M as of the latest reported balance-sheet date.
  • MasterCraft Boat Holdings, Inc. (MCFT) — Share count: $24.4M · Shares outstanding were 24,437,538 as of the latest reported date.
  • PHOTRONICS INC (PLAB) — Revenue: +2.7% · Revenue increased +2.7% ($210.4M to $216.0M; Q3 2025 vs Q3 2026).
  • PHOTRONICS INC (PLAB) — Revenue acceleration: +3.2 pp · Quarterly revenue YoY growth moved from -0.5% to +2.7% (+3.2 percentage points).
  • PHOTRONICS INC (PLAB) — Margin change: $0.332 · Reported gross margin was +33.2% in the latest comparable period.
  • PHOTRONICS INC (PLAB) — Cash: $549.5M · Cash and cash equivalents were $549.5M as of the latest reported balance-sheet date.
  • PHOTRONICS INC (PLAB) — Share count: $58.2M · Shares outstanding were 58,195,000 as of the latest reported date.
  • Limoneira CO (LMNR) — Revenue: -8.2% · Revenue declined -8.2% ($45.9M to $42.2M; Q3 2025 vs Q3 2026).
What is a micro-cap company?Positive FCF small-cap proxyMicro-cap healthcare companiesSmall-cap healthcare companiesSmall-cap technology companiesMicro-cap equity researchResearch RadarGrowth rankingUniverse facts

Frequently asked questions

What is small-cap equity research?
Fundamental analysis of smaller public companies. Index providers draw small-cap lines with market capitalization. Belvedere does not currently apply those lines. The table on this page uses latest quarterly SEC revenue between $5 million and $250 million as a disclosure-size proxy.
Does Belvedere use a market-cap definition of small cap?
No. Licensed market-cap data is not configured. Revenue is a proxy for disclosure size, not a claim about enterprise value.
Where are the fastest-growing small-cap companies?
The ranking “Fastest-Growing Companies in the Belvedere Universe” sorts eligible issuers by comparable quarterly revenue growth. It is not a market-cap small-cap index.

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