Small cap stocks
1,328 companies worth between $300 million and $2 billion. 896 have a published intrinsic value and 342 trade at least 20% below it.
76 of the 1,328 have no analyst coverage at all.
The median company here with a published value trades 2% below our estimate of intrinsic value.
Values as of the 22 Sept 2026 close.
Small companies are harder to value and harder to trade. A wide margin of safety here is a reason to read the filings, not a signal.
Most undervalued small caps
- Riley Exploration Permian Inc (REPX): undervalued, +80% margin of safety
- Caledonia Mining Corp Plc (CMCL): undervalued, +80% margin of safety
- Nexa Resources SA (NEXA): undervalued, +79% margin of safety
- Progress Software Corp (PRGS): undervalued, +79% margin of safety
- Orthofix Medical Inc (OFIX): undervalued, +79% margin of safety
- Apartment Investment & Management Co (AIV): undervalued, +78% margin of safety
- Trimas Corp (TRS): undervalued, +78% margin of safety
- LendingTree Inc (TREE): undervalued, +78% margin of safety
- Irsa Inversiones Y Representaciones SA ADR (IRS): undervalued, +78% margin of safety
- Transportadora de Gas del Sur ADR (TGS): undervalued, +78% margin of safety
Liquid names only: at least $1M traded a day and $50M of market value. We leave out companies whose estimate is more than five times the price.
Largest small caps
- VNET Group Inc ADR (VNET): not valued
- Bob's Discount Furniture Inc (BOBS): not valued
- Ziff Davis Inc (ZD): undervalued, +32% margin of safety
- Sonos Inc (SONO): overvalued, -5440% margin of safety
- Rapport Therapeutics Inc (RAPP): not valued
- Perrigo Company plc (PRGO): not valued
- DENTSPLY Sirona Inc (XRAY): not valued
- Lakefront Biotherapeutics NV ADR (LKFT): no reliable verdict
- Diversified Healthcare Trust (DHC): overvalued, -57% margin of safety
- Zymeworks BC Inc (ZYME): overvalued, -1054% margin of safety
- Gorman-Rupp Co (GRC): overvalued, -50% margin of safety
- Blackstone Digital Infrastructure Trust Inc (BXDC): no published value
- Trident Digital Tech Holdings Ltd (TDTH): not valued
- Karooooo Ltd (KARO): undervalued, +40% margin of safety
- Hub Group Inc (HUBG): overvalued, -72% margin of safety
- City Holding Co (CHCO): slightly overvalued, -10% margin of safety
- Innovex International Inc (INVX): slightly overvalued, -7% margin of safety
- Perdoceo Education Corp (PRDO): undervalued, +37% margin of safety
- Pelagos Insurance Capital Ltd (PLGO): undervalued, +62% margin of safety
- Bladex Inc (BLX): undervalued, +28% margin of safety
- Vir Biotechnology Inc (VIR): overvalued, -604% margin of safety
- TMC the metals company Inc (TMC): no published value
- Fortrea Holdings Inc (FTRE): not valued
- NovoCure Ltd (NVCR): overvalued, -77% margin of safety
- Western Union Company (WU): undervalued, +77% margin of safety
- A10 Networks Inc (ATEN): undervalued, +25% margin of safety
- Porch Group Inc (PRCH): not valued
- Maravai LifeSciences Holdings Inc (MRVI): not valued
- Alkami Technology Inc (ALKT): undervalued, +30% margin of safety
- Cimpress plc (CMPR): slightly overvalued, -8% margin of safety
- Transportadora de Gas del Sur ADR (TGS): undervalued, +78% margin of safety
- Grupo Aval Acciones y Valores SA ADR (AVAL): slightly undervalued, +6% margin of safety
- Smartstop Self Storage REIT Inc (SMA): slightly undervalued, +15% margin of safety
- SFL Corp Ltd (SFL): slightly overvalued, -5% margin of safety
- Grifols SA ADR (GRFS): no reliable verdict
- Insperity Inc (NSP): undervalued, +29% margin of safety
- Stewart Information Services Corp (STC): slightly overvalued, -17% margin of safety
- Brightstar Lottery PLC (BRSL): undervalued, +33% margin of safety
- Olin Corp (OLN): undervalued, +48% margin of safety
- Vertex Inc (VERX): overvalued, -46% margin of safety
- GH Research PLC (GHRS): no published value
- Blackbaud Inc (BLKB): undervalued, +43% margin of safety
- Horace Mann Educators Corp (HMN): undervalued, +22% margin of safety
- Vestis Corp (VSTS): overvalued, -32% margin of safety
- TOP Financial Group Limited (TOP): not valued
- GigaCloud Technology Inc (GCT): no reliable verdict
- EZCorp Inc (EZPW): undervalued, +37% margin of safety
- Septerna Inc (SEPN): not valued
- Stoke Therapeutics Inc (STOK): overvalued, -686% margin of safety
- Bandwidth Inc (BAND): undervalued, +56% margin of safety
- ATS Corp (ATS): overvalued, -48% margin of safety
- Blue Bird Corp (BLBD): undervalued, +56% margin of safety
- Xencor Inc (XNCR): overvalued, -420% margin of safety
- Hornbeck Offshore Services Inc (HOS): undervalued, +31% margin of safety
- Netstreit Corp (NTST): undervalued, +38% margin of safety
- Biolife Solutions Inc (BLFS): overvalued, -1066% margin of safety
- Concentrix Corp (CNXC): undervalued, +75% margin of safety
- Lemaitre Vascular Inc (LMAT): overvalued, -28% margin of safety
- Happen Inc (HAPN): fairly valued, +5% margin of safety
- Neutron Holdings Inc (LIME): no published value
- German American Bancorp Inc (GABC): fairly valued, +2% margin of safety
- Expro Ltd (XPRO): undervalued, +25% margin of safety
- WeRide Inc ADR (WRD): overvalued, -94% margin of safety
- Absci Corp (ABSI): overvalued, -1398% margin of safety
- Allient Inc (ALNT): overvalued, -136% margin of safety
- Kimbell Royalty Partners LP (KRP): overvalued, -21% margin of safety
- World Kinect Corp (WKC): overvalued, -52% margin of safety
- Sonida Senior Living Inc (SNDA): undervalued, +20% margin of safety
- Embotelladora Andina SA ADR (AKO-A): undervalued, +71% margin of safety
- Enerpac Tool Group Corp (EPAC): slightly overvalued, -8% margin of safety
- Getty Realty Corp (GTY): undervalued, +31% margin of safety
- Melco Resorts & Entertainment Ltd ADR (MLCO): no reliable verdict
- Mach Natural Resources LP (MNR): not valued
- Century Communities Inc (CCS): overvalued, -48% margin of safety
- AEVEX Corp (AVEX): not valued
- NextDecade Corp (NEXT): no published value
- Weis Markets Inc (WMK): overvalued, -46% margin of safety
- Costamare Inc (CMRE): undervalued, +72% margin of safety
- Photronics Inc (PLAB): undervalued, +78% margin of safety
- Lindblad Expeditions Holdings Inc (LIND): overvalued, -73% margin of safety
- Dime Commercial Bancshares Inc (DCOM): overvalued, -42% margin of safety
- ANI Pharmaceuticals Inc (ANIP): undervalued, +61% margin of safety
- Genesis Energy LP (GEL): undervalued, +53% margin of safety
- National Bank Holdings Corp (NBHC): overvalued, -64% margin of safety
- Hemab Therapeutics Holdings Inc (COAG): no published value
- Novavax Inc (NVAX): undervalued, +48% margin of safety
- Telecom Argentina SA ADR (TEO): undervalued, +66% margin of safety
- Americas Gold and Silver Corp (USAS): overvalued, -173% margin of safety
- Nanobiotix ADR (NBTX): overvalued, -1966% margin of safety
- Intellia Therapeutics Inc (NTLA): overvalued, -267% margin of safety
- Worthington Steel Inc (WS): overvalued, -120% margin of safety
- Vermilion Energy Inc (VET): fairly valued, +5% margin of safety
- ACV Auctions Inc (ACVA): overvalued, -133% margin of safety
- Freenome Inc (FRNM): no published value
- Hope Bancorp Inc (HOPE): overvalued, -32% margin of safety
- Nexa Resources SA (NEXA): undervalued, +79% margin of safety
- Xanadu Quantum Technologies Ltd (XNDU): not valued
- Tyra Biosciences Inc (TYRA): no published value
- Live Oak Bancshares Inc (LOB): overvalued, -34% margin of safety
- Sixth Street Specialty Lending Inc (TSLX): slightly undervalued, +9% margin of safety
Where small caps concentrate
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