Welcome to this week’s Oddsmaker Top 25 Best and Worst. First, a brief update on the recently weekly performance of the Oddsmaker Top 25 Best and Worst Picks:

1. MU, Micron Technology | OM Score 100.9 | SMP 206.0 | OM2 89.6 | Near Pass | 5/5 signature. FRM 98.6, TRS 94.8, RAVG 92.0, CAS 87.8, Trifecta Ratio 0.982, ROIC 57.3%, fwd EV/EBITDA 5.7x, fwd FCF/EV 10.2%, forward revenue growth 167%, 0.85x OM target, 0.68x sell-side target. Micron makes DRAM, NAND and high-bandwidth memory (HBM), the memory that sits next to AI accelerators. The market sees it as the core large-cap AI memory play, but still prices it like a cyclical at peak margins. Bull: HBM supply stays tight and keeps pricing firm longer than past cycles, which 5.7x EBITDA doesn't reflect. Bear: memory has always mean-reverted once industry capacity catches up. Biggest upside factor: FRM at 98.6, among the strongest revenue and margin momentum in the book. Risks: a memory pricing rollover, hyperscalers slowing AI capex, and a 2.93 beta along with a flagged implied margin above 70%.

2. STNG, Scorpio Tankers | OM Score 109.1 | SMP 219.8 | OM2 88.5 | Near Pass | 5/5 signature. CAS 92.9, FRM 86.9, OLI 81.6, RAVG 81.3, Trifecta Ratio 0.984, ROIC 17.6%, fwd EV/EBITDA 5.5x, fwd FCF/EV 9.7%, net cash equal to 29% of market cap, beta 0.12, 0.83x OM target. Scorpio runs one of the largest product-tanker fleets, carrying gasoline, diesel and jet fuel. The market treats it as a freight-rate trade and applies a shipping discount even after it paid down its debt. Bull: an aging global fleet and long-haul trade routes keep rates firm, and net cash funds buybacks. Bear: newbuild deliveries and normalizing routes compress day rates. Biggest upside factor: CAS at 92.9. The balance sheet has flipped to net cash. Risks: tanker rate normalization, fleet supply growth, and geopolitical route changes, such as the Red Sea reopening.

3. NEM, Newmont | OM Score 112.1 | SMP 213.7 | OM2 87.5 | Near Pass | 5/5 signature. RAVG 90.6, FRM 86.8, EQS 84.6, CAS 84.6, Trifecta Ratio 0.981, ROIC 18.5%, fwd EV/EBITDA 6.8x, fwd FCF/EV 9.1%, trailing FCF margin 34.2%, 0.83x OM and sell-side targets. Newmont is the world's largest gold miner, with a portfolio of top-tier mines. The market sees it as a leveraged gold proxy, historically discounted for cost overruns and missed guidance. It is now being rewarded for free cash flow and buybacks. Bull: high gold prices flow almost directly to FCF, and estimates keep rising. Bear: gold reverses while costs stay sticky. Biggest upside factor: RAVG at 90.6, with analysts still raising numbers. Risks: a gold price pullback, rising all-in sustaining costs, and operating or jurisdiction problems across a global mine base.

4. CMCL, Caledonia Mining | OM Score 138.2 | SMP 255.8 | OM2 84.6 | Strict Pass, the only one in the universe | 5/5 signature. RAVG 93.6, CAS 85.2, EQS 75.0, Trifecta Ratio 0.964, ROIC 11.7%, fwd EV/EBITDA 2.7x, 0.52x sell-side target, 0.80x OM target, but fwd FCF/EV −25.6%. Caledonia runs the Blanket gold mine in Zimbabwe and is developing the Bilboes project. The market heavily discounts it for Zimbabwe risk and its small size. Bull: 2.7x EBITDA for a producer with a path to much higher output. Bear: Bilboes spending turns forward FCF sharply negative. Biggest upside factor: it passes all four backtested gates, the only name that does this week. Risks: Zimbabwe policy, currency and royalty risk, Bilboes funding and execution, and gold price swings with a 2.02 beta.

5. EOG, EOG Resources | OM Score 103.2 | SMP 214.4 | OM2 82.0 | Near Pass | 5/5 signature. RAVG 94.2, FRM 77.0, EQS 76.6, CAS 74.5, Trifecta Ratio 0.976, ROIC 12.7%, fwd EV/EBITDA 4.7x, fwd FCF/EV 9.7%, 0.84x OM target, 0.87x sell-side target. EOG is one of the largest US oil and gas producers, with core positions in the Delaware Basin, Eagle Ford, Utica and Dorado gas. The market sees it as a best-in-class operator and a defensive E&P, so the discount mostly reflects the oil price. Bull: low costs and disciplined drilling generate cash through the cycle, and gas adds LNG-linked upside. Bear: weak oil prices cap returns no matter how well it executes. Biggest upside factor: RAVG at 94.2. Risks: an oil price decline, gas price volatility, and capital intensity as it integrates new acreage.

6. AU, AngloGold Ashanti | OM Score 97.4 | SMP 212.0 | OM2 81.8 | Near Pass | 5/5 signature. Trifecta Ratio 0.993, FRM 93.0, EQS 90.8, CAS 81.4, RAVG 60.1, ROIC 10.9%, fwd EV/EBITDA 5.5x, forward revenue growth 54.6%, trailing FCF margin 33.5%, 0.78x sell-side target. AngloGold mines gold across Africa, Australia and the Americas, with its primary listing on the NYSE. The market has long discounted it for African jurisdiction risk but has re-rated it on free cash flow. Bull: fast revenue and EBITDA growth plus strong earnings quality at a mid-single-digit multiple. Bear: RAVG barely clears the 60 gate and momentum is flat (TRS 49.9). Biggest upside factor: FRM at 93.0. Risks: the gold price, jurisdiction risk in Ghana, Tanzania and Guinea, and a flagged implied margin above 70% with a 1.93 beta.

7. HCI, HCI Group | OM Score 132.5 | SMP 251.8 | OM2 81.6 | Near Pass | 4/5 signature | TTM flag. EQS 95.3, CAS 86.8, Trifecta Ratio 0.975, ROIC 27.7%, EV/EBITDA 3.1x (trailing), net cash 36.9% of market cap, trailing FCF margin 44.4%, 0.73x sell-side target, no revision data. HCI is a Florida-focused homeowners insurer that also owns the Exzeo insurance technology platform. The market still prices it as a catastrophe-exposed Florida insurer despite its profitability since Florida's legal reforms. Bull: those reforms cut claim litigation and drove record underwriting margins, and Exzeo adds hidden value. Bear: one major hurricane can erase a year of earnings. Biggest upside factor: EQS at 95.3, among the highest earnings quality in the book. Risks: hurricane losses in peak season, higher reinsurance costs, and Florida regulatory reversal.

8. MGY, Magnolia Oil & Gas | OM Score 118.5 | SMP 240.5 | OM2 80.9 | Near Pass | 5/5 signature. RAVG 94.3, EQS 80.2, CAS 76.9, OLI 75.9, Trifecta Ratio 0.985, ROIC 12.4%, fwd EV/EBITDA 3.1x, fwd FCF/EV 16.4%, 0.72x sell-side target, TRS 19.7, short interest 10.6%. Magnolia produces oil and gas in South Texas's Eagle Ford and Giddings fields. It keeps leverage low, caps reinvestment and returns the excess through buybacks. The market sees a disciplined but low-growth oil name, and momentum is weak. Bull: a 16% FCF yield on EV funds steady share count reduction. Bear: flat production leaves returns tied to crude. Biggest upside factor: FCF/EV of 16.4% combined with RAVG at 94.3. Risks: an oil price decline, weak price momentum (TRS 19.7), and 10.6% short interest signaling skepticism about Giddings well results.

9. SM, SM Energy | OM Score 107.3 | SMP 231.7 | OM2 80.7 | Near Pass | 4/5 signature. RAVG 94.6, FRM 92.5, Trifecta Ratio 0.986, fwd EV/EBITDA 2.8x, fwd FCF/EV 13.2%, forward revenue growth 65.3%, ROIC 7.3%, CAS 41.4, net debt about 85% of market cap. SM is an oil and gas producer in the Midland Basin, South Texas and the Uinta, scaling up through its combination with Civitas. The market sees it as cheap but levered, and as an integration story. Bull: the added scale at 2.8x EBITDA with strong revisions leaves room for re-rating as debt comes down. Bear: leverage amplifies any drop in commodity prices. Biggest upside factor: RAVG at 94.6 with FRM at 92.5. Risks: balance sheet leverage, merger integration and synergy delivery, and oil and gas prices. CAS misses the signature threshold.

10. ADBE, Adobe | OM Score 101.0 | SMP 205.2 | OM2 80.6 | Near Pass | 5/5 signature. EQS 93.4, RAVG 90.0, CAS 83.2, Trifecta Ratio 0.982, ROIC 39.4%, fwd EV/EBITDA 6.8x, fwd FCF/EV 12.1%, trailing FCF margin 36.0%, 0.84x sell-side target, TRS 40.1. Adobe sells Creative Cloud (Photoshop, Premiere), Document Cloud (Acrobat) and marketing software, and has added Firefly generative AI. The market has cast it as an AI loser, fearing generative tools will commoditize creative software, and the multiple has compressed sharply. Bull: a 12% FCF yield, strong revisions and buybacks at a value multiple. Bear: its seat-based creative moat erodes. Biggest upside factor: EQS at 93.4. Risks: generative AI disrupting creative workflows, slowing growth (12% forward revenue), and weak momentum (TRS 40.1).

11. AII, American Integrity Insurance | OM Score 147.5, the highest in the book | SMP 286.0, the highest in the book | OM2 79.7 | Near Pass | 4/5 signature | TTM flag. EQS 93.8, TRS 92.2, CAS 86.6, Trifecta Ratio 0.996, ROIC 19.3%, EV/EBITDA 1.9x (trailing), net cash 52% of market cap, trailing FCF margin 82.4%, OLI 9.6, no revision data. American Integrity is a Florida homeowners insurer that went public in 2025. It is lightly covered, so the market is still discovering it. Bull: post-reform Florida economics and a cash-heavy balance sheet at under 2x EBITDA. Bear: concentrated exposure to Florida catastrophes. Biggest upside factor: the top OM Score and SMP in the book. Risks: hurricane losses, reinsurance pricing, and thin liquidity and ownership (OLI 9.6) at a $489M market cap.

12. SNDK, Sandisk | OM Score 91.2 | SMP 208.0 | OM2 79.6 | Near Pass | 4/5 signature. Trifecta Ratio 0.999, FRM 98.9, EQS 95.7, TRS 91.3, CAS 88.7, ROIC 84.0%, fwd EV/EBITDA 6.2x, forward revenue growth 175%, fwd FCF/EV 12.2%, but RAVG 15.6 and beta 3.65. Sandisk makes NAND flash and SSDs and was spun off from Western Digital in 2025. The market treats it as an AI-storage momentum name after a huge run. Bull: enterprise SSD demand for AI inference keeps NAND pricing tight. Bear: RAVG at 15.6 shows analyst revisions have stalled while the stock stays near highs. Biggest upside factor: FRM at 98.9, the top in the book. Risks: a NAND price rollover, fading estimate revisions, and extreme volatility (3.65 beta) plus a flagged implied margin.

13. YOU, Clear Secure | OM Score 111.8 | SMP 220.1 | OM2 79.0 | Near Pass | 5/5 signature. CAS 93.0, RAVG 87.2, EQS 84.5, FRM 84.2, Trifecta Ratio 0.996, ROIC 31.4%, fwd EV/EBITDA 8.0x, fwd FCF/EV 13.8%, net cash 20.5% of market cap, 0.66x sell-side target, TRS 10.2, short interest 12.4%, 21% below its 200-day average. CLEAR runs biometric identity lanes at airports and venues, plus TSA PreCheck enrollment and identity verification. The market is skeptical, citing TSA competition and airport contract risk. Bull: a 13.8% FCF yield and growth in identity verification. Bear: TSA's own digital ID reduces the need to pay for CLEAR. Biggest upside factor: CAS at 93.0. Risks: TSA and airport competition, membership churn, and heavy short interest with negative momentum.

14. MNTN, MNTN | OM Score 109.3 | SMP 216.3 | OM2 78.0 | Near Pass | 4/5 signature. CAS 95.4, the highest in the book, FRM 85.8, EQS 84.7, Trifecta Ratio 0.952, ROIC 19.7%, fwd EV/EBITDA 4.5x, fwd FCF/EV 19.8%, net cash 31% of market cap, 0.56x sell-side target, OLI 16.2, no revision data. MNTN runs a performance advertising platform for connected TV, aimed at small and mid-sized advertisers, and went public in 2025. The market has treated it like a broken IPO, and it trades well below its listing price. Bull: ad budgets keep shifting to streaming TV, and a nearly 20% FCF yield is cheap for that growth. Bear: larger ad-tech platforms and walled gardens squeeze it. Biggest upside factor: CAS at 95.4 combined with a 19.8% FCF yield. Risks: cyclical ad spending, competition from larger CTV platforms, and low liquidity and ownership (OLI 16.2).

15. HRTG, Heritage Insurance | OM Score 134.7 | SMP 248.7 | OM2 77.7 | Near Pass | 4/5 signature | TTM flag. EQS 94.5, TRS 89.9, CAS 88.5, Trifecta Ratio 0.910, ROIC 37.2%, EV/EBITDA 1.5x (trailing), net cash 51.6% of market cap, but FRM 38.2, the weakest in the book, forward revenue growth 1.5%, no revision data. Heritage writes personal and commercial residential property insurance in Florida, the Northeast, Hawaii and other coastal states. The market is re-rating it after an underwriting turnaround. Bull: margin repair and a cash-rich balance sheet at 1.5x EBITDA. Bear: premium growth has stalled. Biggest upside factor: EQS at 94.5 with strong momentum. Risks: catastrophe losses, flat premium growth, and a data caveat: R4 excluded it last week, and its EV/EBITDA is a trailing multiple.

16. DLO, dLocal | OM Score 100.1 | SMP 210.2 | OM2 77.3 | Near Pass | 4/5 signature. CAS 91.6, FRM 87.4, EQS 80.0, Trifecta Ratio 0.995, ROIC 26.3%, fwd EV/EBITDA 7.9x, forward revenue growth 57.0%, net cash 18.8% of market cap, 0.73x sell-side target, OLI 25.2. dLocal processes cross-border payments for global merchants selling into emerging markets across Latin America, Africa and Asia. The market likes the volume growth but discounts it for take-rate pressure and past governance concerns. Bull: 57% growth at under 8x EBITDA with a net cash balance sheet. Bear: fee compression turns volume growth into flat profits. Biggest upside factor: FRM at 87.4. Risks: take-rate compression, emerging-market currency and regulatory swings, and merchant concentration.

17. KYIV, Kyivstar Group | OM Score 105.0 | SMP 207.0 | OM2 76.8 | Near Pass | 4/5 signature. FRM 85.7, CAS 73.8, EQS 73.6, Trifecta Ratio 0.920, ROIC 9.0%, fwd EV/EBITDA 4.1x, fwd FCF/EV 10.8%, forward revenue growth 23.4%, 0.84x OM target, no revision data. Kyivstar is Ukraine's largest mobile operator, majority-owned by VEON, and listed on Nasdaq in 2025. The market applies a heavy war-risk discount and treats the stock as an option on a ceasefire and reconstruction. Bull: double-digit growth and a 10.8% FCF yield at 4.1x EBITDA, with rebuilding as upside. Bear: the business operates in an active war zone. Biggest upside factor: FRM at 85.7. Risks: war damage to infrastructure, hryvnia and capital-control risk, and a sell-side target data anomaly (Price/SS 0.016, likely a local-currency mismatch).

18. INTU, Intuit | OM Score 115.5 | SMP 209.7 | OM2 76.7 | Near Pass | 4/5 signature. EQS 86.6, OLI 79.1, CAS 77.5, FRM 74.8, Trifecta Ratio 0.955, ROIC 12.0%, fwd EV/EBITDA 7.0x, fwd FCF/EV 12.1%, 0.66x sell-side target, RAVG 49.6, TRS 10.2, 21% below its 200-day average. Intuit owns TurboTax, QuickBooks, Credit Karma and Mailchimp. The market has de-rated it on fears that AI agents will disrupt tax and small-business software. Bull: QuickBooks moving upmarket, AI features and a 12% FCF yield. Bear: AI and free filing erode its paid tax franchise. Biggest upside factor: EQS at 86.6. Risks: AI disruption of core products, neutral revisions (RAVG 49.6, below the 60 gate), and weak momentum (TRS 10.2).

19. CHRD, Chord Energy | OM Score 117.8 | SMP 226.5 | OM2 76.7 | Near Pass | 4/5 signature. RAVG 95.0, FRM 71.1, CAS 58.1, EQS 56.9, Trifecta Ratio 0.926, ROIC 5.8%, fwd EV/EBITDA 2.9x, fwd FCF/EV 16.2%, 0.77x sell-side target. Chord is the largest pure-play oil producer in the Williston Basin (Bakken). The market sees it as cheap, low-growth and fully exposed to oil. Bull: longer laterals lower costs, and a 16% FCF yield funds large shareholder returns. Bear: limited drilling inventory depth caps the long-term runway. Biggest upside factor: RAVG at 95.0 with a 16.2% FCF yield. Risks: an oil price decline, Bakken inventory runway, and low ROIC (5.8%). EQS misses the signature threshold.

20. OSCR, Oscar Health | OM Score 100.5 | SMP 205.0 | OM2 76.7 | Near Pass | 4/5 signature. CAS 87.0, TRS 90.6, EQS 75.2, Trifecta Ratio 0.951, ROIC 27.2%, EV/Sales 0.28x, forward revenue growth 42.8%, net cash 39% of market cap, but fwd FCF/EV −27%, RAVG 47.5, beta 2.45. Oscar is a technology-driven health insurer and a leader in the ACA individual market. The market treats it as a volatile policy trade, swinging on ACA subsidy and risk-adjustment news. Bull: membership growth and margin recovery at under 0.3x sales. Bear: medical cost trends and policy shifts can quickly erase margins. Biggest upside factor: TRS at 90.6 with a net cash balance sheet. Risks: ACA subsidy policy uncertainty, medical cost and risk-adjustment pressure, and negative forward FCF with a 2.45 beta.

21. CINF, Cincinnati Financial | OM Score 112.2 | SMP 203.5 | OM2 76.3 | Near Pass | 4/5 signature | TTM flag. EQS 86.3, CAS 73.7, Trifecta Ratio 0.875, ROIC 17.0%, EV/EBITDA 5.5x (trailing), beta 0.04, 0.84x sell-side target, no revision data. Cincinnati Financial is a property and casualty insurer that sells through independent agents, holds a large equity portfolio and has raised its dividend for more than six decades. The market sees a steady, fairly valued compounder. Bull: firm pricing plus investment gains compound book value with almost no market beta. Bear: catastrophe losses and an equity drawdown can hit in the same year. Biggest upside factor: EQS at 86.3. Risks: catastrophe losses, equity portfolio drawdown, and softening commercial pricing.

22. HLNE, Hamilton Lane | OM Score 113.6 | SMP 205.2 | OM2 76.2 | Near Pass | 4/5 signature. Trifecta Ratio 0.990, EQS 84.9, CAS 73.9, OLI 69.0, ROIC 7.7%, fwd EV/EBITDA 10.2x, the richest in the book, forward revenue growth 24.0%, 0.64x sell-side target, TRS 33.7, short interest 8.6%. Hamilton Lane manages private-markets money across funds of funds, secondaries, direct deals and evergreen funds for wealthy individuals. The market is cautious on private markets, and the stock trades below its 200-day average. Bull: evergreen fund growth drives recurring fee earnings. Bear: slower fundraising and fewer exits hit fees and carry. Biggest upside factor: a 0.990 Trifecta Ratio with 24% growth. Risks: a private-markets fundraising and exit slowdown, the richest valuation in the book, and volatile performance fees.

23. DK, Delek US Holdings | OM Score 100.0 | SMP 210.2 | OM2 75.9 | Near Pass | 4/5 signature. RAVG 98.5, the highest in the book, TRS 92.6, EQS 62.7, FRM 60.7, CAS 40.7, Trifecta Ratio 0.948, fwd EV/EBITDA 3.8x, fwd FCF/EV 15.7%, ROIC 4.2%, net debt 68% of market cap, 24% above its 200-day average. Delek is an independent refiner with plants in Texas, Arkansas and Louisiana and a stake in Delek Logistics. The market is riding a rebound in refining margins and small-refinery exemption relief. Bull: strong refining margins and a sum-of-the-parts discount give a 15% FCF yield. Bear: refining margins are highly cyclical and leverage is high. Biggest upside factor: RAVG at 98.5. Risks: refining margin reversal, leverage, and renewable fuel regulation alongside low ROIC.

24. DEC, Diversified Energy | OM Score 131.1 | SMP 207.2 | OM2 75.7 | Near Pass | 2/5 signature, the lowest in the book. FRM 92.0, RAVG 93.1, forward revenue growth 60.5%, fwd EV/EBITDA 4.1x, fwd FCF/EV 10.3%, but EQS 44.9, CAS 38.2, Trifecta Ratio 0.665, and net debt about 3.1x market cap. Diversified buys mature natural gas and oil wells, mainly in Appalachia and increasingly in the Southwest, runs them for cash and then plugs them. The market is skeptical, citing leverage and well-plugging liabilities. Bull: higher gas prices plus acquisitions sharply lift EBITDA, and revisions are strong. Bear: debt and cleanup obligations eat into equity value. Biggest upside factor: FRM at 92.0. Risks: heavy leverage, well-plugging liabilities, and natural gas prices. It is the weakest signature match in the book.

25. WEX, WEX Inc. | OM Score 92.3 | SMP 204.1 | OM2 75.5 | Near Pass | 5/5 signature. RAVG 82.9, TRS 77.4, CAS 76.0, EQS 67.0, Trifecta Ratio 0.970, fwd EV/EBITDA 4.1x, fwd FCF/EV 14.0%, trailing FCF margin 47.7%, net cash 12.3% of market cap, ROIC 5.3%, forward revenue growth 7.5%, 0.91x sell-side target. WEX runs fleet fuel cards, corporate payments such as virtual cards for travel, and health-benefits accounts. The market sees a slow-growth payments company sensitive to fuel prices. Bull: a 14% FCF yield at 4.1x EBITDA funds buybacks while revisions trend up. Bear: low growth and fuel-price swings keep it cheap. Biggest upside factor: RAVG at 82.9 with a 14% FCF yield. Risks: fuel price sensitivity, corporate travel volume, and low growth (7.5% forward revenue).

1. NVTS, Navitas Semiconductor | OM Score −222.8, the lowest in the book | SMP −352.8, the lowest in the book | OM2 Short 95.4 | Strict Pass | 3/5 signature. MCR 99.0, VSR 96.5, BDR 81.8, FRM 1.2, Trifecta Ratio 0.176, ROIC −52.1%, fwd EV/Sales 40.8x, forward revenue growth −46.4%, 1.67x OM target, short interest 15.4%, beta 4.60. Navitas makes gallium nitride (GaN) and silicon carbide power chips and is repositioning toward high-voltage power for AI data centers. The market prices it as an AI-power winner despite shrinking revenue. Bear: over 40x forward sales for a business with falling sales and deep losses. Bull: data-center GaN design wins ramp faster than expected. Biggest downside factor: MCR at 99.0. The multiple has almost nothing supporting it. Short risks: AI-power partnership headlines, a squeeze with a 4.60 beta and 15% short interest, and a net cash cushion (18% of market cap).

2. AEHR, Aehr Test Systems | OM Score −161.5 | SMP −346.7 | OM2 Short 94.8 | Strict Pass | 2/5 signature. MCR 98.0, VSR 96.7, BDR 79.8, FRM 12.0, Trifecta Ratio 0.442, ROIC −3.9%, fwd EV/EBITDA 128.4x, fwd EV/Sales 22.8x, forward revenue growth −15.2%, 1.41x OM target, short interest 15.7%, beta 4.72. Aehr sells wafer-level burn-in and test systems, first for silicon carbide EV chips and now for AI processors. The market has re-rated it as an AI test play. Bear: 128x forward EBITDA while revenue is still shrinking and orders are lumpy. Bull: burn-in for AI chips becomes standard and orders surge. Biggest downside factor: MCR at 98.0. Short risks: a large AI order announcement, a 4.72 beta with 15.7% short interest, and a small float that moves violently. It matches only 2 of 5 signature traits.

3. SPCE, Virgin Galactic | OM Score −129.7 | SMP −202.0 | OM2 Short 94.5 | Near Pass | 5/5 signature. EQS 2.0, FRM 0.7, Trifecta Ratio 0.000, MCR 92.4, VSR 98.1, BDR 85.4, ROIC −35.2%, fwd FCF/EV −50.3%, fwd EV/Sales 8.3x, 1.31x OM target, short interest 22.3%, beta 3.78. Virgin Galactic is building its Delta-class spaceships for suborbital space tourism, with commercial service targeted for 2026. The market treats it as a cash-burning option on a flight restart. Bear: it burns about half its EV each year and funds itself by diluting shareholders. Bull: Delta flights begin on schedule and ticket revenue restarts. Biggest downside factor: fwd FCF/EV of −50.3%. Short risks: first-flight headlines, a squeeze with 22% short interest, and a low-dollar stock prone to retail spikes.

4. AI, C3.ai | OM Score −166.5 | SMP −223.7 | OM2 Short 92.1 | Near Pass | 3/5 signature. FRM 1.8, MCR 85.1, VSR 94.1, BDR 82.9, Trifecta Ratio 0.186, ROIC −55.3%, forward revenue growth −37.5%, fwd FCF/EV −12.1%, 1.25x sell-side target, 1.43x OM target, short interest 26.4%. C3.ai sells enterprise AI application software. The market has soured on it after revenue declines, a leadership transition and lost momentum in its partner channel. Bear: shrinking revenue and continued losses at nearly 5x forward sales, and the stock trades above even the sell-side target. Bull: the cash pile (35% of market cap) and strategic value attract a buyer. Biggest downside factor: FRM at 1.8. Revenue is contracting sharply. Short risks: a takeover bid, a squeeze with 26% short interest, and AI sector rallies lifting all names.

5. SDGR, Schrödinger | OM Score −151.8 | SMP −220.5 | OM2 Short 91.6 | Near Pass | 4/5 signature. EQS 13.1, BDR 90.7, VSR 90.8, MCR 78.3, Trifecta Ratio 0.031, ROIC −12.2%, fwd EV/Sales 8.0x, forward revenue growth 8.9%, 1.38x OM and sell-side targets, 85% above its 200-day average, short interest 14.9%. Schrödinger sells physics-based computational chemistry software for drug discovery and runs its own drug pipeline. The market has bid it sharply higher on AI drug-discovery enthusiasm. Bear: single-digit growth, losses and a price far above every target. Bull: a partnered drug succeeds or a large software deal re-rates the platform. Biggest downside factor: BDR at 90.7. The price has run well ahead of fundamentals. Short risks: clinical or partnership news, AI-biotech momentum, and a squeeze with 15% short interest.

6. BFLY, Butterfly Network | OM Score −121.7 | SMP −196.1 | OM2 Short 90.6 | Near Pass | 3/5 signature. BDR 91.8, VSR 90.7, MCR 74.1, EQS 21.7, Trifecta Ratio 0.446, ROIC −32.3%, fwd EV/Sales 17.5x, forward revenue growth 28.1%, 1.28x OM target, 43% above its 200-day average, short interest 13.4%. Butterfly sells handheld ultrasound devices built on a single chip, plus software subscriptions. The market has re-rated it on growth and licensing of its chip. Bear: 17.5x sales for a company that has never turned a profit, after a steep run. Bull: licensing and hospital enterprise deals reach breakeven faster than expected. Biggest downside factor: BDR at 91.8. Short risks: licensing or partnership announcements, momentum-driven squeezes (2.30 beta), and accelerating growth (FRM 54.4).

7. ALMU, Aeluma | OM Score −146.9 | SMP −286.9 | OM2 Short 90.5 | Near Pass | 3/5 signature. MCR 96.8, VSR 97.3, Trifecta Ratio 0.018, ROIC −23.5%, fwd EV/Sales 55.0x, forward revenue growth −4.4%, 1.36x OM target, short interest 18.8%, beta 3.81, $246M market cap. Aeluma develops high-performance semiconductor sensors (short-wave infrared photodetectors) on large-diameter wafers for defense, AI and quantum markets. The market prices it as a speculative small-cap technology story. Bear: 55x forward sales with flat revenue. Bull: defense or AI-optics contracts scale revenue quickly. Biggest downside factor: MCR at 96.8. Short risks: contract announcements, tiny-float volatility (3.81 beta), and borrow cost and availability at a $246M market cap.

8. NNE, NANO Nuclear Energy | OM Score −81.5 | SMP −215.3 | OM2 Short 90.1 | Near Pass | 3/5 signature. MCR 94.0, VSR 99.0, the highest in the book, Trifecta Ratio 0.029, fwd FCF/EV −30.9%, fwd EV/Sales 40.5x on minimal revenue, net cash 67% of market cap, short interest 28.8%, beta 3.96. NANO is a pre-revenue developer of portable nuclear microreactors (KRONOS, ZEUS). The market treats it as a nuclear-renaissance momentum stock. Bear: years from revenue and burning cash. Bull: licensing milestones and government or data-center deals. Biggest downside factor: fwd FCF/EV of −30.9% with no revenue base. Short risks: nuclear policy headlines, a squeeze with 29% short interest, and a large cash pile that limits distress.

9. IE, Ivanhoe Electric | OM Score −101.9 | SMP −241.9 | OM2 Short 89.9 | Near Pass | 3/5 signature. MCR 99.2, FRM 1.5, VSR 83.1, BDR 70.2, Trifecta Ratio 0.036, fwd EV/Sales 430.8x, fwd FCF/EV −25.3%, RAVG 40.8, 1.23x OM target, 0.50x sell-side target, beta 3.51. Ivanhoe Electric explores for US minerals, led by the Santa Cruz copper project in Arizona, and owns Typhoon geophysical survey technology. The market sees it as a long-dated copper option. Bear: essentially no revenue, heavy cash burn and years of development ahead. Bull: copper prices rise and Santa Cruz gets funded and permitted. Biggest downside factor: MCR at 99.2. Short risks: copper price spikes, strategic investment or offtake deals, and analyst targets far above the price (0.50x).

10. QBTS, D-Wave Quantum | OM Score −96.8 | SMP −236.8 | OM2 Short 88.5 | Near Pass | 3/5 signature. MCR 99.5, VSR 97.4, FRM 0.9, Trifecta Ratio 0.322, ROIC −26.7%, fwd EV/Sales 88.4x, forward revenue growth −44.2%, 1.21x OM target, short interest 18.3%, beta 4.32, $6.3B market cap. D-Wave builds quantum annealing computers and sells cloud access. The market prices it as a leveraged bet on quantum computing. Bear: 88x sales on falling revenue. Bull: commercial quantum adoption arrives sooner than expected. Biggest downside factor: MCR at 99.5, the most extreme valuation risk in the book. Short risks: quantum-sector hype cycles, a squeeze with a 4.32 beta, and equity raises that strengthen the balance sheet.

11. PI, Impinj | OM Score −35.2 | SMP −198.0 | OM2 Short 88.5 | Composite tier | 2/5 signature. MCR 91.0, VSR 89.2, BDR 72.6, EQS 56.0, Trifecta Ratio 0.552, ROIC −5.5%, fwd EV/EBITDA 56.5x, fwd EV/Sales 12.9x, forward revenue growth 3.5%, 0.98x sell-side target, beta 2.93. Impinj makes RAIN RFID chips and readers used to tag and track retail, logistics and healthcare items. The market values it as a secular RFID growth leader. Bear: 56x EBITDA for low-single-digit growth. Bull: new endpoint IC ramps and adoption in food and logistics reaccelerate growth. Biggest downside factor: MCR at 91.0. Short risks: a growth reacceleration, a real business moat (EQS 56.0), and the weakest core signals in the book (Composite tier, OM Score only −35.2).

12. SMR, NuScale Power | OM Score −148.3 | SMP −278.6 | OM2 Short 88.4 | Near Pass | 4/5 signature. MCR 99.0, VSR 97.3, EQS 3.4, FRM 0.4, Trifecta Ratio 0.001, ROIC −33.0%, fwd EV/Sales 37.4x, forward revenue growth −81.0%, 1.37x OM target, short interest 18.5%, beta 3.94. NuScale designs small modular nuclear reactors and holds the first NRC-approved SMR design. The market treats it as the flagship SMR trade. Bear: collapsing near-term revenue, no firm orders converting to cash, and ongoing share sales by its largest holder. Bull: a signed utility or data-center deployment validates the design. Biggest downside factor: FRM at 0.4. Short risks: deployment or power-purchase announcements, nuclear policy tailwinds, and a squeeze with 18.5% short interest.

13. EAF, GrafTech International | OM Score −78.2 | SMP −235.3 | OM2 Short 88.3 | Near Pass | 5/5 signature. BDR 98.6, the highest in the book, CAS 4.6, EQS 8.7, MCR 75.7, Trifecta Ratio 0.047, ROIC −20.0%, fwd EV/EBITDA 223.8x, net debt about 4.1x market cap, 1.25x sell-side target, 29% above its 200-day average. GrafTech makes graphite electrodes used in electric-arc-furnace steelmaking. The market has bid it up on hopes for an electrode price recovery and tariff protection. Bear: a debt-laden equity stub with near-zero EBITDA, trading above its targets. Bull: electrode pricing rebounds and operating leverage revives the equity. Biggest downside factor: CAS at 4.6. The balance sheet is dominated by debt. Short risks: an electrode pricing recovery, trade or tariff tailwinds, and stub-equity volatility.

14. NN, NextNav | OM Score −105.0 | SMP −245.0 | OM2 Short 88.3 | Near Pass | 3/5 signature. MCR 99.6, FRM 1.0, VSR 87.6, Trifecta Ratio 0.002, ROIC −39.7%, fwd EV/Sales 596.6x, forward revenue growth −36.5%, 1.23x OM target, 0.42x sell-side target, short interest 10.5%. NextNav provides 3D positioning and timing technology as a backup to GPS and holds 900 MHz spectrum it wants the FCC to repurpose. The market values it almost entirely on that spectrum. Bear: nearly 600x sales with shrinking revenue, so the stock depends on one regulatory decision. Bull: a favorable FCC ruling unlocks spectrum value. Biggest downside factor: MCR at 99.6. Short risks: an FCC decision in its favor, spectrum sale or partnership news, and Street targets far above the price (0.42x).

15. MSTR, Strategy | OM Score −91.1 | SMP −331.1 | OM2 Short 88.2 | Strict Pass | 5/5 signature. MCR 90.7, VSR 84.4, EQS 17.2, RAVG 6.9, Trifecta Ratio 0.166, ROIC −56.7%, fwd EV/Sales 153.6x, 1.20x OM target, beta 2.71, $60.4B market cap. Strategy (formerly MicroStrategy) is a bitcoin treasury company with a legacy analytics software business, funding bitcoin purchases through equity, converts and preferred stock. The market prices it as a leveraged bitcoin proxy. Bear: the premium to its bitcoin holdings compresses while the cost of preferred dividends rises. Bull: bitcoin rallies and its financing flywheel resumes. Biggest downside factor: RAVG at 6.9. Estimates are being cut hard. Short risks: a bitcoin rally, index inclusion or retail flows, and high borrow cost with extreme volatility.

16. RBRK, Rubrik | OM Score −45.8 | SMP −203.0 | OM2 Short 88.0 | Composite tier | 2/5 signature. BDR 91.9, MCR 79.4, VSR 77.8, but FRM 89.6 and RAVG 98.4, Trifecta Ratio 0.733, ROIC −40.6%, fwd EV/EBITDA 234.7x, fwd EV/Sales 12.3x, forward revenue growth 42.4%, 52% above its 200-day average. Rubrik sells data security and cyber-recovery software. The market sees a high-growth cybersecurity leader with strong estimate momentum. Bear: 235x EBITDA, a stretched chart and negative ROIC. Bull: 42% growth with revisions in the 98th percentile keeps beating expectations. Biggest downside factor: BDR at 91.9. Short risks: strong fundamentals (RAVG 98.4), earnings beats, and cybersecurity M&A or rotation into the sector. It is one of the lowest-conviction shorts in the book.

17. RKLB, Rocket Lab | OM Score −94.9 | SMP −307.1 | OM2 Short 87.5 | Strict Pass | 3/5 signature. VSR 84.9, MCR 80.7, BDR 74.7, FRM 60.5, Trifecta Ratio 0.381, ROIC −6.9%, fwd EV/Sales 35.4x, forward revenue growth 52.5%, 1.21x OM target, beta 3.94, $43.2B market cap. Rocket Lab runs the Electron launch vehicle, is developing the Neutron medium-lift rocket, and builds spacecraft and components. The market prices it as the leading SpaceX alternative. Bear: 35x sales with no profits and Neutron execution still ahead. Bull: Neutron flies successfully and defense contracts scale. Biggest downside factor: VSR at 84.9, combined with a strict pass on both short gates. Short risks: a successful Neutron launch, defense contract wins, and momentum and beta (3.94).

18. COIN, Coinbase | OM Score −23.0 | SMP −88.0 | OM2 Short 87.3 | Composite tier | 3/5 signature. MCR 92.3, VSR 86.4, BDR 74.6, EQS 55.4, Trifecta Ratio 0.354, ROIC −5.4%, fwd EV/EBITDA 28.8x, fwd EV/Sales 8.6x, forward revenue growth −9.2%, RAVG 42.2, beta 2.35. Coinbase is the largest US crypto exchange and custodian, with growing stablecoin and derivatives revenue. The market treats it as the crypto blue chip. Bear: falling revenue at nearly 29x EBITDA as trading volumes cool. Bull: stablecoin legislation and crypto adoption drive a new earnings cycle. Biggest downside factor: MCR at 92.3. Short risks: a crypto rally, favorable regulation, and a real trailing FCF margin (44.2%). Its OM Score is only −23.0.

19. ACHR, Archer Aviation | OM Score −98.0 | SMP −238.0 | OM2 Short 87.2 | Near Pass | 4/5 signature. MCR 94.2, VSR 92.8, FRM 11.5, Trifecta Ratio 0.320, ROIC −42.0%, fwd FCF/EV −27.1%, fwd EV/Sales 53.3x on minimal revenue, net cash 35.8% of market cap, short interest 12.3%, beta 3.27. Archer is developing the Midnight electric air taxi (eVTOL) and is pursuing FAA certification and launch markets. The market prices it as an air-mobility option. Bear: it burns a quarter of its EV each year with no commercial revenue. Bull: certification and a launch in the UAE or with US partners prove the model. Biggest downside factor: fwd FCF/EV of −27.1%. Short risks: certification milestones, defense or airline partnership news, and a large cash buffer.

20. SHMD, SCHMID Group | OM Score −89.8 | SMP −245.4 | OM2 Short 87.1 | Near Pass | 5/5 signature. BDR 98.3, CAS 9.9, EQS 17.6, MCR 76.1, RAVG 13.4, Trifecta Ratio 0.190, ROIC −542.7%, fwd EV/EBITDA 50.8x, net debt 51% of market cap, 1.19x OM target, 19% gain in the stock-price-change metric, beta 3.39, $253M market cap. SCHMID is a German maker of production equipment for printed circuit boards, advanced packaging substrates and solar. The market has bid it up on AI packaging exposure. Bear: a stretched balance sheet and deeply negative returns at 51x EBITDA. Bull: orders for AI substrate equipment turn the financials around. Biggest downside factor: BDR at 98.3. Short risks: AI packaging order headlines, a thin float, and no sell-side target available.

21. CDZI, Cadiz | OM Score −157.2 | SMP −278.9 | OM2 Short 87.0 | Near Pass | 5/5 signature. MCR 98.4, EQS 2.4, FRM 1.8, CAS 15.0, Trifecta Ratio 0.000, ROIC −33.7%, fwd EV/Sales 32.9x, forward revenue growth −21.3%, net debt 38% of market cap, 1.40x OM target, 0.35x sell-side target. Cadiz owns Mojave Desert water rights and is developing water supply, storage and pipeline infrastructure for Southern California. The market has valued its long-dated water assets as optionality for decades. Bear: shrinking revenue, persistent losses and debt at 33x sales. Bull: a pipeline deal or water agreement finally monetizes the assets. Biggest downside factor: Trifecta Ratio of 0.000 with EQS at 2.4. Short risks: water supply agreements, California drought or policy news, and Street targets far above the price (0.35x).

22. IONQ, IonQ | OM Score −116.4 | SMP −204.3 | OM2 Short 86.9 | Near Pass | 4/5 signature | fwd-rev flag. VSR 91.9, BDR 75.9, MCR 70.2, EQS 15.8, Trifecta Ratio 0.338, ROIC −59.4%, fwd EV/Sales 22.8x, forward revenue growth 371% (flagged), 1.27x OM target, beta 4.80, the highest in the book, $17.7B market cap. IonQ builds trapped-ion quantum computers and has expanded into networking and sensing through acquisitions. The market treats it as the quantum leader. Bear: acquired growth masks deep losses and heavy dilution. Bull: technical milestones and government contracts justify the scale. Biggest downside factor: ROIC of −59.4% with EQS at 15.8. Short risks: quantum hype cycles, the 4.80 beta, and more acquisitions that boost reported growth.

23. ASTS, AST SpaceMobile | OM Score −63.6 | SMP −203.6 | OM2 Short 86.6 | Near Pass | 4/5 signature | fwd-rev flag. VSR 94.0, BDR 75.5, MCR 70.9, EQS 21.6, Trifecta Ratio 0.314, ROIC −17.5%, fwd EV/Sales 55.7x, fwd FCF/EV −8.7%, short interest 21.8%, 1.13x OM target, $18.3B market cap. AST is building a satellite network (BlueBird) that connects directly to standard cellphones, with carrier partners. The market prices it as a transformational space-telecom platform. Bear: $18B for a pre-scale network with heavy capex and dilution. Bull: satellite launches and carrier revenue start on schedule. Biggest downside factor: VSR at 94.0. Short risks: successful launches, a squeeze with 22% short interest, and new carrier or government contracts.

24. MXL, MaxLinear | OM Score −50.8 | SMP −103.8 | OM2 Short 86.5 | Near Pass | 2/5 signature. BDR 91.8, MCR 75.5, VSR 77.7, but FRM 92.3, Trifecta Ratio 0.547, ROIC −16.4%, fwd EV/EBITDA 30.0x, fwd EV/Sales 9.3x, forward revenue growth 50.5%, 33% above its 200-day average, beta 3.54. MaxLinear makes broadband, connectivity and optical interconnect chips, including signal processors for AI data centers. The market has re-rated it as an AI optical play. Bear: 30x EBITDA with negative ROIC after a steep run. Bull: 50% growth and AI interconnect wins keep delivering. Biggest downside factor: BDR at 91.8. Short risks: strong growth momentum (FRM 92.3), AI design-win announcements, and a 3.54 beta. It matches only 2 of 5 signature traits.

25. ASST, Strive | OM Score −97.6 | SMP −237.6 | OM2 Short 86.4 | Near Pass | 4/5 signature. VSR 97.9, MCR 72.7, BDR 64.8, EQS 29.5, Trifecta Ratio 0.277, ROIC −141.5%, fwd EV/Sales 272.1x, 82% above its 200-day average, short interest 28.0%, beta 3.19. Strive is a bitcoin treasury company built from Strive Asset Management's merger with Asset Entities. It is classified in Health Care through its Semler Scientific acquisition. The market prices it as a leveraged bitcoin vehicle. Bear: a premium to its bitcoin holdings that dilution and a crypto pullback can erase. Bull: bitcoin rallies and accretive capital raises compound its holdings per share. Biggest downside factor: VSR at 97.9. Short risks: a bitcoin rally, a squeeze with 28% short interest, and momentum 82% above trend.

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