+11.7% average weekly long/short spread — positive in 11 of 13 weeks, with one flat (7-20) and zero negative weeks. The core "does the ranking work" number, and it remains clearly positive.

Longs green in 11 of 12 scored weeks (+2% to +11%), with only 8-24 down at -1%. Still the most consistent line in the record.

Longs beat SPY in 11 of 12 scored weeks — +3.8% avg weekly excess, 56% long hit rate.

Best week: 6-15 at +28% (longs +5%, shorts -24%), followed by 6-22 at +27% and 6-8 at +25%.

SLDE, Slide Insurance Holdings, OM Score 120.1. EQS 98.0, CAS 88.2, TRS 92.3, ROIC 51.8%, net cash 41.6% of market cap, fwd EV/EBITDA 2.26x. Florida homeowners insurer using a tech-driven pricing stack; market shuns it as a coastal-catastrophe IPO. Bull: tort reform lowered loss costs and it compounds book at 50%+ ROIC. Bear: one bad hurricane season resets everything. Biggest upside is EQS 98.0, the best earnings quality in the book, at 2.3x EBITDA. Risks: single-state cat concentration, reinsurance cost inflation, no analyst revision data.

GRND, Grindr, OM Score 99.4. FRM 88.3, EQS 89.0, RAVG 82.8, ROIC 22.4%, fwd revenue growth 32.4%, fwd FCF margin 37.3%, 12.3x EBITDA. Dominant LGBTQ social network monetized via subscriptions and ads; market sees a niche app with governance overhangs. Bull: category monopoly converting 30%+ growth into 37% FCF margins. Bear: net debt 14.5% of market cap and a capped user base. Biggest upside is FRM 88.3, growth and margin accelerating together. Risks: leverage, app-store fee changes, platform competition.

MU, Micron Technology, OM Score 104.1. FRM 98.6, TRS 95.8, ROIC 57.3%, fwd revenue growth 167%, 5.42x fwd EBITDA, 0.66x sell-side target. DRAM and NAND maker, now the main HBM beneficiary; market still applies a trough cyclical multiple. Bull: HBM sold out and pricing holds, making 5.4x absurd. Bear: memory always cycles and consensus is extrapolating a peak. Biggest upside is FRM 98.6, top of the universe. Risks: beta 3.00, RAVG only 42.2.

DAVE, Dave Inc., OM Score 89.0. FRM 94.3, TRS 94.1, RAVG 88.7, EQS 92.7, ROIC 57.9%, fwd revenue growth 48.6%, short interest 19.1%. Neobank offering small cash advances to underbanked consumers; nearly a fifth of the float is short. Bull: unit economics inflected, 58% ROIC, 5/5 on top-1% traits. Bear: late-cycle consumer credit and shifting CFPB posture. Biggest upside is FRM 94.3 with RAVG 88.7, fundamentals and estimates both accelerating. Risks: squeeze volatility, regulation of fee-based advances, subprime credit losses.

WDC, Western Digital, OM Score 88.7. RAVG 94.6, EQS 92.3, FRM 91.9, ROIC 90.4%, fwd revenue growth 35.7%, 16.9x fwd EBITDA, 0.70x sell-side target. HDD maker repositioned as the nearline storage supplier for AI data centers; market still prices it as legacy hardware. Bull: tight HDD supply, 90% ROIC, estimates rising at the 95th percentile. Bear: 16.9x is no longer cheap and NAND substitution looms. Biggest upside is RAVG 94.6. Risks: beta 2.42, TRS only 52.4 so momentum stalled, hyperscaler capex digestion.

HLNE, Hamilton Lane, OM Score 93.7. RAVG 97.0, EQS 84.7, OLI 77.9, fwd revenue growth 24.0%, 12.0x fwd EBITDA, 0.77x sell-side target. Private-markets asset manager earning fees on committed capital; market sees a quality but fully-valued compounder. Bull: 97th-percentile revisions, 24% growth, fees contracted years forward. Bear: fundraising slows and incentive fees prove cyclical. Biggest upside is RAVG 97.0, the highest revision score in the book. Risks: ROIC only 7.7%, a private-markets marks reset, fee compression.

HCI, HCI Group, OM Score 127.4. EQS 95.2, CAS 86.5, TRS 74.8, ROIC 27.7%, net cash 34.5% of market cap, 3.45x fwd EV/EBITDA, 0.80x OM target. Florida homeowners insurer that also owns TypTap plus a real-estate segment; same market aversion as Slide. Bull: 95th-percentile earnings quality with a third of market cap in cash at 3.5x EBITDA. Bear: hurricane exposure and reserve adequacy. Biggest upside is the balance sheet, net cash at 34.5% of market cap. Risks: cat concentration, no revision data.

TNK, Teekay Tankers, OM Score 80.7. CAS 96.8, RAVG 96.3, TRS 88.9, ROIC 25.9%, net cash 36.3% of market cap, fwd FCF/EV 31.9%, 4.78x EBITDA, beta 0.35. Mid-size crude and product tanker fleet on spot charters; market refuses to capitalize peak cyclical cash flows. Bull: 31.9% forward cash yield, 36% of cap in net cash, 97th-percentile capital allocation. Bear: spot rates are at cycle highs. Biggest upside is CAS 96.8 with the 31.9% FCF/EV, the highest cash yield here. Risks: rate cyclicality, trade-route normalization, already at 0.99x sell-side target.

NVDA, NVIDIA, OM Score 78.0. FRM 96.4, EQS 91.7, RAVG 90.8, ROIC 98.3%, fwd revenue growth 83.4%, fwd FCF margin 86.2%, 15.6x fwd EBITDA, 0.70x sell-side target. Designs the GPU and networking stack behind nearly all AI compute; debate is durability, not quality. Bull: 98% ROIC and 86% FCF margin at 15.6x. Bear: customer concentration among hyperscalers building their own silicon. Biggest upside is ROIC 98.3%, essentially the top of the universe. Risks: hyperscaler capex is a single point of failure, custom ASIC substitution, export controls.

SNDK, Sandisk, OM Score 88.6. FRM 99.0, EQS 95.6, TRS 94.9, Trifecta 0.999, ROIC 84.0%, fwd revenue growth 175%, 6.31x fwd EBITDA. NAND flash business spun out of Western Digital; not yet re-rated as a standalone AI-storage name. Bull: highest Trifecta in the book, 175% growth, 84% ROIC at 6.3x. Bear: NAND is brutally cyclical and spin-off financials are hard to trust. Biggest upside is FRM 99.0, the top of the universe. Risks: beta 3.87 is the highest here, RAVG only 36.1.

SM, SM Energy, OM Score 95.6. FRM 92.2, RAVG 92.1, TRS 86.9, ROIC 7.3%, net debt 78.6% of market cap, fwd revenue growth 65.3%, 3.06x fwd EBITDA. Permian and Eagle Ford producer; market prices it as a levered, low-return E&P. Bull: 3.1x EBITDA, 65% growth, 92nd-percentile revisions. Bear: leverage makes it a call option on the oil strip. Biggest upside is the 3.06x multiple against 92nd-percentile revisions, the widest valuation-to-momentum gap in the book. Risks: highest leverage here, CAS 41.3 fails the ≥50 gate, unhedged commodity exposure.

EVER, EverQuote, OM Score 101.6. CAS 96.6, TRS 89.6, EQS 84.7, ROIC 53.0%, net cash 21.7% of market cap, fwd FCF/EV 14.1%, 0.82x fwd sales, short interest 17.5%. Online insurance marketplace matching consumers with carriers; market sees a carrier-ad-spend proxy. Bull: 53% ROIC and net cash at 0.82x sales while carriers spend heavily. Bear: ad budgets vanish when loss ratios turn. Biggest upside is CAS 96.6 with a real net-cash balance sheet. Risks: 17.5% short interest, total dependence on auto-insurance marketing cycles, OLI 18.6.

ADSK, Autodesk, OM Score 96.6. EQS 88.2, RAVG 85.8, OLI 83.1, TRS 22.2, ROIC 26.2%, trailing FCF margin 40.5%, 12.3x fwd EBITDA, 0.69x sell-side target. Subscription design software for architecture, construction, and manufacturing; seen as mature and slow-growing with an activist overhang. Bull: 40% FCF margin and entrenched workflows at 12.3x with estimates rising. Bear: 17.9% growth decelerating and AI-native design tools are a real threat. Biggest upside is the 0.69x sell-side target with 85.8 revisions. Risks: TRS 22.2 is deeply out of favor, end-market cyclicality, generative-design displacement.

KYIV, Kyivstar Group, OM Score 105.0. FRM 85.8, RAVG 81.6, EQS 73.3, ROIC 9.0%, fwd revenue growth 23.4%, fwd FCF/EV 9.7%, 4.47x fwd EBITDA. Ukraine's largest mobile and digital services operator, recently US-listed; carries a severe war-risk discount. Bull: national telecom monopoly growing 23% at 4.5x, with ceasefire or reconstruction as a re-rating catalyst. Bear: the discount is justified by an active war. Biggest upside is the 4.47x multiple against 23.4% growth, a geopolitical rather than operational gap. Risks: infrastructure destruction, capital-repatriation limits, essentially no usable analyst coverage.

IMPP, Imperial Petroleum, OM Score 151.2, the highest in the book. CAS 93.7, EQS 75.5, ROIC 13.1%, net cash 88.8% of market cap, 0.19x fwd EV/EBITDA, market cap $239M. Micro-cap Greek owner of product tankers and drybulk vessels on spot charters; the market ignores it. Bull: net cash equals 89% of market cap, so the operating fleet is effectively free. Bear: the controlling shareholder has repeatedly issued equity. Biggest upside is the balance sheet, the deepest value setup in the list. Risks: dilution and governance history, severe liquidity constraints, no revision data.

SMCI, Super Micro Computer, OM Score 94.1, 3/5 signature, the weakest here. RAVG 99.5, TRS 91.5, EQS 53.9, Trifecta 0.740, fwd revenue growth 77.8%, fwd FCF/EV -3.9%, 0.48x fwd sales, short interest 13.9%. Builds AI server racks and liquid cooling; market stays skeptical after the accounting and auditor issues. Bull: 77.8% growth at 0.48x sales with the top revision score in the book. Bear: 53.9 earnings quality and 0.740 Trifecta are the weakest here for a reason. Biggest upside is RAVG 99.5. Risks: negative forward FCF, governance credibility, beta 2.98.

EOG, EOG Resources, OM Score 99.2. RAVG 88.9, FRM 77.0, EQS 76.4, ROIC 12.7%, fwd FCF/EV 9.7%, 4.91x fwd EBITDA, 0.91x sell-side target. Large-cap Permian and Eagle Ford producer with best-in-class well economics; the quality name in a disliked sector. Bull: disciplined capital returns, 9.7% forward cash yield, 89th-percentile revisions under 5x. Bear: still a price-taker with no pricing power. Biggest upside is RAVG 88.9 with the multiple staying compressed. Risks: unhedged oil exposure, only 9% upside to consensus target, long-run shale inventory depletion.

QNST, QuinStreet, OM Score 95.9. TRS 93.7, RAVG 92.9, CAS 85.9, ROIC 24.8%, fwd FCF/EV 12.5%, 0.68x fwd sales, market cap $1.07B. Performance-marketing marketplaces in insurance, financial services, and home services; seen as a bet on carrier ad budgets. Bull: 0.68x sales and 12.5% cash yield with 93rd-percentile momentum and rising estimates. Bear: customer concentration and zero advertiser switching costs. Biggest upside is TRS 93.7 paired with RAVG 92.9, price and estimates moving together. Risks: single demand driver, OLI 17.0, beta 1.96 on a $1B cap.

FRO, Frontline, OM Score 76.9. RAVG 96.7, FRM 94.2, TRS 89.5, ROIC 13.7%, fwd revenue growth 48.8%, fwd FCF margin 59.3%, 6.09x fwd EBITDA, net debt 20.6% of market cap. Operates one of the largest VLCC and Suezmax crude fleets; market treats current rates as unsustainable. Bull: 48.8% growth and a 59% cash margin at 6.1x with 97th-percentile revisions. Bear: already at 0.98x sell-side target with the cycle near peak. Biggest upside is FRM 94.2. Risks: rate mean-reversion, leverage in a cyclical.

HRB, H&R Block, OM Score 93.0. TRS 93.0, RAVG 89.9, EQS 80.2, FRM 34.2, ROIC 24.1%, 6.41x fwd EBITDA, net debt 18.9% of market cap, short interest 14.5%. Assisted and DIY tax preparation across a large retail footprint; viewed as a melting ice cube. Bull: 24% ROIC, heavy buybacks, 6.4x for an annuity-like revenue stream. Bear: 4.9% forward growth and FRM 34.2 confirm the decline thesis. Biggest upside is TRS 93.0 with RAVG 89.9, price and estimates improving against the narrative. Risks: weakest FRM in the book, 14.5% short interest, long-run disintermediation.

FIVE, Five Below, OM Score 84.3. RAVG 94.0, TRS 80.4, FRM 79.4, ROIC 14.7%, fwd revenue growth 25.6%, 15.47x fwd EBITDA. Discount specialty retailer for teens with most items under $5; market remains unsure on mature-store unit economics. Bull: 25.6% growth from new stores with 94th-percentile revisions. Bear: 15.5x is the third-highest multiple here and offers no cushion. Biggest upside is RAVG 94.0, with the estimate cycle inflecting after a period of cuts. Risks: low-income discretionary spending, tariff and freight pass-through, richest valuation among the non-mega-caps.

INSW, International Seaways, OM Score 88.6. TRS 91.1, CAS 76.4, FRM 73.6, ROIC 16.2%, fwd revenue growth 57.9%, 7.52x fwd EBITDA, beta 0.50, 1.01x sell-side target. Diversified crude and product tanker fleet with a stated capital-return policy; same market aversion as the other tankers. Bull: 57.9% growth and 91st-percentile momentum at a beta of just 0.50. Bear: at 1.01x consensus target there is no modeled upside left. Biggest upside is 57.9% growth against 7.5x, the widest gap among the shipping names. Risks: third tanker in the book so the cycle is concentrated, RAVG 62.0 is weakest of the three.

ADBE, Adobe, OM Score 83.6. EQS 93.7, CAS 83.6, OLI 81.1, ROIC 39.5%, trailing FCF margin 36.6%, fwd FCF/EV 10.0%, 8.19x fwd EBITDA, 0.96x sell-side target. Subscription creative, document, and marketing software; de-rated on the belief AI commoditizes creative tooling. Bull: 39.5% ROIC and 36.6% FCF margin at 8.2x with real switching costs. Bear: 11.5% growth is the slowest here and the AI thesis is unfalsifiable near-term. Biggest upside is EQS 93.7 at 8.2x, the cheapest large-cap quality setup in the list. Risks: generative-AI competition, decelerating growth, little consensus upside.

RELY, Remitly Global, OM Score 80.1. CAS 93.0, TRS 90.2, RAVG 85.5, FRM 85.2, ROIC 31.1%, net cash 11.5% of market cap, fwd revenue growth 23.8%, 10.8x fwd EBITDA. Digital cross-border remittance platform for migrant workers; framed as a low-margin business fighting Wise and incumbents. Bull: 31% ROIC and 23.8% growth with net cash at under 11x. Bear: remittance pricing is a race to zero. Biggest upside is CAS 93.0, real capital efficiency in a business assumed to have none. Risks: immigration policy hitting corridor volumes, take-rate compression, beta 2.15 with OLI 30.8.

STRL, Sterling Infrastructure, OM Score 119.6. FRM 91.1, RAVG 92.9, CAS 85.5, TRS 6.6, ROIC 28.9%, fwd revenue growth 60.8%, 14.60x fwd EBITDA, 0.51x sell-side target, the widest consensus upside here. Builds data center foundations, highways, and water infrastructure in the southern US; recently punished despite the backlog. Bull: 60.8% growth and 28.9% ROIC at half the sell-side target with estimates still rising. Bear: 14.6x assumes the data-center cycle runs indefinitely. Biggest upside is the 0.51x target gap with 92.9 revisions. Risks: TRS 6.6 means fighting the tape, hyperscaler capex concentration, fixed-price contract execution.

NVTS, Navitas Semiconductor, OM Score -219.8, Strict Pass. MCR 99.1, VSR 96.6, ROIC -52.1%, fwd revenue growth -46.4%, 41.1x fwd sales, short interest 15.4%, beta 4.69, 1.74x OM target. GaN and SiC power semis for chargers, data centers, and EVs; bid up as an NVIDIA-adjacent 800V play. Bear: revenue contracting 46% at 41x sales with a -141% forward FCF margin. Bull: the NVIDIA design win is real and revenue inflects. Biggest downside is MCR 99.1, top of the universe. Risks: beta 4.69, 15.4% short interest on a low float, any confirmed hyperscaler win.

SMR, NuScale Power, OM Score -151.4. MCR 99.3, VSR 96.8, EQS 3.2, FRM 0.3, Trifecta 0.001, ROIC -33.0%, fwd revenue growth -81.0%, 48.0x fwd sales, net cash 26.8% of market cap, short interest 16.5%, beta 4.14. Small modular reactor developer with the only NRC-certified design; the purest listed AI-power-demand proxy. Bear: 3rd-percentile earnings quality and a first reactor years out. Bull: one utility or hyperscaler order transforms the backlog. Biggest downside is MCR 99.3, the highest in the book. Risks: squeeze on 16.5% short interest, a long cash runway, policy headlines.

SPCE, Virgin Galactic, OM Score -129.8, 5/5 signature. VSR 98.5, MCR 91.7, EQS 1.8, FRM 0.7, Trifecta 0.001, ROIC -35.2%, fwd revenue growth -38.9%, fwd FCF/EV -51.9%, short interest 25.7%, beta 3.71, market cap $461M. Suborbital space tourism, currently between vehicle generations. Bear: 2nd-percentile earnings quality, revenue down 39%, a -52% cash yield on EV. Bull: the Delta-class ship enters service and cadence scales. Biggest downside is VSR 98.5, an extremely unstable price base. Risks: 25.7% short interest, beta 3.71 on a small cap, retail-driven melt-ups.

AEHR, Aehr Test Systems, OM Score -173.2, Strict Pass, 2/5 signature. MCR 97.9, VSR 95.5, EQS 41.1, Trifecta 0.444, fwd revenue growth -15.2%, 111.9x fwd EBITDA, short interest 13.3%, beta 4.76, 1.51x OM target. Wafer-level burn-in and test systems pivoting from silicon carbide toward AI processor test. Bear: 112x EBITDA on revenue declining 15%. Bull: AI packaging test orders inflect the small base. Biggest downside is MCR 97.9 against 112x, leaving no room for slippage. Risks: beta 4.76 is the highest here, one large order changes the optics, Trifecta 0.444 is above the signature threshold.

DFDV, DeFi Development Corp., OM Score -81.8, 5/5 signature. BDR 97.1, VSR 95.4, EQS 0.9, CAS 8.4, ROIC -189.8%, net debt 62.8% of market cap, 18.8x fwd sales, short interest 16.1%, beta 3.07, market cap $182M. Former real-estate software company converted into a Solana treasury vehicle. Bear: 1st-percentile earnings quality, -190% ROIC, heavy net debt. Bull: Solana rallies and the treasury mark expands. Biggest downside is BDR 97.1, price furthest detached from any fundamental anchor. Risks: direct crypto beta, thin borrow on $182M, accretive-looking token purchase announcements.

ASST, Strive Inc., OM Score -167.6, Strict Pass. VSR 98.0, BDR 86.0, EQS 29.4, ROIC -141.5%, 257.7x fwd sales, fwd revenue growth 71.6%, short interest 21.3%, beta 3.86, 1.48x OM target. Anti-ESG asset manager with a bitcoin treasury attached. Bear: 258x sales and -142% ROIC. Bull: AUM gathering accelerates and bitcoin appreciates. Biggest downside is VSR 98.0 with the 257.7x multiple, the most extreme valuation-plus-instability pairing here. Risks: 21.3% short interest with beta 3.86, direct bitcoin sensitivity, a Health Care sector tag that is a shell-merger artifact and can distort sector-neutral sizing.

AI, C3.ai, OM Score -172.3. VSR 95.1, MCR 83.6, FRM 1.7, EQS 33.2, ROIC -55.5%, fwd revenue growth -37.5%, net cash 36.7% of market cap, short interest 31.0%, the highest in the book, 1.19x sell-side target. Enterprise AI application software shifting to consumption pricing after repeated guidance resets. Bear: revenue down 37.5% with 2nd-percentile forward momentum, still above consensus target. Bull: 37% of cap in net cash and a federal contract base. Biggest downside is FRM 1.7, the bottom of the universe. Risks: crowded borrow, a hard cash floor, AI sentiment waves.

MSTR, Strategy Inc., OM Score -109.3, Strict Pass, 5/5 signature. MCR 90.9, VSR 86.2, EQS 17.1, Trifecta 0.065, ROIC -56.7%, 1922x fwd EBITDA, 143x fwd sales, short interest 8.3%, beta 2.74, market cap $54.9B. Legacy BI software company turned largest corporate bitcoin holder, funded by converts and equity. Bear: 0.065 Trifecta and almost no operating cash beneath a 1922x multiple. Bull: bitcoin rises and the mNAV issuance flywheel compounds coins per share. Biggest downside is MCR 90.9 against the mNAV premium. Risks: direct bitcoin beta, accretive dilution, index inclusion decisions.

KEEL, Keel Infrastructure, OM Score -81.4, 5/5 signature. VSR 97.4, MCR 85.5, EQS 5.6, CAS 28.9, Trifecta 0.002, ROIC -41.2%, 28.9x fwd sales, fwd FCF/EV -11.8%, short interest 18.8%, beta 3.77, 0.54x sell-side target. Data-center and digital-infrastructure developer priced on future capacity contracts. Bear: 6th-percentile earnings quality and 28.9x sales while burning cash. Bull: signed hyperscaler leases convert the pipeline. Biggest downside is VSR 97.4. Risks: 18.8% short interest with beta 3.77, analysts see nearly double the price, one lease announcement re-rates the pipeline.

OKLO, Oklo Inc., OM Score -66.3. MCR 94.8, VSR 95.6, EQS 8.8, FRM 11.2, Trifecta 0.030, ROIC -7.7%, 1020x fwd sales, net cash 32.1% of market cap, short interest 14.0%, beta 4.12, 0.51x sell-side target. Compact fast-reactor developer aiming to sell power directly to data centers. Bear: 1020x sales on pre-revenue operations. Bull: NRC licensing progresses and the first Aurora unit deploys. Biggest downside is MCR 94.8 against the second-most extreme revenue multiple in the book. Risks: beta 4.12, a large cash runway, consensus at double the current price.

SLDP, Solid Power, OM Score -93.0. MCR 99.4, VSR 80.9, FRM 0.5, Trifecta 0.004, ROIC -20.2%, fwd revenue growth -64.3%, 57.3x fwd sales, net cash 40.9% of market cap, beta 1.25, 0.37x sell-side target. Solid-state battery cell and electrolyte developer working with BMW and Ford. Bear: revenue down 64% at 57x sales with commercialization undefined. Bull: a partner converts development work into a production contract. Biggest downside is MCR 99.4, tied for highest here. Risks: the largest cash cushion in the book, 0.37x sell-side target, beta 1.25 means it won't fall in a high-beta unwind.

HUT, Hut 8 Corp., OM Score -145.8, Strict Pass, 5/5 signature. MCR 80.1, VSR 92.4, EQS 7.3, CAS 17.9, ROIC -10.7%, net debt 64.5% of market cap, 213x fwd EBITDA, fwd FCF/EV -13.4%, beta 3.29, 1.39x OM target. Bitcoin miner converting sites to AI and HPC hosting. Bear: 7th-percentile earnings quality and heavy net debt at 213x EBITDA. Bull: megawatt capacity gets contracted to AI tenants at far better margins. Biggest downside is the leverage-plus-quality combination, the weakest in the book. Risks: bitcoin exposure, hosting contract announcements, beta 3.29.

CIFR, Cipher Digital, OM Score -84.4, 5/5 signature. VSR 93.7, MCR 82.6, EQS 4.5, CAS 15.2, Trifecta 0.003, ROIC -31.5%, net debt 64.6% of market cap, 38.2x fwd EBITDA, fwd FCF/EV -22.4%, short interest 15.8%, 0.55x sell-side target. Bitcoin miner building HPC capacity in Texas. Bear: 5th-percentile earnings quality with 65% net debt while burning 22% of EV annually. Bull: Texas power access and signed AI contracts justify the build. Biggest downside is CAS 15.2, bottom-15% capital allocation on a levered balance sheet. Risks: bitcoin beta, large consensus upside, contract announcements moving the stock 30%+ in a session.

WULF, TeraWulf, OM Score -130.7, 5/5 signature. VSR 94.3, MCR 84.7, EQS 2.5, CAS 15.3, ROIC -64.3%, net debt 31.8% of market cap, 39.3x fwd EBITDA, fwd FCF/EV -31.0%, short interest 21.5%, 0.45x sell-side target. Mines bitcoin on nuclear and hydro power, converting sites to AI hosting with a named anchor tenant. Bear: 3rd-percentile earnings quality and a -31% cash yield on EV. Bull: contracted hosting revenue arrives and proves stickier than mining. Biggest downside is EQS 2.5. Risks: 21.5% short interest, consensus more than double the price, a real announced AI tenant.

CDZI, Cadiz Inc., OM Score -155.0, 5/5 signature. MCR 98.5, EQS 2.2, FRM 1.8, CAS 16.1, Trifecta 0.000, the lowest in the book, ROIC -33.7%, fwd revenue growth -21.3%, 36.8x fwd sales, net debt 32.5% of market cap, beta 1.26, market cap $353M. Owns Mojave groundwater rights and is trying to build a conveyance pipeline. Bear: no operating asset, declining revenue, a project pending over 20 years. Bull: one regulatory approval or utility offtake. Biggest downside is MCR 98.5 at 36.8x sales. Risks: binary regulatory catalysts, limited borrow, beta 1.26.

PLSE, Pulse Biosciences, OM Score -178.4, Strict Pass. BDR 98.8, MCR 94.8, VSR 48.9, the lowest in the book, EQS 30.7, ROIC -73.1%, 910x fwd sales, short interest 3.9%, beta 0.68, 1.18x sell-side target. Pre-commercial developer of nanosecond pulsed-field ablation devices backed by a deep-pocketed anchor investor. Bear: 910x sales, -73% ROIC, above both target anchors. Bull: FDA clearance in cardiac turns the platform into real revenue. Biggest downside is BDR 98.8. Risks: binary FDA and trial catalysts, a shareholder who keeps funding it, and low short interest with beta 0.68 so it won't fall with the rest of the book.

RIOT, Riot Platforms, OM Score -65.2, 5/5 signature. VSR 92.3, MCR 81.0, EQS 11.4, Trifecta 0.137, ROIC -36.6%, 92.0x fwd EBITDA, fwd FCF/EV -18.0%, fwd revenue growth 24.5%, short interest 13.3%, beta 2.60, 0.67x sell-side target. One of the largest listed bitcoin miners, converting Texas capacity to AI and HPC. Bear: 11th-percentile earnings quality at 92x EBITDA with an -18% cash yield. Bull: the power portfolio is genuinely scarce and gets contracted at data-center economics. Biggest downside is MCR 81.0 at 92x, a multiple assuming the conversion is done. Risks: bitcoin correlation, contract announcements, beta 2.60.

CLSK, CleanSpark, OM Score -61.2, the least negative in the book, 5/5 signature. VSR 97.3, MCR 85.0, EQS 20.7, CAS 12.0, the lowest here, ROIC -37.5%, net debt 48.6% of market cap, 36.5x fwd EBITDA, fwd revenue growth 7.5%, short interest 28.7%, 0.53x sell-side target. Bitcoin miner across a US site portfolio starting to pursue HPC hosting. Bear: worst capital allocation in the book, heavy net debt, weakest growth in the miner group. Bull: bitcoin appreciation plus a hosting pivot. Biggest downside is CAS 12.0. Risks: 28.7% short interest, the thinnest model conviction of the 25, large consensus upside.

SDGR, Schrödinger, OM Score -74.4. VSR 91.9, BDR 83.0, MCR 72.4, EQS 12.5, Trifecta 0.030, ROIC -12.2%, fwd revenue growth 8.9%, 5.05x fwd sales, net cash 20.3% of market cap, short interest 15.3%, 0.94x sell-side target. Physics-based molecular simulation software plus an internal drug pipeline. Bear: 13th-percentile earnings quality, 8.9% growth, a -12% cash yield on EV. Bull: AI drug-discovery interest re-rates the software and a pipeline asset succeeds. Biggest downside is BDR 83.0, price stretched while growth decelerated to single digits. Risks: binary clinical readouts, a net-cash floor, AI-for-biology sentiment cycles.

HTFL, HeartFlow, OM Score -108.2. BDR 89.5, VSR 80.9, MCR 71.9, EQS 32.4, FRM 59.1, ROIC -61.4%, fwd revenue growth 42.8%, 14.7x fwd sales, short interest 7.8%, 1.09x sell-side target. AI-based coronary CT analysis used to assess blockages non-invasively; a recent IPO in a growing category. Bear: -61% ROIC and trading above consensus target at 14.7x sales. Bull: 42.8% growth with expanding reimbursement defends the multiple. Biggest downside is BDR 89.5, past both target anchors. Risks: the strongest fundamentals in this book, low 7.8% short interest so the bear case isn't consensus, reimbursement expansion as a live catalyst.

BLSH, Bullish, OM Score -99.7. BDR 91.9, MCR 78.3, FRM 94.5, the highest forward momentum in the book, EQS 25.0, ROIC -44.7%, fwd revenue growth 80.5%, 39.2x fwd EBITDA, short interest 5.5%, 0.92x sell-side target. Institutional digital-asset exchange that also owns CoinDesk. Bear: -45% ROIC and 25th-percentile earnings quality at 39x EBITDA. Bull: 80.5% growth and FRM 94.5 mean fundamentals are inflecting, which is rare in this book. Biggest downside is BDR 91.9. Risks: FRM 94.5 directly contradicts the thesis and is the best reason to skip it, crypto volume leverage, only 5.5% confirming short positioning.

ASTS, AST SpaceMobile, OM Score -87.4. VSR 93.2, BDR 75.8, MCR 70.9, EQS 21.4, ROIC -17.5%, 56.8x fwd sales, fwd FCF/EV -8.5%, short interest 19.2%, market cap $18.7B, 0.76x sell-side target. Building a satellite constellation for direct-to-cellphone broadband with major carriers. Bear: $18.7B cap on 57x sales with essentially no revenue. Bull: AT&T, Verizon and Vodafone agreements convert once enough satellites are up. Biggest downside is VSR 93.2, extreme instability around a valuation resting entirely on execution. Risks: 19.2% short interest, launches are visible re-rating catalysts, unreliable growth inputs.

QBTS, D-Wave Quantum, OM Score -93.2. MCR 99.4, tied for highest, VSR 97.8, BDR only 39.8, FRM 0.8, Trifecta 0.308, ROIC -26.7%, fwd revenue growth -44.2%, 87.2x fwd sales, short interest 18.0%, beta 4.74, 0.46x sell-side target. Quantum annealing systems and quantum cloud access, one of few listed pure-plays. Bear: revenue down 44% with 1st-percentile forward momentum at 87x sales. Bull: quantum sentiment cycles are powerful and contracts grow off a tiny base. Biggest downside is MCR 99.4 on shrinking revenue. Risks: beta 4.74 with 18.0% short interest, BDR 39.8 means price isn't actually stretched versus targets, sector-wide melt-ups.

CHPT, ChargePoint Holdings, OM Score -504.2, by far the most negative in the universe, Strict Pass. BDR 99.9, the highest in the book, VSR 97.0, MCR only 35.3, CAS 9.5, ROIC -57.4%, net debt 58.3% of market cap, 0.93x fwd sales, short interest 21.4%, market cap $266M, 42.8x the OM target. EV charging networks plus hardware and software subscriptions, largely written off after years of dilution. Bear: the worst OM Score in the model, 10th-percentile capital allocation, heavy debt on a tiny cap. Bull: 0.93x sales is genuinely cheap on revenue. Biggest downside is BDR 99.9. Risks: expensive borrow and violent squeezes, MCR 35.3 makes the valuation leg weak, limited remaining dollar downside.

NNE, NANO Nuclear Energy, OM Score -80.1. VSR 99.0, the highest in the book, MCR 94.3, BDR only 42.7, EQS 35.6, FRM 14.7, CAS 64.7, Trifecta 0.029, ROIC -8.0%, 57.1x fwd sales, net cash 60.8% of market cap, short interest 27.2%, beta 4.18, 0.39x sell-side target. Portable microreactor designs plus nuclear fuel transportation assets, grouped with SMR and OKLO. Bear: 0.029 Trifecta and 57x sales on pre-revenue operations. Bull: the fuel-transport business has real assets and the cash pile funds years of work. Biggest downside is VSR 99.0. Risks: the largest cash floor in the book, the most squeeze-prone setup here, consensus at 2.5x the price.