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 STNG – Scorpio Tankers Inc. | OM Score 134.9 | Strict Pass, 5/5 signature, Super Multiple 250.9, OM2 90.0, Trifecta Ratio 0.99. Scorpio runs one of the largest fleets of modern product tankers carrying gasoline, diesel and jet fuel. The market sold it with the group: shares fell 15% over 10 days and sit right at their 200-day average, while sell-side targets imply ~33% upside. Bull: CAS 94.8, net cash ~41% of market cap, a 37% forward FCF yield, 2.9x EV/EBITDA and RAVG 98.9. Bear: earnings ride spot rates, which can fall fast, and the margin >70% flag means forward EBITDA may be overstated. Biggest upside factor: a net-cash balance sheet throwing off cash (CAS 94.8). Risks to the long: (1) product tanker rates normalize as new ships deliver; (2) geopolitical easing shortens trade routes; (3) the margin flag means the multiple may look cheaper than it is.

#2 DINO – HF Sinclair Corporation | OM Score 121.4 | Near Pass, 5/5 signature, Super Multiple 227.6, OM2 88.9, Trifecta Ratio 0.97. HF Sinclair runs refineries in the Mid-Continent, Rockies and Southwest, plus renewable diesel, lubricants and a midstream business. Shares fell 13% over 10 days but sit 8% above their 200-day average, with targets implying ~26% upside. Bull: RAVG 97.8, OLI 81.6 (best in the book), ROIC 23%, a 26% forward FCF yield, 3.1x EV/EBITDA and only 0.5x EV/Sales. Bear: its Score (121.4) misses the 125 line, so it qualifies on Super Multiple alone, and earnings rest on today’s strong refining margins. Biggest upside factor: rising estimates (RAVG 97.8). Risks to the long: (1) refining margins (crack spreads) compress; (2) unplanned refinery outages; (3) renewable-fuel policy and compliance costs.

#3 VLO – Valero Energy Corporation | OM Score 115.4 | Near Pass, 5/5 signature, Super Multiple 218.3, OM2 87.1, Trifecta Ratio 0.97. Valero is the largest independent US refiner, with renewable diesel and ethanol businesses. The market likes it: shares are 8% above their 200-day average despite a 10% drop over 10 days, and targets imply ~27% upside. Bull: ROIC 29%, RAVG 97.9, CAS 82.6, near-zero net debt, a 17.6% forward FCF yield and 4.1x EV/EBITDA on a $96.6B company. Bear: a Score of 115.4 is well short of 125, and today’s earnings likely sit near a cyclical peak. Biggest upside factor: estimate revisions (RAVG 97.9) at scale. Risks to the long: (1) refining margins normalize; (2) a slowdown cuts fuel demand; (3) weaker renewable diesel margins or policy changes.

#4 MPC – Marathon Petroleum Corporation | OM Score 113.7 | Near Pass, 5/5 signature, Super Multiple 217.7, OM2 85.8, Trifecta Ratio 0.97. Marathon is the largest US refiner by capacity and controls the MPLX pipeline partnership. Shares sit 13% above their 200-day average (TRS 83.2) after a 14% drop over 10 days, and targets imply ~25% upside. Bull: RAVG 97.4, ROIC 22%, a 15% forward FCF yield, 4.1x EV/EBITDA and a long record of buybacks. Bear: net debt ~21% of market cap (largely MPLX debt) and CAS 68.4, the weakest of the large refiners. Biggest upside factor: rising estimates (RAVG 97.4). Risks to the long: (1) crack spreads compress; (2) leverage through MPLX limits flexibility; (3) a reversal after a strong run above trend.

#5 TNK – Teekay Tankers Ltd. | OM Score 111.1 | Near Pass, 5/5 signature, Super Multiple 230.2, OM2 85.0, Trifecta Ratio 0.99. Teekay Tankers owns mid-size crude tankers (Suezmax and Aframax). Shares fell 15% over 10 days and sit at their 200-day average, with targets implying ~35% upside. Bull: RAVG 99.7 and CAS 96.3 (both highest in the book), net cash ~40% of market cap and 2.1x forward EV/EBITDA (cheapest in the book). Bear: forward revenue growth is just 16%, the lowest in the book, and the business is almost entirely spot-rate driven. Biggest upside factor: a cash-rich balance sheet at a rock-bottom multiple (CAS 96.3). Risks to the long: (1) crude tanker rates fall; (2) OLI 35.2 means little ownership or insider support; (3) sanctions or shadow-fleet shifts change demand for compliant tonnage.

#6 EOG – EOG Resources, Inc. | OM Score 107.1 | Near Pass, 5/5 signature, Super Multiple 209.7, OM2 84.8, Trifecta Ratio 0.98. EOG is one of the largest US shale oil and gas producers, with acreage in the Permian, Eagle Ford and Utica. Shares fell 9% over 10 days and sit 3% above their 200-day average; targets imply only ~14% upside. Bull: RAVG 93.8, EQS 79.5, ROIC 15%, net debt ~3% of market cap and 4.5x EV/EBITDA on a $76.3B company. Bear: the 2nd lowest Score among the top 7 (107.1), one of the smallest target gaps in the book and a modest 10.7% forward FCF yield. Biggest upside factor: steady revisions backed by a clean balance sheet. Risks to the long: (1) a drop in oil prices; (2) weaker natural gas prices; (3) shale well productivity declines as inventory matures.

#7 PSX – Phillips 66 | OM Score 106.4 | Near Pass, 5/5 signature, Super Multiple 200.3 (just above the 200 gate), OM2 84.4, Trifecta Ratio 0.94. Phillips 66 runs refineries, midstream pipelines, a chemicals joint venture (CPChem) and fuel marketing. Shares are 12% above their 200-day average (TRS 83.1) after a 10% drop over 10 days, with targets implying ~21% upside. Bull: RAVG 98.1, ROIC 20%, a 13.7% forward FCF yield and 5.1x EV/EBITDA. Bear: net debt ~13% of market cap, CAS 72.6, and the lowest Trifecta Ratio among the refiners. Biggest upside factor: rising estimates (RAVG 98.1). Risks to the long: (1) its Super Multiple slips below 200 and it drops out of the book; (2) refining margins compress; (3) a weak chemicals cycle.

#8 INSW – International Seaways, Inc. | OM Score 125.5 | Strict Pass, 5/5 signature, Super Multiple 229.6, OM2 84.2, Trifecta Ratio 0.98. International Seaways owns crude and product tankers. Shares fell 14% over 10 days and sit 4% above their 200-day average, with targets implying ~34% upside. Bull: RAVG 99.4, FRM 97.4, forward revenue growth of ~101%, a 25% forward FCF yield and 3.6x EV/EBITDA. Bear: OLI 28.1 means little ownership support, and the margin >70% flag may overstate forward EBITDA. Biggest upside factor: forward revenue and margins (FRM 97.4). Risks to the long: (1) tanker rates fall as fleet supply grows; (2) the forward revenue doubling may prove optimistic; (3) the margin flag means the multiple may be understated.

#9 WDC – Western Digital Corporation | OM Score 134.8 | Strict Pass, 5/5 signature, Super Multiple 230.3, OM2 83.5, Trifecta Ratio 1.00. Western Digital makes high-capacity hard drives sold mainly to cloud data centers. The market has dumped it: shares fell 33% over 10 days in the 11-5 storage sell-off and sit 45% below their 200-day average (TRS 3.7), while targets imply ~136% upside. Bull: ROIC 93%, EQS 93.9, FRM 93.2 and RAVG 98.9. Bear: 7.1x EV/EBITDA is among the higher multiples in the book, beta 2.9, and the market is pricing an AI-capex slowdown. Biggest upside factor: estimates still rising while the price collapses (RAVG 98.9). Risks to the long: (1) hyperscalers pause drive orders; (2) sell-side targets get cut after the drop; (3) momentum keeps falling.

#10 AUGO – Aura Minerals Inc. | OM Score 117.9 | Near Pass, 5/5 signature, Super Multiple 228.8, OM2 82.6, Trifecta Ratio 1.00. Aura is a mid-tier gold and copper producer with mines across Latin America, including Brazil, Honduras and Mexico. Shares are flat over 10 days and 4% above their 200-day average, with targets implying ~30% upside. Bull: FRM 95.0, EQS 92.4, forward revenue growth of ~85% as new mines ramp, ROIC 21% and 4.1x EV/EBITDA. Bear: OLI 29.2, CAS 67.1 and beta 2.5, so the stock moves hard with gold. Biggest upside factor: production growth (FRM 95.0). Risks to the long: (1) a pullback in gold prices; (2) political, tax and permitting risk in Latin America; (3) delays or cost overruns at new mines.

#11 CMCL – Caledonia Mining Corporation Plc | OM Score 145.0 | Strict Pass, 5/5 signature, Super Multiple 253.9, OM2 82.4, Trifecta Ratio 0.97. Caledonia runs Zimbabwe’s Blanket gold mine and is developing Bilboes. It is the only long held over from last week. Shares are flat over 10 days and 4% below their 200-day average, with targets implying ~111% upside. Bull: Score 145.0 (2nd highest in the book), RAVG 95.0, CAS 85.4, net cash ~13% of market cap and 2.4x EV/EBITDA. Bear: Bilboes spending drives a -30% forward FCF yield, and FRM 61.8 is the lowest in the book. RAVG swung from 1.9 last week to 95.0, so treat it with care. Biggest upside factor: a cheap multiple on a profitable mine. Risks to the long: (1) Zimbabwe currency, royalty and political risk; (2) a falling gold price; (3) Bilboes cost overruns or dilutive financing.

#12 SNDK – Sandisk Corporation | OM Score 150.0 | Strict Pass, 5/5 signature, Score and Super Multiple (273.8) both highest in the book, OM2 82.3, Trifecta Ratio 1.00. Sandisk makes NAND flash memory and SSDs for data centers, PCs and phones. Shares fell 37% over 10 days and sit 46% below their 200-day average (TRS 3.2), while targets imply ~146% upside. Bull: EQS 97.3 and FRM 99.2 (both best in the book), ROIC 133%, 2.6x EV/EBITDA and a 29% forward FCF yield. Bear: beta 4.05 (highest in the book), a notoriously cyclical NAND market, and both margin >70% and forward-revenue flags. Biggest upside factor: the strongest core signals in the universe (Score 150, SMP 273.8). Risks to the long: (1) NAND prices turn; (2) AI-capex fears deepen after the 11-5 sell-off; (3) data flags mean forward multiples may look cheaper than they are.

#13 STX – Seagate Technology Holdings plc | OM Score 128.3 | Strict Pass, 5/5 signature, Super Multiple 217.2, OM2 81.5, Trifecta Ratio 0.99. Seagate makes mass-capacity hard drives, increasingly using its HAMR technology, for cloud data centers. Shares fell 34% over 10 days and sit 44% below their 200-day average (TRS 4.2), with targets implying ~127% upside. Bull: ROIC 68%, EQS 92.7, FRM 93.8 and RAVG 97.4. Bear: 8.3x EV/EBITDA is the highest multiple in the book, and beta 3.3 means big swings either way. Biggest upside factor: rising estimates against a falling price (RAVG 97.4). Risks to the long: (1) a pause in hyperscaler capex; (2) execution on the HAMR ramp; (3) multiple compression if storage pricing softens.

#14 SLDE – Slide Insurance Holdings, Inc. | OM Score 126.3 | Near Pass, 4/5 signature, Super Multiple 240.7, OM2 81.4, Trifecta Ratio 0.99. Slide is a tech-driven Florida homeowners and condo insurer. The market likes it: shares sit 20% above their 200-day average (TRS 90.6) despite a 6% drop over 10 days, with targets implying ~20% upside. Bull: EQS 94.0, ROIC 49%, net cash ~22% of market cap and 3.1x EV/EBITDA. Bear: no analyst revision data (RAVG blank, so it can’t be a strict pass) and a TTM flag, so the forward multiple is really trailing. Biggest upside factor: earnings quality (EQS 94.0). Risks to the long: (1) a major hurricane hitting the Florida book; (2) higher reinsurance costs at renewal; (3) Florida regulatory or litigation changes that reverse recent reforms.

#15 LPG – Dorian LPG Ltd. | OM Score 114.7 | Near Pass, 5/5 signature, Super Multiple 204.7, OM2 81.0, Trifecta Ratio 0.95. Dorian owns very large gas carriers (VLGCs) that ship liquefied petroleum gas, much of it from the US to Asia. Shares fell 15% over 10 days and sit at their 200-day average, with targets implying ~25% upside. Bull: RAVG 98.9, FRM 96.4, forward revenue growth of ~89%, a 19% forward FCF yield and 4.9x EV/EBITDA. Bear: OLI 23.4, a Super Multiple just above the gate, and a margin >70% flag. Biggest upside factor: forward revenue and margins (FRM 96.4). Risks to the long: (1) VLGC rates fall; (2) trade disputes disrupt US LPG exports to Asia; (3) its Super Multiple slips below 200.

#16 KYIV – Kyivstar Group Ltd. | OM Score 125.0 | Strict Pass, 5/5 signature, Super Multiple 226.6, OM2 80.9, Trifecta Ratio 0.97. Kyivstar is Ukraine’s largest mobile operator, controlled by VEON. Shares fell 3% over 10 days and sit 5% below their 200-day average. Its Price/SS Target (0.015) is a currency artifact (targets are in hryvnia), so ignore it as an upside signal. Bull: EQS 88.6, RAVG 81.3, 3.8x EV/EBITDA and an 11.5% forward FCF yield, a cheap way to own Ukraine’s recovery. Bear: wartime operations and a weak currency make dollar earnings fragile. Biggest upside factor: a ceasefire or reconstruction re-rating on top of solid fundamentals. Risks to the long: (1) war damage to networks and customers; (2) hryvnia devaluation; (3) a controlling shareholder and limited float.

#17 MU – Micron Technology, Inc. | OM Score 142.0 | Near Pass, 4/5 signature, Super Multiple 259.4, OM2 80.8, Trifecta Ratio 1.00. Micron makes DRAM, high-bandwidth memory (HBM) and NAND for AI data centers, PCs and phones. Shares fell 26% over 10 days and sit 24% below their 200-day average, with targets implying ~126% upside. Bull: ROIC 80%, FRM 99.0, EQS 92.7, CAS 92.3, net cash ~9% of market cap and 2.9x EV/EBITDA. Bear: RAVG 52.1 shows estimate momentum has stalled, which costs it a strict pass; beta 3.4; and margin >70% and forward-revenue flags. Biggest upside factor: forward revenue and margins (FRM 99.0). Risks to the long: (1) memory pricing rolls over; (2) hyperscalers slow AI spending; (3) data flags may understate the real multiple.

#18 MGY – Magnolia Oil & Gas Corporation | OM Score 114.3 | Near Pass, 4/5 signature, Super Multiple 217.6, OM2 79.9, Trifecta Ratio 0.98. Magnolia produces oil and gas in South Texas (Eagle Ford and Giddings). Shares fell 10% over 10 days and sit 11% below their 200-day average, with targets implying ~41% upside. Bull: RAVG 94.2, OLI 76.1 (strong ownership and insider support), a 12.8% forward FCF yield and 3.9x EV/EBITDA. Bear: CAS 44.3 fails the capital test, ROIC is just 6.9%, and the model shows net debt ~31% of market cap. Biggest upside factor: rising estimates (RAVG 94.2). Risks to the long: (1) lower oil prices; (2) weaker Giddings well results; (3) low returns on capital limit a re-rating.

#19 PARR – Par Pacific Holdings, Inc. | OM Score 128.1 | Strict Pass, 5/5 signature, Super Multiple 235.4, OM2 79.8, Trifecta Ratio 0.96. Par Pacific runs refineries in Hawaii, the Pacific Northwest and the Rockies, plus retail and logistics. Shares fell 7% over 10 days and sit 5% below their 200-day average, with targets implying ~40% upside. Bull: ROIC 31%, RAVG 94.1, a 31% forward FCF yield, 2.5x EV/EBITDA and just 0.44x EV/Sales (lowest among the refiners). Bear: OLI 27.5 and TRS 42.2 show weak ownership support and momentum, and refining margins are volatile. Biggest upside factor: free cash flow yield (31%) as estimates rise. Risks to the long: (1) crack spreads compress; (2) an outage at a key refinery, especially in Hawaii; (3) leverage in a downturn.

#20 DK – Delek US Holdings, Inc. | OM Score 127.1 | Near Pass, 4/5 signature, Super Multiple 230.9, OM2 79.7, Trifecta Ratio 0.97. Delek runs refineries in Texas and Arkansas and owns a stake in Delek Logistics. Shares fell 10% over 10 days but sit 6% above their 200-day average, with targets implying ~34% upside. Bull: RAVG 96.0, ROIC 25%, a 17% forward FCF yield, 3.6x EV/EBITDA and 0.48x EV/Sales. Bear: net debt ~55% of market cap, CAS 48.6 (fails the capital test) and 11.8% short interest, the highest in the book. Biggest upside factor: rising estimates (RAVG 96.0). Risks to the long: (1) leverage amplifies any margin drop; (2) refining margins compress; (3) renewable-fuel compliance costs and exemption rulings.

#21 STRL – Sterling Infrastructure, Inc. | OM Score 140.9 | Strict Pass, 5/5 signature, Super Multiple 235.3, OM2 79.6, Trifecta Ratio 0.98. Sterling prepares sites for data centers and factories, and also builds transportation and residential projects. The market is pricing a data-center slowdown: shares fell 32% over 10 days and sit 58% below their 200-day average (TRS 1.1, lowest in the book), while targets imply ~174% upside. Bull: ROIC 35%, FRM 92.9, RAVG 97.6 and CAS 85.8. Bear: 6.5x EV/EBITDA is above most of the book, and the tape is broken. Biggest upside factor: estimates still rising while the price collapses (RAVG 97.6). Risks to the long: (1) data-center projects get paused or canceled; (2) momentum keeps falling; (3) slower conversion of backlog into revenue.

#22 ASC – Ardmore Shipping Corporation | OM Score 97.4 | Near Pass on Super Multiple only (201.4, just above the gate), 5/5 signature, OM2 79.6, Trifecta Ratio 0.97. Ardmore owns mid-size product and chemical tankers. Shares fell 18% over 10 days and sit 2% below their 200-day average, with targets implying ~38% upside. Bull: RAVG 96.0, FRM 85.8, a 30% forward FCF yield and 3.0x EV/EBITDA. Bear: the lowest Score in the book (97.4), a $712M market cap, and a margin >70% flag. Biggest upside factor: free cash flow yield (30%). Risks to the long: (1) its Super Multiple slips below 200 and it drops out; (2) product tanker rates fall; (3) small-cap liquidity.

#23 REPX – Riley Exploration Permian, Inc. | OM Score 122.7 | Near Pass, 5/5 signature, Super Multiple 235.6, OM2 79.5, Trifecta Ratio 0.99. Riley is a small oil producer in the Permian Basin of Texas and New Mexico. Shares fell 21% over 10 days but sit 7% above their 200-day average, with targets implying ~38% upside. Bull: RAVG 97.5, FRM 89.4, forward revenue growth of ~46%, a 13% forward FCF yield and 2.7x EV/EBITDA. Bear: OLI 19.9, net debt ~23% of market cap and ROIC of just 7.3%. Biggest upside factor: production growth with rising estimates (FRM 89.4, RAVG 97.5). Risks to the long: (1) a drop in oil prices; (2) leverage on a $912M market cap; (3) thin liquidity and ownership support.

#24 AII – American Integrity Insurance Group, Inc. | OM Score 124.6 | Near Pass, 4/5 signature, Super Multiple 247.7, OM2 79.3, Trifecta Ratio 1.00. American Integrity is a Florida-focused homeowners insurer. The market is very bullish: shares sit 22% above their 200-day average (TRS 92.4), leaving targets only ~5% above the price. Bull: EQS 93.5, net cash ~48% of market cap (most in the book), ROIC 19% and 2.2x EV/EBITDA. Bear: little target upside, no revision data, a TTM flag and OLI 10.3 (lowest in the book). Biggest upside factor: a cash-rich balance sheet (CAS 86.1). Risks to the long: (1) hurricane losses; (2) reinsurance repricing; (3) thin liquidity on a $528M market cap.

#25 OSCR – Oscar Health, Inc. | OM Score 101.3 | Near Pass on Super Multiple only (204.8), 4/5 signature, OM2 78.7, Trifecta Ratio 0.98. Oscar is a tech-driven health insurer focused on the ACA individual market. Shares are flat over 10 days and 8% above their 200-day average, with targets implying ~19% upside. Bull: CAS 87.6, net cash ~42% of market cap, ROIC 38% and just 0.27x EV/Sales. Bear: RAVG 50.2, the 2nd lowest Score in the book (101.3) and beta 2.3. Biggest upside factor: a cash-heavy balance sheet (CAS 87.6). Risks to the long: (1) changes to ACA subsidies cut enrollment; (2) medical costs rise faster than premiums; (3) its Super Multiple slips below 200.

#1 SPCE – Virgin Galactic Holdings, Inc. | OM Score -121.9 | Near Pass, 5/5 signature, Super Multiple -193.4, OM2 91.5, Trifecta Ratio 0.00. Virgin Galactic is building its Delta-class spaceships for suborbital tourism and has paused flights until they are ready. The market still pays for a relaunch: a $420M market cap at 7.3x forward EV/Sales with forward revenue expected to fall 39%, and a price 28% above the OM target. Bear: EQS 1.6, FRM 0.8, ROIC -35% and a -57% forward FCF yield (worst in the book). Bull: cash funds the Delta program, and sell-side targets sit ~27% above the price. Biggest downside factor: cash burn with almost no revenue (FCF/EV -0.57). Risks to the short: (1) VSR 98.0 (highest in the book), beta 3.5 and 26% short interest; (2) Delta test-flight milestones can spark squeezes; (3) equity raises tend to follow rallies, not declines.

#2 AI – C3.ai, Inc. | OM Score -182.9 | Near Pass, 3/5 signature, Super Multiple -245.1, OM2 91.2, Trifecta Ratio 0.19. C3.ai sells enterprise AI application software to industrial, energy and government customers. Despite falling sales, shares sit 15% above their 200-day average, 31% above sell-side targets and 49% above the OM target. Bear: forward revenue is expected to fall 38%, FRM 1.9, ROIC -55% and a -10% forward FCF yield. Bull: net cash ~32% of market cap, federal and defense contracts, and a brand tied to the AI theme. Biggest downside factor: shrinking revenue at a price above every target (FRM 1.9). Risks to the short: (1) 26% short interest (highest in the book) and VSR 92.4; (2) a takeover bid for a cash-rich, beaten-down software name; (3) a large contract win that resets the growth story.

#3 CAR – Avis Budget Group, Inc. | OM Score -27.4 | Composite (passes neither strict gate), 4/5 signature, Super Multiple -119.2, OM2 90.1, Trifecta Ratio 0.31. Avis Budget rents cars worldwide under the Avis, Budget and Zipcar brands. Shares rose 10% over 10 days but sit 21% below their 200-day average, at sell-side targets. Bear: net debt ~6.6x market cap (highest in the book, mostly fleet debt), CAS 13.0, ROIC -3% and 36x forward EV/EBITDA. Bull: used-car prices and fleet costs drive earnings, and small margin gains have an outsized effect on a $4.2B equity. Biggest downside factor: extreme leverage (CAS 13.0). Risks to the short: (1) 13% short interest, beta 2.6 and a history of violent squeezes; (2) its Score (-27.4) is barely below the -20 eligibility line; (3) stronger used-car prices lift fleet values.

#4 RIOT – Riot Platforms, Inc. | OM Score -88.9 | Near Pass, 4/5 signature, Super Multiple -255.0, OM2 89.5, Trifecta Ratio 0.22. Riot mines bitcoin in Texas and is converting its power sites into AI data centers. Shares rose 22% over 10 days after Riot signed a 15-year, ~$28B, 910 MW lease with a frontier AI lab at Corsicana on 11-4, yet still sit 21% below their 200-day average. Bear: EQS 17.2, ROIC -40%, a -20% forward FCF yield, 71x EV/EBITDA and forward revenue growth of just 6%. Bull: ~$38B of contracted data-center revenue, no planned equity raises, and targets ~77% above the price. Biggest downside factor: weak current earnings quality (EQS 17.2). Risks to the short: (1) the lease is exactly the re-rating catalyst we flagged last week, and estimates have not caught up; (2) a bitcoin rally; (3) 14% short interest with beta 2.0.

#5 TSAT – Telesat Corporation | OM Score -31.4 | Composite, 4/5 signature, Super Multiple -197.1, OM2 89.2, Trifecta Ratio 0.31. Telesat is a Canadian satellite operator building Lightspeed, a low-earth-orbit broadband constellation, while its legacy geostationary revenue shrinks. Shares are flat over 10 days and 10% below their 200-day average. Bear: MCR 97.1, FRM 1.8, CAS 6.5 (lowest in the book), forward revenue falling 25%, a -37% forward FCF yield and net debt ~5.1x market cap. Bull: government-backed Lightspeed financing, contracted backlog and scarce LEO assets. Biggest downside factor: a debt-heavy balance sheet funding a multi-year build (CAS 6.5). Risks to the short: (1) beta 3.4 on a $640M market cap; (2) new Lightspeed customer or government contracts; (3) no sell-side target, so headlines drive the price.

#6 SDGR – Schrödinger, Inc. | OM Score -91.9 | Near Pass, 4/5 signature, Super Multiple -163.3, OM2 89.0, Trifecta Ratio 0.03. Schrödinger sells physics-based drug-discovery software and develops its own drug pipeline. After an AI drug-discovery rally, shares sit 57% above their 200-day average, right at sell-side targets and 20% above the OM target. Bear: EQS 11.2, negative EBITDA, ROIC -14% and 8.2x forward EV/Sales. Bull: net cash ~12% of market cap, a growing software business, and its Score improved sharply from -210.1 last week. Biggest downside factor: a price far ahead of fundamentals (BDR 79.4). Risks to the short: (1) the model is getting less bearish, so it could exit the book; (2) positive pipeline data or pharma partnership milestones; (3) 14% short interest with AI-theme momentum.

#7 ACHR – Archer Aviation Inc. | OM Score -94.4 | Near Pass, 4/5 signature, Super Multiple -234.4, OM2 88.9, Trifecta Ratio 0.32. Archer is developing Midnight, an electric vertical-takeoff air taxi, with defense work alongside. The market prices certification ahead of revenue: 70x forward EV/Sales, with shares 17% below their 200-day average and sell-side targets ~148% above the price. Bear: MCR 94.6, FRM 11.1, ROIC -42% and a -35% forward FCF yield. Bull: net cash ~42% of market cap funds years of development, plus airline and defense partners. Biggest downside factor: a valuation built on aircraft that are not yet certified (EV/Sales 70x). Risks to the short: (1) beta 3.1 and 15% short interest; (2) FAA certification or first commercial-launch headlines; (3) new equity raises extend the runway.

#8 NVTS – Navitas Semiconductor Corporation | OM Score -206.1 | Strict Pass, 3/5 signature, Super Multiple -303.9, OM2 88.5, Trifecta Ratio 0.36. Navitas designs gallium-nitride and silicon-carbide power chips and is pitching them for 800V AI data-center power. Shares sit 43% below their 200-day average, but still trade at 25.4x forward EV/Sales and 59% above the OM target. Bear: MCR 98.5, FRM 2.0, forward revenue falling 29% and ROIC -57%. Bull: net cash ~23% of market cap, data-center design wins, and targets ~67% above the price. Biggest downside factor: a sales multiple disconnected from shrinking revenue (MCR 98.5). Risks to the short: (1) beta 3.6 and 19% short interest; (2) Nvidia-linked headlines spark sector rallies; (3) design-win announcements.

#9 VIA – Via Transportation, Inc. | OM Score -49.8 | Composite, 3/5 signature, Super Multiple -206.0, OM2 87.2, Trifecta Ratio 0.35. Via sells software and runs on-demand public transit, paratransit and school-bus routing for cities. Shares sit 65% above their 200-day average and right at sell-side targets. Bear: 449x forward EV/EBITDA (richest in the book), ROIC -21% and BDR 89.4 after a sharp run. Bull: forward revenue growth of 29%, FRM 55.4, net cash ~10% of market cap and sticky government contracts. Biggest downside factor: extreme valuation stretch (EV/EBITDA 449x). Risks to the short: (1) its Score (-49.8) sits just short of the -50 strict line, so the signal is borderline; (2) large municipal contract wins; (3) strong momentum and trend-following buyers.

#10 BETA – BETA Technologies, Inc. | OM Score -122.8 | Near Pass, 4/5 signature, Super Multiple -262.8, OM2 87.1, Trifecta Ratio 0.29. BETA builds electric aircraft (the A250 eVTOL and CX300) plus charging networks and electric motors for defense partners. Shares rose 32% over 10 days (most in the book) after a record Q3 ($17.7M revenue) and raised guidance, and sit 40% above their 200-day average. Bear: 78x forward EV/Sales, ROIC -40%, negative EBITDA and BDR 88.0. Bull: ~85% forward revenue growth, FRM 60.3, net cash ~18% of market cap and a backlog above $4B. Biggest downside factor: a price stretched far ahead of revenue (EV/Sales 78x). Risks to the short: (1) momentum after a clean earnings beat; (2) FAA certification milestones; (3) strategic backers such as GE could add support.

#11 QBTS – D-Wave Quantum Inc. | OM Score -80.1 | Near Pass, 3/5 signature, Super Multiple -220.1, OM2 87.0, Trifecta Ratio 0.33. D-Wave builds quantum-annealing computers and sells cloud access to them. Shares sit 44% below their 200-day average, yet trade at 53x forward EV/Sales while sell-side targets imply ~228% upside. Bear: MCR 99.3, FRM 0.9, forward revenue falling 44% and ROIC -27%. Bull: net cash ~13% of market cap funds years of R&D, and quantum is a top retail theme. Biggest downside factor: a sales multiple far ahead of the business (MCR 99.3). Risks to the short: (1) beta 4.2 (highest in the book) and 21% short interest; (2) big-tech or government quantum headlines spark sector rallies; (3) equity raises extend the runway.

#12 SMR – NuScale Power Corporation | OM Score -93.7 | Near Pass, 4/5 signature, Super Multiple -194.5, OM2 86.7, Trifecta Ratio 0.00. NuScale designs small modular nuclear reactors and holds the first US-approved SMR design. Shares fell 14% over 10 days and sit 45% below their 200-day average, while targets imply ~75% upside. Bear: FRM 0.2 (lowest in the book), EQS 5.7, MCR 98.9, forward revenue expected to fall 96% and 22x EV/Sales. Bull: net cash ~45% of market cap, and AI data-center power demand keeps nuclear in favor. Biggest downside factor: collapsing forward revenue (FRM 0.2). Risks to the short: (1) beta 3.8 and 22% short interest; (2) a signed reactor order or government support; (3) the nuclear theme can rally on headlines alone.

#13 JOBY – Joby Aviation, Inc. | OM Score -79.3 | Near Pass, 4/5 signature, Super Multiple -195.7, OM2 86.5, Trifecta Ratio 0.32. Joby is developing an electric air taxi and plans to run its own ride service, backed by Toyota and Delta. Shares rose 17% over 10 days but sit 24% below their 200-day average, with targets ~59% above the price. Bear: 34x forward EV/Sales, ROIC -40%, EQS 23.6 and a -17% forward FCF yield. Bull: FRM 62.6, net cash ~24% of market cap and well-funded partners; its forward revenue jump (+557%) carries a fwd-rev flag. Biggest downside factor: heavy cash burn before commercial launch. Risks to the short: (1) FAA type certification or launch news in Dubai or the US; (2) 14% short interest and beta 2.5; (3) new strategic investment from partners.

#14 XMTR – Xometry, Inc. | OM Score -25.4 | Composite, 2/5 signature (weakest in the book), Super Multiple -183.0, OM2 86.4, Trifecta Ratio 0.42. Xometry runs an AI-driven online marketplace that connects buyers with custom-manufacturing suppliers. Shares rose 14% over 10 days and sit 29% above their 200-day average, with targets ~13% higher. Bear: 64x forward EV/EBITDA, ROIC -2% and BDR 86.8 after the run. Bull: FRM 74.1, forward revenue growth of ~37%, positive EBITDA and a near-breakeven ROIC. Biggest downside factor: valuation after a rally (EV/EBITDA 64x). Risks to the short: (1) its Score (-25.4) is barely below the -20 eligibility line, so the signal is the weakest in the book; (2) growth keeps beating estimates; (3) beta 3.0.

#15 CHPT – ChargePoint Holdings, Inc. | OM Score -220.1 | Near Pass, 3/5 signature, Super Multiple -268.2, OM2 86.3, Trifecta Ratio 0.41. ChargePoint sells EV charging hardware and software to businesses, fleets and drivers. Shares rose 25% over 10 days and sit 61% above their 200-day average, 55% above sell-side targets and 65% above the OM target. Bear: OM Score -220.1 and BDR 99.3 (both worst in the book), ROIC -57%, CAS 11.4 and net debt ~50% of market cap. Bull: losses are narrowing and revenue is growing again. Biggest downside factor: a price far above every valuation anchor (BDR 99.3). Risks to the short: (1) 23% short interest on a $311M market cap, a classic squeeze setup; (2) no deal news was found, but small caps can get bid; (3) another strong earnings beat.

#16 AEVA – Aeva Technologies, Inc. | OM Score -59.2 | Near Pass, 5/5 signature, Super Multiple -131.8, OM2 85.2, Trifecta Ratio 0.28. Aeva makes FMCW lidar sensors for cars, industrial automation and defense. Shares rose 11% over 10 days but sit 38% below their 200-day average, with targets implying ~147% upside. Bear: EQS 1.2 and ROIC -147% (both worst in the book), 12x forward EV/Sales and a -15% forward FCF yield. Bull: ~63% forward revenue growth, FRM 59.2 and automaker production programs. Biggest downside factor: the weakest earnings quality in the universe (EQS 1.2). Risks to the short: (1) beta 3.9 and 14% short interest; (2) new automotive or industrial design wins; (3) a strategic investor or partner deal.

#17 OKLO – Oklo Inc. | OM Score -53.9 | Near Pass, 4/5 signature, Super Multiple -193.9, OM2 84.7, Trifecta Ratio 0.03. Oklo is developing Aurora fast-fission microreactors to sell power directly to data centers and industry. Shares fell 12% over 10 days and sit 50% below their 200-day average, while targets imply ~166% upside. Bear: essentially no revenue (223x forward EV/Sales), MCR 94.9, EQS 8.6 and a -34% forward FCF yield. Bull: net cash ~54% of market cap, a large customer pipeline and strong policy support for nuclear. Biggest downside factor: a valuation with no revenue base (EV/Sales 223x). Risks to the short: (1) beta 4.1 and 18% short interest; (2) NRC licensing progress or a signed power deal; (3) AI-power headlines lift the whole nuclear group.

#18 CIFR – Cipher Digital Inc. | OM Score -108.9 | Near Pass, 5/5 signature, Super Multiple -197.3, OM2 84.3, Trifecta Ratio 0.00. Cipher Digital (formerly Cipher Mining) is turning its Texas bitcoin-mining sites into AI data centers under long-term leases. Shares fell 19% over 10 days and sit 64% below their 200-day average (furthest in the book), while targets imply ~267% upside. Bear: EQS 3.6, CAS 10.2, ROIC -27%, a -34% forward FCF yield and net debt ~1.7x market cap from the buildout. Bull: contracted hyperscaler-linked lease revenue and a deep discount to targets. Biggest downside factor: debt-funded construction ahead of lease cash flow (CAS 10.2). Risks to the short: (1) new lease signings, as at RIOT this week; (2) 20% short interest and beta 3.0; (3) the stock has already fallen far.

#19 UEC – Uranium Energy Corp. | OM Score -60.6 | Near Pass, 3/5 signature, Super Multiple -199.8, OM2 84.2, Trifecta Ratio 0.36. Uranium Energy runs in-situ uranium mines in Texas and Wyoming and holds a physical uranium inventory. Shares fell 15% over 10 days and sit 38% below their 200-day average, with targets implying ~132% upside. Bear: MCR 99.2, FRM 1.1, forward revenue falling 44% and 46x forward EV/Sales. Bull: net cash ~14% of market cap, unhedged leverage to uranium prices and US supply-security policy. Biggest downside factor: a rich sales multiple on falling revenue (MCR 99.2). Risks to the short: (1) a jump in the uranium spot price; (2) government stockpile or import-ban support; (3) beta 2.3 and 13% short interest.

#20 PS – Pershing Square Inc. | OM Score -110.5 | Strict Pass, 5/5 signature, Super Multiple -350.5 (most negative in the book), OM2 84.0, Trifecta Ratio 0.15. Pershing Square Inc. owns Bill Ackman’s hedge fund manager and listed on the NYSE on 4-29-26. Shares sit 27% above their 200-day average, 17% above sell-side targets and 25% above the OM target on a $20.6B market cap. Bear: 60x forward EV/Sales, 51x EV/EBITDA and ROIC -11%. Bull: FRM 85.9 (best in the book), ~62% forward revenue growth and permanent capital. Biggest downside factor: a rich multiple on volatile fee income (SMP -350.5). Risks to the short: (1) asset-manager fee earnings fit poorly in EV/EBITDA (margin >70% flag), so valuation legs may overstate the case; (2) strong fund performance lifts performance fees; (3) Ackman’s open-market buying and a tight float.

#21 KEEL – Keel Infrastructure Corp. | OM Score -50.7 | Near Pass, 5/5 signature, Super Multiple -140.4, OM2 84.0, Trifecta Ratio 0.06. Keel is the former Bitfarms, now moving from bitcoin mining to AI and high-performance computing data centers. Shares fell 19% over 10 days and sit 52% below their 200-day average, while targets imply ~221% upside. Bear: MCR 98.3, EQS 17.3, ROIC -45%, forward revenue falling 31% and 18x forward EV/Sales. Bull: a large power portfolio, buybacks and a deep discount to targets. Biggest downside factor: no tenant revenue yet on a pivot-priced multiple (MCR 98.3). Risks to the short: (1) its Score (-50.7) sits right at the -50 line; (2) one hyperscaler lease can re-rate it, as at RIOT; (3) beta 3.8 and 19% short interest.

#22 NN – NextNav Inc. | OM Score -78.9 | Near Pass, 3/5 signature, Super Multiple -218.9, OM2 83.9, Trifecta Ratio 0.00. NextNav develops 3D positioning and a GPS backup system and holds valuable 900 MHz spectrum. Shares fell 29% over 10 days (most in the book) and sit 47% below their 200-day average, while targets imply ~291% upside (largest in the book). Bear: MCR 99.5 (highest in the book), 337x forward EV/Sales, forward revenue falling 37% and ROIC -40%. Bull: if the FCC approves its spectrum plan, the licenses could be worth far more than its $1.5B market cap. Biggest downside factor: a valuation resting on a regulatory decision (EV/Sales 337x). Risks to the short: (1) a favorable FCC ruling could double the stock overnight; (2) a spectrum sale or partnership; (3) beta 2.8 and 14% short interest.

#23 PESI – Perma-Fix Environmental Services, Inc. | OM Score -42.9 | Composite, 5/5 signature, Super Multiple -204.1, OM2 83.8, Trifecta Ratio 0.03. Perma-Fix treats nuclear and hazardous waste, and is developing technology to destroy PFAS “forever chemicals.” Shares rose 6% over 10 days and sit at their 200-day average, with targets implying ~114% upside. Bear: 405x forward EV/EBITDA, EQS 15.1, ROIC -40% and forward revenue falling 5%. Bull: Hanford tank-waste work and PFAS destruction could scale, and the balance sheet holds net cash. Biggest downside factor: a valuation far ahead of near-zero EBITDA (EV/EBITDA 405x). Risks to the short: (1) a large DOE or PFAS contract; (2) 17% short interest on a $298M market cap; (3) beta 0.84 (lowest in the book), so it may not fall with the market.

#24 IE – Ivanhoe Electric Inc. | OM Score -80.0 | Near Pass, 4/5 signature, Super Multiple -220.0, OM2 83.7, Trifecta Ratio 0.02. Ivanhoe Electric is developing the Santa Cruz copper project in Arizona and owns Typhoon mineral-exploration technology. Shares fell 10% over 10 days and sit 28% below their 200-day average, with targets implying ~172% upside. Bear: 301x forward EV/Sales, MCR 98.7, EQS 8.5 and a -46% forward FCF yield. Bull: net cash ~15% of market cap, a large US copper deposit and strong policy support for domestic critical minerals. Biggest downside factor: a development-stage valuation with heavy cash burn (FCF/EV -0.46). Risks to the short: (1) a rally in copper prices; (2) a strategic investor, offtake deal or project financing; (3) beta 3.8.

#25 WULF – TeraWulf Inc. | OM Score -128.7 | Near Pass, 5/5 signature, Super Multiple -208.2, OM2 83.3, Trifecta Ratio 0.27. TeraWulf mines bitcoin with low-carbon power in New York and Pennsylvania and is building AI data-center capacity under long-term leases. Shares fell 11% over 10 days and sit 40% below their 200-day average, while targets imply ~164% upside. Bear: EQS 1.7, CAS 11.6, ROIC -21%, a -40% forward FCF yield and net debt ~64% of market cap. Bull: contracted AI hosting revenue backed by large partners and ~14% forward revenue growth. Biggest downside factor: debt-funded buildout with weak earnings quality (EQS 1.7). Risks to the short: (1) 26% short interest and beta 2.4, a squeeze setup; (2) new AI hosting leases, as at RIOT; (3) the margin >70% flag means forward EBITDA may be overstated.

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