Strong reported cash conversion, very different stock outcomes
Cash generation and shareholder returns can move in different directions. These 50 U.S. small-cap common stocks have reported trailing free-cash-flow-to-sales margins above 20%, with market values above $300 million and below $2 billion. The table places the largest one-year declines first and adds five-year performance, regular dividend yields and company equity values.
ZoomInfo Technologies Inc. leads this selection with a 62.84% decline, followed by Energy Recovery, Inc. at 55.35%. Their reported cash-flow margins are 28.29% and 32.01%, respectively. 22 recorded a negative one-year adjusted return; 28 gainers complete the 50-name selection. A high cash-flow margin and a weak share price invite further research; they do not establish that a stock is undervalued.
Selections
50 common stocks
22 decliners · 28 gainers
Largest one-year decline
-62.84%
ZoomInfo Technologies Inc.
Cash-flow threshold
Above 20%
Reported trailing FCF / revenue
The 50-stock screen
Ranked from the weakest to the strongest one-year adjusted return within this selection. Scroll horizontally to see every column. SEC filing links appear in the financial figures below.
One year: October 9, 2025–October 9, 2026. Five years: October 8, 2021–October 9, 2026. Returns use dividend- and split-adjusted prices. Regular yield uses trailing ex-dividend dates and the unadjusted closing price; identifiable special distributions are excluded. Financial margins use each issuer’s latest available trailing period.
Rates still matter for valuation
In its September 16 decision, the Federal Reserve increased its target range by 25 basis points to 3.75%–4.00%.
A higher discount rate can weigh on the value assigned to future cash generation. For small-cap companies, it also changes the comparison between equity returns, cash yields and financing costs. This is a valuation lens, not proof that the rate decision caused the individual moves in the table. Operating results, starting valuations and balance-sheet strength still matter.
Cash conversion across software and industrial businesses
ZoomInfo, trading as GTM, has the largest decline in this selection at 62.84%, while its reported cash-flow margin is 28.29%. Its filing describes its go-to-market software business. Customer demand, retention, competitive alternatives and the value of the product to sales teams are more useful tests of durability than the cash ratio alone.
Energy Recovery follows with a 55.35% decline and a 32.01% reported cash-flow margin. Its quarterly filing reports $62.4 million of cash inflow from receivables in the first half of 2026. Project collections and working-capital timing are therefore important when judging the durability of the trailing cash result.
Bumble’s 53.90% decline sits beside a 28.55% reported margin. The company filing is the starting point for its paying-user and subscription economics. Strong cash conversion can coexist with concerns about engagement, monetization or the growth outlook; the price decline alone does not identify which concern is decisive.
Upwork reports a 22.30% margin and a 50.66% decline. Its cash-flow statement includes spending on internal-use software and platform development. For a work marketplace, client activity, repeat spending, competition and the effects of automation are essential questions alongside the reported cash result.
Lenders, banks and property businesses need a different lens
OppFi’s reported margin is 62.96%, using total revenue before loan fair-value adjustments. FirstSun’s reported cash-flow ratio exceeds 100%. Loan and balance-sheet cash movements affect financial-company cash flows, and these ratios are not profit margins or measures of distributable cash. The OppFi and FirstSun statements should be read alongside credit losses, funding costs, capital requirements and shareholder earnings.
Regional Management’s reported margin is 46.38% and its one-year return is -11.11%. Its filing provides the revenue and cash-flow context for its lending operations. A lender’s cash conversion should be assessed together with delinquency trends and the cost of funding, rather than compared mechanically with a subscription business.
FivePoint adds a property-development cash profile to the selection. Land transactions, project completion and joint-venture distributions can make cash receipts uneven across periods. Its filing helps connect the reported margin with that timing. A strong trailing result can therefore coexist with substantial future investment commitments.
Kodak’s reported trailing margin of 40.88% includes a $618 million cash receipt from the reversion of retirement-plan assets in 2025, as disclosed in its annual filing. Operating cash flow was negative in the first half of 2026. The trailing result therefore should not be interpreted as recurring cash generation from its operating businesses.
Regular income is different from a special distribution
The regular-dividend column measures cash dividends associated with ex-dividend dates in the trailing year, using the October 9 closing price. It is not a forward annualized yield. A dividend announced recently can be absent if its ex-dividend date falls after the snapshot, while a dividend already ex-dividend can qualify before the payment arrives.
Winmark’s $10 special dividend and IRadimed’s $0.50 special dividend are excluded from regular yield, as is Mid Penn’s $0.05 special payment. Regular payments remain included. Historical adjusted returns can still reflect special cash distributions; the income column answers a different question.
About the figures
The selection contains 50 U.S.-domiciled small-cap common stocks with reported trailing free-cash-flow-to-sales margins above 20% and market values above $300 million and below $2 billion at the October 9, 2026 snapshot. 22 recorded a negative one-year adjusted return; 28 gainers complete the 50-name selection. REITs, mortgage REITs, BDCs, preferred stocks, funds and partnership units are excluded. The ranking covers the companies presented and is not a complete list of every qualifying U.S. stock.
FCF/Sales is reported operating cash flow less cash operating-capital investment, divided by reported revenue for the same trailing period. Operating-capital investment includes property, equipment, productive assets and separately reported software, internally created patents or content, operating-asset setup costs and equipment deposits. Business acquisitions, purchased intangible portfolios and equity-method investments are excluded. Each financial period-end date appears below.
Banks use net interest income before credit-loss provisions plus noninterest income; other financial firms use their reported revenue or net revenue, as appropriate. OppFi uses total revenue before loan fair-value adjustments. These are cash-flow ratios, not operating profit margins. Loan activity, policyholder balances, working capital, one-time receipts and stock-based compensation can affect the result. The figures are reported trailing results, not calendar-year 2026 forecasts or estimates of recurring cash generation.
One-year returns cover October 9, 2025–October 9, 2026. Five-year returns cover October 8, 2021–October 9, 2026. They are cumulative adjusted-price changes, using dividend and split adjustments, rather than annualized returns or maximum peak-to-trough drawdowns. N/A means that a sufficiently comparable five-year figure is unavailable; listings, mergers, business combinations or stock distributions can affect historical comparability.
Regular trailing dividend yield uses regular cash dividends with ex-dividend dates from October 10, 2025 through October 9, 2026, divided by the unadjusted October 9 close. Amounts before actual share splits or stock dividends are expressed per current share. Identifiable special cash distributions and distributions of another company’s stock are excluded. Zero means no regular dividend identified for that period.
Market capitalization is an approximate company equity value in U.S. dollars. For corporations with exchangeable operating-company units, the value includes common equity on a fully exchanged basis and can exceed the value of listed Class A shares alone. Available share counts can lag the trading date. The table contains corporate common shares, rather than partnership units.
Financial figures and SEC filings
The figures below show trailing revenue, operating cash flow and capital expenditures for each company, with links to the relevant SEC filings.
- GTM — trailing period ended 2026-06-30: operating cash flow $439,300,000, capital expenditure $83,500,000, reported revenue $1,257,700,000; ($439,300,000 − $83,500,000) / $1,257,700,000 = 28.29%. SEC filing. Annual filing.
- ERII — trailing period ended 2026-06-30: operating cash flow $41,289,000, capital expenditure $2,693,000, reported revenue $120,573,000; ($41,289,000 − $2,693,000) / $120,573,000 = 32.01%. SEC filing. Annual filing.
- BMBL — trailing period ended 2026-06-30: operating cash flow $266,737,000, capital expenditure $11,697,000, reported revenue $893,237,000; ($266,737,000 − $11,697,000) / $893,237,000 = 28.55%. SEC filing. Annual filing.
- UPWK — trailing period ended 2026-06-30: operating cash flow $208,673,000, capital expenditure $33,126,000, reported revenue $787,282,000; ($208,673,000 − $33,126,000) / $787,282,000 = 22.30%. SEC filing. Annual filing.
- OPFI — trailing period ended 2026-06-30: operating cash flow $404,760,000, capital expenditure $19,856,000, reported revenue $611,390,000; ($404,760,000 − $19,856,000) / $611,390,000 = 62.96%. SEC filing. Annual filing.
- BL — trailing period ended 2026-06-30: operating cash flow $181,767,000, capital expenditure $32,647,000, reported revenue $732,448,000; ($181,767,000 − $32,647,000) / $732,448,000 = 20.36%. SEC filing. Annual filing.
- YELP — trailing period ended 2026-06-30: operating cash flow $349,638,000, capital expenditure $52,207,000, reported revenue $1,473,003,000; ($349,638,000 − $52,207,000) / $1,473,003,000 = 20.19%. SEC filing. Annual filing.
- COLL — trailing period ended 2026-06-30: operating cash flow $329,922,000, capital expenditure $1,643,000, reported revenue $808,208,000; ($329,922,000 − $1,643,000) / $808,208,000 = 40.62%. SEC filing. Annual filing.
- WINA — trailing period ended 2026-06-27: operating cash flow $43,380,600, capital expenditure $2,351,600, reported revenue $86,535,000; ($43,380,600 − $2,351,600) / $86,535,000 = 47.41%. SEC filing. Annual filing.
- CRMD — trailing period ended 2026-06-30: operating cash flow $253,937,000, capital expenditure $3,516,000, reported revenue $462,249,000; ($253,937,000 − $3,516,000) / $462,249,000 = 54.17%. SEC filing. Annual filing.
- CRNC — trailing period ended 2026-06-30: operating cash flow $84,713,000, capital expenditure $6,074,000, reported revenue $309,494,000; ($84,713,000 − $6,074,000) / $309,494,000 = 25.41%. SEC filing. Annual filing.
- FPH — trailing period ended 2026-06-30: operating cash flow $65,480,000, capital expenditure $295,000, reported revenue $116,873,000; ($65,480,000 − $295,000) / $116,873,000 = 55.77%. SEC filing. Annual filing.
- PRGS — trailing period ended 2026-08-31: operating cash flow $328,272,000, capital expenditure $9,126,000, reported revenue $999,935,000; ($328,272,000 − $9,126,000) / $999,935,000 = 31.92%. SEC filing. Annual filing.
- NSSC — trailing period ended 2026-06-30: operating cash flow $61,145,000, capital expenditure $1,917,000, reported revenue $202,316,000; ($61,145,000 − $1,917,000) / $202,316,000 = 29.27%. SEC filing.
- RM — trailing period ended 2026-06-30: operating cash flow $328,510,000, capital expenditure $17,560,000, reported revenue $670,485,000; ($328,510,000 − $17,560,000) / $670,485,000 = 46.38%. SEC filing. Annual filing.
- MQ — trailing period ended 2026-06-30: operating cash flow $199,898,000, capital expenditure $32,702,000, reported revenue $677,212,000; ($199,898,000 − $32,702,000) / $677,212,000 = 24.69%. SEC filing. Annual filing.
- NPB — trailing period ended 2026-06-30: operating cash flow $103,724,000, capital expenditure $1,881,000, reported revenue $257,234,000; ($103,724,000 − $1,881,000) / $257,234,000 = 39.59%. SEC filing. Annual filing.
- OCFC — trailing period ended 2026-06-30: operating cash flow $121,663,000, capital expenditure $8,981,000, reported revenue $442,173,000; ($121,663,000 − $8,981,000) / $442,173,000 = 25.48%. SEC filing. Annual filing.
- LMAT — trailing period ended 2026-06-30: operating cash flow $82,979,000, capital expenditure $9,154,000, reported revenue $262,432,000; ($82,979,000 − $9,154,000) / $262,432,000 = 28.13%. SEC filing. Annual filing.
- FSUN — trailing period ended 2026-06-30: operating cash flow $1,162,026,000, capital expenditure $5,176,000, reported revenue $511,588,000; ($1,162,026,000 − $5,176,000) / $511,588,000 = 226.13%. SEC filing. Annual filing.
- CASH — trailing period ended 2026-06-30: operating cash flow $696,867,000, capital expenditure $217,729,000, reported revenue $825,757,000; ($696,867,000 − $217,729,000) / $825,757,000 = 58.02%. SEC filing. Annual filing.
- PD — trailing period ended 2026-07-31: operating cash flow $131,442,000, capital expenditure $13,977,000, reported revenue $494,733,000; ($131,442,000 − $13,977,000) / $494,733,000 = 23.74%. SEC filing. Annual filing.
- WRLD — trailing period ended 2026-06-30: operating cash flow $265,575,106, capital expenditure $4,117,993, reported revenue $591,600,798; ($265,575,106 − $4,117,993) / $591,600,798 = 44.19%. SEC filing. Annual filing.
- ZVRA — trailing period ended 2026-06-30: operating cash flow $33,399,000, capital expenditure $775,000, reported revenue $136,071,000; ($33,399,000 − $775,000) / $136,071,000 = 23.98%. SEC filing. Annual filing.
- AMPH — trailing period ended 2026-06-30: operating cash flow $184,610,000, capital expenditure $31,718,000, reported revenue $730,019,000; ($184,610,000 − $31,718,000) / $730,019,000 = 20.94%. SEC filing. Annual filing.
- FMNB — trailing period ended 2026-06-30: operating cash flow $64,454,000, capital expenditure $3,844,000, reported revenue $223,553,000; ($64,454,000 − $3,844,000) / $223,553,000 = 27.11%. SEC filing. Annual filing.
- ESQ — trailing period ended 2026-06-30: operating cash flow $67,570,000, capital expenditure $3,255,000, reported revenue $159,560,000; ($67,570,000 − $3,255,000) / $159,560,000 = 40.31%. SEC filing. Annual filing.
- HTB — trailing period ended 2026-06-30: operating cash flow $98,727,000, capital expenditure $3,967,000, reported revenue $216,626,000; ($98,727,000 − $3,967,000) / $216,626,000 = 43.74%. SEC filing. Annual filing.
- NRIM — trailing period ended 2026-06-30: operating cash flow $194,511,000, capital expenditure $8,419,000, reported revenue $221,656,000; ($194,511,000 − $8,419,000) / $221,656,000 = 83.96%. SEC filing. Annual filing.
- IRMD — trailing period ended 2026-06-30: operating cash flow $27,138,000, capital expenditure $2,592,000, reported revenue $86,338,000; ($27,138,000 − $2,592,000) / $86,338,000 = 28.43%. SEC filing. Annual filing.
- HFWA — trailing period ended 2026-06-30: operating cash flow $90,109,000, capital expenditure $9,682,000, reported revenue $294,089,000; ($90,109,000 − $9,682,000) / $294,089,000 = 27.35%. SEC filing. Annual filing.
- INVA — trailing period ended 2026-06-30: operating cash flow $191,494,000, capital expenditure $2,052,000, reported revenue $439,998,000; ($191,494,000 − $2,052,000) / $439,998,000 = 43.06%. SEC filing. Annual filing.
- CRCT — trailing period ended 2026-06-30: operating cash flow $180,111,000, capital expenditure $32,457,000, reported revenue $689,790,000; ($180,111,000 − $32,457,000) / $689,790,000 = 21.41%. SEC filing. Annual filing.
- TCBK — trailing period ended 2026-06-30: operating cash flow $138,383,000, capital expenditure $5,254,000, reported revenue $437,091,000; ($138,383,000 − $5,254,000) / $437,091,000 = 30.46%. SEC filing. Annual filing.
- RSVR — trailing period ended 2026-06-30: operating cash flow $42,718,486, capital expenditure $532,639, reported revenue $179,982,251; ($42,718,486 − $532,639) / $179,982,251 = 23.44%. SEC filing. Annual filing.
- CPF — trailing period ended 2026-06-30: operating cash flow $103,181,000, capital expenditure $5,263,000, reported revenue $301,482,000; ($103,181,000 − $5,263,000) / $301,482,000 = 32.48%. SEC filing. Annual filing.
- LEGH — trailing period ended 2026-06-30: operating cash flow $50,581,000, capital expenditure $12,002,000, reported revenue $179,450,000; ($50,581,000 − $12,002,000) / $179,450,000 = 21.50%. SEC filing. Annual filing.
- HOPE — trailing period ended 2026-06-30: operating cash flow $202,841,000, capital expenditure $14,364,000, reported revenue $576,541,000; ($202,841,000 − $14,364,000) / $576,541,000 = 32.69%. SEC filing. Annual filing.
- ISTR — trailing period ended 2026-06-30: operating cash flow $26,947,000, capital expenditure $2,150,000, reported revenue $119,797,000; ($26,947,000 − $2,150,000) / $119,797,000 = 20.70%. SEC filing. Annual filing.
- NBBK — trailing period ended 2026-06-30: operating cash flow $85,315,000, capital expenditure $7,282,000, reported revenue $259,050,000; ($85,315,000 − $7,282,000) / $259,050,000 = 30.12%. SEC filing. Annual filing.
- WABC — trailing period ended 2026-06-30: operating cash flow $111,262,000, capital expenditure $2,632,000, reported revenue $251,901,000; ($111,262,000 − $2,632,000) / $251,901,000 = 43.12%. SEC filing. Annual filing.
- MPB — trailing period ended 2026-06-30: operating cash flow $80,122,000, capital expenditure $6,344,000, reported revenue $264,559,000; ($80,122,000 − $6,344,000) / $264,559,000 = 27.89%. SEC filing. Annual filing.
- BCAL — trailing period ended 2026-06-30: operating cash flow $60,237,000, capital expenditure $959,000, reported revenue $180,209,000; ($60,237,000 − $959,000) / $180,209,000 = 32.89%. SEC filing. Annual filing.
- PNRG — trailing period ended 2026-06-30: operating cash flow $98,331,000, capital expenditure $49,555,000, reported revenue $178,891,000; ($98,331,000 − $49,555,000) / $178,891,000 = 27.27%. SEC filing. Annual filing.
- BHB — trailing period ended 2026-06-30: operating cash flow $64,093,000, capital expenditure $6,917,000, reported revenue $193,405,000; ($64,093,000 − $6,917,000) / $193,405,000 = 29.56%. SEC filing. Annual filing.
- SMBC — trailing period ended 2026-06-30: operating cash flow $80,523,000, capital expenditure $3,959,000, reported revenue $200,646,000; ($80,523,000 − $3,959,000) / $200,646,000 = 38.16%. SEC filing.
- WSBF — trailing period ended 2026-06-30: operating cash flow $44,744,000, capital expenditure $1,968,000, reported revenue $150,152,000; ($44,744,000 − $1,968,000) / $150,152,000 = 28.49%. SEC filing. Annual filing.
- PDLB — trailing period ended 2026-06-30: operating cash flow $58,257,000, capital expenditure $621,000, reported revenue $120,009,000; ($58,257,000 − $621,000) / $120,009,000 = 48.03%. SEC filing. Annual filing.
- KODK — trailing period ended 2026-06-30: operating cash flow $485,000,000, capital expenditure $21,000,000, reported revenue $1,135,000,000; ($485,000,000 − $21,000,000) / $1,135,000,000 = 40.88%. SEC filing. Annual filing.
- CCSI — trailing period ended 2026-06-30: operating cash flow $145,938,000, capital expenditure $30,266,000, reported revenue $354,665,000; ($145,938,000 − $30,266,000) / $354,665,000 = 32.61%. SEC filing. Annual filing.
Turn the screen into company research
Start with the business behind each row. Test recurring cash conversion, reinvestment needs, debt, dilution and growth; then compare those findings with valuation. A high reported cash-flow margin combined with a price decline is a research question, not a buy signal.
This article is informational research, not personalized investment advice. Historical returns do not imply future performance. Figures reflect the stated snapshot and information available at that time.