← All verdicts
Verdict

Undervalued

Every analyzed stock in Undervalued — 250 companies. Each card shows price, our model's intrinsic value (IV), and how far price sits above or below it. Click any card for the full analysis. This is a research-triage view, not a buy/sell signal.

Educational use only — not investment advice. "Undervalued / fairly valued / overvalued" and every risk score reflect our models vs. price, which can be wrong or based on stale or incomplete data. Always review the company's own financials and SEC filings, and consult a licensed advisor, before acting.
"Undervalued" by: Model value (price vs DCF) Owner-earnings return (equity bond)

This lens: price against our probability-weighted DCF value (P/IV). Its own forward record began accruing on 2026-09-10 (daily snapshots); until a year of it exists, the panel below tests the nearest cousin we can measure point-in-time — cheap on book value — and says so.

Market state today: Calm — the S&P 500 closed 3.1% below its 1-year high (as of 2026-09-16). Our rule, the same one used to split every backtest on this site: sell-off = 10% or more below the 1-year high, borderline from 5%, calm otherwise. A further 7.2% fall from here would put us in a sell-off. Since 2006 the market has been in a sell-off 16.6% of the time, across 13 episodes (red bands).
2007200920112013201520172019202120232025
S&P 500 (SPY, adjusted) distance from its trailing 1-year high, weekly. Amber band: borderline (−5% to −10%). Red band: sell-off (below −10%). The dot is today. History to 2026-08-19 from the research database; today from the live feed.
Backtest · point in time · 8,702 entries in the study

Does this screen work? The record for exactly these filters

Screen tested: Proxy: price-to-book ≤ 1.2 (undervalued band has no point-in-time history yet) · bought the day of the annual report, held 12 months
Probable Buy every company that met this screen on the day it filed its annual report, hold 12 months: on average it beat the S&P 500 by +17.1 pts (1,055 entries, 252 companies, very unlikely to be luck). 50% of entries beat the S&P; 29% beat it by 30 points or more; 31% trailed it by 20 points or more. Owning everything instead averaged +1.7 pts, so the screen's edge is +15.4 pts.
+17.1 ptsvs S&P, average
50%beat the S&P
29%up 30+ pts vs S&P
31%down 20+ pts vs S&P
+18.2 ptsvs small caps, 12 mo
−13.8 pts 2019worst year to buy ?
6.3luck check ?
Does the holding period matter?3 mo: +2.8 pts 47% beat6 mo: +6.7 pts 49% beat12 mo: +17.1 pts 50% beat24 mo: +31.3 pts 47% beat3 yr, per yr: +3.4 pts 41% beat
Market state at entryCompany-yearsvs S&P 12 movs small caps
Calm ◀ today913+11.0 pts t 5.0+13.2 pts
Sell-off (S&P ≥10% off high)142+56.1 pts t 4.1+50.5 pts
Sector (SEC group)nvs S&P 12 mo3 yrs / yr
Industrials & manufacturing396+15.4 pts t 4.1−1.4 pts
Tech hardware & semis87+11.0 pts t 1.3+4.3 pts
Other86+11.6 pts t 1.9+6.9 pts
Services75+12.7 pts t 2.3+13.0 pts
Retail & consumer70+18.8 pts t 2.0+12.3 pts
Energy53+22.1 pts t 1.7−0.8 pts
Construction49+14.4 pts t 1.7−2.5 pts
Finance & real estate43−5.6 pts t -1.0−7.6 pts
Biotech & pharma39+60.4 pts t 1.8+12.2 pts
Software & IT services35+39.9 pts t 1.8+1.2 pts
Medical devices25+17.3 pts t 1.0+21.1 pts

Holds up out of sample? Before 2018: +13.5 pts (n 466, t 6.0). From 2018: +19.9 pts (n 589, t 4.4). Same sign in both halves.

Year2010201120122013201420152016201720182019202020212022202320242025
vs S&P+17 pts+8 pts+15 pts+22 pts+0 pts−1 pts+25 pts+15 pts−0 pts−14 pts+106 pts+6 pts+16 pts−7 pts−6 pts+19 pts
n62480826067876053741045055808984

Read the research behind this screen: Cheap small caps on book value: the widest spread in our data → · Test your own combination in the Screen Lab →

Our model values are recomputed daily but were never stored historically, so this band cannot be backtested honestly yet. Daily snapshots began 2026-09-10; a true record accrues from there. Until then the nearest tested cousin is shown — cheap on book value — and labelled as a proxy. Point-in-time: each entry is one company bought at the first close after its 10-K filing date, using only filings available that day, held 12 months; result = total return minus SPY over the same months (vs IWM for 12 months; 3-yr annualised). Survivorship-tilted universe; no costs; read spreads, not levels. Educational, hypothetical, before costs.

Sort by: A–Z Riskiest Most overvalued Most shorted Buyers' strike Largest
ACIC
AMERICAN COASTAL INSURANCE Corp
Deeply undervalued
Financial Services Risk 40 · Elevated
Price$9.36
Model IV$14.27
P/IV0.73
Discount 34% Return to IV: +52.4%
ACRE
Ares Commercial Real Estate Corp
Undervalued
Financial Services Risk 40 · Elevated
Price$4.32
Model IV$6.70
P/IV0.74
Discount 36% Return to IV: +55.0%
AIRI
AIR INDUSTRIES GROUP
Undervalued
Industrials Risk 49 · Elevated
Price$2.67
Model IV$3.78
P/IV0.81
Discount 29% Return to IV: +41.6%
Market implies -11.0%/yr vs model +2.0% · below model
APT
ALPHA PRO TECH LTD
Undervalued
Healthcare Risk 42 · Elevated
Price$5.29
Model IV$7.15
P/IV0.81
Discount 26% Return to IV: +35.1%
Market implies -0.1%/yr vs model +7.0% · below model
ARTNA
ARTESIAN RESOURCES CORP
Undervalued
Utilities Risk 43 · Elevated
Price$35.85
Model IV$39.68
P/IV0.82
Discount 10% Return to IV: +10.7%
ASMB
ASSEMBLY BIOSCIENCES, INC.
Undervalued
Healthcare Risk 34 · Moderate
Price$29.80
Model IV$35.27
P/IV0.78
Discount 15% Return to IV: +18.3%
Market implies -2.5%/yr vs model +50.0% · below model
ASRV
AMERISERV FINANCIAL INC /PA/
Undervalued
Financial Services Risk 33 · Moderate
Price$4.89
Model IV$4.77
P/IV0.78
Premium +3% Return to IV: -2.5%
ASUR
ASURE SOFTWARE INC
Undervalued
Technology Risk 43 · Elevated
Price$8.45
Model IV$11.07
P/IV0.84
Discount 24% Return to IV: +31.0%
Market implies +10.1%/yr vs model +21.2% · below model
BBNX
Beta Bionics, Inc.
Undervalued
Healthcare Risk 36 · Moderate
Price$16.57
Model IV$16.52
P/IV0.73
Premium +0% Return to IV: -0.3%
Market implies -1.6%/yr vs model +50.0% · below model
BBW
BUILD-A-BEAR WORKSHOP INC
Undervalued
Consumer Cyclical Risk 41 · Elevated
Price$27.58
Model IV$47.81
P/IV0.78
Discount 42% Return to IV: +73.4%
Market implies -0.1%/yr vs model +11.0% · below model
BFS
SAUL CENTERS, INC.
Undervalued
Financial Services Risk 33 · Moderate
Price$31.27
Model IV$42.07
P/IV0.82
Discount 26% Return to IV: +34.5%
BKTI
BK Technologies Corp
Undervalued
Technology Risk 45 · Elevated
Price$71.74
Model IV$99.06
P/IV0.83
Discount 28% Return to IV: +38.1%
Market implies +6.7%/yr vs model +15.8% · below model
BLIN
Bridgeline Digital, Inc.
Undervalued
Technology Risk 26 · Moderate
Price$0.88
Model IV$1.64
P/IV0.75
Discount 46% Return to IV: +85.6%
Market implies -15.2%/yr vs model +3.8% · below model
BOXL
Boxlight Corp
Valuation N/A
Consumer Defensive Risk 52 · Elevated
Price$5.69
Model IV—
P/IV—
Market implies -38.6%/yr vs model +2.0% · below model
BRT
BRT Apartments Corp.
Undervalued
Financial Services Risk 48 · Elevated
Price$14.19
Model IV$17.81
P/IV0.81
Discount 20% Return to IV: +25.5%
BZFD
BuzzFeed, Inc.
Deeply undervalued
Communication Services Risk 25 · Moderate
Price$1.11
Model IV$2.15
P/IV0.76
Discount 48% Return to IV: +93.7%
Market implies -10.0%/yr vs model +2.0% · below model
CAAS
China Automotive Systems, Inc.
Fairly valued
Consumer Cyclical Risk 34 · Moderate
Price$5.28
Model IV$5.75
P/IV0.81
Discount 8% Return to IV: +8.8%
Market implies +3.2%/yr vs model +8.0% · below model
CBK
Commercial Bancgroup, Inc.
Fairly valued
Financial Services Risk 35 · Moderate
Price$33.34
Model IV$34.26
P/IV0.84
Discount 3% Return to IV: +2.8%
CCO
Clear Channel Outdoor Holdings, Inc.
Undervalued
Technology Risk 43 · Elevated
Price$2.38
Model IV$3.03
P/IV0.79
Discount 21% Return to IV: +27.4%
Market implies -3.9%/yr vs model +2.0% · below model
CCOI
COGENT COMMUNICATIONS HOLDINGS, INC.
Deeply undervalued
Communication Services Risk 48 · Elevated
Price$9.33
Model IV$22.64
P/IV0.78
Discount 59% Return to IV: +142.6%
Market implies -14.2%/yr vs model +13.4% · below model
CCSI
Consensus Cloud Solutions, Inc.
Undervalued
Technology Risk 43 · Elevated
Price$36.73
Model IV$48.97
P/IV0.70
Discount 25% Return to IV: +33.3%
Market implies -1.7%/yr vs model +4.1% · below model
CCTG
CCSC Technology International Holdings Ltd
Undervalued
Technology Risk 36 · Moderate
Price$0.59
Model IV$0.71
P/IV0.75
Discount 17% Return to IV: +20.9%
Market implies -1.2%/yr vs model +2.0% · below model
CFFI
C & F FINANCIAL CORP
Undervalued
Financial Services Risk 49 · Elevated
Price$95.00
Model IV$87.23
P/IV0.85
Premium +9% Return to IV: -8.2%
CIM
CHIMERA INVESTMENT CORP
Valuation N/A
Financial Services Risk 66 · High
Price$11.13
Model IV—
P/IV—
Limited data — see page
CIVB
CIVISTA BANCSHARES, INC.
Undervalued
Financial Services Risk 28 · Moderate
Price$27.55
Model IV$36.61
P/IV0.71
Discount 25% Return to IV: +32.9%
CNET
ZW Data Action Technologies Inc.
Overvalued
Technology Risk 30 · Moderate
Price$1.23
Model IV$0.95
P/IV0.70
Premium +29% Return to IV: -22.6%
Market implies +0.4%/yr vs model +2.0% · in line
CODI
Compass Diversified Holdings
Undervalued
Consumer Cyclical Risk 40 · Elevated
Price$11.10
Model IV$14.18
P/IV0.80
Discount 22% Return to IV: +27.8%
Market implies -4.3%/yr vs model +2.1% · below model
CSIQ
Canadian Solar Inc.
Undervalued
Technology Risk 47 · Elevated
Price$12.76
Model IV$23.23
P/IV0.82
Discount 45% Return to IV: +82.1%
Market implies -5.7%/yr vs model +2.0% · below model
CSTE
Caesarstone Ltd.
Fairly valued
Industrials Risk 42 · Elevated
Price$3.01
Model IV$2.64
P/IV0.70
Premium +14% Return to IV: -12.2%
Market implies +0.7%/yr vs model +2.0% · in line
CZFS
CITIZENS FINANCIAL SERVICES INC
Undervalued
Financial Services Risk 35 · Moderate
Price$82.21
Model IV$82.89
P/IV0.78
Discount 1% Return to IV: +0.8%
DEFI
Hashdex Commodities Trust
Deeply undervalued
Financial Services Risk 25 · Moderate
Price$72.77
Model IV$115.04
P/IV0.72
Discount 37% Return to IV: +58.1%
DIN
Dine Brands Global, Inc.
Undervalued
Consumer Cyclical Risk 47 · Elevated
Price$28.29
Model IV$43.85
P/IV0.72
Discount 35% Return to IV: +55.0%
Market implies -1.5%/yr vs model +6.5% · below model
DNUT
Krispy Kreme, Inc.
Deeply undervalued
Consumer Defensive Risk 33 · Moderate
Price$3.20
Model IV$4.87
P/IV0.72
Discount 34% Return to IV: +52.3%
Market implies -8.7%/yr vs model +3.2% · below model
DOGZ
Dogness (International) Corp
Undervalued
Consumer Cyclical Risk 37 · Moderate
Price$0.92
Model IV$1.22
P/IV0.84
Discount 25% Return to IV: +32.9%
Market implies -12.9%/yr vs model +2.0% · below model
DOMH
Dominari Holdings Inc.
Deeply undervalued
Financial Services Risk 40 · Elevated
Price$2.23
Model IV$4.40
P/IV0.84
Discount 49% Return to IV: +97.4%
Market implies -8.6%/yr vs model +15.0% · below model
DTI
Drilling Tools International Corp
Undervalued
Industrials Risk 40 · Elevated
Price$2.63
Model IV$3.69
P/IV0.77
Discount 29% Return to IV: +40.3%
Market implies -7.5%/yr vs model +15.0% · below model
EBF
ENNIS, INC.
Undervalued
Communication Services Risk 38 · Moderate
Price$21.28
Model IV$25.85
P/IV0.79
Discount 18% Return to IV: +21.5%
Market implies -0.8%/yr vs model +3.0% · below model
EEX
Emerald Holding, Inc.
Undervalued
Technology Risk 37 · Moderate
Price$5.04
Model IV$6.18
P/IV0.81
Discount 18% Return to IV: +22.5%
Market implies +15.1%/yr vs model +25.0% · below model
EHLD
Euroholdings Ltd.
Overvalued
Industrials Risk 45 · Elevated
Price$14.13
Model IV$11.85
P/IV0.73
Premium +19% Return to IV: -16.1%
Market implies -12.0%/yr vs model -10.0% · in line
EVLV
Evolv Technologies Holdings, Inc.
Undervalued
Technology Risk 33 · Moderate
Price$4.95
Model IV$8.64
P/IV0.75
Discount 43% Return to IV: +74.5%
Market implies -9.2%/yr vs model +50.0% · below model
FC
FRANKLIN COVEY CO
Undervalued
Industrials Risk 41 · Elevated
Price$17.96
Model IV$28.14
P/IV0.84
Discount 36% Return to IV: +56.7%
Market implies -2.8%/yr vs model +6.9% · below model
FLXS
FLEXSTEEL INDUSTRIES INC
Undervalued
Consumer Cyclical Risk 42 · Elevated
Price$81.40
Model IV$71.89
P/IV0.80
Premium +13% Return to IV: -11.7%
Market implies +6.6%/yr vs model +7.0% · in line
FLYE
Fly-E Group, Inc.
Undervalued
Consumer Cyclical Risk 34 · Moderate
Price$1.84
Model IV$2.60
P/IV0.77
Discount 29% Return to IV: +41.4%
Market implies -2.0%/yr vs model +8.0% · below model
FSBW
FS Bancorp, Inc.
Undervalued
Financial Services Risk 29 · Moderate
Price$44.48
Model IV$57.44
P/IV0.71
Discount 23% Return to IV: +29.1%
FTRE
Fortrea Holdings Inc.
Undervalued
Healthcare Risk 52 · Elevated
Price$17.20
Model IV$18.82
P/IV0.82
Discount 9% Return to IV: +9.4%
Market implies +3.3%/yr vs model +2.0% · in line
GBLI
Global Indemnity Group, LLC
Undervalued
Financial Services Risk 27 · Moderate
Price$29.50
Model IV$34.17
P/IV0.79
Discount 14% Return to IV: +15.8%
GCO
GENESCO INC
Undervalued
Consumer Cyclical Risk 39 · Moderate
Price$35.12
Model IV$45.93
P/IV0.84
Discount 24% Return to IV: +30.8%
Market implies +0.7%/yr vs model +7.0% · below model
GPMT
Granite Point Mortgage Trust Inc.
Undervalued
Financial Services Risk 37 · Moderate
Price$0.94
Model IV$1.79
P/IV0.82
Discount 47% Return to IV: +89.6%
HCKT
HACKETT GROUP, INC.
Undervalued
Industrials Risk 42 · Elevated
Price$10.98
Model IV$13.69
P/IV0.84
Discount 20% Return to IV: +24.7%
Market implies +1.0%/yr vs model +7.4% · below model
HCSG
HEALTHCARE SERVICES GROUP INC
Undervalued
Healthcare Risk 26 · Moderate
Price$21.91
Model IV$26.29
P/IV0.78
Discount 17% Return to IV: +20.0%
Market implies +1.3%/yr vs model +5.6% · below model
HIHO
HIGHWAY HOLDINGS LTD
Undervalued
Industrials Risk 37 · Moderate
Price$0.90
Model IV$1.07
P/IV0.70
Discount 16% Return to IV: +19.2%
Market implies -10.4%/yr vs model +2.0% · below model
HNNAZ
HENNESSY ADVISORS INC
Undervalued
Financial Services Risk 38 · Moderate
Price$24.90
Model IV$31.18
P/IV0.81
Discount 20% Return to IV: +25.2%
Market implies -1.4%/yr vs model +3.8% · below model
HTFC
Horizon Technology Finance Corp
Undervalued
Unknown Risk 45 · Elevated
Price$25.18
Model IV$34.11
P/IV0.73
Discount 26% Return to IV: +35.5%
Market implies +0.3%/yr vs model +6.0% · below model
INBKZ
First Internet Bancorp
Undervalued
Financial Services Risk 36 · Moderate
Price$25.32
Model IV$30.41
P/IV0.83
Discount 17% Return to IV: +20.1%
INLF
INLIF Ltd
Deeply undervalued
Industrials Risk 39 · Moderate
Price$2.96
Model IV$5.27
P/IV0.72
Discount 44% Return to IV: +77.9%
Market implies -18.5%/yr vs model +40.4% · below model
IPI
Intrepid Potash, Inc.
Undervalued
Basic Materials Risk 34 · Moderate
Price$38.42
Model IV$51.28
P/IV0.76
Discount 25% Return to IV: +33.5%
Market implies -1.3%/yr vs model +3.9% · below model
IRWD
IRONWOOD PHARMACEUTICALS INC
Undervalued
Healthcare Risk 39 · Moderate
Price$4.08
Model IV$4.82
P/IV0.74
Discount 15% Return to IV: +18.1%
Market implies -2.4%/yr vs model +2.0% · below model
JELD
JELD-WEN Holding, Inc.
Valuation N/A
Industrials Risk 47 · Elevated
Price$2.05
Model IV—
P/IV—
Market implies -8.8%/yr vs model +0.0% · below model
JILL
J.Jill, Inc.
Deeply overvalued
Consumer Cyclical Risk 35 · Moderate
Price$23.63
Model IV$15.87
P/IV0.80
Premium +49% Return to IV: -32.8%
Market implies +5.8%/yr vs model +3.0% · in line
KIDS
ORTHOPEDIATRICS CORP
Undervalued
Healthcare Risk 39 · Moderate
Price$22.06
Model IV$24.07
P/IV0.71
Discount 8% Return to IV: +9.1%
Market implies -3.4%/yr vs model +24.6% · below model