Backtested Scanners
Debt Paydown Turnaround
54 Hits · last calculated September 23, 2026 Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Methodology & criteria
The turn in a company's debt, in the form we back-tested for you: net debt (financial debt minus cash) first rose for three consecutive fiscal years, at the peak it exceeded either one year of EBITDA or one fifth of total assets — and since then it has been falling for at least two consecutive years, cumulatively by at least 10%. Only debt cut under the company's own steam is shown: anyone who retired debt by issuing new shares (share count up more than 10% since the peak) or by selling off half the business (total assets down more than 20%) is missing from this list. Banks, insurers and financial services companies are excluded — there, debt is the business model, not a burden. In the backtest from April 2005 to July 2026, on a data set that keeps stocks which have since disappeared from the market: 582 signals, resulting in 537 purchases. Held for as long as the paydown continued, that produced 12.20% per year against 11.24% for the S&P 500 including dividends. Held for a fixed twelve months it was only 10.42% — more than the equal-weighted universe at 8.44%, but less than the index. The edge therefore rests on the holding rule, and that is exactly what this scanner reproduces: a stock stays listed only for as long as its net debt keeps falling in the latest fiscal year; once the company takes on debt again, it drops off the list. An honest caveat: the largest interim drawdown was 55%. Source: fundamental data.
Global filters: market cap of $50B or less (mega caps are cut from every scanner); 10- and 30-day ADR must be ≥ 1% (too little movement gets cut); names after a reverse split (distorted price history) are excluded.
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Hit List
Tip: clicking a column header sorts the table by that column; a second click flips the direction.
| Symbol | Debt Paid Down | Years of Paydown | Earnings | Avg/Y 3Y | Volatility | Stage | Funda Rating | Piotroski | MktCap | Industry | AI Rating | Deep Dive | Deep-Dive Report | Bankruptcy Check | Sector | Price | YTD | 6 Mo. | 1 Year | Off High | Price Target | RS | EPS Rating | ADR 10D | ADR 30D | Beta | P/E | P/E (f) | P/S | P/B | P/FCF | PEG | EV/EBITDA | EBIT Margin | Gross Margin | Net Margin | ROE | ROA | Debt/Eq | Equity Ratio | Sales +/Y | Growth Score | Div. Yield | Payout Ratio | Altman Z | Inst. % | Short % | Analysts |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OESX Orion Energy Systems Inc | 46,891.2 % | 2 | — | — | ⚠ Wildest 10% 96 % | — | B 71 | 6 of 9 | 0.1 $ | Electrical Equipment & Parts | Neutral | — | 0/3 | Industrials | 29.00 $ | +28.1 % | +49.0 % | +202.0 % | 0 % | +29.6 % | — | — | — | — | 0.96 | — | 58.8 | 1.1 | 5.2 | 353.3 | 1.62 | 48.5 | 8.2 % | 33.6 % | 0.0 % | 0.3 % | 1.8 % | 0.40 | 32.2 % | +8.3 % | 2 | 0.0 % | 0.0 % | -0.2 | 50.2 % | 3.3 % | 4.5 (2) | |
| INVA Innoviva Inc | 210.3 % | 2 | 08/05 | +29 % | 28 % | Stage 2 | B 68 | 6 of 9 | 1.5 $ | Biotechnology | Uses AI | — | ⚠ 1/3 | Healthcare | 21.00 $ | +17.8 % | +17.0 % | +9.6 % | −7.1 % | +65.9 % | 54 | 95 | 2.8 % | 2.8 % | 0.33 | — | 8.8 | 3.4 | — | 7.9 | 0.25 | 2.6 | 40.1 % | 72.7 % | 81.2 % | 50.7 % | 7.0 % | — | 73.1 % | +18.5 % | 7 | 0.0 % | 0.0 % | 11.8 | 108.0 % | 13.0 % | 4.0 (1) | |
| MCRI Monarch Casino & Resort Inc | 142.7 % | 5 | 07/15 | +32 % | 26 % | Stage 2 | B 67 | 9 of 9 | 2.1 $ | Resorts & Casinos | Neutral | — | — | ⚠ 1/3 | Consumer Cyclical | 117.20 $ | +35.3 % | +36.9 % | +18.6 % | −2.7 % | +3.6 % | 77 | 76 | 3.1 % | 2.7 % | 1.34 | 20.5 | 17.6 | 3.8 | 3.8 | 13.5 | 1.07 | 10.9 | 25.8 % | 68.0 % | 20.4 % | 20.1 % | 12.9 % | 0.02 | 75.8 % | +4.4 % | 6 | 1.0 % | 19.0 % | 10.6 | 65.1 % | 5.1 % | 3.0 (5) |
| INLX Intellinetics Inc | 119.7 % | 2 | 08/12 | +18 % | 57 % | Stage 4 | D 31 | 5 of 9 | 0.0 $ | Software - Application | – | — | — | 0/3 | Technology | 5.30 $ | -26.4 % | -26.7 % | -56.9 % | −58.1 % | +184.3 % | 7 | 17 | 7.7 % | 5.0 % | 0.23 | — | 158.7 | 1.9 | — | 216,172,782,113,783,808.0 | — | 24.3 | — | 64.9 % | -17.6 % | -22.3 % | -10.9 % | — | — | -8.0 % | 6 | 0.0 % | 0.0 % | -1.0 | 10.6 % | 0.1 % | 4.0 (1) |
| EXPE Expedia Group Inc. | 111.7 % | 5 | 08/06 | +46 % | 50 % | Stage 1 | B 67 | 7 of 9 | 32.7 $ | Travel Services | – | — | — | ⚠ 1/3 | Consumer Cyclical | 280.70 $ | -13.1 % | -7.0 % | +26.5 % | −17.4 % | +18.7 % | 49 | 21 | 4.7 % | 4.1 % | 1.25 | 27.1 | 12.5 | 2.1 | 61.1 | 6.5 | 0.76 | 9.0 | 7.1 % | 90.4 % | 13.0 % | 71.5 % | 6.1 % | -0.73 | 2.2 % | +7.6 % | 6 | 0.7 % | 10.0 % | 2.7 | 104.4 % | 5.6 % | 3.8 (37) |
| OMCL Omnicell Inc | 102.5 % | 3 | 07/30 | -15 % | 50 % | Stage 1 | B 64 | 9 of 9 | 1.5 $ | Health Information Services | – | — | — | 0/3 | Healthcare | 33.20 $ | -15.2 % | -10.6 % | +3.5 % | −28.1 % | +77.5 % | 53 | 18 | 4.6 % | 4.2 % | 0.97 | 74.7 | 29.5 | 1.2 | 1.2 | 10.7 | 15.40 | 9.7 | 5.4 % | 44.0 % | 3.1 % | 1.6 % | 1.5 % | 0.16 | 62.7 % | +6.5 % | 5 | 0.0 % | 0.0 % | 6.6 | 106.0 % | 8.8 % | 3.9 (8) |
| FPH Five Point Holdings LLC | 92.2 % | 3 | — | — | 27 % | — | B 60 | 4 of 9 | 0.7 $ | Real Estate - Development | – | — | — | 0/3 | Real Estate | 4.90 $ | -5.9 % | -0.4 % | -19.9 % | −19.0 % | +144.9 % | — | — | — | — | 1.33 | 6.8 | 11.3 | 6.2 | 0.4 | 11.9 | — | 155.0 | -54.3 % | 45.4 % | 45.4 % | 6.0 % | -0.1 % | 0.53 | 26.0 % | -53.8 % | 8 | 0.0 % | 0.0 % | 1.8 | 57.7 % | 0.9 % | — |
| STUB StubHub Holdings, Inc. | 86.9 % | 3 | — | — | 77 % | — | B 64 | 4 of 9 | 2.1 $ | Internet Content & Information | – | — | — | 0/3 | Communication Services | 5.70 $ | -39.5 % | -19.0 % | -67.0 % | −65.2 % | +88.6 % | — | — | — | — | — | — | 10.8 | 1.1 | 1.5 | 3.4 | — | 56.9 | 5.8 % | 82.1 % | -91.3 % | -109.4 % | -15.0 % | 0.78 | 38.4 % | -1.4 % | 4 | 0.0 % | 0.0 % | -0.8 | 80.5 % | 9.4 % | — |
| MEC Mayville Engineering Co Inc | 86.7 % | 2 | 08/04 | +51 % | 55 % | Stage 2 | C 50 | 3 of 9 | 0.4 $ | Metal Fabrication | – | — | — | 0/3 | Industrials | 17.30 $ | +82.5 % | +96.1 % | +19.3 % | −3.3 % | +115.2 % | 94 | 1 | 5.2 % | 6.5 % | 1.26 | — | 22.1 | 0.8 | 2.0 | — | — | 20.3 | — | 10.9 % | -2.9 % | -6.8 % | -1.1 % | 0.10 | — | -6.0 % | 5 | 0.0 % | 0.0 % | 4.6 | 60.8 % | 9.0 % | 4.3 (3) |
| TPB Turning Point Brands Inc | 72.6 % | 3 | 08/05 | +85 % | 56 % | Stage 4 | B 62 | 3 of 9 | 1.2 $ | Tobacco | – | — | — | 0/3 | Consumer Defensive | 60.30 $ | -25.9 % | -21.2 % | -39.8 % | −42.9 % | +82.5 % | 22 | 22 | 5.6 % | 4.5 % | 0.94 | — | 44.2 | 2.3 | — | 51.7 | 0.05 | 14.2 | — | 56.7 % | 8.8 % | 22.5 % | 5.8 % | — | — | +28.4 % | 6 | 0.5 % | 10.4 % | 9.0 | 96.7 % | 14.5 % | 4.8 (4) |
| TILE Interface Inc | 69.0 % | 6 | 08/07 | +98 % | 33 % | Stage 2 | B 62 | 5 of 9 | 2.0 $ | Furnishings, Fixtures & Appliances | Neutral | — | 0/3 | Consumer Cyclical | 35.20 $ | +16.3 % | +26.4 % | +16.3 % | −8.2 % | +31.5 % | 71 | 83 | 3.5 % | 3.6 % | 1.92 | 16.3 | 14.1 | 1.4 | 3.2 | 16.1 | 0.94 | 9.5 | 9.5 % | 40.5 % | 10.1 % | 22.1 % | 9.3 % | 0.16 | 68.1 % | +5.4 % | 4 | 0.4 % | 4.6 % | 3.7 | 103.2 % | 10.9 % | 4.5 (2) | |
| SENEA Seneca Foods Corp A | 64.0 % | 2 | 08/06 | +107 % | 41 % | Stage 2 | B 70 | 9 of 9 | 1.0 $ | Packaged Foods | – | — | — | 0/3 | Consumer Defensive | 183.80 $ | +45.5 % | +56.2 % | +75.5 % | −7.3 % | +8.4 % | 80 | 50 | 5.8 % | 5.2 % | -0.02 | 11.2 | 39.4 | 0.5 | 1.7 | 4.2 | 0.83 | 7.3 | 6.5 % | 13.4 % | 6.8 % | 16.5 % | 8.3 % | 0.37 | 60.6 % | +5.1 % | 6 | 0.0 % | 0.0 % | 11.2 | 75.0 % | 4.3 % | — |
| SENEB Seneca Foods Corp B | 64.0 % | 2 | — | — | 41 % | — | B 71 | 8 of 9 | 1.2 $ | Packaged Foods | – | — | — | 0/3 | Consumer Defensive | 188.20 $ | +62.7 % | +48.5 % | +80.6 % | −1.8 % | — | — | — | — | — | -0.02 | 10.2 | 48.1 | 0.7 | 1.5 | 5.2 | 0.88 | 7.4 | 7.2 % | 13.4 % | 6.8 % | 16.8 % | 8.3 % | 0.35 | 60.6 % | +5.1 % | 6 | 0.0 % | 0.0 % | 4.7 | 5.2 % | 0.1 % | — |
| G Genpact Limited | 59.0 % | 6 | 08/06 | -6 % | 39 % | Stage 4 | C 54 | 2 of 9 | 5.7 $ | Information Technology Services | – | — | — | 0/3 | Technology | 33.90 $ | -38.9 % | -41.5 % | -15.4 % | −43.1 % | +20.5 % | 9 | 64 | 4.4 % | 4.2 % | 0.59 | 10.5 | 18.3 | 1.1 | 2.4 | 10.1 | 1.16 | 7.4 | 15.4 % | 36.5 % | 11.1 % | 23.1 % | 9.2 % | 2.49 | 44.1 % | +6.6 % | 5 | 2.1 % | 19.3 % | 7.0 | 109.3 % | 7.8 % | 3.9 (11) |
| CLDT Chatham Lodging Trust REIT | 56.3 % | 5 | 08/05 | +22 % | 30 % | Stage 2 | C 46 | 5 of 9 | 0.7 $ | REIT - Hotel & Motel | – | — | — | 0/3 | Real Estate | 13.20 $ | +100.8 % | +98.8 % | +93.9 % | −2.2 % | +8.3 % | 93 | 19 | 3.5 % | 3.0 % | 1.10 | 682.0 | 238.1 | 2.2 | 0.9 | 8.5 | 2.28 | 10.6 | — | 49.1 % | 4.0 % | 1.2 % | 1.6 % | 0.61 | — | -7.0 % | 4 | 3.1 % | 54.2 % | 4.1 | 97.8 % | 3.2 % | 4.0 (4) |
| WAT Waters Corporation | 55.9 % | 2 | 08/03 | +13 % | 36 % | Stage 3 | C 52 | 2 of 9 | 41.8 $ | Diagnostics & Research | – | — | — | 0/3 | Healthcare | 425.70 $ | -6.0 % | -4.1 % | +40.8 % | −9.0 % | +5.7 % | 49 | 30 | 3.1 % | 3.3 % | 1.19 | 52.9 | 24.1 | 9.0 | 2.7 | 93.6 | 1.53 | 46.7 | 2.8 % | 56.3 % | 3.6 % | 5.2 % | 3.6 % | 0.93 | 62.3 % | +7.0 % | 6 | 0.0 % | 0.0 % | 7.0 | 99.7 % | 3.4 % | 3.6 (22) |
| TASK TaskUs, Inc. | 53.7 % | 2 | — | — | 55 % | — | C 52 | 7 of 9 | 0.8 $ | Information Technology Services | Sells AI | — | 0/3 | Technology | 8.70 $ | -45.0 % | -40.6 % | -24.3 % | −64.4 % | +3.7 % | — | — | — | — | 1.92 | 6.9 | 5.7 | 0.6 | 2.6 | 6.3 | — | 4.8 | 11.5 % | 38.3 % | 8.8 % | 26.5 % | 9.4 % | 0.43 | 57.1 % | +19.0 % | 6 | 55.8 % | 2.5 % | 2.8 | 83.3 % | 13.1 % | 3.2 (6) | |
| CERS Cerus Corporation | 53.3 % | 2 | 08/04 | +3 % | 77 % | Stage 2 | B 63 | 4 of 9 | 0.5 $ | Medical Devices | – | — | — | 0/3 | Healthcare | 2.70 $ | +25.7 % | +45.1 % | +75.3 % | −9.2 % | +105.0 % | 86 | 42 | 6.4 % | 6.5 % | 1.80 | — | 0.0 | 2.4 | — | — | — | 179.6 | — | 52.1 % | -3.1 % | -15.4 % | -0.5 % | — | — | +14.4 % | 4 | 0.0 % | 0.0 % | -10.2 | 74.7 % | 9.1 % | 4.6 (5) |
| HTHT Huazhu Group Ltd | 46.4 % | 3 | — | — | 32 % | — | B 62 | 6 of 9 | 13.8 $ | Lodging | – | — | — | 0/3 | Consumer Cyclical | 43.30 $ | -11.6 % | -21.2 % | +17.0 % | −25.8 % | +39.8 % | — | — | — | — | 0.13 | 18.8 | 35.3 | 3.6 | 8.5 | 12.9 | 0.27 | 11.9 | 24.8 % | 41.0 % | 18.9 % | 46.4 % | 7.4 % | 0.73 | 19.8 % | +3.0 % | 5 | 5.0 % | 16.9 % | — | 51.8 % | 4.7 % | 4.5 (17) |
| MRCY Mercury Systems Inc | 46.1 % | 3 | 08/10 | +73 % | 59 % | Stage 2 | B 61 | 6 of 9 | 5.0 $ | Aerospace & Defense | Neutral | — | 0/3 | Industrials | 83.90 $ | +41.5 % | +3.8 % | +13.0 % | −18.2 % | +34.2 % | 88 | 19 | 5.4 % | 5.7 % | 0.98 | — | 52.6 | 5.1 | 3.5 | 77.5 | 2.79 | 75.0 | 3.2 % | 28.6 % | -3.0 % | -1.0 % | 0.2 % | 0.40 | 60.5 % | +9.2 % | 4 | 0.0 % | 0.0 % | 4.7 | 113.3 % | 10.1 % | 3.6 (9) | |
| BWA BorgWarner Inc | 45.9 % | 3 | 08/05 | +28 % | 40 % | Stage 2 | C 54 | 7 of 9 | 12.9 $ | Auto Parts | – | — | — | 0/3 | Consumer Cyclical | 61.10 $ | +57.3 % | +45.8 % | +44.9 % | −11.9 % | +28.6 % | 87 | 80 | 3.7 % | 4.4 % | 1.10 | 34.8 | 12.6 | 0.9 | 2.2 | 9.8 | 0.34 | 9.9 | 9.9 % | 19.3 % | 2.9 % | 7.3 % | 6.3 % | 1.19 | 40.1 % | +1.7 % | 4 | 1.1 % | 13.0 % | 7.7 | 107.6 % | 4.9 % | 4.1 (18) |
| ESI Element Solutions Inc | 41.5 % | 2 | 07/29 | +54 % | 46 % | Stage 2 | D 42 | 2 of 9 | 8.6 $ | Specialty Chemicals | – | — | — | 0/3 | Basic Materials | 35.20 $ | +84.3 % | +80.8 % | +27.3 % | −3.1 % | +46.1 % | 90 | 50 | 5.3 % | 4.6 % | 1.26 | 67.7 | 16.4 | 3.1 | 3.9 | 71.0 | — | 20.2 | 14.0 % | 38.6 % | 5.7 % | 5.6 % | 4.7 % | 0.79 | 47.7 % | +3.8 % | 5 | 0.9 % | 19.3 % | 5.0 | 105.6 % | 4.0 % | 4.6 (11) |
| MNRO Monro Muffler Brake Inc | 40.8 % | 4 | 07/29 | -18 % | 61 % | Stage 4 | D 39 | 5 of 9 | 0.4 $ | Auto Parts | – | — | — | 0/3 | Consumer Cyclical | 14.30 $ | -20.7 % | -15.8 % | -23.6 % | −32.9 % | +76.0 % | 31 | 89 | 4.9 % | 5.9 % | 1.06 | 488.3 | 67.1 | 0.4 | 0.7 | 6.1 | 4.49 | 10.0 | — | 34.9 % | 0.7 % | 0.4 % | 1.0 % | 0.82 | — | -3.2 % | 2 | 8.8 % | 9.3 % | 4.0 | 128.8 % | 41.0 % | 3.4 (5) |
| PENG Penguin Solutions, Inc. | 40.1 % | 2 | 07/07 | +53 % | 82 % | Stage 2 | B 70 | 7 of 9 | 2.9 $ | Information Technology Services | Sells AI | — | 0/3 | Technology | 56.60 $ | +242.3 % | +236.2 % | +99.5 % | −13.7 % | +59.4 % | 98 | 50 | 11.5 % | 11.1 % | 2.85 | 101.7 | 12.5 | 2.1 | 9.1 | 27.6 | — | 16.3 | 7.8 % | 27.9 % | 6.5 % | 9.6 % | 3.9 % | 0.94 | 34.2 % | +16.9 % | 4 | 0.0 % | 0.0 % | 6.7 | 117.0 % | 18.0 % | 4.3 (8) | |
| GNRC Generac Holdings Inc | 35.3 % | 2 | 07/29 | +38 % | 57 % | Stage 2 | B 67 | 9 of 9 | 13.1 $ | Specialty Industrial Machinery | – | — | — | 0/3 | Industrials | 206.20 $ | +101.3 % | +101.6 % | +12.4 % | −0.4 % | +62.1 % | 89 | 82 | 5.7 % | 5.7 % | 1.91 | 63.7 | 15.1 | 2.9 | 4.5 | 34.5 | 0.54 | 18.9 | 11.1 % | 39.5 % | 5.8 % | 7.4 % | 4.7 % | 1.11 | 47.8 % | -2.0 % | 3 | 0.0 % | 0.0 % | 7.8 | 94.0 % | 4.6 % | 4.0 (23) |
| AVO Mission Produce Inc | 35.1 % | 2 | — | -1 % | 36 % | Stage 4 | D 34 | 2 of 9 | 1.1 $ | Food Distribution | – | — | — | 0/3 | Consumer Defensive | 12.70 $ | +0.9 % | +2.6 % | +2.2 % | −23.7 % | +32.0 % | 25 | 30 | 4.7 % | 4.6 % | 0.48 | 42.4 | 13.5 | 0.8 | 2.1 | — | — | 23.1 | — | 11.0 % | 0.1 % | 4.0 % | 2.1 % | 0.38 | — | +12.7 % | 7 | 0.0 % | 0.0 % | 7.1 | 32.6 % | 8.5 % | 4.5 (2) |
| BSY Bentley Systems Inc | 33.7 % | 3 | 08/05 | -15 % | 41 % | Stage 4 | B 61 | 8 of 9 | 9.8 $ | Software - Application | – | — | — | ⚠ 1/3 | Technology | 31.90 $ | -25.3 % | -23.3 % | -39.1 % | −51.5 % | +41.5 % | 8 | 56 | 3.9 % | 4.1 % | 0.98 | 35.9 | 19.3 | 6.1 | 7.7 | 19.7 | 1.22 | 22.9 | 30.4 % | 81.8 % | 18.1 % | 24.3 % | 7.2 % | -0.93 | 34.8 % | +11.0 % | 8 | 0.9 % | 25.5 % | 3.6 | 53.5 % | 8.2 % | 4.0 (16) |
| VNT Vontier Corp | 31.9 % | 3 | 07/30 | 0 % | 32 % | Stage 4 | C 48 | 6 of 9 | 4.5 $ | Scientific & Technical Instruments | – | — | — | 0/3 | Technology | 31.40 $ | -19.0 % | -24.4 % | -27.6 % | −37.0 % | +29.1 % | 14 | 60 | 3.1 % | 3.1 % | 1.13 | 11.3 | 8.4 | 1.5 | 3.6 | 11.7 | 0.79 | 9.7 | 18.0 % | 47.2 % | 11.3 % | 34.8 % | 8.6 % | 1.54 | 30.5 % | +3.2 % | 4 | 0.3 % | 3.0 % | 6.6 | 105.1 % | 10.2 % | 4.0 (12) |
| CHRW CH Robinson Worldwide Inc | 31.5 % | 3 | 07/29 | +37 % | 45 % | Stage 2 | B 57 | 7 of 9 | 17.6 $ | Integrated Freight & Logistics | – | — | — | 0/3 | Industrials | 149.60 $ | +12.0 % | +12.8 % | +14.0 % | −11.3 % | +29.9 % | 74 | 59 | 3.1 % | 3.4 % | 0.94 | 30.2 | 22.6 | 1.0 | 10.4 | 26.4 | 1.92 | 21.6 | 4.9 % | 8.5 % | 3.7 % | 34.8 % | 10.0 % | 6.72 | 32.6 % | -8.4 % | 4 | 1.6 % | 45.1 % | 10.1 | 107.4 % | 4.6 % | 4.1 (24) |
| IHS IHS Holding Ltd | 29.7 % | 2 | — | — | 27 % | — | D 40 | 7 of 9 | 2.8 $ | Real Estate Services | – | — | — | 0/3 | Real Estate | 8.40 $ | +11.4 % | -2.6 % | +21.4 % | −4.8 % | -2.8 % | — | — | — | — | 0.74 | 5.2 | 9.3 | 1.8 | 2.0 | 4.6 | — | 4.1 | 19.3 % | 54.0 % | 8.6 % | -6,379.7 % | 7.8 % | — | -5.6 % | -7.6 % | 6 | 0.0 % | 0.0 % | -0.9 | 59.4 % | 1.7 % | 4.4 (7) |
| CBT Cabot Corporation | 27.5 % | 3 | 08/03 | +15 % | 33 % | Stage 2 | D 42 | 5 of 9 | 4.3 $ | Specialty Chemicals | – | — | — | 0/3 | Basic Materials | 79.50 $ | +33.5 % | +38.2 % | +1.2 % | −0.6 % | +17.7 % | 69 | 22 | 3.5 % | 3.3 % | 0.83 | 15.0 | 10.6 | 1.2 | 2.6 | 15.1 | 1.00 | 7.7 | 15.3 % | 24.2 % | 5.2 % | 20.0 % | 8.9 % | 0.91 | 40.2 % | -7.0 % | 4 | 2.3 % | 28.4 % | 7.4 | 102.3 % | 12.1 % | 3.6 (5) |
| ATMU Atmus Filtration Technologies Inc. | 27.2 % | 2 | 08/14 | +43 % | 39 % | Stage 1 | B 61 | 5 of 9 | 3.9 $ | Auto Parts | – | — | — | 0/3 | Consumer Cyclical | 45.40 $ | -3.2 % | -4.3 % | -2.6 % | −18.5 % | +47.5 % | 39 | 58 | 4.2 % | 3.8 % | 1.17 | 17.9 | 0.0 | 2.0 | 9.2 | 20.3 | — | 12.3 | 15.7 % | 28.8 % | 11.3 % | 63.1 % | 11.8 % | 10.63 | 21.9 % | +5.7 % | 4 | 0.5 % | 7.9 % | 7.5 | 105.2 % | 5.2 % | 4.3 (7) |
| ICFI ICF International Inc | 26.0 % | 3 | 08/06 | -15 % | 40 % | Stage 4 | D 41 | 5 of 9 | 1.4 $ | Consulting Services | – | — | — | 0/3 | Industrials | 83.60 $ | -20.4 % | -13.5 % | -11.0 % | −36.0 % | +23.7 % | 19 | 22 | 5.4 % | 4.3 % | 0.53 | — | 11.5 | 0.8 | — | 7.1 | 1.88 | 11.0 | — | 37.2 % | 4.9 % | 8.5 % | 4.3 % | — | — | -7.3 % | 4 | 0.6 % | 8.6 % | 6.9 | 97.9 % | 3.6 % | 4.0 (5) |
| ASND Ascendis Pharma AS | 25.6 % | 2 | — | — | 39 % | — | B 67 | 5 of 9 | 15.6 $ | Biotechnology | – | — | — | 0/3 | Healthcare | 237.60 $ | +19.4 % | +14.7 % | +21.0 % | −8.2 % | +31.5 % | — | — | — | — | 0.49 | 27.3 | 21.2 | 15.7 | 27.7 | 322.7 | — | 70.0 | 10.1 % | 91.3 % | 70.9 % | 33.3 % | 9.6 % | — | -12.5 % | +90.2 % | 6 | 0.0 % | 0.0 % | — | 103.9 % | 7.6 % | 4.8 (16) |
| GEHC GE HealthCare Technologies Inc. | 25.4 % | 2 | 07/29 | -7 % | 35 % | Stage 4 | C 46 | 4 of 9 | 28.7 $ | Medical Devices | – | — | — | 0/3 | Healthcare | 66.30 $ | -22.2 % | -21.9 % | -11.2 % | −27.7 % | +29.9 % | 19 | 20 | 3.0 % | 2.9 % | 0.82 | 16.3 | 11.8 | 1.4 | 2.9 | 18.9 | 1.60 | 10.1 | 11.1 % | 39.5 % | 9.3 % | 19.5 % | 5.1 % | -2.41 | 28.7 % | +4.8 % | 3 | 0.2 % | 3.0 % | 4.9 | 93.9 % | 4.8 % | 4.3 (21) |
| EHC Encompass Health Corp | 25.2 % | 4 | 08/03 | +19 % | 28 % | Stage 4 | B 62 | 8 of 9 | 12.2 $ | Medical Care Facilities | Uses AI | — | 0/3 | Healthcare | 122.80 $ | -5.5 % | -5.4 % | -1.3 % | −22.1 % | +19.6 % | 26 | 71 | 3.0 % | 3.0 % | 0.61 | 21.3 | 18.9 | 2.0 | 4.9 | 19.3 | 0.41 | 9.8 | 19.0 % | 43.9 % | 10.0 % | 25.2 % | 9.8 % | 2.32 | 34.5 % | +10.5 % | 6 | 0.7 % | 13.4 % | 5.8 | 101.8 % | 3.7 % | 4.8 (12) | |
| HLLY Holley Inc | 24.9 % | 3 | 08/05 | -11 % | 61 % | Stage 4 | D 41 | 5 of 9 | 0.3 $ | Auto Parts | – | — | — | 0/3 | Consumer Cyclical | 2.70 $ | -41.2 % | -37.9 % | -23.3 % | −47.3 % | +76.1 % | 18 | 90 | 4.7 % | 5.2 % | 1.32 | 13.3 | 6.0 | 0.5 | 0.7 | 9.8 | 0.25 | 9.1 | — | 43.0 % | 1.7 % | 5.4 % | 4.7 % | 1.28 | — | +1.9 % | 4 | 0.0 % | 0.0 % | 5.8 | 88.5 % | 4.5 % | 4.2 (9) |
| RRX Regal Beloit Corporation | 24.1 % | 2 | 08/04 | +17 % | 52 % | Stage 2 | B 59 | 5 of 9 | 10.3 $ | Specialty Industrial Machinery | – | — | — | 0/3 | Industrials | 152.70 $ | +55.8 % | +52.2 % | +6.0 % | −3.9 % | +66.9 % | 81 | 60 | 4.8 % | 4.9 % | 1.04 | 35.9 | 11.5 | 1.7 | 1.5 | 22.1 | 1.15 | 11.8 | 11.3 % | 37.5 % | 5.4 % | 4.3 % | 3.2 % | 21.29 | 49.4 % | -1.7 % | 4 | 0.9 % | 13.8 % | 5.9 | 106.4 % | 5.4 % | 4.5 (12) |
| LHX L3Harris Technologies Inc | 24.0 % | 2 | 07/23 | +21 % | 29 % | Stage 1 | B 62 | 7 of 9 | 43.5 $ | Aerospace & Defense | – | — | — | 0/3 | Industrials | 239.90 $ | +0.8 % | -2.2 % | -14.2 % | −23.9 % | +36.6 % | 34 | 28 | 3.5 % | 2.6 % | 0.75 | 26.4 | 18.6 | 1.9 | 2.3 | 15.5 | 1.24 | 14.2 | 9.7 % | 30.4 % | 10.4 % | 8.2 % | 4.2 % | -35.60 | 47.6 % | +2.5 % | 4 | 2.0 % | 42.7 % | 5.0 | 89.4 % | 2.4 % | 4.4 (21) |
| SRI Stoneridge Inc | 23.7 % | 2 | 08/05 | -20 % | 61 % | Stage 2 | D 32 | 3 of 9 | 0.2 $ | Auto Parts | – | — | — | 0/3 | Consumer Cyclical | 7.20 $ | +18.7 % | +33.7 % | -15.9 % | −27.3 % | +104.2 % | 49 | 90 | 5.2 % | 5.5 % | 1.89 | — | 20.3 | 0.3 | 1.3 | — | 0.26 | 15.4 | — | 19.3 % | -13.3 % | -53.6 % | -1.7 % | 1.04 | — | -5.2 % | 3 | 0.0 % | 0.0 % | 5.7 | 84.3 % | 4.1 % | 4.5 (2) |
| KMB Kimberly-Clark Corporation | 20.7 % | 4 | 08/07 | -5 % | 28 % | Stage 3 | C 50 | 8 of 9 | 32.8 $ | Household & Personal Products | – | — | — | ⚠ 1/3 | Consumer Defensive | 98.90 $ | +5.7 % | +11.6 % | -16.2 % | −21.4 % | +19.4 % | 31 | 64 | 2.5 % | 2.5 % | 0.27 | 19.4 | 13.2 | 2.0 | 18.3 | 11.3 | 1.99 | 12.0 | 19.7 % | 37.6 % | 11.8 % | 111.7 % | 10.2 % | -161.00 | 10.5 % | -14.2 % | 3 | 5.2 % | 68.5 % | 5.6 | 93.6 % | 17.2 % | 3.4 (16) |
| PEB Pebblebrook Hotel Trust | 20.4 % | 3 | 07/29 | +15 % | 32 % | Stage 2 | B 56 | 6 of 9 | 2.1 $ | REIT - Hotel & Motel | – | — | — | 0/3 | Real Estate | 18.30 $ | +62.3 % | +67.6 % | +52.9 % | −3.6 % | +6.2 % | 88 | 11 | 3.4 % | 3.2 % | 1.40 | — | 24.6 | 1.4 | 0.9 | 8.4 | 3.21 | 15.0 | 4.6 % | 25.3 % | -3.1 % | -1.8 % | 1.3 % | 0.99 | 46.0 % | +1.5 % | 4 | 0.2 % | 5.5 % | 2.7 | 131.3 % | 22.2 % | 3.0 (14) |
| GDDY Godaddy Inc | 19.1 % | 2 | 08/06 | +2 % | 49 % | Stage 4 | B 62 | 8 of 9 | 13.2 $ | Software - Infrastructure | Sells AI | — | ⚠ 1/3 | Technology | 98.20 $ | -38.7 % | -33.0 % | -27.6 % | −56.3 % | +5.5 % | 8 | 55 | 5.1 % | 5.1 % | 0.94 | 15.3 | 9.2 | 2.6 | 54.0 | 7.7 | 2.14 | 11.2 | 24.7 % | 63.8 % | 17.8 % | 39.8 % | 9.9 % | -1.14 | 2.9 % | +8.3 % | 6 | 0.0 % | 0.0 % | 2.3 | 104.8 % | 6.4 % | 3.9 (16) | |
| LEVI Levi Strauss & Co Class A | 18.2 % | 2 | — | — | 35 % | — | B 58 | 7 of 9 | 7.8 $ | Apparel Manufacturing | – | — | — | 0/3 | Consumer Cyclical | 20.10 $ | +9.6 % | +6.6 % | -10.1 % | −10.9 % | +42.8 % | — | — | — | — | 1.31 | 14.4 | 16.8 | 1.2 | 3.5 | 13.5 | — | 9.2 | 9.0 % | 61.7 % | 9.7 % | 25.4 % | 7.2 % | 0.57 | 33.3 % | -1.2 % | 6 | 3.2 % | 40.0 % | 3.0 | 94.0 % | 7.1 % | 4.3 (13) |
| RUSHA Rush Enterprises A Inc | 17.7 % | 2 | 07/29 | +28 % | 30 % | Stage 2 | B 57 | 7 of 9 | 3.8 $ | Auto & Truck Dealerships | – | — | — | 0/3 | Consumer Cyclical | 48.30 $ | +29.7 % | +29.6 % | +28.0 % | −4.9 % | +20.1 % | 63 | 55 | 3.5 % | 3.0 % | 0.88 | 14.6 | 11.1 | 0.5 | 1.7 | 30.4 | 3.16 | 11.3 | 4.9 % | 19.9 % | 3.7 % | 11.9 % | 5.0 % | 0.79 | 50.2 % | -4.8 % | 2 | 1.1 % | 15.7 % | 7.3 | 105.9 % | 12.0 % | 5.0 (2) |
| RUSHB Rush Enterprises B Inc | 17.7 % | 2 | 07/29 | +23 % | 32 % | Stage 2 | C 50 | 7 of 9 | 4.3 $ | Auto & Truck Dealerships | – | — | — | 0/3 | Consumer Cyclical | 54.50 $ | +28.6 % | +30.8 % | +37.9 % | −3.9 % | — | 69 | 55 | 3.0 % | 3.0 % | 0.88 | 16.3 | 11.6 | 0.6 | 1.9 | 34.4 | 2.74 | 11.3 | — | 19.9 % | 3.7 % | 11.9 % | 5.0 % | 0.63 | — | -4.8 % | 3 | 1.0 % | 15.7 % | 7.3 | 41.9 % | 2.7 % | — |
| NGVC Natural Grocers by Vitamin Cottage, Inc. | 17.4 % | 3 | 08/06 | +66 % | 41 % | Stage 3 | C 52 | 7 of 9 | 0.7 $ | Grocery Stores | – | — | — | 0/3 | Consumer Defensive | 30.10 $ | +29.8 % | +21.4 % | -12.1 % | −31.5 % | +51.9 % | 50 | 54 | 3.7 % | 4.1 % | 1.25 | 15.1 | 11.9 | 0.5 | 3.1 | 12.3 | 1.44 | 10.1 | — | 33.5 % | 3.6 % | 22.7 % | 5.7 % | 1.40 | — | +7.2 % | 5 | 2.1 % | 29.1 % | 5.3 | 39.1 % | 8.5 % | 5.0 (3) |
| DG Dollar General Corporation | 16.9 % | 2 | — | -10 % | 37 % | Stage 1 | B 57 | 7 of 9 | 26.7 $ | Discount Stores | Uses AI | — | 0/3 | Consumer Defensive | 122.60 $ | -12.9 % | -12.5 % | +21.8 % | −25.7 % | +13.5 % | 31 | 60 | 3.7 % | 4.0 % | 0.24 | 17.3 | 16.4 | 0.6 | 3.0 | 8.6 | 1.72 | 12.1 | 5.9 % | 31.2 % | 3.9 % | 18.9 % | 4.9 % | 3.51 | 27.9 % | +5.2 % | 3 | 1.8 % | 31.7 % | 4.9 | 102.2 % | 3.0 % | 3.6 (31) | |
| CWK Cushman & Wakefield plc | 16.7 % | 3 | 08/04 | +22 % | 45 % | Stage 4 | C 47 | 2 of 9 | 3.0 $ | Real Estate Services | – | — | — | 0/3 | Real Estate | 12.90 $ | -21.0 % | -16.9 % | -22.5 % | −25.3 % | +41.8 % | 31 | 79 | 3.9 % | 4.3 % | 1.44 | 43.5 | 7.5 | 0.3 | 1.7 | 12.2 | 0.23 | 10.1 | 2.3 % | 18.1 % | 0.6 % | 4.0 % | 3.9 % | 1.60 | 25.5 % | +8.9 % | 4 | 0.0 % | 0.0 % | 3.8 | 93.6 % | 6.5 % | 3.4 (10) |
| AXGN Axogen Inc | 16.2 % | 2 | 08/04 | +132 % | 54 % | Stage 2 | C 52 | 4 of 9 | 2.4 $ | Medical Devices | – | — | — | 0/3 | Healthcare | 44.50 $ | +36.5 % | +37.0 % | +167.0 % | −3.3 % | +19.0 % | 95 | 42 | 5.2 % | 4.9 % | 1.16 | — | 105.3 | 9.5 | 9.7 | 286.6 | 99.04 | 4,083.5 | -4.6 % | 74.6 % | -13.4 % | -18.0 % | -3.2 % | 0.08 | 84.6 % | +20.2 % | 4 | 0.0 % | 0.0 % | 8.5 | 94.7 % | 8.2 % | 4.7 (7) |
| NSA National Storage Affiliates Trust | 15.2 % | 3 | 08/03 | +20 % | 37 % | Stage 2 | B 56 | 7 of 9 | 6.5 $ | REIT - Industrial | – | — | — | 0/3 | Real Estate | 43.40 $ | +64.4 % | +68.5 % | +47.9 % | −3.5 % | +1.7 % | 81 | 91 | 2.3 % | 2.3 % | 1.06 | — | 74.1 | 8.6 | — | 21.7 | 1.66 | 15.0 | 35.8 % | 76.8 % | 10.5 % | 7.9 % | 3.4 % | — | 18.1 % | -2.3 % | 2 | 5.3 % | 3.1 % | 2.8 | 94.9 % | 0.0 % | 2.5 (15) |
| LIND Lindblad Expeditions Holdings Inc | 12.8 % | 2 | 08/03 | +50 % | 50 % | Stage 2 | B 65 | 8 of 9 | 1.8 $ | Travel Services | – | — | — | ⚠ 1/3 | Consumer Cyclical | 27.30 $ | +78.7 % | +94.4 % | +118.0 % | −1.1 % | +27.6 % | 91 | 94 | 5.8 % | 5.4 % | 2.22 | — | 65.4 | 2.2 | 162.9 | 14.9 | — | 19.5 | 7.5 % | 46.7 % | -2.1 % | -1,946.9 % | 4.1 % | -3.50 | -19.3 % | +19.6 % | 6 | 0.0 % | 0.0 % | 1.3 | 75.0 % | 10.7 % | 4.3 (3) |
| GPN Global Payments Inc | 11.5 % | 2 | 08/05 | -11 % | 40 % | Stage 4 | D 41 | 2 of 9 | 23.2 $ | Specialty Business Services | Uses AI | — | 0/3 | Industrials | 84.80 $ | -16.4 % | -11.8 % | -0.2 % | −24.8 % | +19.6 % | 18 | 12 | 3.8 % | 4.1 % | 0.79 | 31.2 | 5.6 | 2.3 | 1.0 | 21.9 | 0.22 | 10.9 | 12.5 % | 64.0 % | -9.2 % | 2.9 % | 2.3 % | -7.17 | 37.0 % | -23.8 % | 4 | 1.1 % | 7.8 % | 3.9 | 103.2 % | 7.3 % | 3.6 (33) | |
| SPWH Sportsmans | 11.2 % | 2 | — | -29 % | 72 % | Stage 4 | C 49 | 4 of 9 | 0.0 $ | Specialty Retail | – | — | — | 0/3 | Consumer Cyclical | 1.20 $ | -15.1 % | -3.6 % | -60.4 % | −68.5 % | +165.2 % | 9 | 7 | 6.3 % | 6.4 % | 0.42 | — | 333.3 | 0.0 | 0.3 | 1.5 | 0.88 | 197.6 | — | 30.9 % | -3.9 % | -26.5 % | -0.8 % | 2.89 | — | +1.0 % | 2 | 0.0 % | 0.0 % | 4.0 | 60.3 % | 2.1 % | 5.0 (3) |
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Frequently Asked Questions
The turn in a company's debt, in the form we back-tested for you: net debt (financial debt minus cash) first rose for three consecutive fiscal years, at the peak it exceeded either one year of EBITDA or one fifth of total assets — and since then it has been falling for at least two consecutive years, cumulatively by at least 10%.
All scanners are recalculated daily across the entire stock universe — most recently on September 23, 2026. The data basis is fundamental data and SEC filings (10-K annual reports and 10-Q quarterly reports).
Currently, 54 stocks pass this scanner's criteria (as of September 23, 2026).
Global filters: market cap of $50B or less (mega caps are cut from every scanner); 10- and 30-day ADR must be ≥ 1% (too little movement gets cut); names after a reverse split (distorted price history) are excluded.
The scanner looks for the point at which an over-indebted company genuinely starts paying its debt down. What is measured is net debt — financial debt minus cash — on the basis of annual accounts. Three things have to come together. First a build-up: at least three consecutive fiscal years of rising net debt — three increases, and therefore four reporting dates, not three. Second a peak at which the burden is real: net debt is above zero and exceeds either one year of EBITDA or one fifth of total assets. If no EBITDA figure is reported, the balance-sheet branch decides on its own, otherwise every company without that figure would quietly drop out. And third the turn: at least two consecutive fiscal years of falling net debt, cumulatively at least 10% of the peak value. What matters is WHERE the money came from. Debt can also be retired by issuing new shares or selling off half the business — that is something different from a paydown financed out of operations. This scanner therefore shows only debt cut under the company's own steam: the share count may have risen by no more than 10% since the peak, and total assets may have fallen by no more than 20%. If the share count is not reported at all, the question cannot be answered, and an unanswerable question does not count as a yes here. Banks, insurers and financial services companies are excluded entirely: there, debt is the business model, and a "paydown" would mean a shrinking balance sheet. Only accounts that genuinely follow one another are compared, too — between 0.7 and 1.5 years apart. A wider gap means a year is missing, and the jump across that gap would look like a powerful turn while being nothing but a hole in the data. We back-tested the rule from April 2005 to July 2026 on a data set that includes stocks which have since disappeared from the market: 582 signals, resulting in 537 purchases across 534 different stocks. Held for as long as the paydown continued, that produced 12.20% per year against 11.24% for the S&P 500 including dividends and 8.44% for the equal-weighted universe. Held for a fixed twelve months it was only 10.42% — better than the universe, but worse than the index. The edge therefore does not come from the signal alone but from the holding rule, and that is what this scanner reproduces: a stock stays listed only for as long as its net debt keeps falling in the latest fiscal year. Once the company takes on debt again, it disappears from the list. Two caveats belong to this honestly: the largest interim drawdown was 55%, and the sector classification is static, meaning today's classification applied backwards. All figures and caveats are in the study. A hit is a find, not a buy signal. Source: fundamental data and SEC filings (annual reports 10-K and quarterly reports 10-Q).
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Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.