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Phönix-Doppelsignal
26 Hits · last calculated September 25, 2026 Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Methodology & criteria
Die Rückkehr aus einer echten Krise, in der Fassung, die wir für Sie zurückgerechnet haben. Erst die Krise: mindestens zwei Geschäftsjahre in Folge mit Verlust, und im jüngsten davon zusätzlich mindestens ein Zeichen von Bilanznot — negativer operativer Cashflow, Umlaufvermögen unter den kurzfristigen Verbindlichkeiten, negatives oder binnen zwei Jahren um mehr als 30 % gefallenes Eigenkapital, oder eine Kasse, die bei laufendem Mittelabfluss keine vier Quartale mehr reicht. Dann das Lebenszeichen — und nicht eines, sondern mindestens zwei VERSCHIEDENE aus dieser Dreiergruppe, in einem Abschluss oder auf zwei aufeinanderfolgende verteilt: Der operative Cashflow ist wieder positiv, während unter dem Strich noch ein Verlust steht. Der Umsatz beschleunigt aus der Stagnation heraus (im Vorjahr höchstens 5 %, jetzt mindestens 20 %). Die Nettoverschuldung (Finanzschulden minus Kasse) fällt, ohne dass dafür neue Aktien ausgegeben wurden. Gezeigt wird ausschließlich die Wende AUS EIGENER KRAFT: Wer die Rückkehr mit frischen Aktien bezahlt hat (Aktienzahl seit Krisenbeginn um mehr als 10 % gestiegen) oder mit dem Verkauf halber Geschäftsbereiche (Bilanzsumme um mehr als 20 % gefallen), fehlt in dieser Liste — dort lag im Rücktest der Median der einzelnen Position zweistellig im Minus. Erst ab 100 Mio $ Umsatz, und das ist der schärfste Befund der Rückrechnung: über 100 Mio $ trug die Regel 20,20 % pro Jahr über 349 der 440 Käufe, zwischen 10 und 100 Mio $ waren es −3,37 % und darunter −16,87 %. Banken, Versicherer und Finanzdienstleister sind ausgeschlossen — dort ist eine Krise etwas anderes. Im Rücktest von Mai 2002 bis Juli 2026, auf einem Bestand, in dem verschwundene Titel enthalten bleiben: 855 Signale, daraus 440 Käufe; 20,23 % pro Jahr gegenüber 10,46 % beim S&P 500 samt Dividenden, 9,32 % beim gleichgewichteten Universum und 14,23 % beim härtesten Vergleich — einem Depot aus ALLEN Krisenfirmen. Ohne feste Haltefrist — also gehalten, solange jeder weitere Jahresabschluss für sich zwei der drei Lebenszeichen trägt — waren es 21,13 %. Genau diese Fassung bildet die Liste ab: Fällt ein Abschluss unter zwei Lebenszeichen, verlässt die Aktie die Liste, und dort verkauft auch das zurückgerechnete Rezept. Ehrliche Kaveats: Nur 47,4 % aller Krisenfirmen erreichen je wieder ein Gewinnjahr, 5,2 % verschwinden vorher von der Börse, und die typische Position brachte über zwölf Monate nur 5,17 % bei einer Trefferquote von 54,1 % — die Jahreszahl des Depots entsteht aus wenigen Vervielfachern. Quelle: Fundamentaldaten.
Global filters: market cap of $50B or less (mega caps are cut from every scanner); 10- and 30-day ADR must be ≥ 1% (too little movement gets cut); names after a reverse split (distorted price history) are excluded.
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Hit List
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| Symbol | Revenue Base ($M) | Signs of Life | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ZKH ZKH Group Limited | 8,761.3 | 2/3 | — | — | 66 % | — | B 65 | 6 of 9 | 0.5 $ | Internet Retail | – | — | — | 0/3 | Consumer Cyclical | 2.90 $ | -20.4 % | -15.8 % | -0.4 % | −22.7 % | +48.1 % | — | — | — | — | 0.40 | — | 0.0 | 0.1 | 1.1 | — | — | 181.2 | -1.1 % | 16.6 % | 0.0 % | -2.8 % | -0.8 % | 0.14 | 46.9 % | +0.5 % | 6 | 0.0 % | 0.0 % | 1.0 | 25.6 % | 0.0 % | 5.0 (3) |
| PENN Penn National Gaming Inc | 6,961.0 | 2/3 | 08/06 | -4 % | 52 % | Stage 2 | B 55 | 6 of 9 | 2.1 $ | Resorts & Casinos | – | — | — | ⚠ 1/3 | Consumer Cyclical | 15.50 $ | +39.0 % | +50.7 % | -21.2 % | −5.7 % | +39.4 % | 74 | 91 | 4.1 % | 4.5 % | 1.38 | — | 9.4 | 0.3 | 1.2 | 11.4 | 1.01 | 392.4 | 5.5 % | 35.2 % | -12.7 % | -40.1 % | 1.8 % | 4.52 | 13.0 % | +5.8 % | 4 | 0.0 % | 0.0 % | 2.7 | 105.7 % | 14.9 % | 3.8 (20) |
| MWH SOLV Energy, Inc. | 2,490.5 | 2/3 | — | — | – | — | B 56 | 8 of 9 | 5.3 $ | Utilities - Renewable | – | — | — | 0/3 | Utilities | 25.10 $ | — | — | — | −35.3 % | +71.5 % | — | — | — | — | — | 38.0 | 19.5 | — | 11.6 | — | — | 17.6 | -0.1 % | 17.5 % | 3.8 % | 35.3 % | 8.1 % | 0.96 | 24.9 % | +34.8 % | 5 | 0.0 % | 0.0 % | 4.5 | 101.7 % | 19.5 % | — |
| ENOV Enovis Corp | 2,248.1 | 2/3 | 08/06 | -22 % | 64 % | Stage 4 | C 54 | 6 of 9 | 1.1 $ | Medical Devices | – | — | — | 0/3 | Healthcare | 18.30 $ | -20.6 % | -18.0 % | -41.5 % | −40.2 % | +115.4 % | 15 | 89 | 5.0 % | 5.5 % | 1.43 | — | 4.6 | 0.5 | 0.7 | 16.6 | 1.90 | 22.4 | — | 61.3 % | -48.0 % | -55.4 % | 1.2 % | 0.96 | — | +6.7 % | 5 | 0.0 % | 0.0 % | 1.9 | 119.7 % | 18.8 % | 4.6 (11) |
| MAGN Magnera Corp placeholder | 2,187.0 | 2/3 | 08/05 | -28 % | 58 % | Stage 1 | C 47 | 7 of 9 | 0.4 $ | Household & Personal Products | – | — | — | 0/3 | Consumer Defensive | 11.90 $ | -20.4 % | -21.2 % | +7.4 % | −20.0 % | +33.6 % | 49 | 42 | 4.5 % | 4.4 % | — | — | 13.7 | 0.1 | — | 3.8 | 4.23 | 82.5 | — | 11.9 % | -3.4 % | -10.3 % | 2.3 % | — | — | +46.5 % | 5 | 0.0 % | 0.0 % | 4.9 | 104.7 % | 5.7 % | 3.0 (2) |
| PEB Pebblebrook Hotel Trust | 1,420.0 | 2/3 | 07/29 | +15 % | 32 % | Stage 2 | B 56 | 6 of 9 | 2.2 $ | REIT - Hotel & Motel | – | — | — | 0/3 | Real Estate | 18.60 $ | +62.3 % | +67.6 % | +58.9 % | −3.6 % | +6.2 % | 88 | 11 | 3.4 % | 3.2 % | 1.40 | — | 24.6 | 1.4 | 0.9 | 8.5 | 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) |
| LMRI Lumexa Imaging Holdings, Inc. | 1,023.1 | 2/3 | — | — | – | — | C 52 | 8 of 9 | 0.9 $ | Medical Devices | – | — | — | 0/3 | Healthcare | 9.90 $ | -37.0 % | +1.0 % | — | −37.1 % | +64.2 % | — | — | — | — | — | — | 0.0 | — | 1.6 | — | — | 14.9 | 3.5 % | 14.8 % | -2.7 % | -12.6 % | 1.9 % | 1.46 | 33.2 % | +7.8 % | 3 | 0.0 % | 0.0 % | 0.7 | 33.3 % | 10.1 % | — |
| INNV InnovAge Holding Corp | 853.7 | 2/3 | — | — | 76 % | — | B 63 | 6 of 9 | 1.2 $ | Medical Care Facilities | – | — | — | 0/3 | Healthcare | 8.80 $ | +97.1 % | +17.2 % | +74.7 % | −15.5 % | +13.2 % | — | — | — | — | 0.39 | — | 13.7 | 1.2 | 5.6 | 23.8 | — | 55.9 | -11.5 % | 68.5 % | -0.3 % | -5.9 % | 0.7 % | 0.30 | 42.2 % | +11.8 % | 6 | 0.0 % | 0.0 % | 4.0 | 13.6 % | 4.7 % | 2.8 (4) |
| ATNI ATN International Inc | 728.0 | 2/3 | 08/06 | -5 % | 52 % | Stage 2 | C 53 | 5 of 9 | 0.4 $ | Telecom Services | – | — | — | 0/3 | Communication Services | 29.10 $ | +18.3 % | +26.3 % | +92.0 % | −12.3 % | +130.0 % | 79 | 13 | 4.7 % | 4.3 % | 0.60 | — | 27.8 | 0.6 | 1.1 | 10.7 | 2.78 | 2.1 | — | 56.9 % | 22.6 % | -2.4 % | 2.2 % | 1.60 | — | -0.2 % | 5 | 3.7 % | 10.8 % | 4.5 | 60.9 % | 2.9 % | 5.0 (1) |
| PSIX Power Solutions International, Inc | 722.4 | 2/3 | 08/06 | +488 % | ⚠ Wildest 10% 108 % | Stage 4 | C 54 | 5 of 9 | 1.1 $ | Specialty Industrial Machinery | – | — | — | 0/3 | Industrials | 46.50 $ | -31.6 % | -45.2 % | -59.5 % | −68.2 % | +53.0 % | 5 | 11 | 5.1 % | 6.3 % | 2.11 | — | 32.7 | 1.6 | — | 15.8 | 0.82 | 10.3 | — | 23.9 % | 10.0 % | 75.7 % | 12.3 % | — | — | +51.8 % | 7 | 0.0 % | 0.0 % | 8.8 | 30.6 % | 13.9 % | 4.3 (3) |
| BHR Braemar Hotel & Resorts Inc | 704.0 | 2/3 | 07/30 | -12 % | 45 % | Stage 4 | C 47 | 7 of 9 | 0.1 $ | REIT - Hotel & Motel | – | — | — | 0/3 | Real Estate | 1.70 $ | -28.6 % | -30.8 % | -36.0 % | −39.8 % | +38.9 % | 15 | 56 | 4.9 % | 4.6 % | 0.80 | — | 20.6 | 0.2 | 0.8 | 12.7 | — | 4.4 | — | 27.3 % | -0.4 % | -3.5 % | 1.4 % | 2.42 | — | -3.4 % | 4 | 10.6 % | 1.7 % | 3.1 | 56.0 % | 2.7 % | 3.0 (2) |
| NAVN Navan, Inc. | 702.3 | 2/3 | — | — | – | Stage 2 | B 66 | 5 of 9 | 4.6 $ | Software - Application | – | — | — | 0/3 | Technology | 19.40 $ | +24.6 % | +49.7 % | — | −11.9 % | +56.7 % | 89 | 50 | 7.0 % | 7.2 % | — | — | 95.2 | 5.6 | 3.2 | 129.9 | — | 0.0 | — | 72.6 % | -42.1 % | -52.9 % | -8.7 % | 0.14 | — | +30.8 % | 5 | 0.0 % | 0.0 % | 4.7 | 60.1 % | 33.4 % | — |
| LIND Lindblad Expeditions Holdings Inc | 644.7 | 2/3 | 08/03 | +50 % | 50 % | Stage 2 | B 65 | 8 of 9 | 1.8 $ | Travel Services | – | — | — | ⚠ 1/3 | Consumer Cyclical | 27.60 $ | +78.7 % | +94.4 % | +110.1 % | −1.1 % | +27.6 % | 91 | 94 | 5.8 % | 5.4 % | 2.22 | — | 65.4 | 2.2 | 164.7 | 15.1 | — | 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) |
| CMDB Costamare Bulkers Holdings Limited | 597.2 | 2/3 | 08/12 | — | 44 % | Stage 2 | C 52 | 9 of 9 | 0.6 $ | Marine Shipping | – | — | — | 0/3 | Industrials | 22.80 $ | +14.0 % | +17.8 % | +77.3 % | −10.9 % | — | 77 | 50 | 4.8 % | 4.7 % | — | — | 0.0 | 0.9 | — | 9.5 | — | 10.7 | — | 12.0 % | 0.6 % | -4.1 % | 0.4 % | — | — | -50.0 % | 6 | 0.5 % | 0.0 % | 7.7 | 21.4 % | 2.9 % | — |
| DLTH Duluth Holdings Inc | 565.2 | 2/3 | — | -11 % | 82 % | Stage 2 | B 60 | 6 of 9 | 0.2 $ | Apparel Retail | – | — | — | 0/3 | Consumer Cyclical | 4.00 $ | +99.0 % | +113.3 % | +11.1 % | −14.7 % | +22.0 % | 85 | 28 | 8.0 % | 8.3 % | 1.38 | — | 10.5 | 0.3 | — | 2.7 | 0.83 | 8.1 | — | 58.3 % | 1.1 % | -6.9 % | 2.0 % | — | — | -9.8 % | 5 | 0.0 % | 0.0 % | 5.5 | 23.6 % | 2.1 % | 3.0 (3) |
| UFI Unifi Inc | 531.3 | 2/3 | 08/19 | -13 % | 52 % | Stage 3 | B 57 | 6 of 9 | 0.1 $ | Textile Manufacturing | – | — | — | 0/3 | Consumer Cyclical | 6.60 $ | +28.6 % | +47.6 % | +42.8 % | −11.7 % | +81.8 % | 53 | 7 | 6.5 % | 5.4 % | 0.71 | — | 133.3 | 0.2 | 0.5 | 5.4 | 7.44 | 18.2 | — | 5.7 % | -4.6 % | -3.4 % | -2.2 % | 0.44 | — | -1.9 % | 4 | 0.0 % | 0.0 % | 8.4 | 44.8 % | 1.5 % | — |
| RHLD Resolute Holdings Management, Inc. | 462.1 | 2/3 | 08/06 | — | ⚠ Wildest 10% 104 % | Stage 1 | D 44 | 3 of 9 | 1.1 $ | Specialty Business Services | – | — | — | 0/3 | Industrials | 127.50 $ | -40.0 % | -36.8 % | +83.1 % | −47.1 % | — | 87 | 50 | 6.6 % | 6.5 % | — | 18.4 | 0.0 | 0.9 | 34.6 | 13.0 | — | 13.4 | — | 43.0 % | 4.2 % | 1.2 % | 2.6 % | 72.19 | — | +9.9 % | 8 | 0.0 % | 0.0 % | 3.7 | 47.7 % | 7.9 % | — |
| ILPT Industrial Logistics Properties Trust | 442.3 | 2/3 | 08/04 | +74 % | 42 % | Stage 2 | C 52 | 5 of 9 | 0.5 $ | REIT - Industrial | – | — | — | 0/3 | Real Estate | 7.50 $ | +59.4 % | +74.0 % | +26.6 % | −4.3 % | +43.2 % | 86 | 79 | 4.7 % | 4.1 % | 2.50 | — | 17.4 | — | 1.1 | 7.4 | — | 14.8 | — | 85.8 % | -10.4 % | -9.6 % | 1.8 % | 8.76 | — | +1.5 % | 5 | 3.2 % | 108.7 % | 3.8 | 53.5 % | 1.9 % | 3.7 (3) |
| TSQ Townsquare Media Inc | 427.4 | 2/3 | 08/05 | -9 % | 57 % | Stage 2 | E 24 | 6 of 9 | 0.1 $ | Advertising Agencies | – | — | — | ⚠ 1/3 | Communication Services | 4.90 $ | +30.8 % | +42.1 % | -15.8 % | −30.8 % | +96.1 % | 54 | 89 | 6.0 % | 5.4 % | 1.18 | — | 12.6 | 0.2 | 22.7 | 6.7 | 0.96 | 32.3 | — | 21.6 % | -11.8 % | -116.5 % | 6.4 % | -12.15 | — | -5.2 % | 5 | 15.5 % | 5.3 % | 1.1 | 67.0 % | 1.2 % | 4.5 (2) |
| AFRI Forafric Global PLC | 305.5 | 2/3 | 08/21 | -2 % | 29 % | Stage 1 | D 32 | 1 of 9 | 0.3 $ | Farm Products | – | — | — | ⚠ 1/3 | Consumer Defensive | 11.10 $ | -9.1 % | -5.5 % | +24.9 % | −12.0 % | — | 44 | 42 | 2.9 % | 2.7 % | 0.37 | — | 0.0 | — | — | — | — | 43.6 | — | 10.4 % | -8.4 % | -202.2 % | -0.9 % | — | — | -35.6 % | 3 | 0.0 % | 0.0 % | -2.5 | 2.3 % | 2.7 % | — |
| GSAT Globalstar, Inc. | 250.4 | 2/3 | 08/06 | +150 % | 59 % | Stage 2 | D 34 | 5 of 9 | 10.6 $ | Telecom Services | – | — | — | 0/3 | Communication Services | 82.50 $ | +30.9 % | +28.3 % | +125.4 % | −5.6 % | +9.9 % | 93 | 42 | 1.5 % | 1.5 % | 1.50 | — | 9.2 | 37.9 | 30.9 | 158.4 | 0.50 | 117.1 | 16.3 % | 62.3 % | -18.5 % | -2.5 % | 0.4 % | 1.54 | 14.4 % | +9.0 % | 9 | 0.0 % | 0.0 % | 1.0 | 26.3 % | 8.0 % | 4.3 (3) |
| QRHC Quest Resource Holding Corp | 250.2 | 2/3 | 08/10 | -26 % | 82 % | Stage 4 | D 38 | 7 of 9 | 0.0 $ | Waste Management | – | — | — | 0/3 | Industrials | 1.40 $ | -25.8 % | -39.1 % | -12.1 % | −43.2 % | +132.1 % | 20 | 81 | 12.7 % | 8.6 % | 0.17 | — | 10.0 | 0.1 | 0.8 | 3.0 | 1.24 | 12.6 | — | 16.4 % | -7.1 % | -17.6 % | 1.1 % | 1.65 | — | -13.3 % | 3 | 0.0 % | 0.0 % | 1.1 | 35.0 % | 0.5 % | 4.7 (3) |
| MNTN MNTN, Inc. | 225.6 | 2/3 | — | — | 72 % | — | B 64 | 5 of 9 | 0.8 $ | Software - Application | – | — | — | 0/3 | Technology | 10.90 $ | -4.4 % | +38.8 % | -40.5 % | −50.6 % | +58.8 % | — | — | — | — | — | 6.1 | 8.3 | 2.6 | 2.4 | 14.6 | — | 14.4 | 10.4 % | 80.8 % | 18.0 % | 19.7 % | 7.8 % | 0.00 | 80.8 % | +28.6 % | 9 | 0.0 % | 0.0 % | 7.8 | 69.9 % | 9.3 % | — |
| WBX Wallbox NV | 158.7 | 2/3 | — | — | ⚠ Wildest 10% 92 % | — | D 35 | 5 of 9 | 0.1 $ | Electronic Components | – | — | — | 0/3 | Technology | 2.90 $ | +40.2 % | +21.5 % | -39.6 % | −54.4 % | +42.8 % | — | — | — | — | 2.02 | — | 0.0 | 0.4 | 1.1 | — | — | -3.7 | -46.1 % | 36.8 % | -93.8 % | -663.3 % | -15.3 % | — | -13.2 % | -15.0 % | 4 | 0.0 % | 0.0 % | — | 12.3 % | 0.6 % | 3.8 (4) |
| AIRS Airsculpt Technologies Inc | 151.8 | 2/3 | 08/07 | -14 % | ⚠ Wildest 10% 136 % | Stage 3 | D 34 | 7 of 9 | 0.1 $ | Medical Care Facilities | Neutral | — | ⚠ 1/3 | Healthcare | 2.00 $ | +132.3 % | +108.3 % | -70.1 % | −63.2 % | +114.3 % | 81 | 90 | 6.5 % | 7.6 % | 2.29 | — | 0.0 | 1.0 | — | 181.3 | — | 267.3 | — | 66.3 % | -7.8 % | -12.6 % | -1.9 % | — | — | -15.8 % | 3 | 0.0 % | 0.0 % | 3.1 | 66.0 % | 7.3 % | 3.0 (4) | |
| SPRU Spruce Power Holding Corp | 111.8 | 2/3 | 08/10 | -20 % | ⚠ Wildest 10% 96 % | Stage 4 | C 45 | 4 of 9 | 0.0 $ | Solar | – | — | — | ⚠ 2/3 | Technology | 2.00 $ | -46.6 % | -49.9 % | +20.8 % | −61.9 % | +275.0 % | 27 | 42 | 4.6 % | 6.3 % | 1.19 | — | 45.2 | 0.3 | 0.3 | 350.0 | — | 8.8 | — | 66.4 % | -6.8 % | -10.5 % | 1.8 % | 5.76 | — | +36.2 % | 6 | 0.0 % | 0.0 % | 1.4 | 35.7 % | 5.8 % | — |
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Frequently Asked Questions
Die Rückkehr aus einer echten Krise, in der Fassung, die wir für Sie zurückgerechnet haben.
All scanners are recalculated daily across the entire stock universe — most recently on September 25, 2026. The data basis is fundamental data and SEC filings (10-K annual reports and 10-Q quarterly reports).
Currently, 26 stocks pass this scanner's criteria (as of September 25, 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 a company measurably comes back from a real crisis — measured in the accounts, not in the share price. The calculation runs on annual accounts, because the rule reaches at least five fiscal years back. Three things have to come together. First the crisis, and it has to be a real one: at least two consecutive fiscal years with a bottom-line loss, and in the latest of those loss years at least one sign of balance-sheet distress as well — negative operating cash flow, current assets below current liabilities, equity that is negative or has fallen by more than 30% within two years, or a cash balance that no longer covers four quarters at the current rate of cash burn. Second the double signal: at least two DIFFERENT signs of life out of a group of three, either in one set of accounts or spread across two consecutive ones. The three are: operating cash flow is positive again while the bottom line is still a loss; revenue accelerates out of stagnation, having grown at most 5% the year before and at least 20% now; and net debt, meaning financial debt minus cash, falls against the previous year without new shares being issued for it. Two different ones, not the same one twice: a sign of life that persists is not a second sign. Third, the return has to come under the company's own steam. The share count may have risen by no more than 10% since the crisis began, and total assets may have fallen by no more than 20%. That is not a detail: more than half of all measured signals sit in the diluted segment, and there the typical position produced a double-digit loss. 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. On top of that comes the size cut-off: from 100 million dollars of revenue upwards. This is the sharpest finding of the back-test — above that mark the rule produced 20.20% per year across 349 of the 440 purchases, between 10 and 100 million dollars minus 3.37%, and below that minus 16.87%. Banks, insurers and financial services companies are excluded entirely. 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 May 2002 to July 2026 on a data set that includes stocks which have since disappeared from the market: 855 signals, resulting in 440 purchases. That produced 20.23% per year against 10.46% for the S&P 500 including dividends, 9.32% for the equal-weighted universe and 14.23% for the toughest benchmark of all, a portfolio holding EVERY crisis company. With no fixed holding period — held for as long as every further set of annual accounts carries two of the three signs of life on its own — it was 21.13%, and that is the version this scanner reproduces: the buy happens at the first set of accounts showing the double signal, where the two signs may be spread across two consecutive sets; the position is then held only for as long as each individual set carries two signs. The pairing does not work as a holding rule — it would keep the stock listed a year too long. Three caveats belong to this honestly. Only 47.4% of all crisis companies ever reach another profitable year, and 5.2% disappear from the market before they do. The typical single position returned only 5.17% over twelve months at a hit rate of 54.1% — the annual figure of the portfolio comes from a few multi-baggers plus monthly rebalancing, not from the average case. 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.