Confirmation-triggered inflection screen. Fundamentals · technicals · sentiment, acquisitions, milestone revenue and red flags filtered out, analyst-researched verdicts. Bot flags — Max decides. Flag-only: nothing here is validated or investment advice.
What happenedQ3 FY2026 (ended 31 Aug 2026) revenue rose 37.7% YoY to $21.6B, driven by servers/storage/cloud-IaaS up 67% and the Hyve hyperscale segment up 117% as three new hyperscaler programs ramped alongside existing-customer expansion. Pure organic AI-infrastructure distribution demand; no acquisition.
BullRiding the AI datacentre capex supercycle through both Distribution and Hyve; gross billings +40%, management says demand 'isn't cracking', like-for-like margins stable, and it is growing above market with three new hyperscalers signed.
BearGrowth is concentrated in a handful of lumpy Hyve hyperscaler programs at a dilutive ~1.9% operating margin; inventory swelled 61% to $15.3B and operating cash flow turned negative - a working-capital and customer-concentration risk if AI capex cools.
NarrativeRecord quarter well received and the stock sits near highs, but analysts (JPMorgan) are pressing on Hyve margin dilution and the negative operating cash flow / swelling inventory. Low short interest (~2.6%), institutional not retail-hype name. Next catalyst: Q4 FY2026 report ~December 2026.
What happenedQ1 FY2027 (ended 31 Jul 2026) revenue rose ~30% YoY to $2.03B, led by all-flash array revenue +47% and product revenue +51% on AI/modernization demand. Flattered by an extra 53rd fiscal week (~$65M services), some accelerated customer purchases and pricing benefits; the DataPelago AI-software acquisition is immaterial to revenue.
BullStructural all-flash/AI storage demand with NetApp standardizing as the platform for mission-critical and AI workloads; product revenue +51% and record first-quarter free cash flow show the ramp is real demand, not just mix.
BearManagement explicitly flagged pull-forward ('accelerated purchases') and pricing/NAND-cost benefits plus a one-off extra week, so the per-day organic rate (~20%) is well below the 30% headline; the stock is at an all-time high after +48% in three months with heavy insider selling (-13 net), so a lot is priced in.
NarrativeStrongly positive narrative ('AI adds impetus'), beat estimates ($2.03B vs $1.84B consensus), trading at a 52-week high. But insiders are net sellers and the print leaned on one-offs; an institutional AI-infra story rather than a retail meme. Next catalyst: Q2 FY2027 report ~late November 2026.
| Ticker | Company | Revenue YoY | Mcap | Flags |
|---|
| Ticker | Commodity 3m | Stock 3m | Revenue YoY | Why it's here |
|---|---|---|---|---|
| INSW | dry bulk freight +3.7% tanker peer +69.5% | +48.9% | +38% → +77% → +139% | commodity/cyclical SIC 4400 (Water Transportation) |
| TXO | crude oil +28.3% | +14.9% | +14% → +27% → +79% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| CVI | crude oil +28.3% | +89.2% | -7% → +20% → +55% | commodity/cyclical SIC 2911 (Petroleum Refining) |
| TALO | crude oil +28.3% | +24.4% | -19% → -8% → +57% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| PARR | crude oil +28.3% | +21.5% | -1% → +5% → +57% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| DMLP | crude oil +28.3% | +16.6% | +5% → +36% → +73% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| PAGP | crude oil +28.3% | +8.0% | -12% → +9% → +66% | commodity/cyclical SIC 4610 (Pipe Lines (No Natural Gas)); margin not confirming: revenue - cost of revenue +29% vs revenue +66% YoY (< 0.5x) |
| WKC | crude oil +28.3% | -1.0% | -7% → +2% → +50% | commodity/cyclical SIC 5172 (Wholesale-Petroleum & Petroleum Products (No Bulk Stations)) |
| PAA | crude oil +28.3% | +6.7% | -12% → +9% → +66% | commodity/cyclical SIC 4610 (Pipe Lines (No Natural Gas)); margin not confirming: revenue - cost of revenue +29% vs revenue +66% YoY (< 0.5x) |
| DINO | crude oil +28.3% | +48.6% | -77% → +12% → +53% | commodity/cyclical SIC 4610 (Pipe Lines (No Natural Gas)) |
| GNK | dry bulk freight +3.7% tanker peer +69.5% | +8.4% | +11% → +61% → +69% | commodity/cyclical SIC 4412 (Deep Sea Foreign Transportation of Freight) |
| MTDR | crude oil +28.3% | +6.1% | -17% → -6% → +27% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| GRNT | crude oil +28.3% | +14.1% | -1% → +4% → +37% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| WTI | crude oil +28.3% | +15.3% | +1% → +16% → +33% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| KOS | crude oil +28.3% | +29.3% | -26% → +28% → +55% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| NGL | natural gas +9.5% | -2.1% | -7% → -2% → +59% | commodity/cyclical SIC 4922 (Natural Gas Transmission); margin not confirming: revenue - cost of revenue +28% vs revenue +59% YoY (< 0.5x); gross margin -7.6pp YoY |
| GTE | crude oil +28.3% | +68.0% | -12% → +2% → +25% | commodity/cyclical SIC 1311 (Crude Petroleum & Natural Gas) |
| GLP | crude oil +28.3% | +2.9% | +7% → +10% → +41% | commodity/cyclical SIC 5171 (Wholesale-Petroleum Bulk Stations & Terminals) |
| STLD | US hot-rolled steel +10.6% | +2.6% | +14% → +19% → +33% | commodity/cyclical SIC 3312 (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) |
| J | no free proxy | +7.7% | +12% → +27% → +34% | margin not confirming: gross profit +7% vs revenue +34% YoY (< 0.5x); gross margin -5.1pp YoY |
| Ticker | Filter | Reason |
|---|---|---|
| BWIN | acquisition | goodwill +87% YoY at 2026-06-30 (goodwill+intangibles +$1,756M = 121% of pre-deal TTM revenue); acquisitions $1,083M (cash $573M + stock $511M, 2026-01-01 to 2026-03-31) = 73% of TTM revenue; pro forma acquisition revenue disclosed in the latest filing (2026-07-30) |
| CHRD | acquisition | acquisitions $576M (cash $576M + stock $0M, 2025-01-01 to 2025-12-31) = 11% of TTM revenue |
| CR | acquisition | goodwill +96% YoY at 2026-06-30 (goodwill+intangibles +$1,152M = 52% of pre-deal TTM revenue); acquisitions $1,355M (cash $1,355M + stock $0M, 2026-01-01 to 2026-03-31) = 59% of TTM revenue |
| CRGY | acquisition | acquisitions $1,177M (cash $0M + stock $1,177M, 2025-04-01 to 2025-06-30) = 37% of TTM revenue |
| DGII | acquisition | acquisitions $146M (cash $146M + stock $0M, 2024-10-01 to 2025-09-30) = 34% of TTM revenue |
| DNOW | acquisition | goodwill +198% YoY at 2026-06-30 (goodwill+intangibles +$465M = 19% of pre-deal TTM revenue); acquisitions $1,773M (cash $574M + stock $1,199M, 2025-01-01 to 2025-12-31) = 75% of TTM revenue |
| DOC | acquisition | acquisitions $296M (cash $296M + stock $0M, 2026-01-01 to 2026-06-30) = 49% of TTM revenue |
| ESI | acquisition | acquisitions $864M (cash $864M + stock $0M, 2026-01-01 to 2026-03-31) = 34% of TTM revenue |
| FMNB | acquisition | goodwill +62% YoY at 2026-06-30 (goodwill+intangibles +$120M = 43% of pre-deal TTM revenue); acquisitions $277M (cash $0M + stock $277M, 2026-01-01 to 2026-03-31) = 99% of TTM revenue |
| FROG | acquisition | goodwill +50% YoY at 2025-06-30 (goodwill+intangibles +$153M = 39% of pre-deal TTM revenue) |
| GPN | acquisition | goodwill +61% YoY at 2026-06-30 (goodwill+intangibles +$25,272M = 327% of pre-deal TTM revenue); acquisitions $4,794M (cash $1,389M + stock $3,405M, 2026-01-01 to 2026-03-31) = 62% of TTM revenue |
| HHH | acquisition | new goodwill at 2026-06-30 (goodwill+intangibles +$282M = 16% of pre-deal TTM revenue); acquisitions $1,639M (cash $1,639M + stock $0M, 2026-01-01 to 2026-06-30) = 111% of TTM revenue |
| ITT | acquisition | goodwill +158% YoY at 2026-07-04 (goodwill+intangibles +$4,993M = 135% of pre-deal TTM revenue); acquisitions $3,543M (cash $3,543M + stock $0M, 2026-01-01 to 2026-07-04) = 90% of TTM revenue |
| LEGH | acquisition | acquisitions $19M (cash $19M + stock $0M, 2025-01-01 to 2025-12-31) = 15% of TTM revenue |
| OMC | acquisition | goodwill +74% YoY at 2026-03-31 (goodwill+intangibles +$12,385M = 79% of pre-deal TTM revenue) |
| OOMA | acquisition | goodwill +119% YoY at 2026-07-31 (goodwill+intangibles +$64M = 25% of pre-deal TTM revenue) |
| OVV | acquisition | acquisitions $1,192M (cash $1,192M + stock $0M, 2026-01-01 to 2026-03-31) = 14% of TTM revenue |
| PRK | acquisition | goodwill +65% YoY at 2026-06-30 (goodwill+intangibles +$139M = 21% of pre-deal TTM revenue); pro forma acquisition revenue disclosed in the latest filing (2026-08-07) |
| RDNT | acquisition | goodwill +49% YoY at 2026-06-30 (goodwill+intangibles +$525M = 28% of pre-deal TTM revenue) |
| REPX | acquisition | acquisitions $118M (cash $118M + stock $0M, 2025-01-01 to 2025-09-30) = 29% of TTM revenue |
| RXO | acquisition | goodwill +79% YoY at 2025-06-30 (goodwill+intangibles +$907M = 24% of pre-deal TTM revenue) |
| SM | acquisition | acquisitions $2,458M (cash $49M + stock $2,409M, 2026-01-01 to 2026-03-31) = 78% of TTM revenue |
| WAT | acquisition | goodwill +604% YoY at 2026-07-04 (goodwill+intangibles +$16,025M = 345% of TTM revenue); acquisitions $12,835M (cash $0M + stock $12,835M, 2026-01-01 to 2026-04-04) = 276% of TTM revenue; pro forma acquisition revenue disclosed in the latest filing (2026-08-11) |
| WES | acquisition | goodwill +7168% YoY at 2026-03-31 (goodwill+intangibles +$603M = 17% of pre-deal TTM revenue) |
| WT | acquisition | goodwill +309% YoY at 2026-06-30 (goodwill+intangibles +$495M = 111% of pre-deal TTM revenue); acquisitions $270M (cash $270M + stock $0M, 2025-01-01 to 2025-12-31) = 63% of TTM revenue; pro forma acquisition revenue disclosed in the latest filing (2026-08-05) |
| CDNA | non-product | operating income moved 2.75x the revenue change YoY (> 0.7) - revenue with ~no cost attached |
| FF | non-product | latest quarter 2.9x the median of the prior 4 (> 2.5x) - lumpy one-off |
| IOVA | non-product | operating income moved 1.57x the revenue change YoY (> 0.7) - revenue with ~no cost attached |
| U | non-product | operating income moved 0.82x the revenue change YoY (> 0.7) - revenue with ~no cost attached |
| AAMI | red flag | annual CFO/NI = -0.03 (< 0.8) |
| ARW | red flag | receivables growth outpacing revenue by >20% for 2 quarters; annual CFO/NI = 0.11 (< 0.8) |
| AVT | red flag | annual CFO/NI = -0.84 (< 0.8) |
| CLS | red flag | annual CFO/NI = 0.79 (< 0.8) |
| HPK | red flag | annual CFO/NI = 0.03 (< 0.8) |
| KYMR | red flag | annual CFO/NI = -0.75 (< 0.8) |
| MUR | red flag | receivables growth outpacing revenue by >20% for 2 quarters |
| MYFW | red flag | annual CFO/NI = -0.14 (< 0.8) |
| PR | red flag | receivables growth outpacing revenue by >20% for 2 quarters |
| URGN | red flag | receivables growth outpacing revenue by >20% for 2 quarters |
| LPG | analyst | noise - exclude (commodity/cyclical) - holds until the next 10-Q |
| PTGX | analyst | noise - exclude (milestone/one-off) - holds until the next 10-Q |
| SWBI | analyst | noise - exclude (commodity/cyclical) - holds until the next 10-Q |
| Flagged | Ticker | Return | vs SPY | vs IWM | Verdict | Rank | Entry | Last |
|---|---|---|---|---|---|---|---|---|
| 10 Oct | OOMA | +0.7% | +0.8% | +1.4% | noise | 9 | 20.03 | 20.18 |
| 10 Oct | MDB | -4.1% | -4.0% | -3.5% | judge | 8 | 389.00 | 373.07 |
| 10 Oct | SWBI | +1.3% | +1.4% | +1.9% | noise | 7 | 14.04 | 14.22 |
| 10 Oct | NTAP | +0.7% | +0.8% | +1.3% | genuine | 6 | 237.42 | 239.01 |
| 10 Oct | MGNX | -8.1% | -8.0% | -7.4% | noise | 4 | 3.72 | 3.42 |
| 07 Oct | MASS | -0.1% | -0.4% | +0.5% | 10 | 12.10 | 12.09 | |
| 06 Oct | HPK | +24.0% | +24.1% | +26.8% | 10 | 8.15 | 10.11 | |
| 06 Oct | SNX | -1.5% | -1.4% | +1.3% | genuine | 9 | 280.11 | 276.04 |
| 06 Oct | EGY | +8.3% | +8.3% | +11.0% | 8 | 5.78 | 6.26 | |
| 05 Oct | DMLP | +5.8% | +4.7% | +7.6% | 9 | 28.51 | 30.16 | |
| 03 Oct | KLIC | -11.5% | -12.5% | -9.6% | 9 | 100.01 | 88.54 | |
| 02 Oct | AOUT | +1.7% | +0.7% | +3.7% | 6 | 16.73 | 17.01 | |
| 02 Oct | SITM | -17.3% | -18.3% | -15.3% | 5 | 701.05 | 579.66 | |
| 01 Oct | OESX | -18.7% | -20.5% | -18.5% | 3 | 30.50 | 24.80 | |
| 23 Sep* | DSP | +2.6% | +2.0% | +5.9% | 10 | 12.89 | 13.23 | |
| 23 Sep* | WHD | -3.9% | -4.6% | -0.7% | 9 | 66.69 | 64.07 | |
| 16 Sep | SNDA | -9.8% | -12.5% | -6.7% | 9 | 39.91 | 35.99 | |
| 16 Sep | REPX | +7.0% | +4.3% | +10.1% | 3 | 44.63 | 47.75 | |
| 29 Aug* | FIG | -21.2% | -22.8% | -15.2% | 10 | 27.60 | 21.76 | |
| 29 Aug* | INDI | -41.4% | -43.0% | -35.4% | 9 | 3.78 | 2.21 | |
| 29 Aug* | YOU | +0.0% | -1.6% | +6.0% | 8 | 43.52 | 43.52 | |
| 29 Aug* | FIGS | +16.6% | +14.9% | +22.6% | 7 | 15.44 | 18.00 | |
| 29 Aug* | PBF | +23.3% | +21.6% | +29.2% | 6 | 73.97 | 91.17 | |
| 29 Aug* | EVC | -20.1% | -21.8% | -14.2% | 5 | 8.14 | 6.50 | |
| 29 Aug* | SUN | +0.5% | -1.2% | +6.4% | 4 | 75.26 | 75.60 | |
| 29 Aug* | BFLY | -2.9% | -4.5% | +3.1% | 3 | 8.34 | 8.10 | |
| 29 Aug* | PLTR | +13.1% | +11.5% | +19.1% | 2 | 184.50 | 208.67 | |
| 27 Aug | NGL | -12.1% | -13.6% | -5.0% | 10 | 17.06 | 14.99 | |
| 27 Aug | HTFL | +2.9% | +1.4% | +10.0% | genuine | 7 | 48.92 | 50.32 |
| 25 Aug | INR | -4.6% | -6.4% | +2.8% | 6 | 14.56 | 13.89 | |
| 22 Aug | CRON | -3.3% | -5.3% | +4.1% | 10 | 3.31 | 3.20 | |
| 22 Aug | PAGP | +1.4% | -0.6% | +8.8% | 5 | 26.72 | 27.09 | |
| 19 Aug | GKOS | -11.0% | -12.3% | -2.6% | 10 | 186.00 | 165.50 | |
| 19 Aug | GLP | -2.8% | -4.0% | +5.6% | 9 | 50.90 | 49.49 | |
| 19 Aug | LPG | +18.4% | +17.1% | +26.8% | 8 | 48.98 | 57.98 | |
| 19 Aug | TALO | +5.5% | +4.3% | +13.9% | 7 | 16.64 | 17.56 | |
| 19 Aug | PARR | +12.0% | +10.7% | +20.4% | 6 | 80.27 | 89.88 | |
| 19 Aug | INSW | +31.4% | +30.1% | +39.8% | 5 | 95.17 | 125.04 | |
| 19 Aug | MGY | -7.5% | -8.8% | +0.9% | 4 | 27.15 | 25.11 | |
| 16 Aug | PAA | +4.7% | +4.2% | +13.4% | 10 | 23.81 | 24.92 | |
| 16 Aug | RCUS | -23.2% | -23.7% | -14.5% | 9 | 29.32 | 22.51 | |
| 16 Aug | KYMR | -9.1% | -9.6% | -0.4% | 8 | 117.39 | 106.68 | |
| 16 Aug | PTGX | -10.7% | -11.2% | -2.0% | 7 | 155.11 | 138.49 | |
| 16 Aug | WAT | +5.1% | +4.6% | +13.8% | 6 | 408.48 | 429.17 | |
| 16 Aug | WKC | +1.3% | +0.8% | +10.0% | 5 | 35.88 | 36.35 | |
| 16 Aug | URGN | -21.1% | -21.6% | -12.4% | 4 | 48.51 | 38.26 | |
| 16 Aug | NVEC | -9.0% | -9.5% | -0.3% | 3 | 121.69 | 110.74 | |
| 16 Aug | FF | -6.1% | -6.6% | +2.6% | 2 | 5.55 | 5.21 | |
| 16 Aug | CMCO | -16.7% | -17.1% | -7.9% | 1 | 19.21 | 16.01 |