Mid-cap

Kinaxis builds cloud software that helps major manufacturers plan supply chains in real time. Recurring revenue, rising free cash flow, stronger margins, and a low-debt balance sheet make its operating profile increasingly interesting to examine in detail.

nLIGHT makes advanced lasers for industry and defense, with defense now the larger revenue driver. Recent sales growth, stronger cash generation, and a very low-debt balance sheet make the company worth a closer look as it works toward sustainable profitability.

Kulicke and Soffa makes chip assembly equipment, with a strong position in wire bonding and growing exposure to advanced packaging. A cash-rich balance sheet and renewed revenue momentum make its transition worth examining in detail.

Klaviyo runs a marketing automation platform built around customer data, email, and SMS for commerce brands. Rapid revenue growth, rising free cash flow, and low debt make it a company worth examining closely as it works toward stronger profitability.

Kyndryl runs mission-critical IT systems for large organizations and is steadily shifting toward cloud, security, and modernization services. Profitability and cash flow have improved, making its ongoing transformation more meaningful to examine.

IPG Photonics makes fiber lasers used in cutting, welding, cleaning, and other precision manufacturing tasks. Its clean balance sheet, deep photonics expertise, and exposure to factory automation make the company worth a closer look as it works through a still-unfinished profit recovery.