Mid-cap

Box provides cloud content management software for businesses, combining storage, security, workflow tools, and newer AI features. The notable angle is a recurring-revenue model backed by rising cash flow and a stronger role in enterprise document intelligence.

Badger Meter develops smart water meters, communications systems, and software that help utilities and large customers manage water use more efficiently. Strong margins, rising cash flow, and a debt-light balance sheet make its water infrastructure position worth a closer look.

BILL builds software that helps businesses pay bills, send invoices, manage expenses, and control spending. The appeal in its profile comes from a large digitalization runway, an expanding platform, and sharply improving free cash flow as the business matures.

Adeia licenses technology used in media and semiconductors, turning patent portfolios into high-margin revenue. The mix of stronger profitability, lower leverage, and exposure to advanced chip packaging makes the company worth a closer look.

Axcelis Technologies makes specialized chipmaking tools used in ion implantation, with a particularly strong presence in power semiconductors. Its clean balance sheet and above-sector profitability stand out, while future upside depends on a broader recovery in equipment demand.