Most people screen for growth.
I like to flip it and look for companies that are down big, still doing something real, and sitting on cash.
If a stock is down 30% to 60% but the business is intact and the balance sheet is strong, you’re often getting asymmetry.
Limited downside from here.
Non-linear upside if anything goes right.
I ran a screen for:
- Market cap over $500M
- Down over 30% in the last year
- Net cash
- Real liquidity
Here’s what came up.
ServiceNow (NOW)
What they do
Enterprise workflow software that sits at the center of large organizations.
Market cap vs enterprise value
~$111B vs ~$104B
What stands out
This is not “tech beta.” This is infrastructure.
ServiceNow is deeply embedded inside Fortune 500 workflows. Once it’s in, it rarely comes out. Switching costs are real, expansion is natural, and pricing power is quietly strong.
The stock didn’t fall because customers are leaving. It fell because the market decided to pay less for quality.
Why it might be interesting
You’re getting one of the highest-quality enterprise software businesses at a reset valuation.
If multiples stabilize, you don’t need hero growth. You just need the business to keep doing what it’s already doing.
Pinterest (PINS)
What they do
A visual search engine for intent. Users come with a plan, not to scroll.
Market cap vs enterprise value
~$12.3B vs ~$10.4B
What stands out
Pinterest is one of the few platforms where user behavior is inherently commercial.
People are planning weddings, outfits, home projects, purchases. The intent is there. Monetization has lagged.
That gap is the story.
Why it might be interesting
You’re buying a large, engaged audience that hasn’t been fully monetized yet.
If they close even part of the gap with peers on ad yield, revenue can grow without needing massive user growth.
The Trade Desk (TTD)
What they do
The backbone of programmatic advertising on the open internet.
Market cap vs enterprise value
~$10.5B vs ~$10.5B
What stands out
This is one of the few scaled, independent players in digital ads.
While others are tied to their own ecosystems, Trade Desk benefits from the fragmentation of the internet. More channels, more inventory, more need for a neutral buyer platform.
And it’s founder-led, which shows in execution.
Why it might be interesting
Ad spend is cyclical. Platforms like this are structural.
When budgets come back, dollars tend to consolidate into the highest ROI channels. Trade Desk has consistently been one of them.
You’re buying a cycle trough with a structurally advantaged player.
Aurora Innovation (AUR)
What they do
Autonomous driving software focused on trucking.
Market cap vs enterprise value
~$8.3B vs ~$7.3B
What stands out
This is a long-duration bet on autonomy actually working in a commercially viable way.
The trucking angle matters. High utilization, clear economic incentives, and labor constraints make it one of the first real use cases if autonomy scales.
Why it might be interesting
If autonomy cracks trucking, the value creation is massive.
If it doesn’t, the timeline just keeps getting pushed.
This is classic asymmetric optionality. You size it small, but the upside can be multiples.
Archer Aviation (ACHR)
What they do
Electric vertical aircraft aimed at urban air mobility.
Market cap vs enterprise value
~$4.2B vs ~$2.5B
What stands out
The gap between market cap and enterprise value is doing a lot of the talking here.
There’s a meaningful cash cushion relative to how the market is valuing the operating business. That tells you how much skepticism is priced in around execution.
Why it might be interesting
You’re effectively paying a discounted price for a very large vision.
If they hit milestones on certification and commercialization, the narrative can shift quickly.
If they don’t, the cash buys them time.
NuScale Power (SMR)
What they do
Small modular nuclear reactors.
Market cap vs enterprise value
~$3.6B vs ~$2.3B
What stands out
Energy demand is rising, and the world is quietly reconsidering nuclear.
SMRs are pitched as a more flexible, scalable solution compared to traditional plants. The question is not demand. It’s execution.
Why it might be interesting
If nuclear sentiment continues to improve and projects actually get built, this sits directly in that tailwind.
You’re early, and that comes with risk. But the direction of travel on energy demand is clear.
SoundHound AI (SOUN)
What they do
Voice AI infrastructure across auto, restaurants, and enterprise.
Market cap vs enterprise value
~$2.8B vs ~$2.7B
What stands out
Everyone talks about AI, but most of the value so far has gone to a handful of players.
SoundHound is trying to carve out a layer in voice, which is still underpenetrated relative to text and search.
Why it might be interesting
If voice becomes a meaningful interface layer, this is levered to that shift.
If it doesn’t, it remains a niche product with limited upside.
High variance outcome. That’s the bet.
Webull (BULL)
What they do
Retail trading platform competing with Robinhood.
Market cap vs enterprise value
~$2.7B vs ~$600M
What stands out
This is the cleanest balance sheet-driven setup on the list.
There’s a massive difference between what the market is valuing the company at and what the core business is implied to be worth after backing out cash.
The market is essentially saying the business itself is not worth much.
Why it might be interesting
You’re getting a real platform with real users at a heavily discounted implied valuation.
If retail trading activity stabilizes or sentiment shifts even slightly, it doesn’t take much for this to re-rate.
The Big Picture
There are three buckets here:
- High-quality names that got cheaper
ServiceNow, Trade Desk - Under-monetized platforms
Pinterest - Optionality-heavy bets
Aurora, Archer, NuScale, SoundHound, Webull
The common thread is simple.
You’re not paying for perfection.
In some cases, you’re barely paying for the business at all.
That’s usually where the interesting setups live.
Not when everything looks great.
But when expectations are already low and the balance sheet gives you time.
If you want to run this exact screener, you can do it on Stock Analysis using code SAVEONTRADING. And if you’re curious which two of these I’m actually long, I share that inside the Free Overnight Momo Discord.