13.6% of observations
Would it have doubled
before losing half?
Three historical dates. Growing revenue and EPS. The actual price paths that followed.
Historical statements may include later restatements. These results are exploratory—not an unbiased estimate of future odds.
44 qualifying stock/date observations
38.6% of observations
45.5% of observations
2.3% of observations
Stocks can appear in more than one cohort. These observations are not independent.
Three starting points.
| Signal date | Matches | +100% first | −50% first | Neither | Unresolved | Mean net return | SPY · 24 months |
|---|---|---|---|---|---|---|---|
| Sep 12, 2022 | 22 | 4 | 9 | 9 | 0 | -2.7%22/22 verified exits | +39.6% |
| Aug 1, 2023 | 11 | 0 | 4 | 6 | 1 | -25.0%10/11 verified exits | +36.9% |
| Jul 10, 2024 | 11 | 2 | 4 | 5 | 0 | +1.7%11/11 verified exits | +34.2% |
Equal starting dollars per verified trade; proceeds remain in cash after exit. Returns include 0.10% cost per side, exclude dividends and cash interest, and are not annualized. SPY uses the same entry date and a full 24-month hold.
Rules, data coverage & limitations +
Selection. The latest known TTM revenue and diluted EPS must both exceed the previous year and the values known at the stock’s 24-month closing high. Current and prior-year TTM EPS must both be positive. All healthcare is excluded, not just drug developers. When multiple listings share an issuer, only the most liquid historical listing is retained.
Timing. Statements are eligible strictly after their filing day. Signal-day close must be at least 50% below the preceding 24-month closing high. Liquidity is mean daily close × volume over 30 completed sessions. Entry is the next trading session’s opening price.
Prices. Displayed prices and volumes use consistent split-adjusted units; historical price labels may differ from the original trading tape.
Exits. The first closing price at +100% or −50% determines the outcome. Execution is at the following session’s open, which can overshoot the threshold. If neither closes beyond a barrier, the position exits at the last close within 24 months. Missing required prices remain unresolved.
Coverage. 11,825 current and delisted symbols in the combined universe. 14,364 stock/date cases were withheld for incomplete or unverified screening evidence; these are not counted as failed trades. 0 retrieval errors. Delisted records reduce survivorship bias but do not prove complete historical-universe coverage.
Download withheld screening cases ↓
- Reconstructed historical screen. Current financial datasets may contain later restatements; original-vintage statements are not available.
- Universe combines currently listed US stocks with available delisted records. This reduces but does not eliminate survivorship and symbol-history bias.
- Sector classifications are current metadata. Healthcare, pharmaceuticals, biotechnology and medical companies are excluded.
- The three random dates are independent of returns, but are a small sample; repeated stocks and overlapping holding windows are not independent evidence.
- First-touch uses daily closes, not intraday highs/lows. Trades enter next open; threshold exits use the following open, so realized returns can overshoot barriers.
- Displayed historical prices and volumes are split-adjusted. Split-adjusted entry prices may differ from prices originally quoted at the time.
- Price returns exclude dividends, taxes, borrowing costs and interest on cash. A 0.10% execution-cost allowance is charged on each side.
- Positive TTM EPS is required in both current and prior-year periods. Revenue and EPS must grow year on year and exceed values known at the prior 24-month high. This is a quantitative screen, not verification of business quality.
- Incomplete financial histories and EPS comparisons crossing unverified splits are withheld; this changes the sample. Missing trade outcomes stay unresolved.
Reproducibility. One seeded random US trading session in July 1–September 20 of each year; dates frozen before screening. Seed: 100before50-backtest-v1-2026-09-27. Data retrieved Sep 27, 2026.
Sep 12, 2022
ATUSAltice USA, Inc.−50% first51 days-54.7%Net trade return
Delisted record: Nov 19, 2025. No assumed acquisition payout is substituted for missing market data.
Financial period ended Jun 30, 2022 · filed Aug 4, 2022 · Communication Services
BFAMBright Horizons Family Solutions Inc.+100% first714 days+99.8%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 5, 2022 · Industrials
CABOCable One, Inc.−50% first426 days-49.3%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 5, 2022 · Communication Services
CARAvis Budget Group, Inc.−50% first692 days-48.4%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 2, 2022 · Industrials
CHTRCharter Communications, Inc.Neither reached731 days-14.3%Net trade return
Financial period ended Jun 30, 2022 · filed Jul 29, 2022 · Communication Services
EAFGrafTech International Ltd.−50% first419 days-56.9%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 5, 2022 · Industrials
FOXFFox Factory Holding Corp.−50% first575 days-52.5%Net trade return
Financial period ended Jul 1, 2022 · filed Aug 4, 2022 · Consumer Cyclical
IIPRInnovative Industrial Properties, Inc.Neither reached731 days+39.3%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 4, 2022 · Real Estate
IPGPIPG Photonics CorporationNeither reached731 days-25.0%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 3, 2022 · Technology
IPIIntrepid Potash, Inc.−50% first234 days-49.6%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 5, 2022 · Basic Materials
KSSKohl's CorporationNeither reached731 days-33.9%Net trade return
Financial period ended Jul 30, 2022 · filed Sep 1, 2022 · Consumer Cyclical
MMacy's, Inc.Neither reached731 days-15.6%Net trade return
Financial period ended Jul 30, 2022 · filed Aug 26, 2022 · Consumer Cyclical
MEDMedifast, Inc.−50% first485 days-49.9%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 3, 2022 · Consumer Cyclical
MHKMohawk Industries, Inc.Neither reached731 days+42.1%Net trade return
Financial period ended Jul 2, 2022 · filed Jul 29, 2022 · Consumer Cyclical
NFLXNetflix, Inc.+100% first308 days+110.1%Net trade return
Financial period ended Jun 30, 2022 · filed Jul 21, 2022 · Communication Services
PINSPinterest, Inc.Neither reached731 days+18.1%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 1, 2022 · Communication Services
PLCEThe Children's Place, Inc.−50% first253 days-52.4%Net trade return
Financial period ended Jul 30, 2022 · filed Aug 26, 2022 · Consumer Cyclical
PVHPVH Corp.+100% first458 days+99.8%Net trade return
Financial period ended Jul 31, 2022 · filed Sep 8, 2022 · Consumer Cyclical
RHRhNeither reached731 days+21.0%Net trade return
Financial period ended Jul 30, 2022 · filed Sep 8, 2022 · Consumer Cyclical
SMTCSemtech Corporation−50% first401 days-51.9%Net trade return
Financial period ended Jul 31, 2022 · filed Aug 31, 2022 · Technology
SYNASynaptics IncorporatedNeither reached731 days-34.0%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 22, 2022 · Technology
TREXTrex Company, Inc.+100% first538 days+99.0%Net trade return
Financial period ended Jun 30, 2022 · filed Aug 8, 2022 · Basic Materials
Aug 1, 2023
BXPBXP, Inc.Neither reached730 days+0.6%Net trade return
Financial period ended Mar 31, 2023 · filed May 3, 2023 · Real Estate
DEIDouglas Emmett, Inc.Neither reached730 days+7.0%Net trade return
Financial period ended Mar 31, 2023 · filed May 4, 2023 · Real Estate
DISThe Walt Disney CompanyNeither reached730 days+31.8%Net trade return
Financial period ended Apr 1, 2023 · filed May 10, 2023 · Communication Services
ENPHEnphase Energy, Inc.−50% first463 days-51.6%Net trade return
Financial period ended Jun 30, 2023 · filed Jul 27, 2023 · Energy
GTMZoomInfo Technologies Inc.−50% first370 days-56.4%Net trade return
Financial period ended Jun 30, 2023 · filed Jul 31, 2023 · Technology
IIPRInnovative Industrial Properties, Inc.Neither reached730 days-33.2%Net trade return
Financial period ended Mar 31, 2023 · filed May 9, 2023 · Real Estate
LBRDKLiberty Broadband CorporationNeither reached730 days-33.1%Net trade return
Delisted record: Aug 21, 2026. No assumed acquisition payout is substituted for missing market data.
Financial period ended Mar 31, 2023 · filed May 2, 2023 · Communication Services
MPMP Materials Corp.−50% first366 days-54.9%Net trade return
Financial period ended Mar 31, 2023 · filed May 5, 2023 · Basic Materials
NSANational Storage Affiliates TrustNeither reached730 days-10.5%Net trade return
Delisted record: Jul 21, 2026. No assumed acquisition payout is substituted for missing market data.
Financial period ended Mar 31, 2023 · filed May 2, 2023 · Real Estate
PRFTPerficient, Inc.Unresolved—Net trade return
Missing daily close before first barrier or deadline
Delisted record: Oct 2, 2024. No assumed acquisition payout is substituted for missing market data.
Financial period ended Jun 30, 2023 · filed Jul 27, 2023 · Technology
VTLEVital Energy, Inc.−50% first457 days-49.4%Net trade return
Delisted record: Dec 15, 2025. No assumed acquisition payout is substituted for missing market data.
Financial period ended Mar 31, 2023 · filed May 9, 2023 · Energy
Jul 10, 2024
ADNTAdient plc−50% first267 days-54.1%Net trade return
Financial period ended Mar 31, 2024 · filed May 3, 2024 · Consumer Cyclical
DVDoubleVerify Holdings, Inc.−50% first484 days-52.2%Net trade return
Financial period ended Mar 31, 2024 · filed May 7, 2024 · Technology
FIVEFive Below, Inc.+100% first578 days+103.8%Net trade return
Financial period ended May 4, 2024 · filed Jun 6, 2024 · Consumer Cyclical
IRDMIridium Communications Inc.+100% first687 days+99.8%Net trade return
Financial period ended Mar 31, 2024 · filed Apr 18, 2024 · Communication Services
MTCHMatch Group, Inc.Neither reached729 days+23.8%Net trade return
Financial period ended Mar 31, 2024 · filed May 8, 2024 · Communication Services
NFENew Fortress Energy Inc.−50% first61 days-51.1%Net trade return
Financial period ended Mar 31, 2024 · filed May 9, 2024 · Energy
PAYCPaycom Software, Inc.Neither reached729 days-2.3%Net trade return
Financial period ended Mar 31, 2024 · filed May 2, 2024 · Technology
PCTYPaylocity Holding CorporationNeither reached729 days-11.8%Net trade return
Financial period ended Mar 31, 2024 · filed May 3, 2024 · Technology
PZZAPapa John's International, Inc.Neither reached729 days-21.8%Net trade return
Financial period ended Mar 31, 2024 · filed May 9, 2024 · Consumer Cyclical
SSTKShutterstock, Inc.−50% first258 days-51.3%Net trade return
Financial period ended Mar 31, 2024 · filed May 2, 2024 · Communication Services
YUMCYum China Holdings, Inc.Neither reached729 days+36.3%Net trade return
Financial period ended Mar 31, 2024 · filed May 8, 2024 · Consumer Cyclical