Forbes ranks the 100 most successful U.S. small caps of 2026

Shipping company Dorian LPG has topped Forbes’ annual list of the 100 most successful U.S. small caps. Forbes ranked companies on five years of earnings growth, revenue growth, return on equity, and total stock returns, giving the most recent 12 months greater weight.

Dorian shares more than doubled over the last year, and quarterly profit almost quadrupled. Disruptions to shipping through the Strait of Hormuz have pushed up freight rates, benefiting Dorian, while the broader small-cap market has lagged the S&P 500 since the war in Iran began.

Before the fighting began, just under 30% of the world’s seaborne shipments of liquefied petroleum gas passed through the Strait of Hormuz. When shipments through the strait were disrupted, Asian buyers began looking farther afield for suppliers. Dorian LPG, which ships propane and butane, focused on voyages from North America to Asia via the Panama Canal or around the southern tip of Africa. The longer voyages left fewer ships available and helped push freight rates to record highs, Dorian LPG CEO John Hadjipateras has explained.

In the second quarter of fiscal 2027, ended September 30, Dorian’s fleet earned an average time charter equivalent rate of $96,990 per available day, up 81% from a year earlier. Net income rose to $213.9 million from $55.4 million, including a $63.6 million gain from the sale of two vessels. Revenue rose 78.4% year over year to $221.3 million. In late October, Dorian declared a dividend of $1.25 per share. The dividend totaled $54 million, almost double the payout a year earlier.

PaySign (#2): The company issues payment cards for plasma donors and helps patients pay for prescription drugs. Revenue rose 47% to $101 million in the last 12 months.

Penguin Solutions (#5): Revenue at the supplier of AI infrastructure hardware and software rose 26% in the period to $1.7 billion, and its shares are up 131%.

Innovative Aerosystems (#6): Revenue at the avionics maker rose 20% to $93 million, and its shares gained 123%. Commercial aviation accounted for most of the revenue growth.

Madison Square Garden Entertainment (#7): Shares of the operator of New York’s Madison Square Garden and Radio City Music Hall gained 82% in the last 12 months amid strong demand for concerts and record ticket sales for the Christmas Spectacular.

FIGS (#9): Revenue at the maker of apparel for healthcare workers rose 25% in the period to $710 million, and its stock has surged 174% over the last year.

Vita Coco (#11): The coconut water maker’s revenue rose 26% to $768 million.

Riley Exploration Permian (#12): The Texas oil producer’s revenue rose 23% to $484 million in the last 12 months, and its shares are up 116%. Higher oil prices helped lift earnings, Forbes noted.

Pangaea Logistics Solutions (#21): The shipping company’s revenue rose 23% in the period to $710 million, and its average daily time charter equivalent rate rose 50% year over year in the second quarter.

Argan (#24): The power plant builder’s revenue rose 29% to $1.2 billion. Beyond demand from data centers, CEO David Watson expects orders to replace and repair aging power plants.

In the 12 months through October, the iShares Russell 2000 ETF returned 14.6%, including dividends, versus 12.1% for the Vanguard S&P 500 ETF. It was the first 12-month period ending in October in five years in which small caps outperformed large caps, notes Forbes. Since the war in Iran began in late February, however, the Russell 2000 ETF gained 7.6% through October versus 11.1% for the S&P 500 ETF.

Justin Livengood, a senior portfolio manager at Invesco, attributed the earlier rally in small caps to relatively low valuations, faster earnings growth, and expectations of lower interest rates. Higher energy prices and borrowing costs after the war began made the recovery harder. Anna Rathbun, CEO of Grenadilla Advisory, said smaller companies are particularly sensitive to rising rates because they often borrow at floating rates.

Forbes and FactSet screened for companies with market capitalizations of $300 million to $5 billion, stock prices of at least $5 per share, and revenue growth over the last 12 months. The screen yielded 649 companies. The final ranking was based on earnings growth, revenue growth, return on equity, and total stock return over five years, with greater weight given to the last 12 months. The data is as of October 30.