The 200 best small companies

If you're looking for a list of the hottest sensations of the moment — you've come to the wrong place. Our list of the 200 Best Small Companies doesn't do flashes in the pan. It does, however, feature solid and consistent hitters that have performed well when measured over the last 12 months and the past five years, and are poised for another growth spurt.

Look, for example, at the 16 oil and gas companies this year. Eight of them have rigs in the Gulf of Mexico and may encounter a whack to operations in the third and fourth quarters. But as a group they should continue to show healthy balance sheets and, thanks to high energy prices, strong future cash flow.

With consumer spending holding reasonably well, retail and apparel are still strong categories, represented by 14 companies. But not just any entries that, say, expand via new units. We look for ones with sustained growth, like Hibbett Sporting Goods (number 74), whose same-store sales growth hit 6 percent last year.

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The list is dominated by health and medical companies, 40 in all. They range from Cytyc (number 40), which develops tests for cervical and breast cancer screening, to newcomer Bentley Pharmaceuticals (number 76), a generic-drug maker.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

Strong growth is not enough to make the list. A hint of trouble can banish a seemingly promising candidate. First Marblehead, which services student loans, looked great on paper. But its reliance on gain-on-sale accounting — perfectly legal — can distort results by booking revenue long before the cash comes in. (Separately, its chief executive resigned in late September after allegedly violating the company's gift policy.)

Fifteen companies grew off the list this year. Among them: Fair Isaac, which helps businesses analyze customers. An 11-year veteran of the 200 Best, the company moves on after racking up $786 million in sales over the last 12 months. Our members have revenue between $5 million and $750 million. Net profit margins must be greater than 5 percent, and share prices above $5 as of Sept. 29. We still exclude financial institutions, utilities and REITs. A tip of the green visor to William O'Neil & Co. in Los Angeles, which helped crunch the numbers.