50 Words on 32 Flyover Stocks
Short updates on all the companies we've covered at Flyover Stocks since 2024
Almost three years in, Flyover Stocks has profiled 32 companies.
Below are 50-word updates on every one of them: what's changed, what hasn't, and what I'm watching.
The full list of profiles lives here. Free readers get the first several updates; the rest is for paid subscribers.
Medpace (MEDP)
A year ago, it seemed that Medpace’s backlog was finally building traction, but it has stalled in recent quarters. Q1 2026 book-to-bill came in at 0.88x, meaning the company’s burning backlog faster than it’s replacing it. Medpace’s president also announced his surprising resignation at Q1 results, adding to uncertainty.
Grocery Outlet Holding (GO)
New CEO Jason Potter (formerly of The Fresh Market) closed 36 underperforming stores, is refreshing 150 more by year-end. Early refreshed-store data is encouraging, but GO’s comps have been flat despite a struggling lower-income consumer - precisely when GO’s model should be shining.
Miller Industries (MLR)
Distributor destocking crushed 2025 revenue, leading to optically high multiples that mask potential value. Omars acquisition added a third European manufacturing facility. Over $150M in military commitments secured, with production beginning in 2027. A $100M plant expansion is underway in Tennessee, suggesting management’s confidence in a recovery.
Worthington Enterprises (WOR)
The Elgen acquisition (HVAC components) sharpened the Building Products identity and management has focused on allocating capital to that segment. Consumer Products faces tariff headwinds and lacks a clear moat source. WOR continues to heavily rely on its WAVE JV, which usually accounts for ~40% of adjusted EBITDA. Management not having direct influence over 40% of the company’s profitability is a risk.
Hawkins Inc. (HWKN)
Six acquisitions in nine months, including five in the water treatment space. The logic of consolidating a fragmented, recurring-revenue water treatment market is compelling. Its acquisition of WaterSurplus is a potential game changer, as it moves Hawkins toward water treatment solutions that don’t rely on chemicals.
Cavco Industries (CVCO)
American Homestar added manufacturing capacity and retail distribution simultaneously. FY2026 produced a record number of homes sold. Capacity utilization approaching 75%. New $150M buyback authorized. Stock has held up well despite cooling new residential construction market.