Small-cap margin collapse · median net margin by revenue tier

Revenue universe composition · companies by annual revenue tier

Fallen angels vs risen stars · annual profitability transitions

IPO cohort quality · median net margin by entry year and age

Growth premium inversion · next-year P/E by revenue growth decile · pre-2015 vs 2020–2024

New entrant quality by cohort year · % profitable on entry & median first-year margin