In a writeup of the results, Forbes noted that most small cap companies have struggled throughout 2023, with the the Russell 2000 index being down by 2.8% year-to-date at publication time. Along with Tecnoglass, it also highlighted “other notables” Vita Coco and Build-A-Bear Workshop.
In terms of methodology, Forbes included the following info about how its ranking was conducted: “We screened nearly 1,000 companies with a market value between $300 million USD and $2 billion USD to find 389 companies that also had positive sales growth over the past 12 months and a share price of at least $5 … The stocks were ranked based on earnings growth, sales growth, return on equity, and total stock return for the latest 12 months available and over the last five years. We gave more weight to the latest year’s data in the ranking. All data is as of November 3, 2023.”
Tecnoglass celebrated its top spot in a press release. “Earning first place on the Forbes top 100 small cap list is an absolute honor and a testament to our company’s commitment to its investors, customers and talented employees,” said Tecnoglass CEO José Manuel Daes.
He added that, “we remain focused on leveraging our unique vertically integrated business model to execute our multi-pronged growth strategy and produce meaningful shareholder value.”
The Colombia-founded company only recently relocated its headquarters from Barranquilla to Miami in August, a move it said was made to better focus on clientele in the United States, which has long been the glassmaker’s top market.
Photo: Tecnoglass workers at the company’s plant in Barranquilla, Colombia. (Credit: Tecnoglass)