01
Activist · Multiple Growth Drivers
Fox Factory Holdings
Engine Capital secures board seats and Transformation Committee; CapEx dropping below 1% in 2026; FCF becomes explicit #1 priority
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Monthly Research · U.S. Small Cap · Special Situations
The filing said
something.
We noticed.
Every month, Snowball Research reviews 7,000+ SEC filings, 80+ fund letters, and every activist 13D to find U.S. companies under $5B where something just changed — and most people haven't noticed yet.
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J. Carlo Cannell · Cannell Capital LLC
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David Nierenberg · The D3 Family Funds
"The best research idea generation service you've never heard of."
Edwin Dorsey · The Bear Cave · 2024 Hedge Fund Analyst Christmas List
"A tremendous research tool that literally does the heavy lifting to help you find needle-in-the-haystack investment ideas."
William C. Martin · Raging Capital Ventures
02
Bear Thesis Rebuttal
Wix.com
Arguments against the bear thesis — why "AI kills Wix" misreads who Wix's customers actually are
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03
Management Change · New CEO
Vestis Corp
Newly appointed CEO is a former COO of UPS; significant operational and strategic changes underway
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04
Value Investor · New Stake
Crocs
Li Lu, a famous value investor funded by Charlie Munger, initiated stake in Q4 2025; trading at a high free cash flow yield
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05
Board Change · Hidden Asset
Kelly Services
Major board change after Hunt Companies acquires majority of Class B stake; while AI fears dominate the narrative, Kelly's most valuable business remains hidden in plain sight
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06
Acadia Healthcare
— unlock to read —
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07
Zevia
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08
AngioDynamics
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09
Laureate Education
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10
Ascent Industries
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11
RF Industries
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12
Theravance Biopharma
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13
Xeris Biopharma
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14
Driven Brands
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15
Wrap Technologies
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16
RealReal
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17
New SEC Rules — Insider Data
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About Snowball Research
There's a universe of U.S. companies under $5B doing strange, strategic, or quietly significant things.
Some are falling apart. Some are fixing things. Some just filed an 8-K that made us raise an eyebrow.
We don't track everything. Just what might turn into something.
We don't write 40-page reports on individual stocks or pretend to predict the next ten-bagger. We're not here to give you buy/sell calls. We're here to sharpen your idea funnel.
We don't cover the S&P 500. We don't pad our reports. We don't take money from the companies we write about. No banking ties, no IR gigs, no "collaborations." Just us, being nosy.
This isn't full coverage. It's selective attention.
If that sounds useful, we're probably for you.
If that sounds useful, we're probably for you.
What We Actually Do
Stock Reports
Semi-detailed writeups on companies going through something — strategic shifts, new leadership, unusual 13D/13F activity, restructurings, divestments, or just strange behaviour worth looking into. Each piece is designed to help you decide if a name deserves deeper work.
Risk Alerts
NT filings, restatements, debt amendments, replacing three CFOs in a year, or accidentally saying too much in an 8-K. When filings get weird, we tell you.
Weekly Situational Summary
A curated scan of 13Ds, fund letters, asset sales, and companies waving the "strategic alternatives" flag — so you don't have to drown in filings.
Who It's For
Research-first investors with zero time for filler. Analysts who ctrl+F SEC filings for the interesting parts. The kind of investor who reads filings like other people read fiction.
"In a world of too many research services providing too many reports of dubious value, Snowball stands out as a worthwhile and differentiated publisher."
Portfolio Manager · AUM: $200M+
"I've been getting these awesome in-depth research reports flagging interesting ideas and special situations. Highly recommend — purely qualitative, special situation screens."
Adam Wilk · Greystone Capital Management LLC
"Your product is a good statistical reminder of companies undergoing changes. It exposes me to companies I might not be taking a look at. A good starting point for further investigation."
Portfolio Manager · AUM: $200M+
"Snowball is a tremendous research tool for value- and change-oriented investors that literally does the heavy lifting to help you find great, needle-in-the-haystack investment ideas."
William C. Martin · Raging Capital Ventures / Raging Capital Management LLC
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