Is your stock on the list?

The exclusion list names the 250 companies at the bottom of a ranking of the 500 largest US businesses on the cash they generate. Type the companies in a portfolio, by ticker or by name, to see which of them are on it and the reasons the screen gives for each.

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The new exclusion list when it changes, in January and July, and at most one short note a month. Confirmed by email first; every email has a link to stop. Privacy

What the list is

One ranking produces both ends of this site. Twice a year the 500 largest US companies, minus banks, insurers and utilities, are scored on the cash they generate. The 250 at the bottom are the exclusion list, published in full and free; the top of the same ranking is what the subscription follows.

Being on the list is not a forecast that a company will fall. It is where the rules stop looking, and plenty of these companies will do well. This list was set on 31 July 2026 and is next revised at the January review.

The full list, with the reason for each →
How the ranking works →

Required disclosures · producer, method, ratings, conflicts
Producer
Purple Turtle, a research publication produced in a personal capacity in Denmark. Not authorised or supervised by Finanstilsynet: general investment research published identically to every reader does not require authorisation. The legal person behind Purple Turtle is named in full on the terms page.
Completed and first disseminated
Ranking completed on 31 July 2026, using filings and prices available on that date — it cannot have used anything later. The books in this edition were built from that ranking under the revised method described on the method page, completed on 1 October 2026, and first published on 1 October 2026. They replace the books previously published for this ranking. The holdings, their weights are fixed until the next ranking on 31 January 2027. Share prices shown alongside them are refreshed daily and are not part of the ranking.
Methodology
The 500 largest US companies by market value, excluding financials and utilities, are ranked on four measures: cash return on assets, free cash flow against price, gross profit against assets, and days taken to file quarterly results (reversed). Ranks are added with equal weight. Three books are drawn from the top of the ranking, of 6, 12 or 20 companies; two of them also hold an exchange-traded fund that aims to return twice the daily return of the S&P 500, while a published trend rule is on. The bottom 250 are published as the exclusion list. No price targets are issued and no forecasts are made. Only accounts already filed with the regulator are used, plus 60 days. Full method.
Rating scale and frequency
Two ratings only: held (in the published book) and not held (removed). A company can be neither, and most are. There is no buy, sell or hold rating and no target price. Ratings are reviewed twice a year, in January + July, and do not change in between except where a company ceases to trade.
Rating distribution
Of the 500 companies covered this period: 50% held, 50% not held, and 0% neither — ranked above the exclusion line but outside this particular book.
Holdings and conflicts
The producer does not currently hold the published portfolios, and any position taken in a covered company will be disclosed with the ranking it concerns. No trade is made in any covered company from five trading days before publication to two trading days after. No position exceeds 0.5% of any issuer's share capital. No compensation of any kind has been received from any issuer, and no issuer has been shown this material before publication.
Nature of this material
General investment research, produced to a fixed method and published identically to every reader. It is not a personal recommendation: no assessment has been made of any reader's circumstances, objectives, or financial situation. Facts are distinguished from estimates throughout, and past performance does not predict future results. Your capital is at risk. Two of the books hold a leveraged fund, so their losses can be larger and come faster than the index's, and the fund's part of the backtested record is modelled from the index — calibrated to the real fund's record since 2010 — rather than taken from its market price.
Availability
Offered to residents of the EU, EEA and United States. Not offered to UK persons.