The Multibagger Index
Finding the Next 10X Compounders.
What follows is a transparent, rules-based framework grounded in historical data to surface high-quality companies with the greatest potential for long-term compounding.
What This Is
The Multibagger Index is a systematic pipeline of public companies that exhibit the exact characteristics shared by historical 10-baggers.
First and foremost, this is far more than a simple list of automated screener results of micro caps with good numbers.
Over the years I have experienced that micro caps often stay micro for a reason. And
Every company accepted into the index undergoes a rigorous evaluation process grounded in empirical data, in-depth research, and the underlying strength of its business model.
Note: This is a tool to turn over more rocks and maintain a high-quality watch list—not a portfolio or personalized investment advice. No investing strategy should be used recklessly without conducting your own thorough due diligence.
Where the Framework Comes From
This project is built on deep research into historical winners, including:
A comprehensive study of US “true 10-baggers” to distill the core traits of massive compounders.
Detailed multibagger teardowns revealing that the biggest winners possessed strong moats, exceptional financial health, and strategic growth catalysts (like disciplined acquisitions or major product launches)—with several undercovered countries overrepresented.
The Current Multibagger Index
Above is a snapshot of the companies that currently qualify for the Multibagger Index.
Want the Full Rulebook?
The public index shows you who qualifies. But it won’t teach you the process for finding them.
Understanding why a thesis holds—and exactly what breaks it—is how you find true alpha. Join the Atomic Moat Substack for free to receive The Multibagger Index Rulebook.
It’s your guide to the exact frameworks used to build the index, delivered alongside a regular mix of investing learning, alpha generation, and entertainment.
As a subscriber, you will also get access to write-ups on every stock featured in the index, explaining exactly why they are qualified.
Inside the Rulebook, you will discover:
The Core 4 Criteria
The non-negotiable thresholds a company must pass to even be considered, including specific metrics for:
Sustained revenue growth (the strongest predictor of success).
The market cap “sweet spot” (small enough to run, but not too small).
Strict profitability standards (or clearly rational reinvestment).
Tech and platform exposure.
The MBI Scoring System
Our proprietary 10-point ranking system used to stack-rank the index. You’ll learn how to grade:
Moats: Switching costs, regulation, network effects, and IP.
Financial Health: Balance sheet safety and cash conversion.
Capital Allocation: Disciplined M&A, reinvestment, and buybacks.
Valuation Sanity: Ensuring a stock isn’t priced for perfection so there is still room for a rerating.
The Exclusions (What We Avoid)
Exactly what we intentionally filter out to avoid fake 10-baggers, including penny stocks, timing-based commodity bets, binary biotech projects, and flash-in-the-pan bubbles.