The Euronext Growth universe in numbers
As of May 2026, the universe covered by Screener Small Caps includes 800+ stocks across Euronext Growth and Euronext Access in Europe. Here are the key characteristics of this universe:
Sector breakdown
Euronext Growth is a generalist market — every sector of the European economy is represented. Industrials and technology dominate, reflecting the structure of ambitious European SMEs.
This sector diversity is an asset for building a well-diversified portfolio. On the other hand, certain highly specific sectors (aerospace, defence, oil & gas) are barely represented or absent — the main regulated market remains the natural home of those industries.
How do you analyse Euronext Growth stocks?
With 200+ stocks to cover, an in-depth individual analysis of every single stock is impossible. The right method is to use a screener to narrow the universe down to a shortlist of 10 to 20 stocks worth a qualitative analysis.
The analysis criteria fall into four pillars:
| Pillar | Key indicators | Euronext Growth reference thresholds |
|---|---|---|
| Valuation | P/E, EV/EBITDA, Price/Book | P/E < 20 · EV/EBITDA < 10 |
| Growth | 3-year revenue CAGR, 5-year CAGR | CAGR > 8% · Positive acceleration |
| Quality | Net debt/EBITDA, EBITDA margin, ROCE | ND/EBITDA < 2x · Margin > sector median |
| Momentum | 6-month relative perf., RSI, 50/200-day MA | Outperformance vs small-cap index · RSI 40–65 |
Screener preview: top stocks by ML score
Specifics of European small caps
Liquidity — the number-one issue
On Euronext Growth, daily volumes can be very low — a few thousand euros on the least-followed stocks. This illiquidity creates two types of risk for the investor:
- Execution risk: a large buy or sell order can move the price significantly. Always use limit orders.
- Exit risk: in an emergency or when the thesis deteriorates quickly, exiting within a few days can prove difficult without a notable price impact.
The information asymmetry
Euronext Growth stocks receive very little coverage from the research desks of the big banks. A rigorous individual investor, who reads the annual reports and follows companies' disclosures, can hold a genuine information edge on these markets — something that is virtually impossible on large-cap indices.
Governance risk
Founders are often still on the share register and in management on Euronext Growth. This is double-edged: alignment of interests with minority shareholders, but also a risk of entrenchment or of decisions that favour control at the expense of shareholder value.