Great analytical work. Apparently data shows there is an opportunity for negative EV stocks. However, in the blog post causality is not explained in detail. What would be the reason behind these high returns for negative EV stocks. One reason comes to my mind is that, the excess cash turns into investments over time which boosts earnings? On the other hand, the reason of excess cash can be liquidition of the firm which shouldnt be good for the stock price. Firms with high working capital requirement without production (low PP&E) (such as resellers) can be one of those negative EV companies and they would have totally different fundamentals. I think those negative EV companies found in the research should be categorized due to the reason of negative EV. With this categorization we can have additional meaningful insights.