Weekly #15: Most Interesting D-Sheets from the Past Week (Jul 28 – Aug 2, 2026)
Week of July 28 – Aug 2, 2026 | $CLS, $SXP, $BAND, $ORN, $TTEK, $MYE
Here are the InfoArb Tear Sheets we think you should pay the most attention to, where the differences between press releases and earnings calls are dramatic because they outline new catalysts, trends, and clarify misconceptions from just reading the press release.
These summaries are created to help you speed up your research on interesting companies. They are not buy/sell recommendations.
💡 These are tear sheet summaries; click any title to read the full tear sheet.
CLS — Celestica Inc. 🟢 Strong Signal
Description: Design, engineering, and manufacturing partner for complex technology products; primary growth engine is Connectivity and Cloud Solutions (networking switches, AI compute, storage for hyperscalers), with a secondary Advanced Technology Solutions arm (aerospace/defense, semi-cap, industrial, healthcare). ~$35.1B cap, $4.70B Q2 revenue.
Set-up: Revenue grew 62% and adjusted EPS 83% as AI-infrastructure programs (800G/1.6T networking, OpenAI and AMD rack builds) scaled, and management raised FY2026 guidance to $20.5B revenue and $11.30 adjusted EPS while pointing to 2027 growth above 65%. The tell from the call is that demand already exceeds the published guidance, with some customer forecasts locked 12 to 18 months out on non-cancellable silicon orders.
Information arbitrage:
Demand exceeds the guidance: Management said customer demand surpasses the revenue it’s guiding to, so better component supply alone could unlock upside without a single new program win.
AMD Helios isn’t named in the release: Celestica is on every current Helios program with a 2027 pipeline it views as multi-billion-dollar, yet AMD went unnamed in the press release.
Consigned silicon understates the economics: OpenAI revenue runs on consigned silicon, so reported revenue understates the engineering and manufacturing value Celestica actually captures.
Risks: Customer concentration is high (hyperscalers plus OpenAI and AMD), a large inventory build ahead of ramps and heavy capex leave only ~$600M free cash flow on $20.5B of guided revenue, and the multi-billion-dollar 2027 programs have to ramp on schedule.
SXP — Supremex Inc. 🟢 Strong Signal
Description: Canadian manufacturer of envelopes (the mature cash generator) and paper-based packaging (the growth engine: folding cartons, labels, e-commerce). ~C$63M cap, C$71.6M Q2 revenue, a genuine microcap.
Set-up: Adjusted EBITDA rose about 34% on just 8.5% revenue growth as the packaging mix reached 36.9% of revenue and margins expanded 210bps. The most interesting part is what’s not in the numbers yet: the Goldrich acquisition contributed under one month, most of the Indianapolis cost savings are still ahead, and envelope pricing just turned positive after several quarters as a headwind.
Information arbitrage:
Goldrich has barely entered the numbers: It added under a month in Q2 despite roughly C$30M annual revenue at 75-80% utilization, so a full quarter reshapes the packaging growth rate with no new capex.
Core packaging margins are already high-teens: Excluding commercial print, packaging earned 16.8% Q2 and 18.0% first-half EBITDA margin, obscured by the 12.9% reported segment figure.
Most of the cost savings are still to come: Only about a quarter of the C$1.4M Indianapolis savings hit by Q2, leaving a measurable second-half margin catalyst.
Risks: Tariff exposure is unquantified (management declined to disclose U.S. revenue from Canadian-made goods, and U.S. plants can’t fully backfill cross-border production), and an increased debt load plus several concurrent integration projects raise execution risk.
BAND — Bandwidth Inc. 🟡 Moderate Signal
Description: Cloud-communications infrastructure (voice, messaging, emergency services, AI voice) run over its own global network rather than third-party carriers. ~$1.67B cap, $219.9M Q2 revenue.
Set-up: Revenue grew 22% and adjusted EBITDA 27%, but the more durable signal is the software and AI attach: software-services revenue grew 66% and commercial messaging grew 18%, roughly double management’s market estimate. Guidance is conservative in a useful way: it excludes both unmodeled Salesforce traffic and the ramp of the newest large contracts.
Information arbitrage:
Salesforce upside is unmodeled: Bandwidth already carries Salesforce traffic with zero benefit assumed in guidance, an embedded call option on the numbers.
A booked-but-unramped contract layer: 13 contracts worth $1M-plus annually are set to layer in over the next 12 months, and two 2025 wins are expected to exit 2026 near 2x their original value.
Non-GAAP EPS understates the business: EPS slipped 1 cent despite 15% non-GAAP net income growth, purely on a higher diluted share count; operations grew, optics didn’t.
Risks: Core cloud-communications growth (+12%) runs well below the 22% headline, contract ramps depend on customer deployment timing, and convertible-debt and equity dilution weigh on per-share metrics.
ORN — Orion Group Holdings, Inc. 🟡 Moderate Signal
Description: Specialty construction contractor with two segments, Marine (ports, waterways, infrastructure repair) and Concrete (data centers, healthcare, advanced-manufacturing site prep). ~$500.4M cap, $221.9M Q2 revenue.
Set-up: Q2 optics were poor (a GAAP loss of $(0.10) and gross profit down 11% on Marine timing), but the second-half setup is unusually contracted: Marine backlog rose to $554M with about 90% of H2 Marine work already booked, the quoted pipeline jumped from $18B to $27B, and roughly half of Concrete revenue now comes from data centers. It’s a “prove the H2 recovery” name with the coverage to do it.
Information arbitrage:
Half of Concrete is data centers: About 50% of Q2 Concrete revenue came from data centers, an AI-infrastructure exposure not surfaced in the release that could expand the multiple if recognized.
H2 is largely de-risked on paper: About 90% of second-half Marine work is contracted against a fixed equipment base, so a utilization rebound flows straight to margin.
Awards bypass the reported backlog: Data-center scopes move to active construction within weeks of award, so strong revenue can appear without the backlog ever showing it.
Risks: A large earnings ramp is required just to meet full-year guidance, Marine margins deteriorated on recurring customer delays, and elevated debt plus concentration in the data-center capital cycle raise the stakes on H2 execution.
TTEK — Tetra Tech, Inc. 🟡 Moderate Signal
Description: Global engineering and consulting firm focused on water, environmental services, infrastructure, and digital work for government and commercial clients, positioned at the higher-margin front end of projects. ~$8.65B cap, $1.31B Q3 revenue.
Set-up: The reported quarter looks like a steady compounder, but the interest is in the optionality the guidance deliberately ignores. Higher-margin water, federal, international, and digital work drove margin expansion of about 70bps versus a ~50bps long-term target, funded backlog rose to $4.49B, cash flow hit record levels, and leverage is low, while several real catalysts sit entirely outside the guide.
Information arbitrage:
Mining optionality is not in guidance: Management is seeing copper, uranium and rare-earth activity that isn’t in the numbers, an unpriced call on the critical-minerals cycle.
Guidance excludes acquisitions: The outlook assumes zero contribution from deals not yet closed, so M&A is upside rather than a number the company has to hit.
Funded backlog understates the work: Recent awards represent only first-funded portions, so additional task orders can lift backlog without new wins, and State Department work (~$66M expected Q3/Q4) is likely not zero.
Risks: Government procurement delays are throttling federal task-order growth, FY2027 visibility is limited with USAID gone and the State Department revenue tail uncertain, and offshore-wind and commercial softness persist.
MYE — Myers Industries, Inc. 🟡 Moderate Signal
Description: Diversified maker of plastic and metal products for storing, transporting, and protecting materials, spanning industrial containers, reusable bulk packaging, construction ground mats, fuel containers, vehicle parts and military ammunition packaging. ~$1.23B cap, $179.2M Q2 revenue.
Set-up: Myers is turning from restructuring into profitable growth: adjusted EPS jumped 60.6% on just 9.8% revenue growth, adjusted EBITDA margin expanded 350bps to 21.8%, and GAAP operating income rose 57%. The standout is a fast-scaling military-packaging platform, with ammunition-packaging revenue growing from roughly $20M in 2024 to $49M in 2025 and targeted at 10-15% annual growth through 2028.
Information arbitrage:
Military packaging is scaling fast: Ammunition-packaging revenue more than doubled to $49M and is guided to 10-15% annual growth through 2028, a structural growth engine the diversified-manufacturer label obscures.
Capital-light European defense expansion: Poland-based military-container shipments are already operational through a partner model with limited capital, so the defense ramp doesn’t require heavy investment.
Comparable growth is really ~13%: Stripping intentionally exited low-margin products, comparable revenue rose about 13%, so the underlying business grew faster than the 9.8% headline.
Risks: Management explicitly warned against extrapolating Q2, which was flattered by World Cup demand and seed-order pull-forward, with Q3 seasonally weaker, while resin inflation, tariff exposure in the Vehicle unit, and soft recreational-vehicle demand pressure the near term.