American Vanguard Corp. Fails to Impress Despite Operational Improvements.

Riverwater Partners' Micro Opportunities Strategy Q4 2025 investor letter highlights American Vanguard Corp. (AVD) as a performance detractor despite clear operational improvement. The company's new CEO has executed a turnaround plan, reducing inventory levels by 20%, expanding gross margins to 29%, and improving adjusted EBITDA to $8 million from $2 million. Despite these improvements, the stock price has declined, highlighting inefficiencies in micro-cap equities.