What Higher Rates Mean for Growth Names

Repricing playbook

We bucket names by cash-flow maturity. Early-stage growth with negative FCF sees the sharpest multiple compression when real yields rise.

• Mature growers: focus on FCF yield vs. real rates
• Mid-stage: rule of 40 + path to GAAP profitability
• Early: cash runway and dilution risk are king

Positioning checks

We watch ETF flows, sector rotations, and factor moves to see when growth is being de-risked or re-risked.

Actionable tells

Look for improving estimate revisions and insider buys as confirmation before leaning into multiple expansion.