In 2025, small-cap stocks underperformed. The Russell 2000 Index tracks the performance of 2,000 U.S. small-cap stocks, delivering a total return of around 13% in 2025. This was significantly below the S&P 500 Index’s total return of around 18%, which tracks U.S. large-cap stocks.
Despite small caps lagging behind in general, three names stood out for their exceptional performance in 2025. Below, we’ll detail three small-cap stocks that put up a return of 300% or more. This analysis will focus on stocks that started 2025 in small-cap territory. However, due to their stellar gains, they have transitioned into mid-cap stocks.
Healthcare stock GRAIL (NASDAQ: GRAL) rose by approximately 380% in 2025. The company’s market capitalization moved from well below $1 billion to around $3.3 billion. GRAIL’s main product is its Galleri Multi-Cancer Early Detection test.
Early detection greatly improves the chances of cancer survival, leading to significant intrigue around the product. Notably, only around five types of cancer have standardized screening methods, yet 70% of deaths come from cancers other than these five. This is why GRAIL designed Galleri to detect over 50 different types of cancer. In a recent study, GRAIL said that Galleri increased early cancer detection by more than seven times when added to traditional screening methods.
At this point, Galleri mostly generates sales from out-of-pocket payments. However, GRAIL expects to apply for Premarket Approval (PMA) from the U.S. Food and Drug Administration in the first quarter of 2026. If granted, this would greatly increase the likelihood of commercial insurers covering the test. This could unlock a huge new sales channel. Overall, the potential approval of Galleri is leading to significant excitement among investors.
The MarketBeat consensus price target of $97.50 indicates optimism among analysts, implying around 14% upside.
Planet Labs PBC (NYSE: PL) had a monstrous 2025, with shares rising just under 390%. Planet Labs uses hundreds of satellites to collect medium to high-resolution images of Earth. By integrating this data with artificial intelligence, Planet Labs seeks to help its customers make better decisions in a changing world. The company generates sales through subscriptions to its cloud-based software platform and satellite services.
Demand is certainly materializing, especially among governments. Its Dec. 10 earnings report led shares to rise 35% in one day, with defense and intelligence revenue up over 70%. The firm also held a backlog of around $735 million. That’s about 2.6 times higher than the company’s last 12 months’ revenue of $282 million, providing an opportunity for significant growth. Planet Labs also posted positive free cash flow for the second quarter in a row.
The MarketBeat consensus price target of $14.74 implies 25% downside in shares. However, the average of targets updated after the company’s latest earnings report is $18.19. This figure implies around 7.7% downside. Overall, Planet Labs is a name worth watching, as a significant sell-off may make the stock more attractive.
Last up is Viasat (NASDAQ: VSAT). Shares gained by approximately 305% in 2025, leaving the stock with a market cap of around $4.7 billion. Viasat is another satellite company, but focuses on internet and data connectivity. This makes the company somewhat similar to AST SpaceMobile (NASDAQ: ASTS). However, instead of mainly targeting telecom operators that serve consumers, Viasat targets aviation, maritime, and government customers.
For example, the company provides in-flight wireless connectivity services to thousands of commercial and business aircraft. The U.S. government was the firm’s largest customer in fiscal year 2025, accounting for 18% of revenue. Note that Viasat is currently in its fiscal year 2026. Revenues grew by only 2% last quarter. However, the company’s awards rose 17% to nearly $1.5 billion, and its backlog rose to almost $3.9 billion.
The MarketBeat consensus price target of $32.75 implies 5% downside in shares. However, targets updated after the company’s Nov. 7 earnings report have flipped the script. They average to $49, suggesting around 37% upside potential.
Overall, GRAL, PL, and VSAT had incredible 2025s. While these stocks are exciting, investors should understand that smaller stocks, especially those experiencing such large gains, are risky. They can see dramatic volatility. This makes having confidence in their long-term outlook critical to achieving investment success. Thus, investors should perform robust due diligence on such stocks before making decisions.
