The Russell 2000 has spent most of the past year as the unloved corner of the U.S. market while large-cap tech soaked up the attention. That is starting to shift as corporate capex budgets swell for AI infrastructure, power buildouts, and reshored manufacturing. Small-cap industrial and energy names trading under $30 are exactly the kind of stocks that benefit when that money starts moving, and the ones still flying under the radar are where retail investors can actually get in before the institutional flows show up.
With that in mind, here are two stocks trading under $30 that look well positioned to ride the next leg of corporate capex spending and energy infrastructure restocking.
Mayville Engineering Company (NYSE: MEC)
Mayville Engineering Company (NYSE:MEC) is a Wisconsin-based contract manufacturer that does prototyping, fabrication, and finishing work for OEMs across commercial vehicles, construction equipment, agriculture, military, and increasingly, data centers.
Shares recently traded around $25.22, still comfortably under the $30 ceiling and well below the average analyst price target of $32.90. All five analysts covering the name rate it a Buy, and the stock has quietly rallied 33.09% year-to-date without much fanfare.
The bull case is straightforward. Mayville’s Datacenter and Critical Power segment, built around the Accu-Fab acquisition, posted revenue growth of 470.2% year-over-year in the first quarter and is on track to make up more than 20% of total revenue in 2026. Management raised the low end of full-year guidance to a range of $590 million to $620 million in net sales and locked in roughly $50 million in new Datacenter and Critical Power awards in Q1 alone. CEO Jag Reddy framed it as “strong momentum, driven by successful project ramp activity in our Datacenter & Critical Power end market.”
The risk worth flagging: legacy Commercial Vehicle revenue fell 23.8% on weak Class 8 truck production, Q1 adjusted EPS came in at -$0.15, and net leverage sits at 4.4x trailing adjusted EBITDA. That is elevated, and it means the turnaround has to land. Even so, with a forward P/E of 22x and a clear pivot into AI-adjacent infrastructure, MEC looks like a credible early-innings play on industrial capex.
Infinity Natural Resources (NYSE: INR)
Infinity Natural Resources (NYSE:INR) is an Appalachian Basin oil and natural gas producer with integrated upstream and midstream operations across the Utica and Marcellus Shales in Ohio and Pennsylvania.
The stock recently changed hands near $14.51, with a 52-week high of $19.90. Analyst coverage is overwhelmingly positive: one Strong Buy and eight Buys, with an average price target of $24.38. Valuation is the part that jumps out, with a trailing P/E of 5x and a forward P/E of 5x.
The setup here is about scale. Infinity closed a $1.20 billion acquisition of Antero’s Ohio upstream and midstream assets, nearly doubling production to 299.3 MMcfe/d in the first quarter, up 88% year-over-year. Roughly 75% of natural gas volumes now flow through its own midstream system, which keeps unit costs down. WTI crude has rebounded to about $101.56 per barrel, a meaningful tailwind for the company’s 18,000 to 20,000 barrels per day of oil and liquids production. Management also authorized a $75 million share buyback, with nearly all of it still outstanding. CEO Zack Arnold said the company is “well positioned with increased scale, expanded inventory and enhanced financial flexibility to support continued growth across our Appalachian portfolio.”
Natural gas at the Henry Hub recently sat at just $2.82 per MMBtu, which keeps a lid on near-term gas margins, and the company carries roughly $477 million of net debt post-deal plus real integration risk. But trading under book value with high single-digit Buy ratings, INR looks like an early-innings infrastructure restocking play.
The Bottom Line
Both MEC and INR carry real leverage and real cyclical exposure, and small caps can stay cheap longer than anyone expects. Use this as a starting point for your own research, look at the filings, and size positions accordingly before the Russell 2000 actually gets hot.
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