Singapore's large-cap stocks have performed well in 2026.

The SPDR STI ETF (SGX: ES3), which mirrors the Straits Times Index (SGX: ^STI), posted a total return of 26.3% during the first nine months of the year.

Four lesser-known companies did even better.

MoneyMax Financial Services (SGX: 5WJ) delivered a 70.5% return over the same period, dividends included, while Micro-Mechanics (SGX: 5DD) returned 67.5%.

Civmec (SGX: P9D) and Union Gas Holdings (SGX: 1F2) likewise outpaced the index, with returns of 34.1% and 30.4%, respectively.

What ties these four together?

In their most recent results, each expanded profit at roughly double the rate of revenue, or even faster.

Investors may have been willing to pay a premium for that operating leverage.

All four are also expanding, though they differ in how they finance it.

Can Micro-Mechanics fund its own expansion?

Micro-Mechanics produces precision tools and components for semiconductor processing.

In its financial year ended 30 June 2026 (FY2026), revenue climbed 15.8% year on year (YoY) to S$75.5 million.

Consumable tools, which account for 80.0% of sales, grew faster at 19.8% to S$60.4 million.

Profit grew even more quickly.

Profit attributable to owners rose 28.3% to S$15.9 million as gross margin widened to 51.6% from 49.4%.

The cash came through as well.

Free cash flow held steady at S$16.8 million, and the company finished June with S$30.1 million in cash and no bank borrowings.

The board maintained the FY2026 dividend at S$0.06 per share.

Its five-year plan aims to roughly double revenue to at least S$150 million.

Capital expenditure is expected to increase to S$12 million in FY2027, which could pressure free cash flow.

Management also highlighted geopolitical risk.

What is propelling Union Gas?

Union Gas supplies gas fuels and sells diesel and petrol through its Cnergy service stations.

For the six months ended 30 June 2026 (1H2026), revenue rose 66.4% YoY to S$106 million, and profit attributable to shareholders jumped 175.8% to S$12.0 million.

Free cash flow reached S$25.1 million, up from only S$1.3 million a year earlier.

The new service stations made the difference.

Liquid fuel revenue surged 444.4% to S$51.7 million as its new Dunman Road and Queensway stations contributed for the first time.

Gas fuel revenue remained flat at S$53.8 million.

Union Gas ended June with S$29.3 million in cash and S$7.6 million in bank borrowings, leaving net cash of S$21.7 million.

It then spent S$8.2 million to acquire two LPG retailers on 31 July 2026.

The interim dividend stayed at S$0.0048 per share, alongside a maiden special dividend of S$0.0032 per share.

Investors should not assume the special dividend will recur.

Growth rates will likely moderate once the new stations enter the comparison base – two more are due to open in 2027.

Why did Civmec's cash flow turn negative?

Civmec is a construction and engineering group based in Western Australia.

For FY2026, revenue rose 11.4% YoY to A$903.0 million, and net profit attributable to owners climbed 22.5% to A$52.1 million.

Part of that growth was acquired.

Civmec acquired Luerssen Australia, now Civmec Defence Industries, in July 2025.

Infrastructure, Marine & Defence revenue more than doubled to A$210.2 million and Energy rose 62.1%, while Resources, its largest segment, fell 8.4%.

Cash flow moved in the opposite direction.

Free cash flow swung to an outflow of A$28.5 million from an inflow of A$56.1 million, as working capital and unbilled work in progress absorbed cash.

Civmec ended June with A$54.6 million in cash against A$60.0 million in borrowings, excluding lease liabilities.

The dividend held at A$0.060 per share for FY2026, and management points to a record order book.

Watch whether that work converts back into cash.

How is MoneyMax financing its expansion?

MoneyMax operates pawnbroking, gold and luxury retail, and secured lending in Singapore and Malaysia.

For 1H2026, revenue rose 34.1% YoY to S$325.7 million, while profit attributable to owners climbed 77.3% to S$52.5 million.

A larger pawnbroking portfolio lifted interest income, and the retail arm sold more gold and luxury items.

Free cash flow, however, was an outflow of S$155.8 million, wider than the S$29.5 million outflow a year earlier.

So where did the cash go?

Largely into new loans, as trade and other receivables grew by S$219.6 million.

A growing loan book consumes cash, and MoneyMax borrows to fund it.

Net debt stood at S$981.8 million at the end of June.

MoneyMax declared an interim dividend of S$0.0025 per share, after declaring none a year earlier, but free cash flow did not cover it.

The group has added 26 stores in 2026 and plans 10 more by year-end.

Management expects higher profit for FY2026, though softer consumer sentiment could weigh on gold retail.

Get Smart: Who pays for the growth?

Only two of these winners, Micro-Mechanics and Union Gas, generated the cash to pay for their expansion.

Civmec and MoneyMax consumed cash as they grew, and both now owe more than they hold in cash.

Neither path is wrong, but you'll want to know which kind of company you own.

So before you buy a stock that has outrun the STI, open its cash flow statement.

Can the business fund its next leg of growth without borrowing more?

The answer tells you how much weight its dividend can bear.