Most Net Cash
Fortress balance sheets — cash minus debt, against market value
Updated October 11, 2026
A net-cash balance sheet — more money in the bank than debt outstanding — is a quiet kind of strength. It means a company can ride out a downturn, fund its own growth, buy back stock, or make an acquisition without asking anyone’s permission. Measured against market cap, it also tells you how much of what you’re paying for is simply cash you’d own on day one.
The names here carry net cash worth a meaningful slice of their entire market value. That’s a margin of safety the income statement never shows — and an option on opportunity the indebted can’t match. (Banks and insurers are left out — their “cash” is customer deposits and float, not shareholder money.)
| # | Stock | Net cash / cap | Net cash | Market cap |
|---|---|---|---|---|
| 1 | CNCCentene CorporationMedical - Healthcare Plans | 34% | $11.0B | $32.5B |
| Medical - Healthcare Plans — holds $27.1B in cash against $16.1B in debt, so net cash is 34% of its $32.5B market value. | ||||
| 2 | TTDThe Trade Desk, Inc.Advertising Agencies | 26% | $1.5B | $5.7B |
| Advertising Agencies — holds $1.5B in cash against $0 in debt, so net cash is 26% of its $5.7B market value. | ||||
| 3 | INCYIncyte CorporationBiotechnology | 19% | $4.5B | $23.5B |
| Biotechnology — holds $4.5B in cash against $10M in debt, so net cash is 19% of its $23.5B market value. | ||||
| 4 | HUMHumana Inc.Medical - Healthcare Plans | 18% | $9.6B | $52.2B |
| Medical - Healthcare Plans — holds $23.9B in cash against $14.2B in debt, so net cash is 18% of its $52.2B market value. | ||||
| 5 | CPRTCopart, Inc.Specialty Business Services | 17% | $4.5B | $26.1B |
| Specialty Business Services — holds $4.5B in cash against $15M in debt, so net cash is 17% of its $26.1B market value. | ||||
| 6 | VEEVVeeva Systems Inc.Medical - Healthcare Information Services | 15% | $7.2B | $48.9B |
| Medical - Healthcare Information Services — holds $7.2B in cash against $0 in debt, so net cash is 15% of its $48.9B market value. | ||||
| 7 | DECKDeckers Outdoor CorporationApparel - Footwear & Accessories | 13% | $1.5B | $11.5B |
| Apparel - Footwear & Accessories — holds $1.6B in cash against $73M in debt, so net cash is 13% of its $11.5B market value. | ||||
| 8 | LULULululemon Athletica Inc.Apparel - Retail | 13% | $1.4B | $10.7B |
| Apparel - Retail — holds $1.4B in cash against $0 in debt, so net cash is 13% of its $10.7B market value. | ||||
| 9 | XYZBlock, Inc.Software - Infrastructure | 11% | $5.4B | $47.0B |
| Software - Infrastructure — holds $12.3B in cash against $6.9B in debt, so net cash is 11% of its $47.0B market value. | ||||
| 10 | ALGNAlign Technology, Inc.Medical - Devices | 11% | $1.1B | $10.2B |
| Medical - Devices — holds $1.1B in cash against $0 in debt, so net cash is 11% of its $10.2B market value. | ||||
| 11 | ABNBAirbnb, Inc.Travel Services | 10% | $9.6B | $99.0B |
| Travel Services — holds $12.1B in cash against $2.5B in debt, so net cash is 10% of its $99.0B market value. | ||||
| 12 | LYVLive Nation Entertainment, Inc.Entertainment | 10% | $4.0B | $41.6B |
| Entertainment — holds $9.1B in cash against $5.0B in debt, so net cash is 10% of its $41.6B market value. | ||||
| 13 | FSLRFirst Solar, Inc.Solar | 9% | $1.7B | $19.2B |
| Solar — holds $1.7B in cash against $38M in debt, so net cash is 9% of its $19.2B market value. | ||||
| 14 | GDDYGoDaddy Inc.Software - Infrastructure | 8% | $1.1B | $13.7B |
| Software - Infrastructure — holds $1.2B in cash against $82M in debt, so net cash is 8% of its $13.7B market value. | ||||
| 15 | ELVElevance Health Inc.Medical - Healthcare Plans | 7% | $6.5B | $89.9B |
| Medical - Healthcare Plans — holds $37.5B in cash against $31.0B in debt, so net cash is 7% of its $89.9B market value. | ||||
| 16 | NEMNewmont CorporationGold | 6% | $8.0B | $125.7B |
| Gold — holds $13.1B in cash against $5.1B in debt, so net cash is 6% of its $125.7B market value. | ||||
| 17 | EWEdwards Lifesciences CorporationMedical - Devices | 6% | $3.0B | $49.5B |
| Medical - Devices — holds $3.7B in cash against $623M in debt, so net cash is 6% of its $49.5B market value. | ||||
| 18 | VRTXVertex Pharmaceuticals IncorporatedBiotechnology | 6% | $7.9B | $130.4B |
| Biotechnology — holds $7.9B in cash against $0 in debt, so net cash is 6% of its $130.4B market value. | ||||
| 19 | FFIVF5, Inc.Software - Infrastructure | 6% | $1.6B | $27.7B |
| Software - Infrastructure — holds $1.6B in cash against $0 in debt, so net cash is 6% of its $27.7B market value. | ||||
| 20 | ISRGIntuitive Surgical, Inc.Medical - Devices | 6% | $8.6B | $152.0B |
| Medical - Devices — holds $8.6B in cash against $0 in debt, so net cash is 6% of its $152.0B market value. | ||||
| 21 | GRMNGarmin Ltd.Hardware, Equipment & Parts | 5% | $2.7B | $51.9B |
| Hardware, Equipment & Parts — holds $2.7B in cash against $0 in debt, so net cash is 5% of its $51.9B market value. | ||||
| 22 | MRNAModerna, Inc.Biotechnology | 5% | $4.5B | $89.1B |
| Biotechnology — holds $5.1B in cash against $643M in debt, so net cash is 5% of its $89.1B market value. | ||||
| 23 | EXPEExpedia Group, Inc.Travel Services | 5% | $1.7B | $33.9B |
| Travel Services — holds $7.1B in cash against $5.5B in debt, so net cash is 5% of its $33.9B market value. | ||||
| 24 | GEVGE Vernova Inc.Renewable Utilities | 5% | $13.1B | $271.3B |
| Renewable Utilities — holds $13.1B in cash against $0 in debt, so net cash is 5% of its $271.3B market value. | ||||
| 25 | ANETArista Networks, Inc.Computer Hardware | 5% | $13.3B | $276.3B |
| Computer Hardware — holds $13.3B in cash against $0 in debt, so net cash is 5% of its $276.3B market value. | ||||