Most Net Cash
Fortress balance sheets — cash minus debt, against market value
Updated June 18, 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 | 25% | $7.4B | $29.5B |
| Medical - Healthcare Plans — holds $23.7B in cash against $16.4B in debt, so net cash is 25% of its $29.5B market value. | ||||
| 2 | MRNAModerna, Inc.Biotechnology | 24% | $4.6B | $18.6B |
| Biotechnology — holds $5.2B in cash against $640M in debt, so net cash is 24% of its $18.6B market value. | ||||
| 3 | VEEVVeeva Systems Inc.Medical - Healthcare Information Services | 22% | $6.5B | $29.3B |
| Medical - Healthcare Information Services — holds $6.6B in cash against $12M in debt, so net cash is 22% of its $29.3B market value. | ||||
| 4 | HUMHumana Inc.Medical - Healthcare Plans | 22% | $8.0B | $36.8B |
| Medical - Healthcare Plans — holds $22.0B in cash against $14.0B in debt, so net cash is 22% of its $36.8B market value. | ||||
| 5 | INCYIncyte CorporationBiotechnology | 20% | $4.0B | $20.0B |
| Biotechnology — holds $4.0B in cash against $0 in debt, so net cash is 20% of its $20.0B market value. | ||||
| 6 | TTDThe Trade Desk, Inc.Advertising Agencies | 14% | $1.4B | $10.3B |
| Advertising Agencies — holds $1.4B in cash against $0 in debt, so net cash is 14% of its $10.3B market value. | ||||
| 7 | CPRTCopart, Inc.Specialty Business Services | 13% | $4.2B | $31.6B |
| Specialty Business Services — holds $4.2B in cash against $0 in debt, so net cash is 13% of its $31.6B market value. | ||||
| 8 | EXPEExpedia Group, Inc.Travel Services | 13% | $3.6B | $27.5B |
| Travel Services — holds $8.0B in cash against $4.5B in debt, so net cash is 13% of its $27.5B market value. | ||||
| 9 | XYZBlock, Inc.Software - Infrastructure | 12% | $5.4B | $45.2B |
| Software - Infrastructure — holds $13.3B in cash against $7.8B in debt, so net cash is 12% of its $45.2B market value. | ||||
| 10 | ABNBAirbnb, Inc.Travel Services | 12% | $9.5B | $81.1B |
| Travel Services — holds $12.1B in cash against $2.5B in debt, so net cash is 12% of its $81.1B market value. | ||||
| 11 | DECKDeckers Outdoor CorporationApparel - Footwear & Accessories | 11% | $1.8B | $16.1B |
| Apparel - Footwear & Accessories — holds $1.9B in cash against $84M in debt, so net cash is 11% of its $16.1B market value. | ||||
| 12 | REGNRegeneron Pharmaceuticals, Inc.Biotechnology | 10% | $6.8B | $66.2B |
| Biotechnology — holds $8.8B in cash against $2.0B in debt, so net cash is 10% of its $66.2B market value. | ||||
| 13 | LULULululemon Athletica Inc.Apparel - Retail | 10% | $1.5B | $15.6B |
| Apparel - Retail — holds $1.8B in cash against $299M in debt, so net cash is 10% of its $15.6B market value. | ||||
| 14 | ALGNAlign Technology, Inc.Medical - Devices | 8% | $1.1B | $12.5B |
| Medical - Devices — holds $1.1B in cash against $0 in debt, so net cash is 8% of its $12.5B market value. | ||||
| 15 | WDAYWorkday, Inc.Software - Application | 7% | $2.5B | $37.2B |
| Software - Application — holds $4.4B in cash against $1.8B in debt, so net cash is 7% of its $37.2B market value. | ||||
| 16 | FFIVF5, Inc.Software - Infrastructure | 6% | $1.4B | $22.0B |
| Software - Infrastructure — holds $1.4B in cash against $33M in debt, so net cash is 6% of its $22.0B market value. | ||||
| 17 | VRTXVertex Pharmaceuticals IncorporatedBiotechnology | 6% | $7.2B | $114.7B |
| Biotechnology — holds $7.2B in cash against $0 in debt, so net cash is 6% of its $114.7B market value. | ||||
| 18 | ANETArista Networks, Inc.Computer Hardware | 6% | $12.4B | $203.1B |
| Computer Hardware — holds $12.4B in cash against $0 in debt, so net cash is 6% of its $203.1B market value. | ||||
| 19 | EWEdwards Lifesciences CorporationMedical - Devices | 6% | $3.0B | $50.2B |
| Medical - Devices — holds $3.7B in cash against $623M in debt, so net cash is 6% of its $50.2B market value. | ||||
| 20 | FSLRFirst Solar, Inc.Solar | 6% | $2.0B | $33.0B |
| Solar — holds $2.4B in cash against $426M in debt, so net cash is 6% of its $33.0B market value. | ||||
| 21 | GRMNGarmin Ltd.Hardware, Equipment & Parts | 6% | $2.7B | $45.3B |
| Hardware, Equipment & Parts — holds $2.7B in cash against $0 in debt, so net cash is 6% of its $45.3B market value. | ||||
| 22 | EXPDExpeditors International of Washington, Inc.Integrated Freight & Logistics | 6% | $1.2B | $21.2B |
| Integrated Freight & Logistics — holds $1.3B in cash against $114M in debt, so net cash is 6% of its $21.2B market value. | ||||
| 23 | NVRNVR, Inc.Residential Construction | 5% | $821M | $17.9B |
| Residential Construction — holds $1.7B in cash against $909M in debt, so net cash is 5% of its $17.9B market value. | ||||
| 24 | IRIngersoll Rand Inc.Industrial - Machinery | 5% | $1.3B | $28.1B |
| Industrial - Machinery — holds $1.3B in cash against $1M in debt, so net cash is 5% of its $28.1B market value. | ||||
| 25 | ELVElevance Health Inc.Medical - Healthcare Plans | 4% | $3.7B | $86.7B |
| Medical - Healthcare Plans — holds $35.6B in cash against $31.8B in debt, so net cash is 4% of its $86.7B market value. | ||||