We introduce 20 carefully selected stocks whose pure cash, calculated by subtracting interest-bearing debt from cash, deposits and short-term securities, exceeds market capitalization. The calculations are based on the closing prices on 2 October 2026 and each company's latest earnings report.
This article presents an effort to comprehensively identify undervalued small-cap stocks using the net cash ratio, an indicator said to show how cash alone covers most of a company's market capitalization. The net cash ratio is calculated by dividing cash and short-term securities less interest-bearing debt by market capitalization, and a higher ratio is said to indicate a stronger cash position. In an environment where management is expected to focus on the cost of capital and share price, the analysis also considers how cash is used and returned to shareholders.
The article cites several specific stocks as examples and suggests that the higher-ranked group may include companies with substantial cash and high adjusted ratios. It also notes that factors such as advances received and funds awaiting payment to suppliers reduce the effective value of cash, meaning that the ratios calculated may be lower in substance.