More cash than they're worth
Companies whose net cash covers at least half of their market value.
When cash in the bank minus all debt is worth half the share price or more, the market is putting little value on the operating business. A new dividend, a buyback or a takeover can unlock it quickly. The risk is that management burns the cash before that happens, so check whether the business is losing money.
$10,000 in this list since 2016
Rebuilt every month from the data public at the time
- Per year
- +14.8%
- All stocks +9.4%, S&P 500 +13.8%
- Worst fall from a peak
- -64%
- All stocks -35%
- Months ahead of all stocks
- 51%
- 120 months tested
- Stocks held, on average
- 107
- Equal weights
- Past 12 months
- +11.2%
- All stocks +4.1%, S&P 500 +12.4%
- Volatility, per year
- 36%
- All stocks 22%
- Sharpe ratio
- 0.49
- All stocks 0.40; return over cash per unit of volatility
- Replaced each month
- 24%
- Share of the list that changes at a rebalance
Live since Oct 19, 2026. Holding the list as published, rebought at each month end: +0.8% against +2.1% for all stocks and +0.7% for the S&P 500, to Oct 30, 2026. Too short a period to read much into.
- More cash than they're worth
- All US stocks, equal weight
- S&P 500 (price only)
Year by year
| Portfolio | 2016from Oct 31 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026to Oct 19 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| This list | +8% | +27% | -1% | +39% | +82% | -13% | -35% | +22% | +14% | +36% | +7% |
| All US stocks | +12% | +19% |
159 stocks on the list today
As of the close on Oct 30, 2026; 12 joined and 7 left since Oct 29, 2026
| # | Company | Share price | 1D | Market cap | Net cash / mcap | Net margin | FCF margin | P/B | Insider net 12M |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $1.53 | 0.00% | $103M | 235% | – | – | 0.4× | +$10.1K | |
| 2 |
Left the list at the latest update
More value ideas
- Graham's defensive investorLarge, steady companies that pass Benjamin Graham's tests for the cautious investor.
- Net-netsCompanies trading for less than their current assets minus every liability.
- Magic FormulaGood businesses at bargain prices: the 30 best combined ranks on earnings yield and return on capital.
- High F-Score valueCheap stocks on book value whose finances are improving on at least 8 of Piotroski's 9 tests.
- Undervalued and financially soundAt least 30% below our fair value estimate, with a healthy balance sheet.
A list produced by rules, not a recommendation. Past results in the backtest don't predict future returns. How the backtests work.