Balance sheetRatio

503 Tokyo Stock Exchange companies holding more cash than all their debt

503companies

Cash and equivalents exceed every borrowing on the balance sheet, so net debt measured against earnings is negative.

Stocks · Non-US shares · Tokyo Stock Exchange (JPX) · Ranked by Net debt to EBITDA in times, most cash on the balance sheet first · Rebuilt 2026-11-07 at 09:25 UTC

How this list is built

Net debt is every borrowing on the newest filed balance sheet less cash and equivalents, over EBITDA from the same year's income statement. The list is ordered by how much of the balance sheet is cash, because a near-zero EBITDA makes the ratio enormous without making the company any richer. The screen: companies listed on Tokyo Stock Exchange, graded A or B for the quality of what they report; a median daily traded value of at least 250,000 US dollars over 90 sessions, stated in each listing's own currency, so a company nobody can trade is never on the list; and no positive price to earnings under 1, which no real company earns, and no close sitting the whole of its own 52-week high below that high, which no listing that still trades can do. 1,944 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

50 of 503 companies

Owes less than it holds in cash, ranked by Net debt to EBITDA, most cash on the balance sheet first
#	Company	Market	Sector	Net debt to EBITDA, in times	Debt to equity, in ratio	Current ratio, in ratio	Tangible equity ratio, in ratio	Net debt to EBITDA over time	Source
1	JPX:5590NETSTARS Co.,Ltd.	JPX	Technology	-67.2x	0.00	1.21	0.19	Net debt to EBITDA, net debt to ebitda: -244.95 on 2024-12-31 to -67.24 on 2025-12-31, up 73%.	Source n/a
2	JPX:5136tripla Co., Ltd.	JPX	Technology	-25.2x	0.61	1.09	0.05	Net debt to EBITDA, net debt to ebitda: -18.19 on 2022-10-31 to -25.23 on 2025-10-31, down 39%.	Source n/a
3	JPX:6080M&A Capital Partners Co.,Ltd.	JPX	Financial Services	-5.0x	0.07	5.84	0.78	n/a	Source n/a
4	JPX:4377ONE CAREER Inc.	JPX	Industrials	-2.6x	0.02	2.68	0.67	Net debt to EBITDA, net debt to ebitda: -4.25 on 2019-12-31 to -2.64 on 2025-12-31, up 38%.	Source n/a
5	JPX:3983oRo Co., Ltd.	JPX	Technology	-3.0x	0.10	4.37	0.75	Net debt to EBITDA, net debt to ebitda: -2.80 on 2020-12-31 to -3.01 on 2025-12-31, down 8%.	Source n/a
6	JPX:3922PR TIMES, Inc.	JPX	Communication Services	-2.1x	0.0001	4.16	0.80	Net debt to EBITDA, net debt to ebitda: -3.59 on 2017-02-28 to -2.14 on 2026-02-28, up 40%.	Source n/a
7	JPX:2491ValueCommerce Co., Ltd.	JPX	Communication Services	-7.2x	0.00	3.94	0.76	Net debt to EBITDA, net debt to ebitda: -2.61 on 2016-12-31 to -7.19 on 2025-12-31, down 175%.	Source n/a
8	JPX:4258AMIYA Corporation	JPX	Technology	-3.1x	0.34	1.57	0.39	Net debt to EBITDA, net debt to ebitda: -3.30 on 2019-12-31 to -3.15 on 2025-12-31, up 5%.	Source n/a
9	JPX:3937Ubicom Holdings, Inc.	JPX	Technology	-3.3x	0.05	4.07	0.75	Net debt to EBITDA, net debt to ebitda: -2.84 on 2017-03-31 to -3.29 on 2026-03-31, down 16%.	Source n/a
10	JPX:4931Shinnihonseiyaku Co., Ltd.	JPX	Consumer Cyclical	-3.5x	0.003	4.94	0.80	Net debt to EBITDA, net debt to ebitda: -0.37 on 2017-09-30 to -3.51 on 2025-09-30, down 849%.	Source n/a
11	JPX:6166Nakamura Choukou Co., Ltd.	JPX	Industrials	-23.3x	0.04	5.53	0.64	Net debt to EBITDA, net debt to ebitda: 0.89 on 2018-03-31 to -23.27 on 2026-03-31, down 2715%.	Source n/a
12	JPX:4169ENECHANGE Ltd.	JPX	Technology	-5.6x	0.14	2.93	0.68	Net debt to EBITDA, net debt to ebitda: -2.82 on 2018-12-31 to -5.60 on 2025-12-31, down 99%.	Source n/a
13	JPX:3653Morpho, Inc.	JPX	Technology	-15.8x	0.003	6.95	0.86	Net debt to EBITDA, net debt to ebitda: -6.93 on 2019-10-31 to -15.80 on 2025-10-31, down 128%.	Source n/a
14	JPX:147ASoracom, Inc.	JPX	Technology	-7.3x	0.07	3.98	0.70	Net debt to EBITDA, net debt to ebitda: -2.98 on 2022-03-31 to -7.29 on 2026-03-31, down 145%.	Source n/a
15	JPX:6535i-mobile Co.,Ltd.	JPX	Communication Services	-4.8x	0.00	1.59	0.47	Net debt to EBITDA, net debt to ebitda: -4.19 on 2017-07-31 to -4.79 on 2026-07-31, down 14%.	Source n/a
16	JPX:9424Japan Communications Inc.	JPX	Communication Services	-1.1x	1.24	3.46	0.24	Net debt to EBITDA, net debt to ebitda: -2.86 on 2022-03-31 to -1.13 on 2026-03-31, up 60%.	Source n/a
17	JPX:9467AlphaPolis Co., Ltd.	JPX	Communication Services	-3.3x	0.01	4.03	0.77	Net debt to EBITDA, net debt to ebitda: -6.79 on 2017-03-31 to -3.26 on 2026-03-31, up 52%.	Source n/a
18	JPX:2726PAL Group Holdings Co. Ltd.	JPX	Consumer Cyclical	-2.8x	0.16	2.19	0.51	Net debt to EBITDA, net debt to ebitda: -2.35 on 2017-02-28 to -2.75 on 2026-02-28, down 17%.	Source n/a
19	JPX:4478freee K.K.	JPX	Technology	-8.5x	0.67	1.31	0.25	Net debt to EBITDA, net debt to ebitda: -25.68 on 2025-06-30 to -8.50 on 2026-06-30, up 67%.	Source n/a
20	JPX:7522Watami Co., Ltd.	JPX	Consumer Cyclical	-1.8x	0.96	3.01	0.39	Net debt to EBITDA, net debt to ebitda: -0.99 on 2017-03-31 to -1.79 on 2026-03-31, down 81%.	Source n/a
21	JPX:8410Seven Bank, Ltd.	JPX	Financial Services	-14.9x	0.40	62.78	0.16	n/a	Source n/a
22	JPX:4072Densan System Holdings Co., Ltd.	JPX	Technology	-8.6x	0.03	1.42	0.34	Net debt to EBITDA, net debt to ebitda: -19.35 on 2016-12-31 to -8.62 on 2025-12-31, up 55%.	Source n/a
23	JPX:3692FFRI Security, Inc.	JPX	Technology	-2.3x	0.002	2.27	0.64	Net debt to EBITDA, net debt to ebitda: -5.71 on 2017-03-31 to -2.33 on 2026-03-31, up 59%.	Source n/a
24	JPX:3907Silicon Studio Corporation	JPX	Technology	-6.1x	0.18	3.39	0.66	Net debt to EBITDA, net debt to ebitda: -2.94 on 2019-11-30 to -6.10 on 2025-11-30, down 107%.	Source n/a
25	JPX:2148ITmedia Inc.	JPX	Communication Services	-2.8x	0.02	4.70	0.80	Net debt to EBITDA, net debt to ebitda: -3.41 on 2017-03-31 to -2.81 on 2026-03-31, up 18%.	Source n/a
26	JPX:4667Aisan Technology Co.,Ltd.	JPX	Technology	-4.3x	0.23	2.63	0.61	Net debt to EBITDA, net debt to ebitda: -6.95 on 2017-03-31 to -4.30 on 2026-03-31, up 38%.	Source n/a
27	JPX:3769GMO Payment Gateway, Inc.	JPX	Technology	-4.3x	0.58	1.38	0.25	Net debt to EBITDA, net debt to ebitda: -2.44 on 2018-09-30 to -4.26 on 2025-09-30, down 75%.	Source n/a
28	JPX:8136Sanrio Company, Ltd.	JPX	Consumer Cyclical	-1.3x	0.12	3.28	0.65	Net debt to EBITDA, net debt to ebitda: -2.20 on 2017-03-31 to -1.32 on 2026-03-31, up 40%.	Source n/a
29	JPX:7309Shimano Inc.	JPX	Consumer Cyclical	-5.7x	0.005	11.31	0.92	Net debt to EBITDA, net debt to ebitda: -2.37 on 2016-12-31 to -5.66 on 2025-12-31, down 139%.	Source n/a
30	JPX:3939Kanamic Network Co.,LTD	JPX	Healthcare	-1.3x	0.14	2.76	0.63	Net debt to EBITDA, net debt to ebitda: -1.67 on 2016-09-30 to -1.31 on 2025-09-30, up 22%.	Source n/a
31	JPX:3843FreeBit Co., Ltd.	JPX	Communication Services	-0.4x	1.82	2.00	0.23	Net debt to EBITDA, net debt to ebitda: -1.33 on 2017-04-30 to -0.39 on 2026-04-30, up 71%.	Source n/a
32	JPX:9552Quants Research Institute Holdings, Inc.	JPX	Financial Services	-0.6x	0.14	2.34	0.63	n/a	Source n/a
33	JPX:2329Tohokushinsha Film Corporation	JPX	Communication Services	-13.9x	0.004	5.49	0.85	Net debt to EBITDA, net debt to ebitda: -4.69 on 2017-03-31 to -13.91 on 2026-03-31, down 197%.	Source n/a
34	JPX:2371Kakaku.com, Inc.	JPX	Communication Services	-1.4x	0.05	2.78	0.66	Net debt to EBITDA, net debt to ebitda: -0.85 on 2018-03-31 to -1.35 on 2026-03-31, down 59%.	Source n/a
35	JPX:5243Note Inc.	JPX	Technology	-8.6x	0.24	1.92	0.47	Net debt to EBITDA, net debt to ebitda: -24.09 on 2024-11-30 to -8.57 on 2025-11-30, up 64%.	Source n/a
36	JPX:8157Tsuzuki Denki Co., Ltd.	JPX	Industrials	-3.6x	0.17	2.54	0.54	Net debt to EBITDA, net debt to ebitda: -0.42 on 2017-03-31 to -3.58 on 2026-03-31, down 752%.	Source n/a
37	JPX:6083ERI Holdings Co., Ltd.	JPX	Industrials	-1.1x	0.28	1.97	0.46	Net debt to EBITDA, net debt to ebitda: -5.65 on 2017-05-31 to -1.08 on 2026-05-31, up 81%.	Source n/a
38	JPX:2305Studio Alice Co., Ltd.	JPX	Industrials	-3.3x	0.03	4.57	0.78	Net debt to EBITDA, net debt to ebitda: -0.83 on 2016-12-31 to -3.25 on 2026-02-28, down 292%.	Source n/a
39	JPX:6387Samco Inc.	JPX	Technology	-2.9x	0.07	3.27	0.73	Net debt to EBITDA, net debt to ebitda: -2.32 on 2018-07-31 to -2.90 on 2026-07-31, down 25%.	Source n/a
40	JPX:3445RS Technologies Co., Ltd.	JPX	Technology	-3.7x	0.29	4.33	0.39	Net debt to EBITDA, net debt to ebitda: 1.45 on 2016-12-31 to -3.70 on 2025-12-31, down 355%.	Source n/a
41	JPX:3788GMO GlobalSign Holdings K.K.	JPX	Technology	-2.0x	0.26	2.12	0.41	Net debt to EBITDA, net debt to ebitda: -1.84 on 2017-12-31 to -1.96 on 2025-12-31, down 7%.	Source n/a
42	JPX:6058Vector Inc.	JPX	Communication Services	-1.3x	0.38	2.35	0.41	Net debt to EBITDA, net debt to ebitda: -1.34 on 2017-02-28 to -1.34 on 2026-02-28, up 0%.	Source n/a
43	JPX:4477BASE, Inc.	JPX	Technology	-14.8x	0.06	1.27	0.22	Net debt to EBITDA, net debt to ebitda: -28.18 on 2020-12-31 to -14.85 on 2025-12-31, up 47%.	Source n/a
44	JPX:2146UT Group Co., Ltd.	JPX	Industrials	-1.6x	0.32	2.32	0.41	Net debt to EBITDA, net debt to ebitda: -0.29 on 2017-03-31 to -1.57 on 2026-03-31, down 441%.	Source n/a
45	JPX:4668Meiko Network Japan Co., Ltd.	JPX	Consumer Defensive	-4.6x	0.002	2.54	0.69	Net debt to EBITDA, net debt to ebitda: -1.95 on 2017-08-31 to -4.60 on 2026-08-31, down 136%.	Source n/a
46	JPX:6532BayCurrent, Inc	JPX	Industrials	-1.2x	0.06	3.22	0.71	Net debt to EBITDA, net debt to ebitda: 1.64 on 2017-02-28 to -1.23 on 2026-02-28, down 175%.	Source n/a
47	JPX:3791IG Port, Inc.	JPX	Communication Services	-5.9x	0.01	2.68	0.66	Net debt to EBITDA, net debt to ebitda: -2.80 on 2016-05-31 to -5.86 on 2026-05-31, down 109%.	Source n/a
48	JPX:7014Namura Shipbuilding Co., Ltd.	JPX	Industrials	-3.0x	0.16	1.85	0.52	Net debt to EBITDA, net debt to ebitda: -1.16 on 2023-03-31 to -2.98 on 2026-03-31, down 157%.	Source n/a
49	JPX:7545Nishimatsuya Chain Co., Ltd.	JPX	Consumer Cyclical	-6.1x	0.02	2.09	0.61	Net debt to EBITDA, net debt to ebitda: -5.43 on 2017-02-28 to -6.07 on 2026-02-28, down 12%.	Source n/a
50	JPX:581AGO Inc.	JPX	Technology	-4.2x	0.13	1.45	0.32	n/a	Source n/a

This is the top of the list. The rest is a page away and no plan is needed for it.

Filed figures cite the filing they come from; figures marked Market data are quotes as of the date shown. Not a recommendation and not advice.

Past figures are not a forecast. Anything we modelled is labelled as ours. You can lose money on any security.