Balance sheetRatio

34 Stock Exchange of Thailand companies holding more cash than all their debt

34companies

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

Stocks · Non-US shares · Stock Exchange of Thailand (SET) · 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 Stock Exchange of Thailand, 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. 236 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

34 of 34 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	SET:MEGA-RMega Lifesciences Public Company Limited	SET	Healthcare	-1.3x	0.07	2.23	0.61	Net debt to EBITDA, net debt to ebitda: 0.09 on 2016-12-31 to -1.31 on 2025-12-31, down 1556%.	Source n/a
2	SET:MEGAMega Lifesciences Public Company Limited	SET	Healthcare	-1.3x	0.07	2.23	0.61	Net debt to EBITDA, net debt to ebitda: 0.09 on 2016-12-31 to -1.31 on 2025-12-31, down 1556%.	Source n/a
3	SET:ITCi-Tail Corporation Public Company Limited	SET	Consumer Defensive	-2.0x	0.002	8.71	0.88	Net debt to EBITDA, net debt to ebitda: 2.55 on 2020-12-31 to -1.97 on 2025-12-31, down 177%.	Source n/a
4	SET:ITC-Ri-Tail Corporation Public Company Limited	SET	Consumer Defensive	-2.0x	0.002	8.71	0.88	Net debt to EBITDA, net debt to ebitda: 2.55 on 2020-12-31 to -1.97 on 2025-12-31, down 177%.	Source n/a
5	SET:TEAMTeam Precision Public Company Limited	SET	Technology	-2.3x	0.04	2.63	0.64	Net debt to EBITDA, net debt to ebitda: -2.41 on 2016-12-31 to -2.26 on 2025-12-31, up 6%.	Source n/a
6	SET:BBIKBluebik Group Public Company Limited	SET	Industrials	-1.6x	0.03	4.13	0.69	Net debt to EBITDA, net debt to ebitda: -2.64 on 2022-12-31 to -1.63 on 2025-12-31, up 38%.	Source n/a
7	SET:TOATOA Paint (Thailand) Public Company Limited	SET	Basic Materials	-0.6x	0.08	3.03	0.67	Net debt to EBITDA, net debt to ebitda: -0.37 on 2020-12-31 to -0.58 on 2025-12-31, down 57%.	Source n/a
8	SET:AKREkarat Engineering Public Company Limited	SET	Industrials	-0.9x	0.05	4.76	0.78	Net debt to EBITDA, net debt to ebitda: 6.52 on 2016-12-31 to -0.93 on 2025-12-31, down 114%.	Source n/a
9	SET:CHG-RChularat Hospital Public Company Limited	SET	Healthcare	-0.7x	0.07	3.11	0.76	Net debt to EBITDA, net debt to ebitda: 0.40 on 2016-12-31 to -0.70 on 2025-12-31, down 275%.	Source n/a
10	SET:CHGChularat Hospital Public Company Limited	SET	Healthcare	-0.7x	0.07	3.11	0.76	Net debt to EBITDA, net debt to ebitda: 0.40 on 2016-12-31 to -0.70 on 2025-12-31, down 275%.	Source n/a
11	SET:JASJasmine International Public Company Limited	SET	Communication Services	-0.5x	0.32	0.76	0.46	Net debt to EBITDA, net debt to ebitda: 1.10 on 2016-12-31 to -0.52 on 2025-12-31, down 147%.	Source n/a
12	SET:SMTStars Microelectronics (Thailand) Public Company Limited	SET	Technology	-7.6x	0.10	2.27	0.72	Net debt to EBITDA, net debt to ebitda: 3.14 on 2018-12-31 to -7.60 on 2025-12-31, down 342%.	Source n/a
13	SET:OR-RPTT Oil and Retail Business Public Company Limited	SET	Energy	-0.5x	0.21	2.24	0.56	Net debt to EBITDA, net debt to ebitda: 0.05 on 2016-12-31 to -0.51 on 2025-12-31, down 1120%.	Source n/a
14	SET:ORPTT Oil and Retail Business Public Company Limited	SET	Energy	-0.5x	0.21	2.24	0.56	Net debt to EBITDA, net debt to ebitda: 0.05 on 2016-12-31 to -0.51 on 2025-12-31, down 1120%.	Source n/a
15	SET:OSP-ROsotspa Public Company Limited	SET	Consumer Defensive	-0.5x	0.04	1.84	0.68	Net debt to EBITDA, net debt to ebitda: 1.07 on 2016-12-31 to -0.51 on 2025-12-31, down 148%.	Source n/a
16	SET:OSPOsotspa Public Company Limited	SET	Consumer Defensive	-0.5x	0.04	1.84	0.68	Net debt to EBITDA, net debt to ebitda: 1.07 on 2016-12-31 to -0.51 on 2025-12-31, down 148%.	Source n/a
17	SET:DELTA-RDelta Electronics (Thailand) Public Company Limited	SET	Industrials	-0.6x	0.02	1.99	0.63	Net debt to EBITDA, net debt to ebitda: -0.47 on 2021-12-31 to -0.55 on 2025-12-31, down 17%.	Source n/a
18	SET:DELTADelta Electronics (Thailand) Public Company Limited	SET	Industrials	-0.6x	0.02	1.99	0.63	Net debt to EBITDA, net debt to ebitda: -0.47 on 2021-12-31 to -0.55 on 2025-12-31, down 17%.	Source n/a
19	SET:SATSomboon Advance Technology Public Company Limited	SET	Consumer Cyclical	-1.1x	0.01	4.42	0.83	Net debt to EBITDA, net debt to ebitda: 0.47 on 2016-12-31 to -1.09 on 2025-12-31, down 332%.	Source n/a
20	SET:SINGERSinger Thailand Public Company Limited	SET	Financial Services	-1.6x	0.10	17.70	0.80	Net debt to EBITDA, net debt to ebitda: 6.31 on 2020-12-31 to -1.58 on 2025-12-31, down 125%.	Source n/a
21	SET:KCEKCE Electronics Public Company Limited	SET	Technology	-0.3x	0.11	2.34	0.71	Net debt to EBITDA, net debt to ebitda: 0.87 on 2016-12-31 to -0.27 on 2025-12-31, down 131%.	Source n/a
22	SET:KCE-RKCE Electronics Public Company Limited	SET	Technology	-0.3x	0.11	2.34	0.71	Net debt to EBITDA, net debt to ebitda: 0.87 on 2016-12-31 to -0.27 on 2025-12-31, down 131%.	Source n/a
23	SET:KTB-RKrung Thai Bank Public Company Limited	SET	Financial Services	-0.4x	0.87	7.70	0.11	n/a	Source n/a
24	SET:KTBKrung Thai Bank Public Company Limited	SET	Financial Services	-0.4x	0.87	7.70	0.11	n/a	Source n/a
25	SET:BCH-RBangkok Chain Hospital Public Company Limited	SET	Healthcare	-0.3x	0.07	1.34	0.75	Net debt to EBITDA, net debt to ebitda: 1.97 on 2016-12-31 to -0.26 on 2025-12-31, down 113%.	Source n/a
26	SET:BCHBangkok Chain Hospital Public Company Limited	SET	Healthcare	-0.3x	0.07	1.34	0.75	Net debt to EBITDA, net debt to ebitda: 1.97 on 2016-12-31 to -0.26 on 2025-12-31, down 113%.	Source n/a
27	SET:KBANKKasikornbank Public Company Limited	SET	Financial Services	-1.4x	0.47	2.49	0.12	n/a	Source n/a
28	SET:KBANK-RKasikornbank Public Company Limited	SET	Financial Services	-1.4x	0.47	2.49	0.12	n/a	Source n/a
29	SET:TTBTMBThanachart Bank Public Company Limited	SET	Financial Services	-1.3x	0.46	0.38	0.13	n/a	Source n/a
30	SET:DITTODitto (Thailand) Public Company Limited	SET	Technology	-0.3x	0.02	2.36	0.77	Net debt to EBITDA, net debt to ebitda: 1.48 on 2016-12-31 to -0.27 on 2025-12-31, down 118%.	Source n/a
31	SET:DITTO-RDitto (Thailand) Public Company Limited	SET	Technology	-0.3x	0.02	2.36	0.77	Net debt to EBITDA, net debt to ebitda: 1.48 on 2016-12-31 to -0.27 on 2025-12-31, down 118%.	Source n/a
32	SET:BLABangkok Life Assurance Public Company Limited	SET	Financial Services	-0.8x	0.00	0.03	0.17	n/a	Source n/a
33	SET:BLA-RBangkok Life Assurance Public Company Limited	SET	Financial Services	-0.8x	0.00	0.03	0.17	n/a	Source n/a
34	SET:TLIThai Life Insurance Public Company Limited	SET	Financial Services	-0.5x	0.00	0.02	0.23	n/a	Source n/a

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.