Balance sheetRatio

27 Stockholm Stock Exchange companies holding more cash than all their debt

27companies

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

Stocks · Non-US shares · Stockholm Stock Exchange (STO) · 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 Stockholm 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. 232 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

27 of 27 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	STO:CAMXCamurus AB	STO	Healthcare	-4.0x	0.03	12.09	0.89	Net debt to EBITDA, net debt to ebitda: -2.06 on 2023-12-31 to -3.98 on 2025-12-31, down 93%.	Source n/a
2	STO:HACKHacksaw AB	STO	Technology	-0.8x	0.02	7.02	0.85	Net debt to EBITDA, net debt to ebitda: -0.58 on 2022-12-31 to -0.83 on 2025-12-31, down 43%.	Source n/a
3	STO:GENOGenovis AB	STO	Healthcare	-0.6x	0.52	7.36	0.64	Net debt to EBITDA, net debt to ebitda: -0.61 on 2019-12-31 to -0.59 on 2025-12-31, up 3%.	Source n/a
4	STO:SECT-BSectra AB (publ)	STO	Healthcare	-2.2x	0.04	1.61	0.43	Net debt to EBITDA, net debt to ebitda: -0.93 on 2018-04-30 to -2.23 on 2026-04-30, down 140%.	Source n/a
5	STO:YUBICOYubico AB	STO	Technology	-3.9x	0.02	3.86	0.75	Net debt to EBITDA, net debt to ebitda: -2.36 on 2023-12-31 to -3.90 on 2025-12-31, down 65%.	Source n/a
6	STO:BONEXBonesupport Holding AB (publ)	STO	Healthcare	-1.3x	0.01	4.85	0.83	Net debt to EBITDA, net debt to ebitda: -5.18 on 2023-12-31 to -1.27 on 2025-12-31, up 75%.	Source n/a
7	STO:ACASTAcast AB (publ)	STO	Communication Services	-41.6x	0.11	1.75	0.42	n/a	Source n/a
8	STO:TRUE-BTruecaller AB (publ)	STO	Technology	-0.5x	0.05	4.86	0.75	Net debt to EBITDA, net debt to ebitda: -3.55 on 2021-12-31 to -0.45 on 2025-12-31, up 87%.	Source n/a
9	STO:OEM-BOEM International AB (publ)	STO	Industrials	-0.8x	0.04	4.16	0.72	Net debt to EBITDA, net debt to ebitda: 0.94 on 2016-12-31 to -0.81 on 2025-12-31, down 186%.	Source n/a
10	STO:BETS-BBetsson AB	STO	Consumer Cyclical	-0.4x	0.21	1.82	0.21	Net debt to EBITDA, net debt to ebitda: 0.26 on 2020-12-31 to -0.39 on 2024-12-31, down 250%.	Source n/a
11	STO:SSAB-BSSAB AB (publ)	STO	Basic Materials	-1.1x	0.17	2.48	0.63	Net debt to EBITDA, net debt to ebitda: 1.82 on 2019-12-31 to -1.14 on 2025-12-31, down 163%.	Source n/a
12	STO:SSAB-ASSAB Ab	STO	Basic Materials	-1.1x	0.17	2.48	0.63	Net debt to EBITDA, net debt to ebitda: 1.82 on 2019-12-31 to -1.14 on 2025-12-31, down 163%.	Source n/a
13	STO:MYCRMycronic AB (publ)	STO	Industrials	-0.9x	0.05	2.30	0.48	Net debt to EBITDA, net debt to ebitda: -0.93 on 2020-12-31 to -0.86 on 2025-12-31, up 8%.	Source n/a
14	STO:RAY-BRaySearch Laboratories AB (publ)	STO	Healthcare	-0.02x	0.40	1.70	0.30	Net debt to EBITDA, net debt to ebitda: -0.11 on 2020-12-31 to -0.02 on 2025-12-31, up 82%.	Source n/a
15	STO:BTS-BBTS Group AB (publ)	STO	Industrials	-0.1x	0.40	1.70	0.002	Net debt to EBITDA, net debt to ebitda: -0.86 on 2016-12-31 to -0.13 on 2025-12-31, up 85%.	Source n/a
16	STO:STORY-BStorytel AB (publ)	STO	Communication Services	-0.01x	0.38	0.89	-0.02	Net debt to EBITDA, net debt to ebitda: 1.12 on 2016-12-31 to -0.01 on 2025-12-31, down 101%.	Source n/a
17	STO:RVRCRVRC Holding AB (publ)	STO	Consumer Cyclical	-0.7x	0.01	2.20	0.51	Net debt to EBITDA, net debt to ebitda: 4.64 on 2018-06-30 to -0.72 on 2026-06-30, down 116%.	Source n/a
18	STO:EMBRAC-BEmbracer Group AB	STO	Technology	-0.8x	0.08	1.66	0.40	Net debt to EBITDA, net debt to ebitda: -0.45 on 2020-03-31 to -0.79 on 2026-03-31, down 76%.	Source n/a
19	STO:CEVICellaVision AB (publ)	STO	Healthcare	-0.7x	0.03	3.98	0.63	Net debt to EBITDA, net debt to ebitda: -1.55 on 2017-12-31 to -0.69 on 2025-12-31, up 55%.	Source n/a
20	STO:COFFEE-BCoffee Stain Studios AB	STO	Technology	-1.3x	0.01	4.62	0.66	Net debt to EBITDA, net debt to ebitda: -0.39 on 2024-03-31 to -1.25 on 2026-03-31, down 221%.	Source n/a
21	STO:VOLCAR-BVolvo Car AB (publ.)	STO	Consumer Cyclical	-0.8x	0.26	1.04	0.22	Net debt to EBITDA, net debt to ebitda: -0.70 on 2016-12-31 to -0.83 on 2025-12-31, down 19%.	Source n/a
22	STO:EVOEvolution AB (publ)	STO	Consumer Cyclical	-0.4x	0.02	1.82	0.42	Net debt to EBITDA, net debt to ebitda: -0.74 on 2015-12-31 to -0.44 on 2024-12-31, up 41%.	Source n/a
23	STO:SUSSurgical Science Sweden AB (publ)	STO	Healthcare	-2.8x	0.02	4.07	0.68	Net debt to EBITDA, net debt to ebitda: -5.64 on 2018-12-31 to -2.79 on 2025-12-31, up 51%.	Source n/a
24	STO:ALLEIAlleima AB (publ)	STO	Basic Materials	-0.8x	0.03	2.83	0.71	Net debt to EBITDA, net debt to ebitda: 0.22 on 2020-12-31 to -0.77 on 2025-12-31, down 450%.	Source n/a
25	STO:NORIONNorion Bank AB	STO	Financial Services	-0.7x	0.36	0.14	0.14	n/a	Source n/a
26	STO:AZAAvanza Bank Holding AB (publ)	STO	Financial Services	-3.9x	0.09	0.14	0.02	n/a	Source n/a
27	STO:SAVENordnet AB (publ)	STO	Financial Services	-0.9x	0.12	59.03	0.02	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.