Balance sheetRatio

33 Deutsche Börse companies holding more cash than all their debt

33companies

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

Stocks · Non-US shares · Deutsche Börse (XETRA) · Ranked by Net debt to EBITDA in times, most cash on the balance sheet first · Rebuilt 2026-11-06 at 13:25 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 Deutsche Börse, 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. 165 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-06.

The list

33 of 33 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	XETRA:FTKflatexDEGIRO SE	XETRA	Financial Services	-14.8x	0.14	66.69	0.07	n/a	Source n/a
2	XETRA:AAGAumann AG	XETRA	Industrials	-5.1x	0.02	3.24	0.60	Net debt to EBITDA, net debt to ebitda: -1.19 on 2016-12-31 to -5.12 on 2025-12-31, down 330%.	Source n/a
3	XETRA:VH2Friedrich Vorwerk Group SE	XETRA	Energy	-1.8x	0.06	1.84	0.49	Net debt to EBITDA, net debt to ebitda: -0.94 on 2019-12-31 to -1.83 on 2025-12-31, down 95%.	Source n/a
4	XETRA:WEWWestwing Group SE	XETRA	Consumer Cyclical	-1.6x	0.34	1.51	0.33	Net debt to EBITDA, net debt to ebitda: -3.61 on 2023-12-31 to -1.64 on 2025-12-31, up 55%.	Source n/a
5	XETRA:MBBMbb Se	XETRA	Industrials	-2.4x	0.13	2.77	0.44	Net debt to EBITDA, net debt to ebitda: 0.35 on 2016-12-31 to -2.40 on 2025-12-31, down 786%.	Source n/a
6	XETRA:TKMSTKMS AG & Co. KGaA	XETRA	Industrials	-9.3x	0.03	0.92	-0.06	Net debt to EBITDA, net debt to ebitda: -2.56 on 2022-09-30 to -9.26 on 2025-09-30, down 262%.	Source n/a
7	XETRA:EUZEckert & Ziegler SE	XETRA	Healthcare	-0.9x	0.18	3.45	0.47	Net debt to EBITDA, net debt to ebitda: -1.36 on 2019-12-31 to -0.91 on 2025-12-31, up 33%.	Source n/a
8	XETRA:F3CSFC Energy AG	XETRA	Industrials	-1.5x	0.12	3.37	0.67	Net debt to EBITDA, net debt to ebitda: 3.60 on 2018-12-31 to -1.54 on 2025-12-31, down 143%.	Source n/a
9	XETRA:NDX1Nordex SE	XETRA	Industrials	-2.0x	0.38	1.09	0.07	Net debt to EBITDA, net debt to ebitda: 0.01 on 2016-12-31 to -2.04 on 2025-12-31, down 20500%.	Source n/a
10	XETRA:YSNsecunet Security Networks AG	XETRA	Technology	-0.9x	0.12	1.90	0.27	Net debt to EBITDA, net debt to ebitda: -0.04 on 2022-12-31 to -0.89 on 2025-12-31, down 2125%.	Source n/a
11	XETRA:CWCCewe Stiftung & Co. KGaA	XETRA	Consumer Cyclical	-0.8x	0.09	1.51	0.54	Net debt to EBITDA, net debt to ebitda: 0.29 on 2019-12-31 to -0.75 on 2025-12-31, down 359%.	Source n/a
12	XETRA:ZALZalando SE	XETRA	Consumer Cyclical	-0.5x	0.51	1.11	0.14	Net debt to EBITDA, net debt to ebitda: -4.33 on 2017-12-31 to -0.54 on 2025-12-31, up 88%.	Source n/a
13	XETRA:TKAthyssenkrupp AG	XETRA	Industrials	-1.6x	0.09	1.69	0.28	Net debt to EBITDA, net debt to ebitda: 0.95 on 2017-09-30 to -1.57 on 2025-09-30, down 265%.	Source n/a
14	XETRA:PCZProCredit Holding AG & Co. KGaA	XETRA	Financial Services	-5.7x	1.23	8.06	0.09	n/a	Source n/a
15	XETRA:SMHNSÜSS MicroTec SE	XETRA	Technology	-0.7x	0.16	3.28	0.55	Net debt to EBITDA, net debt to ebitda: -2.02 on 2016-12-31 to -0.68 on 2025-12-31, up 66%.	Source n/a
16	XETRA:PFSEPFISTERER Holding SE	XETRA	Industrials	-0.5x	0.12	2.16	0.54	Net debt to EBITDA, net debt to ebitda: 3.23 on 2022-12-31 to -0.49 on 2025-12-31, down 115%.	Source n/a
17	XETRA:ENRSiemens Energy AG	XETRA	Industrials	-1.2x	0.39	0.90	-0.03	Net debt to EBITDA, net debt to ebitda: -0.51 on 2019-09-30 to -1.24 on 2025-09-30, down 143%.	Source n/a
18	XETRA:RAARational AG	XETRA	Industrials	-0.4x	0.03	4.48	0.79	Net debt to EBITDA, net debt to ebitda: -0.60 on 2019-12-31 to -0.43 on 2025-12-31, up 28%.	Source n/a
19	XETRA:GBFBilfinger SE	XETRA	Industrials	-0.4x	0.28	1.25	0.18	Net debt to EBITDA, net debt to ebitda: 0.76 on 2019-12-31 to -0.36 on 2025-12-31, down 147%.	Source n/a
20	XETRA:TNIEtonies SE	XETRA	Consumer Cyclical	-1.1x	0.10	1.46	0.25	Net debt to EBITDA, net debt to ebitda: -1.82 on 2023-12-31 to -1.05 on 2025-12-31, up 42%.	Source n/a
21	XETRA:ELGElmos Semiconductor SE	XETRA	Technology	-0.1x	0.16	5.63	0.75	Net debt to EBITDA, net debt to ebitda: 0.16 on 2023-12-31 to -0.06 on 2025-12-31, down 138%.	Source n/a
22	XETRA:KRNKrones AG	XETRA	Industrials	-0.7x	0.07	1.38	0.34	Net debt to EBITDA, net debt to ebitda: 0.21 on 2019-12-31 to -0.65 on 2025-12-31, down 410%.	Source n/a
23	XETRA:AIXAAixtron Se	XETRA	Technology	-0.9x	0.01	5.61	0.86	Net debt to EBITDA, net debt to ebitda: -5.35 on 2019-12-31 to -0.92 on 2025-12-31, up 83%.	Source n/a
24	XETRA:G1AGEA Group AG	XETRA	Industrials	-0.5x	0.10	1.06	0.13	Net debt to EBITDA, net debt to ebitda: -1.59 on 2016-12-31 to -0.47 on 2025-12-31, up 70%.	Source n/a
25	XETRA:AMV0Aumovio SE	XETRA	Consumer Cyclical	-1.2x	0.04	1.36	0.45	Net debt to EBITDA, net debt to ebitda: 34.29 on 2022-12-31 to -1.16 on 2025-12-31, down 103%.	Source n/a
26	XETRA:RHMRheinmetall AG	XETRA	Industrials	-0.2x	0.26	1.20	0.17	Net debt to EBITDA, net debt to ebitda: 0.31 on 2016-12-31 to -0.17 on 2025-12-31, down 155%.	Source n/a
27	XETRA:BEIBeiersdorf AG	XETRA	Consumer Defensive	-0.6x	0.03	1.90	0.65	Net debt to EBITDA, net debt to ebitda: -0.73 on 2023-12-31 to -0.59 on 2025-12-31, up 19%.	Source n/a
28	XETRA:LPKLPKF Laser & Electronics SE	XETRA	Industrials	-1.1x	0.07	1.91	0.64	Net debt to EBITDA, net debt to ebitda: 3.17 on 2017-12-31 to -1.12 on 2025-12-31, down 135%.	Source n/a
29	XETRA:FPEFuchs Petrolub SE	XETRA	Basic Materials	-0.3x	0.05	2.32	0.67	Net debt to EBITDA, net debt to ebitda: -0.46 on 2018-12-31 to -0.28 on 2025-12-31, up 39%.	Source n/a
30	XETRA:DWSDWS Group GmbH & Co. KGaA	XETRA	Financial Services	-0.5x	0.02	975.50	0.48	n/a	Source n/a
31	XETRA:HDDHeidelberger Druckmaschinen AG	XETRA	Industrials	-0.3x	0.18	1.38	0.18	Net debt to EBITDA, net debt to ebitda: 0.05 on 2022-03-31 to -0.31 on 2026-03-31, down 720%.	Source n/a
32	XETRA:KSB3KSB SE & Co. KGaA	XETRA	Industrials	-0.4x	0.003	2.03	0.60	Net debt to EBITDA, net debt to ebitda: -3.13 on 2014-12-31 to -0.44 on 2025-12-31, up 86%.	Source n/a
33	XETRA:ALVAllianz SE	XETRA	Financial Services	-0.1x	0.46	0.04	0.04	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.