Net Cash Fortress Stock Screen — Nordics
A fortress balance sheet: more cash than debt, positive free cash flow and enough short-term assets to cover short-term bills one and a half times over. Companies like these can fund themselves through a downturn without asking banks or shareholders for money. The screen also asks for a return on equity of at least 8%.
The rules of this screen
A stock listed in the Nordics appears below only if it passes every rule:
- Return on equity (ROE) of at least 8%
- Net cash: more cash than total debt, with positive free cash flow
- Current ratio of at least 1.5 (short-term assets cover short-term liabilities 1.5 times)
- Market cap of at least €50 million
Data comes from company filings and market prices, refreshed after every trading day. Stocks with a missing value for any rule are left out.
Net Cash Fortress Stock Screen — Nordics: top stocks by market cap
56 Nordic stocks match this screen. Top 30 by market cap, data as of 13 Nov 2026.
| # | Company | Ticker | Sector | Mkt Cap | P/E | Div Yield | 1Y |
|---|---|---|---|---|---|---|---|
| 1 | EQT AB (publ) | EQTSTO | Financial Services | €35.8B | 32.7 | 1.58% | -0.8% |
| 2 | Sampo Oyj | SAMPOHEL | Financial Services | €26.6B | 22.6 | 3.58% | +8.0% |
| 3 | Lundin Mining Corporation | LUMISTO | Basic Materials | €15.7B | 13.3 | 0.37% | +21.3% |
| 4 | Orion Oyj | ORNBVHEL | Healthcare | €14.5B | 22.0 | 1.75% | +75.8% |
| 5 | Orion Oyj | ORNAVHEL | Healthcare | €14.4B | 22.0 | 1.76% | +76.0% |
| 6 | Lundin Gold Inc. | LUGSTO | Basic Materials | €14.3B | 16.6 | 6.19% | -5.2% |
| 7 | Gjensidige Forsikring ASA | GJFOSL | Financial Services | €13.4B | 20.4 | 3.59% | +8.7% |
| 8 | ALK-Abelló A/S | ALK-BCPH | Healthcare | €7.4B | 40.7 | 0.64% | +24.5% |
| 9 | Sectra AB (publ) | SECT-BSTO | Healthcare | €5.6B | 99.9 | 0.41% | +8.9% |
| 10 | Mycronic AB (publ) | MYCRSTO | Industrials | €5.1B | 28.5 | 1.10% | +40.2% |
| 11 | Camurus AB (publ) | CAMXSTO | Healthcare | €4.0B | 58.9 | 0.00% | +26.6% |
| 12 | Protector Forsikring ASA | PROTOSL | Financial Services | €3.8B | 16.4 | 4.18% | +11.5% |
| 13 | Clas Ohlson AB (publ) | CLAS-BSTO | Consumer Cyclical | €3.2B | 28.3 | 1.68% | +67.8% |
| 14 | Mandatum Oyj | MANTAHEL | Financial Services | €3.0B | 31.0 | 14.58% | +11.6% |
| 15 | BioArctic AB (publ) | BIOA-BSTO | Healthcare | €2.5B | 262.7 | 0.64% | +9.1% |
| 16 | Kalmar Oyj | KALMARHEL | Industrials | €2.5B | 14.7 | 2.84% | +11.8% |
| 17 | Bavarian Nordic A/S | BAVACPH | Healthcare | €2.4B | 12.2 | 0.00% | +0.9% |
| 18 | Vaisala Oyj | VAIASHEL | Technology | €2.3B | 30.9 | 1.33% | +55.7% |
| 19 | OEM International AB (publ) | OEM-BSTO | Industrials | €2.1B | 33.2 | 1.03% | +10.0% |
| 20 | Bonesupport Holding AB (publ) | BONEXSTO | Healthcare | €1.9B | 78.7 | 0.00% | +61.5% |
| 21 | AQ Group AB (publ) | AQSTO | Industrials | €1.9B | 27.2 | 0.80% | +22.2% |
| 22 | UIE Plc | UIECPH | Consumer Defensive | €1.6B | 21.8 | 2.47% | +25.7% |
| 23 | ChemoMetec A/S | CHEMMCPH | Healthcare | €1.6B | 59.4 | 0.00% | -11.0% |
| 24 | Hacksaw AB (publ) | HACKSTO | Communication Services | €1.5B | 8.4 | 7.40% | -17.6% |
| 25 | 2020 Bulkers Ltd. | 2020OSL | Industrials | €1.2B | 0.1 | 126.06% | -91.2% |
| 26 | Bonheur ASA | BONHROSL | Industrials | €1.2B | 11.9 | 2.57% | +38.7% |
| 27 | BioGaia AB (publ) | BIOG-BSTO | Healthcare | €1.2B | 32.6 | 1.31% | +29.1% |
| 28 | Bittium Oyj | BITTIHEL | Technology | €1.1B | 41.7 | 0.46% | +87.2% |
| 29 | Invisio AB (publ) | IVSOSTO | Technology | €859.9M | 33.6 | 1.46% | -28.0% |
| 30 | Truecaller AB (publ) | TRUE-BSTO | Technology | €639.1M | 62.9 | 1.20% | -7.9% |
The same rules on every market the screener covers: the US, Canada, Europe, Australia and more. Free, no account needed.
Run this screen on all 18,000+ stocksHow to use this screen
Cash can sit in a country it cannot easily leave, or belong to customers (deposits, prepayments). A big cash pile also lowers returns if management never uses it. Check where the cash is and what the company plans to do with it.
This page lists the stocks that pass a set of rules. It is not a recommendation to buy or sell any of them, and past results of a strategy say nothing certain about future returns.