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Ranking of companies with the largest net debt

The companies carrying the largest net debt (debt minus cash) at the close of the 2025 fiscal year.

Share prices and capitalizations at 2026-11-05·Reference fiscal year 2025·Calculated on 2026-11-08· 16368 companies ranked
Metric : net debt = enterprise value − market capitalization, both published at the close of the fiscal year 2025 (enterprise value = market capitalization + debt − cash). Companies whose debt exceeds cash. Currency : Amounts converted into US dollars at the exchange rate of the day of calculation; the amount in the currency of the accounts is repeated under each value. Only companies whose data is published are ranked: a missing value excludes the company, it is never replaced by zero or estimated. Scope : companies whose accounts are published in the listing currency; foreign lines off-exchange and ADRs, for which the provider's ratios are inconsistent, are excluded.
#EnterpriseMarketSector Net debt (USD)Market cap
1Schweizerische NationalbankSNBN.SW🇨🇭EuropeFinancial Services803,34 billion $659,21 Bn CHF380,2 M$
2Bank of Japan8301.T🇯🇵JapanFinancial Services706,98 billion $112 003 Bn¥119,9 M$
3JPMorgan Chase & Co.JPM🇺🇸United StatesFinancial Services599,04 billion $889,14 billion $
4BNP Paribas S.A.BNP.PA🇫🇷FranceFinancial Services537,64 billion $482,25 Md€112,33 billion $
5Industrial Bank Co., Ltd.601166.SS🇨🇳ChinaFinancial Services521,47 billion $3 479 billion CN¥62,59 billion $
6The Goldman Sachs Group, Inc.GS🇺🇸United StatesFinancial Services445,27 billion $249,73 billion $
7Banco Santander, S.A.SAN.MC🇪🇸EuropeFinancial Services410,79 billion $368,47 Md€173,45 billion $
8Crédit Agricole S.A.ACA.PA🇫🇷FranceFinancial Services392,07 billion $351,68 Md€53,43 billion $
9Citigroup Inc.C🇺🇸United StatesFinancial Services366,22 billion $199,75 billion $
10Morgan StanleyMS🇺🇸United StatesFinancial Services363,87 billion $286,18 billion $
11National Bank of Belgium S.A.BNB.BR🇧🇪EuropeFinancial Services355,61 billion $318,97 Md€149,4 M$
12Brookfield CorporationBN🇨🇦CanadaFinancial Services296,37 billion $92,37 billion $
13Volkswagen AGVOW3.DE🇩🇪GermanyConsumer Cyclical267,76 billion $240,18 Md€39,03 billion $
14HSBC Holdings plcHSBC🇬🇧United KingdomFinancial Services256,34 billion $302,77 billion $
15Wells Fargo & CompanyWFC🇺🇸United StatesFinancial Services251,51 billion $251,98 billion $
16Deutsche Bank AGDBK.DE🇩🇪GermanyFinancial Services216,56 billion $194,25 Md€65,24 billion $
17ING Groep N.V.INGA.AS🇳🇱EuropeFinancial Services213,80 billion $191,78 Md€90,97 billion $
18Bank of Beijing Co., Ltd.601169.SS🇨🇳ChinaFinancial Services200,83 billion $1 340 billion CN¥18,57 billion $
19Ping An Bank Co., Ltd.000001.SZ🇨🇳ChinaFinancial Services194,03 billion $1 294 billion CN¥34,35 billion $
20UniCredit S.p.A.UCG.MI🇮🇹EuropeFinancial Services182,34 billion $163,55 Md€129,11 billion $
21Verizon Communications Inc.VZ🇺🇸United StatesCommunication Services181,55 billion $189,37 billion $
22Nordea Bank AbpNDA-FI.HE🇫🇮EuropeFinancial Services178,30 billion $159,93 Md€61,89 billion $
23Bank of GreeceTELL.AT🇬🇷EuropeFinancial Services177,91 billion $159,58 Md€327,8 M$
24Bank of Ningbo Co., Ltd.002142.SZ🇨🇳ChinaFinancial Services171,73 billion $1 146 billion CN¥33,93 billion $
25Industrial Bank of Korea024110.KS🇰🇷KoreaFinancial Services168,31 billion $229 512 Md₩11,40 billion $
26AT&T Inc.T🇺🇸United StatesCommunication Services155,75 billion $145,71 billion $
27China Zheshang Bank Co., Ltd601916.SS🇨🇳ChinaFinancial Services154,00 billion $1 027 billion CN¥12,02 billion $
28Deutsche Telekom AGDTE.DE🇩🇪GermanyCommunication Services148,68 billion $133,36 Md€138,15 billion $
29Ford Motor CompanyF🇺🇸United StatesConsumer Cyclical144,22 billion $49,68 billion $
30Danske Bank A/SDANSKE.CO🇩🇰EuropeFinancial Services135,85 billion $911,23 Bn DKK42,86 billion $
31Svenska Handelsbanken AB (publ)SHB-A.ST🇸🇪EuropeFinancial Services135,74 billion $1 343 billion SEK31,42 billion $
32UBS Group AGUBSG.SW🇨🇭EuropeFinancial Services134,87 billion $146,01 billion $
33Bank of America CorporationBAC🇺🇸United StatesFinancial Services134,06 billion $341,01 billion $
34DNB Bank ASADNB.OL🇳🇴EuropeFinancial Services119,47 billion $1 129 M NOK48,41 billion $
35T-Mobile US, Inc.TMUS🇺🇸United StatesCommunication Services116,67 billion $171,61 billion $
36Hyundai Motor Company005389.KS🇰🇷KoreaConsumer Cyclical115,98 billion $158 154 Md₩41,76 billion $
37Annaly Capital Management, Inc.NLY🇺🇸United StatesReal Estate109,82 billion $14,77 billion $
38Banco Bilbao Vizcaya Argentaria, S.A.BBVA.MC🇪🇸EuropeFinancial Services109,81 billion $98,49 Md€139,37 billion $
39General Motors CompanyGM🇺🇸United StatesConsumer Cyclical109,33 billion $73,15 billion $
40Power Finance Corporation LimitedPFC.NS🇮🇳IndiaFinancial Services102,46 billion $9 622 Bn₹11,55 billion $
41AGNC Investment Corp.AGNC🇺🇸United StatesReal Estate101,34 billion $11,18 billion $
42Comcast CorporationCMCSA🇺🇸United StatesCommunication Services100,96 billion $86,38 billion $
43Saudi Electricity Company5110.SR🇸🇦OthersUtilities99,26 billion $372,22 Bn SAR17,41 billion $
44Mercedes-Benz Group AGMBG.DE🇩🇪GermanyConsumer Cyclical97,83 billion $87,75 Md€44,35 billion $
45Bayerische Motoren Werke AGBMW.DE🇩🇪GermanyConsumer Cyclical97,49 billion $87,45 Md€39,63 billion $
46Charter Communications, Inc.CHTR🇺🇸United StatesCommunication Services96,64 billion $15,91 billion $
47China Communications Construction Company Limited601800.SS🇨🇳ChinaIndustrials93,93 billion $626,63 billion CN¥15,08 billion $
48Oracle CorporationORCL🇺🇸United StatesTechnology93,32 billion $350,91 billion $
49NextEra Energy, Inc.NEE🇺🇸United StatesUtilities92,81 billion $182,36 billion $
50Commerzbank AGCBK.DE🇩🇪GermanyFinancial Services91,73 billion $82,28 Md€46,04 billion $
51Duke Energy CorporationDUK🇺🇸United StatesUtilities90,62 billion $99,63 billion $
52Bank of Hangzhou Co., Ltd.600926.SS🇨🇳ChinaFinancial Services89,93 billion $599,95 billion CN¥18,57 billion $
53Berkshire Hathaway Inc.BRK-B🇺🇸United StatesFinancial Services87,08 billion $1 222 billion $
54Hua Xia Bank Co., Limited600015.SS🇨🇳ChinaFinancial Services85,69 billion $571,67 billion CN¥15,65 billion $
55CVS Health CorporationCVS🇺🇸United StatesHealthcare85,08 billion $107,24 billion $
56Microsoft CorporationMSFT🇺🇸United StatesTechnology81,94 billion $3 940 billion $
57PJSC GazpromGAZP.ME🇷🇺OthersEnergy79,88 billion $6 544 billion ₽33,02 billion $
58Apple Inc.AAPL🇺🇸United StatesTechnology76,44 billion $4 997 billion $
59Shell plcSHEL🇬🇧United KingdomEnergy74,39 billion $290,00 billion $
60The Southern CompanySO🇺🇸United StatesUtilities72,44 billion $106,22 billion $
61Enel S.p.A.ENEL.MI🇮🇹EuropeUtilities71,01 billion $63,70 Md€107,39 billion $
62Energy Transfer LPET🇺🇸United StatesEnergy70,34 billion $69,71 billion $
63Hana Financial Group Inc.086790.KS🇰🇷KoreaFinancial Services67,78 billion $92 426 Md₩23,17 billion $
64Power Construction Corporation of China, Ltd601669.SS🇨🇳ChinaIndustrials67,24 billion $448,58 billion CN¥11,57 billion $
65Brookfield Infrastructure Partners L.P.BIP🇧🇲OthersUtilities67,06 billion $18,06 billion $
66Brookfield Infrastructure CorpoBIPH🇺🇸United StatesFinancial Services67,06 billion $5,44 billion $
67Pfizer Inc.PFE🇺🇸United StatesHealthcare66,27 billion $167,51 billion $
68Amazon.com, Inc.AMZN🇺🇸United StatesConsumer Cyclical66,18 billion $2 804 billion $
69China National Nuclear Power Co., Ltd.601985.SS🇨🇳ChinaUtilities66,01 billion $440,36 billion CN¥29,75 billion $
70Intesa Sanpaolo S.p.A.ISP.MI🇮🇹EuropeFinancial Services65,58 billion $58,82 Md€119,15 billion $
71Jyske Bank A/SJYSK.CO🇩🇰EuropeFinancial Services65,42 billion $438,84 Bn DKK9,23 billion $
72Swedbank AB (publ)SWED-A.ST🇸🇪EuropeFinancial Services65,34 billion $646,30 billion SEK45,65 billion $
73Bank of Jiangsu Co., Ltd.600919.SS🇨🇳ChinaFinancial Services65,02 billion $433,77 billion CN¥35,05 billion $
74Nestlé S.A.NESN.SW🇨🇭EuropeConsumer Defensive64,92 billion $53,27 Bn CHF269,11 billion $
75The Home Depot, Inc.HD🇺🇸United StatesConsumer Cyclical63,96 billion $342,68 billion $
76AbbVie Inc.ABBV🇺🇸United StatesHealthcare63,84 billion $514,78 billion $
77Petróleo Brasileiro S.A. - PetrobrasPBR🇧🇷OthersEnergy63,37 billion $348,28 billion R$119,41 billion $
78Iberdrola, S.A.IBE.MC🇪🇸EuropeUtilities62,57 billion $56,12 Md€168,48 billion $
79Mirae Asset Securities Co. Ltd.006800.KS🇰🇷KoreaFinancial Services62,45 billion $85 162 Md₩8,28 billion $
80Chongqing Rural Commercial Bank Co., Ltd.601077.SS🇨🇳ChinaFinancial Services61,40 billion $409,63 billion CN¥12,27 billion $
81PG&E Corporation0QR3.L🇺🇸United StatesUtilities60,62 billion $28,59 billion $
82Pacific Gas & Electric Co.PCG🇺🇸United StatesUtilities60,62 billion $34,76 billion $
83Shanghai Pudong Development Bank Co., Ltd.600000.SS🇨🇳ChinaFinancial Services60,58 billion $404,12 billion CN¥50,08 billion $
84China State Construction Engineering Corporation Limited601668.SS🇨🇳ChinaIndustrials60,23 billion $401,81 billion CN¥29,17 billion $
85PJSC Rosneft Oil CompanyROSN.ME🇷🇺OthersEnergy57,14 billion $4 681 billion ₽47,01 billion $
86Renault S.A.RNO.PA🇫🇷FranceConsumer Cyclical55,74 billion $50,00 Md€9,32 billion $
87Deere & CompanyDE🇺🇸United StatesIndustrials55,66 billion $181,09 billion $
88Korea Investment Holdings Co., Ltd.071050.KS🇰🇷KoreaFinancial Services55,63 billion $75 859 Md₩4,70 billion $
89Skandinaviska Enskilda Banken AB (publ)SEB-A.ST🇸🇪EuropeFinancial Services55,03 billion $544,32 billion SEK42,22 billion $
90KKR & Co. Inc.KKR🇺🇸United StatesFinancial Services54,76 billion $86,60 billion $
91MGM Resorts InternationalMGM🇺🇸United StatesConsumer Cyclical54,09 billion $8,18 billion $
92McDonald's CorporationMCD🇺🇸United StatesConsumer Cyclical54,04 billion $195,68 billion $
93UnitedHealth Group IncorporatedUNH🇺🇸United StatesHealthcare54,02 billion $353,79 billion $
94Erste Group Bank AGEBS.VI🇦🇹EuropeFinancial Services53,98 billion $48,42 Md€48,29 billion $
95Bank of Chongqing Co., Ltd.601963.SS🇨🇳ChinaFinancial Services53,94 billion $359,86 billion CN¥5,86 billion $
96China Railway Construction Corporation Limited601186.SS🇨🇳ChinaIndustrials53,69 billion $358,15 billion CN¥11,51 billion $
97International Business Machines CorporationIBM🇺🇸United StatesTechnology53,51 billion $231,55 billion $
98REC LimitedRECLTD.NS🇮🇳IndiaFinancial Services52,78 billion $4 956 Bn₹8,32 billion $
99Walmart Inc.WMT🇺🇸United StatesConsumer Defensive51,08 billion $998,90 billion $
100Qatar National Bank (Q.P.S.C.)QNBK.QA🇶🇦OthersFinancial Services50,67 billion $184,45 Bn QAR44,81 billion $
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⚠ Ranking provided for information purposes, based on public data. It does not constitute investment advice. Values may contain source errors and change with financial publications.

Frequently Asked Questions

About this ranking

How is this ranking established?
It ranks companies according to their net debt for the reference year 2025, based on annual accounts and published data. No values are estimated: a company without this data is simply excluded.
Are the amounts comparable between countries?
Yes: amounts are converted to US dollars at the exchange rate of the calculation day, and the amount in the account currency is repeated under each value.
Is this ranking investment advice?
No. It is provided purely for informational purposes and does not constitute investment advice. Investing involves the risk of capital loss.

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