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Investlytic Rankings

Ranking of companies with the largest net debt, excluding banks and insurance

The companies carrying the largest net debt (debt minus cash) at the close of the 2025 fiscal year. This version excludes banks, insurers and financial companies, whose balance sheets overwhelm the general ranking.

Share prices and capitalizations at 2026-11-05·Reference fiscal year 2025·Calculated on 2026-11-08· 14694 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 : Financial Services sector (banks, insurance, asset management) excluded. 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
1Volkswagen AGVOW3.DE🇩🇪GermanyConsumer Cyclical267,76 billion $240,18 Md€39,03 billion $
2Verizon Communications Inc.VZ🇺🇸United StatesCommunication Services181,55 billion $189,37 billion $
3AT&T Inc.T🇺🇸United StatesCommunication Services155,75 billion $145,71 billion $
4Deutsche Telekom AGDTE.DE🇩🇪GermanyCommunication Services148,68 billion $133,36 Md€138,15 billion $
5Ford Motor CompanyF🇺🇸United StatesConsumer Cyclical144,22 billion $49,68 billion $
6T-Mobile US, Inc.TMUS🇺🇸United StatesCommunication Services116,67 billion $171,61 billion $
7Hyundai Motor Company005389.KS🇰🇷KoreaConsumer Cyclical115,98 billion $158 154 Md₩41,76 billion $
8Annaly Capital Management, Inc.NLY🇺🇸United StatesReal Estate109,82 billion $14,77 billion $
9General Motors CompanyGM🇺🇸United StatesConsumer Cyclical109,33 billion $73,15 billion $
10AGNC Investment Corp.AGNC🇺🇸United StatesReal Estate101,34 billion $11,18 billion $
11Comcast CorporationCMCSA🇺🇸United StatesCommunication Services100,96 billion $86,38 billion $
12Saudi Electricity Company5110.SR🇸🇦OthersUtilities99,26 billion $372,22 Bn SAR17,41 billion $
13Mercedes-Benz Group AGMBG.DE🇩🇪GermanyConsumer Cyclical97,83 billion $87,75 Md€44,35 billion $
14Bayerische Motoren Werke AGBMW.DE🇩🇪GermanyConsumer Cyclical97,49 billion $87,45 Md€39,63 billion $
15Charter Communications, Inc.CHTR🇺🇸United StatesCommunication Services96,64 billion $15,91 billion $
16China Communications Construction Company Limited601800.SS🇨🇳ChinaIndustrials93,93 billion $626,63 billion CN¥15,08 billion $
17Oracle CorporationORCL🇺🇸United StatesTechnology93,32 billion $350,91 billion $
18NextEra Energy, Inc.NEE🇺🇸United StatesUtilities92,81 billion $182,36 billion $
19Duke Energy CorporationDUK🇺🇸United StatesUtilities90,62 billion $99,63 billion $
20CVS Health CorporationCVS🇺🇸United StatesHealthcare85,08 billion $107,24 billion $
21Microsoft CorporationMSFT🇺🇸United StatesTechnology81,94 billion $3 940 billion $
22PJSC GazpromGAZP.ME🇷🇺OthersEnergy79,88 billion $6 544 billion ₽33,02 billion $
23Apple Inc.AAPL🇺🇸United StatesTechnology76,44 billion $4 997 billion $
24Shell plcSHEL🇬🇧United KingdomEnergy74,39 billion $290,00 billion $
25The Southern CompanySO🇺🇸United StatesUtilities72,44 billion $106,22 billion $
26Enel S.p.A.ENEL.MI🇮🇹EuropeUtilities71,01 billion $63,70 Md€107,39 billion $
27Energy Transfer LPET🇺🇸United StatesEnergy70,34 billion $69,71 billion $
28Power Construction Corporation of China, Ltd601669.SS🇨🇳ChinaIndustrials67,24 billion $448,58 billion CN¥11,57 billion $
29Brookfield Infrastructure Partners L.P.BIP🇧🇲OthersUtilities67,06 billion $18,06 billion $
30Pfizer Inc.PFE🇺🇸United StatesHealthcare66,27 billion $167,51 billion $
31Amazon.com, Inc.AMZN🇺🇸United StatesConsumer Cyclical66,18 billion $2 804 billion $
32China National Nuclear Power Co., Ltd.601985.SS🇨🇳ChinaUtilities66,01 billion $440,36 billion CN¥29,75 billion $
33Nestlé S.A.NESN.SW🇨🇭EuropeConsumer Defensive64,92 billion $53,27 Bn CHF269,11 billion $
34The Home Depot, Inc.HD🇺🇸United StatesConsumer Cyclical63,96 billion $342,68 billion $
35AbbVie Inc.ABBV🇺🇸United StatesHealthcare63,84 billion $514,78 billion $
36Petróleo Brasileiro S.A. - PetrobrasPBR🇧🇷OthersEnergy63,37 billion $348,28 billion R$119,41 billion $
37Iberdrola, S.A.IBE.MC🇪🇸EuropeUtilities62,57 billion $56,12 Md€168,48 billion $
38PG&E Corporation0QR3.L🇺🇸United StatesUtilities60,62 billion $28,59 billion $
39Pacific Gas & Electric Co.PCG🇺🇸United StatesUtilities60,62 billion $34,76 billion $
40China State Construction Engineering Corporation Limited601668.SS🇨🇳ChinaIndustrials60,23 billion $401,81 billion CN¥29,17 billion $
41PJSC Rosneft Oil CompanyROSN.ME🇷🇺OthersEnergy57,14 billion $4 681 billion ₽47,01 billion $
42Renault S.A.RNO.PA🇫🇷FranceConsumer Cyclical55,74 billion $50,00 Md€9,32 billion $
43Deere & CompanyDE🇺🇸United StatesIndustrials55,66 billion $181,09 billion $
44MGM Resorts InternationalMGM🇺🇸United StatesConsumer Cyclical54,09 billion $8,18 billion $
45McDonald's CorporationMCD🇺🇸United StatesConsumer Cyclical54,04 billion $195,68 billion $
46UnitedHealth Group IncorporatedUNH🇺🇸United StatesHealthcare54,02 billion $353,79 billion $
47China Railway Construction Corporation Limited601186.SS🇨🇳ChinaIndustrials53,69 billion $358,15 billion CN¥11,51 billion $
48International Business Machines CorporationIBM🇺🇸United StatesTechnology53,51 billion $231,55 billion $
49Walmart Inc.WMT🇺🇸United StatesConsumer Defensive51,08 billion $998,90 billion $
50American Electric Power Company, Inc.AEP🇺🇸United StatesUtilities49,97 billion $68,90 billion $
51Exelon CorporationEXC🇺🇸United StatesUtilities49,40 billion $47,21 billion $
52HCA Healthcare, Inc.HCA🇺🇸United StatesHealthcare49,16 billion $103,40 billion $
53Broadcom Inc.AVGO🇺🇸United StatesTechnology48,96 billion $1 402 billion $
54Brookfield Property Partners L.P.BPYPP🇧🇲OthersReal Estate48,93 billion $6,50 billion $
55Dominion Energy, Inc.D🇺🇸United StatesUtilities48,69 billion $60,34 billion $
56Meta Platforms, Inc.META🇺🇸United StatesTechnology48,02 billion $1 560 billion $
57Siemens AGSIE.DE🇩🇪GermanyIndustrials46,29 billion $41,52 Md€224,05 billion $
58Amgen Inc.AMGN🇺🇸United StatesHealthcare45,48 billion $248,92 billion $
59Engie S.A.ENGI.PA🇫🇷FranceUtilities44,66 billion $40,06 Md€68,54 billion $
60Vonovia SEVNA.DE🇩🇪GermanyReal Estate44,65 billion $40,05 Md€15,99 billion $
61Philip Morris International Inc.PM🇺🇸United StatesConsumer Defensive43,96 billion $308,42 billion $
62Lowe's Companies, Inc.LOW🇺🇸United StatesConsumer Cyclical43,70 billion $125,98 billion $
63The Boeing CompanyBA🇺🇸United StatesIndustrials43,51 billion $137,41 billion $
64American Tower CorporationAMT🇺🇸United StatesReal Estate43,49 billion $87,55 billion $
65Edison InternationalEIX🇺🇸United StatesUtilities42,43 billion $22,84 billion $
66Orange S.A.ORA.PA🇫🇷FranceCommunication Services42,20 billion $37,85 Md€44,76 billion $
67AerCap Holdings N.V.AER🇮🇪EuropeIndustrials42,09 billion $26,20 billion $
68E.on SeEOAN.DE🇩🇪GermanyUtilities41,90 billion $37,58 Md€55,60 billion $
69PepsiCo, Inc.PEP🇺🇸United StatesConsumer Defensive40,74 billion $192,61 billion $
70CGN Power Co., Ltd.003816.SZ🇨🇳ChinaUtilities39,87 billion $265,99 billion CN¥32,62 billion $
71The Walt Disney CompanyDIS🇺🇸United StatesCommunication Services39,73 billion $201,59 billion $
72China Energy Engineering Corporation Limited601868.SS🇨🇳ChinaIndustrials39,71 billion $264,94 billion CN¥13,73 billion $
73AyvensAYV.PA🇫🇷FranceIndustrials38,57 billion $34,60 Md€8,40 billion $
74Glencore plcGLNCY🇨🇭EuropeBasic Materials38,54 billion $78,89 billion $
75SK Inc.034730.KS🇰🇷KoreaTechnology38,08 billion $51 929 Md₩17,80 billion $
76Rithm Capital Corp.RITM🇺🇸United StatesReal Estate37,73 billion $5,15 billion $
77The Coca-Cola CompanyKO🇺🇸United StatesConsumer Defensive36,94 billion $411,56 billion $
78Bristol-Myers Squibb CompanyBMY🇺🇸United StatesHealthcare36,93 billion $127,02 billion $
79Telefónica, S.A.TEF.MC🇪🇸EuropeCommunication Services36,89 billion $33,09 Md€21,24 billion $
80SempraSRE🇺🇸United StatesUtilities36,28 billion $51,12 billion $
81BP p.l.c.BP🇬🇧United KingdomEnergy35,97 billion $116,78 billion $
82Merck & Co., Inc.MRK🇺🇸United StatesHealthcare35,97 billion $361,96 billion $
83Eli Lilly and CompanyLLY🇺🇸United StatesHealthcare35,34 billion $1 274 billion $
84GD Power Development Co.,Ltd600795.SS🇨🇳ChinaUtilities34,98 billion $233,38 billion CN¥14,36 billion $
85Hanwha Corporation00088K.KS🇰🇷KoreaIndustrials34,75 billion $47 380 Md₩3,13 billion $
86Xcel Energy Inc.XEL🇺🇸United StatesUtilities34,51 billion $51,14 billion $
87Chevron CorporationCVX🇺🇸United StatesEnergy34,47 billion $414,80 billion $
88Bayer AGBAYN.DE🇩🇪GermanyHealthcare34,31 billion $30,77 Md€60,87 billion $
89American Airlines Group Inc.AAL🇺🇸United StatesIndustrials34,28 billion $8,73 billion $
90Prologis, Inc.PLD🇺🇸United StatesReal Estate33,89 billion $120,68 billion $
91Enterprise Products Partners L.P.EPD🇺🇸United StatesEnergy33,68 billion $79,97 billion $
92Roche Holding AGRO.SW🇨🇭EuropeHealthcare33,65 billion $27,61 Bn CHF328,23 billion $
93Brookfield Renewable Partners L.P.BEP🇧🇲OthersUtilities33,42 billion $9,35 billion $
94Caterpillar Inc.CAT🇺🇸United StatesIndustrials33,35 billion $256,79 billion $
95Poly Developments and Holdings Group Co., Ltd.600048.SS🇨🇳ChinaReal Estate33,15 billion $221,14 billion CN¥10,05 billion $
96Exxon Mobil CorporationXOM🇺🇸United StatesEnergy32,86 billion $676,62 billion $
97ONEOK, Inc.OKE🇺🇸United StatesEnergy32,74 billion $53,71 billion $
98Venture Global, Inc.VG🇺🇸United StatesEnergy32,55 billion $28,83 billion $
99Realty Income CorporationO🇺🇸United StatesReal Estate32,42 billion $55,86 billion $
100Intel CorporationINTC🇺🇸United StatesTechnology32,32 billion $299,13 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 (excluding banks and insurance) for the reference year 2025, based on published annual accounts and data. No value is 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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