Global companies continue to hoard cash at record levels, as worrisome economic conditions hamper investment in operations and investors demand ever-increasing capital returns. 

METHODOLOGY

The Global Finance Cash 25 ranks public companies by cash, cash equivalents and short-term securities on their balance sheets. Data is gathered from more than 70,000 public companies worldwide. It is a ranking of nonfinancial corporations—we exclude financial institutions from the list. Subsidiaries and nonpublic companies are excluded, and we use a minimum 25% holding for the path from a subject company to its ultimate owner as the cutoff for inclusion.


Top 25 Global Public Companies By Cash On Balance Sheet


Rank
Company
Country
Industry
Cash^
($m)
Cash^ ($m) Previous Year
Change (YoY $m)
Capex
($m)
Total
Assets
($m)

1

MICROSOFT

US

Technology

96,282

85,465

10,817

-5,944

176,223

2

GENERAL ELECTRIC

US

Industrial

70,483

90,025

458

-7,309

493,072

3

CISCO SYSTEMS

US

Technology

60,416

52,074

8,342

-1,227

113,481

4

TOYOTA MOTOR*

Japan

Automotive

43,427

41,500

1,927

N/A

397,384

5

APPLE

US

Technology

41,601

25,077

16,524

-11,488

290,479

6

JOHNSON & JOHNSON

US

Consumer Products

38,376

33,089

5,287

-3,463

133,411

7

AMGEN

US

Biotech

31,382

27,026

4,356

-649

71,449

8

TOTAL

France

Oil and Gas

29,459

26,474

2,985

N/A

224,484

9

INTEL

US

Technology

25,313

14,054

11,259

-7,446

101,459

10

GENERAL MOTORS

US

Automotive

23,401

28,176

-4,775

-7,800

194,338

11

PFIZER

US

Pharma

23,290

36,122

-12,832

-1,496

167,381

12

SAMSUNG ELECTRONICS

South Korea

Consumer Electronics

23,253

18,309

4,944

N/A

206,550

13

VODAFONE

UK

Telecoms

20,795

15,891

4,904

N/A

192,587

14

HON HAI PRECISION INDUSTRY

Taiwan

Consumer Electronics

20,143

21,572

-1,429

N/A

70,038

15

COCA-COLA

US

Beverages

19,900

21,675

-1,775

-2,553

89,996

16

AMAZON

US

Retail

19,808

17,416

2,392

-4,589

65,444

17

DAIMLER

Germany

Automotive

18,574

18,123

451

N/A

236,429

18

TAIWAN SEMICONDUCTOR

Taiwan

Technology

17,785

13,789

3,996

N/A

50,292

19

QUALCOMM

US

Telecoms

17,321

17,565

-244

-994

50,796

20

SONY*

Japan

Consumer Electronics

15,703

18,270

-2,566

N/A

131,832

21

MITSUBISHI

Japan

Automotive

15,590

15,663

-73

N/A

132,436

22

HYUNDAI MOTOR

South Korea

Automotive

14,883

19,969

-5,085

N/A

141,039

23

GILEAD SCIENCES

US

Biotech

14,607

10,128

4,479

-747

51,716

24

ENEL

Italy

Utilities

14,175

20,727

-6,552

N/A

175,476

25

GREE ELECTRIC

China

Consumer Products

13,682

8,928

4,755

N/A

24,909

* FY 2014, all others FY 2015  ^Includes cash, cash equivalents and short-term securities (those maturing between three months and a year).  Data valid as of July 21, 2016.                                                                                                          

Data provided by: Orbis by Bureau van Dijk


Top Regional Public Companies By Cash On Balance Sheet


North America
There were big changes in the North American list this year, with technology giant Microsoft surpassing industrial powerhouse GE at the top of the ranking. GE’s drop—to $70.5 billion in cash from over $90 billion last year, reflects its sale of GE Capital assets as part of a broader restructuring to focus on its core industrial businesses and to release itself from the regulatory burden of being a “systemically important financial institution.” GE’s SIFI designation was officially removed in June this year. Microsoft has also undergone a transformation—from a has-been software and PC maker to a digital enterprise and Cloud force to be reckoned with—and now holds $96.3 billion, up from $85.5 billion last year.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

MICROSOFT

US

Technology

96,282

85,465

10,817

2.

GENERAL ELECTRIC

US

Conglomerate

70,483

70,025

458

3.

CISCO SYSTEMS

US

Technology

60,416

52,074

8,342

4.

APPLE

US

Technology

41,601

25,077

16,524

5.

JOHNSON & JOHNSON

US

Consumer Products

38,376

33,089

5,287

6.

AMGEN

US

Biotech

31,382

27,026

4,356

7.

INTEL

US

Technology

25,313

14,054

11,259

8.

GENERAL MOTORS

US

Automotive

23,401

28,176

-4,775

9.

PFIZER

US

Pharma

23,290

36,122

-12,832

10.

COCA-COLA

US

Beverages

19,900

21,675

-1,775

11.

AMAZON

US

Retail

19,808

17,416

2,392

12.

QUALCOMM

US

Telecommunications

17,321

17,565

-244

13.

GILEAD SCIENCES

US

Biotech

14,607

10,128

4,479

14.

MERCK & CO

US

Pharma

13,427

15,719

-2,292

15.

HEWLETT PACKARD ENTERPRISE

US

Technology

12,760

5,293

7,467


Western Europe
There are no changes in the top three spots this year. French oil and gas company Total takes the top spot in the region again, with $29.5 billion in available short-term cash, up from $26.5 billion last year. The UK’s Vodafone Group comes in second, with $20.8 billion in its coffers. And German automaker Daimler completes the triumvirate, with $18.6 billion in cash. But a newcomer to the list occupies fourth place: Enel, Italy’s flagship utility, boasts $14.2 billion on its balance sheet. Five German companies make the list this year—Deutsche Telekom, Siemens, E.ON and RWE join Daimler.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

TOTAL

France

Oil and Gas

29,459

26,474

2,985

2.

VODAFONE GROUP

UK

Telecommunications

20,795

15,891

4,904

3.

DAIMLER

Germany

Automotive

18,574

18,123

  451

4.

ENEL

Italy

Utilities

14,175

20,727

-6,552

5.

DEUTSCHE TELEKOM

Germany

Telecommunications

13,496

12,605

    891

6.

MEDTRONIC*

Ireland

Medical Devices

12,634

19,480

-6,846

7.

SIEMENS

Germany

Industrial

12,471

11,247

1,224

8.

RWE

Germany

Utilities

10,842

9,204

1,638

9.

NOKIA

Finland

Telecommunications

10,723

9,367

1,356

10.

AIRBUS GROUP

Netherlands

Aerospace

10,294

12,895

-2,601

11.

VIVENDI

France

Media and Communications

10,164

8,370

1,794

12.

SANOFI

France

Pharma

9,974

8,924

1,050

13.

RIO TINTO

UK

Mining

9,470

12,580

-3,110

14.

TESCO

UK

Retail

9,067

4,255

4,812

15.

E.ON

Germany

Utilities

8,916

7,366

1,550


Central/Eastern Europe & Turkey
Russian companies make up five of the top 10 spots this year, down from seven last year. Lukoil is once again at the head of the class, with $3.5 billion in cash, followed by Turkish construction conglomerate Enka, which is new to the list and holds $2 billion in its war chest. Also new to the list this year are retailer BIM of Turkey and Polish video game maker CD Projekt.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

LUKOIL

Russia

Oil and Gas

3,530

3,004

 525

2.

ENKA INSAAT VE SANAYI*

Turkey

Construction

1,982

1,752

 229

3.

SURGUTNEFTEGAS

Russia

Oil and Gas

1,461

509

 951

4.

NOVATEK

Russia

Industrial

489

754

 -265

5.

MOL GROUP

Hungary

Oil and Gas

461

1,645

-1,184

6.

ACRON GROUP

Russia

Fertilizer

420

507

   -87

7.

ASSECO POLAND

Poland

Technology

410

349

    61

8.

BIM

Turkey

Retail

120

140

  -20

9.

CD PROJEKT

Poland

Video Gaming

101

10

   91

10.

TOGLIATTIAZOT*

Russia

Chemicals

97

240

-143

* FY 2014, all others FY 2015  ^Includes cash, cash equivalents and short-term securities (those maturing between three months and a year).  Data valid as of July 21, 2016.                

Data provided by: Orbis by Bureau van Dijk


Latin America
As with last year, some of the most cash-rich companies in Latin America are domiciled here, although their primary operations are elsewhere. Schlumberger once again ranks as the most cash-rich company in the region, having added $5.5 billion to its coffers over last year. In second is Cayman-domiciled Chinese online travel agency ctrip.com, up from seventh place last year. Brazil telecom group Oi is third, but is unlikely to make the list next year, as it filed for bankruptcy in June. Grupo Televisa of Mexico moved up from 13th last year to fourth place.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

SCHLUMBERGER

Curaçao

Industrial

13,034

7,501

5,533

2.

CTRIP.COM

Cayman Islands

Travel Services

4,581

2,055

2,526

3.

OI

Brazil

Telecoms

3,816

1,115

2,701

4.

GRUPO TELEVISA

Mexico

Media and Communications

3,181

2,345

835

5.

EMBRAER

Brazil

Aerospace

2,789

2,424

365

6.

MARVELL TECHNOLOGY*

Bermuda

Technology

2,530

1,969

560

7.

HENGAN INTERNATIONAL

Cayman Islands

Consumer Products

2,293

2,746

-453

8.

SINA Corp*

Cayman Islands

Media and Communications

2,167

1,868

298

9.

NOBLE GROUP

Bermuda

Industrial

1,953

904

1,049

10.

SMIC

Cayman Islands

Technology

1,590

1,485

105


Asia-Pacific
There is little change in the constituents of the Asia-Pacific list, although some big change within the ranking. SoftBank and Rakuten of Japan and Rio Tinto of Australia (and the UK) dropped off the list, replaced by Gree Electric of China in eighth place, Japan’s Honda Motor in ninth and Mitsui in 10th. The top three spots go to Toyota, Samsung of South Korea and Hon Hai Precision Industry of Taiwan. Samsung moves up from fifth place last year, having added $5 billion to its coffers. Hyundai was once again a big mover—dropping $5.1 billion in liquidity and going from fourth to seventh place.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

TOYOTA MOTOR*

Japan

Automotive

43,427

41,500

1,927

2.

SAMSUNG ELECTRONICS

South Korea

Consumer Electronics

23,253

18,309

4,944

3.

HON HAI PRECISION INDUSTRY

Taiwan

Consumer Electronics

20,143

21,572

-1,429

4.

TAIWAN SEMICONDUCTOR

Taiwan

Technology

17,785

13,789

3,996

5.

SONY*

Japan

Consumer Electronics

15,703

18,270

-2,566

6.

MITSUBISHI

Japan

Automotive

15,590

15,663

-73

7.

HYUNDAI MOTOR

South Korea

Automotive

14,883

19,969

-5,085

8.

GREE ELECTRIC

China

Consumer Products

13,682

8,928

4,755

9.

HONDA MOTOR*

Japan

Automotive

12,253

11,365

888

10.

MITSUI & CO*

Japan

Conglomerate

11,662

11,923

-261


Middle East
Qatar Navigation, a newcomer last year, sprinted up the ranking to take the top spot—from fifth place last year—with $1.7 billion in cash. Check Point Software of Israel moves to second place from fourth place last year, though its available liquidity changed little. Saudi Arabian chemical company Tasnee sits in third with $1 billion in cash—down from $1.2 billion last year. Newcomers include Boubyan Petrochemical of Kuwait, Mellanox Technologies of Israel, the Savola Group food products company of Saudi Arabia, and the UAE’s Dana Gas and Air Arabia.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

QATAR NAVIGATION

Qatar

Shipping

1,672

1,031

641

2.

CHECK POINT SOFTWARE

Israel

Technology

1,284

1,312

-28

3.

TASNEE

Saudi Arabia

Industrial

1,018

1,217

-199

4.

QATAR FUEL

Qatar

Oil and Gas

659

1,082

-422

5.

SIPCHEM

Saudi Arabia

Chemicals

567

656

-89

6.

SAVOLA GROUP

Saudi Arabia

Industrial

551

436

115

7.

MELLANOX TECHNOLOGIES

Israel

Technology

511

389

122

8.

BOUBYAN PETROCHEMICAL*

Kuwait

Petrochemicals

481

489

-8

9.

DANA GAS

UAE

Oil and Gas

470

244

226

10.

AIR ARABIA

UAE

Airline

435

424

11


Africa
South Africa’s chemicals company Sasol once again leads the list of cash-rich companies in Africa, increasing its coffers to $4.4 billion from $3.6 billion last year. In second position is South African mobile phone operator MTN Group, which has $4.3 billion in cash and operations in 22 countries. Internet and media group Naspers, also of South Africa, maintains third place in the roster, with $1.2 billion in cash on balance sheet. This year a second name from outside South Africa makes the list: In addition to Golden Agri-Resources of Mauritius in seventh place, Nigeria’s Seplat Petroleum comes in ninth, with $329 million in available short-term liquidity.

Rank
Company
Country
Industry
Cash* ($m)
Cash* ($m)
Previous Year
Change
YoY ($m)

1.

SASOL

South Africa

Chemicals

4,374

3,622

752

2.

MTN GROUP*

South Africa

Telecommunications

4,287

4,420

-133

3.

NASPERS*

South Africa

Media and Communications

1,222

1,292

-70

4.

GRINDROD*

South Africa

Shipping

725

579

146

5.

ASPEN PHARMACARE

South Africa

Pharma

710

776

-65

6.

SHOPRITE

South Africa

Retail

579

770

-191

7.

GOLDEN AGRI-RESOURCES

Mauritius

Agriculture

502

591

-88

8.

SAPPI

South Africa

Forest Products

456

528

-72

9.

SEPLAT PETROLEUM

Nigeria

Oil and Gas

329

310

19

10.

WILSON BAYLY HOLMES-OVCON

South Africa

Construction

328

260

68

* FY 2014, all others FY 2015  ^Includes cash, cash equivalents and short-term securities (those maturing between three months and a year).  Data valid as of July 21, 2016.                

Data provided by: Orbis by Bureau van Dijk