Top 15 Basic Materials Stocks With the Least Debt
Marvin found 15 Basic Materials companies with debt of no more than half of equity and strong Overall scores. Gold miners and construction materials makers lead the list, followed by steel and aluminum companies.
Debt-to-equity compares what a company owes with what its shareholders own. A lower number means the business leans less on borrowed money. Basic Materials companies, such as miners, steel makers and chemical firms, often have heavy equipment and cyclical sales, so debt levels matter to many readers.
This list is not sorted from lowest debt to highest. Every company here passed a debt limit, then Marvin ordered them by Overall score. Some names have almost no debt, while others sit closer to the limit.
Low debt is only one piece of the picture. Each pick below also shows margins, growth or returns where available, along with one caution. The data is as of October 2026.
The list
How Marvin ranked these stocks
Marvin looked at companies above a minimum size and kept those in the Basic Materials sector with debt no more than half of equity and an Overall score of at least fifty-five. They are ranked by Overall score, highest first, with at most four per industry. Marvin scores run from zero to one hundred and compare each company only with other companies in its own industry, so a score says how a company stands among its direct peers, not across the whole sector.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Basic Materials sector, highest Overall score first, among companies with debt no more than half of equity and an Overall score of at least 55; at most 4 per industry.
The stocks, one by one
AngloGold Ashanti Plc AU
AngloGold Ashanti, a gold company, has an Overall score of 97 and low debt-to-equity of 0.28. Revenue grew 70.8% last fiscal year and return on equity is 39.2%. Caution: operating margin and free cash flow margin are not available, so profitability is only partly visible.
Barrick Mining Corporation B
Barrick Mining carries low debt, with debt-to-equity of 0.18, and an Overall score of 96. Free cash flow margin is 22.8%, and revenue grew 31.2%. Caution: return on equity of 18.8% is lower than several peers on this list, and operating margin is unavailable.
Newmont Corporation NEM
Newmont keeps debt low, with debt-to-equity of 0.14, and posts a free cash flow margin of 37.8% and return on equity of 24.4%. Its Quality score is 97. Caution: its Opportunity score of 86 is lower than its other scores, and gross and operating margins are unavailable.
United States Lime & Minerals, Inc. USLM
United States Lime & Minerals has almost no debt, with debt-to-equity of 0.00. Operating margin of 42.1% and free cash flow margin of 24.4% point to strong profitability. Caution: its Opportunity score of 73 is much lower than its Quality score of 96.
WD-40 Company WDFC
WD-40 has an Overall score of 89, a gross margin of 55.8% and return on equity of 32.0%, signs of a profitable business. Debt-to-equity is 0.41, moderate within this list. Caution: revenue growth was only 5.0%, and its Opportunity score is 53.
NPK International Inc. NPKI
NPK International has very low debt, with debt-to-equity of 0.05, and revenue grew 27.4% last fiscal year. Operating margin is 17.3%. Caution: free cash flow margin of 9.2% and return on equity of 11.5% are modest compared with others here.
Tecnoglass Inc. TGLS
Tecnoglass has debt-to-equity of 0.29, revenue growth of 10.5% and an operating margin of 18.3%. Caution: its free cash flow margin is -0.8%, slightly negative, meaning it did not generate positive free cash flow, and its Quality score of 71 trails the top names.
Royal Gold, Inc. RGLD
Royal Gold has strong margins, with an operating margin of 61.4% and gross margin of 66.8%, plus low debt-to-equity of 0.05. Revenue grew 43.2%. Caution: return on equity is only 9.7%, and free cash flow margin is not available.
Nucor Corporation NUE
Nucor, a steel producer, has debt-to-equity of 0.29 and return on equity of 13.0%. Its margins are thinner, with a gross margin of 15.5% and free cash flow margin of 4.4%. Caution: revenue growth was modest at 5.7%, and operating margin is unavailable.
NWPX Infrastructure, Inc. NWPX
NWPX Infrastructure has debt-to-equity of 0.24, a free cash flow margin of 13.9% and an operating margin of 11.5%. Caution: its Quality score is only 54, well below its Opportunity score of 87, and its gross margin of 20.9% is modest.
Reliance Steel & Aluminum Co. RS
Reliance Steel & Aluminum has debt-to-equity of 0.28 and a Quality score of 79. Operating margin is 7.5% and free cash flow margin is 4.1%, both on the thin side. Caution: revenue growth was only 3.3%, and gross margin is unavailable.
Steel Dynamics, Inc. STLD
Steel Dynamics has return on equity of 17.1% and an operating margin of 10.0%. Its debt-to-equity of 0.45 is the highest on this list, though still within Marvin's limit. Caution: revenue growth was only 3.6% and free cash flow margin is 4.7%.
Century Aluminum Company CENX
Century Aluminum has return on equity of 43.0%, an operating margin of 25.6% and revenue growth of 13.9%. Debt-to-equity is 0.34. Caution: free cash flow margin is just 5.7%, and its Quality score of 62 is lower than most names here.
Alcoa Corporation AA
Alcoa has debt-to-equity of 0.30 and return on equity of 17.3%, with revenue growth of 7.9%. Caution: free cash flow margin is only 2.6%, and operating and gross margins are unavailable, so the profit picture is incomplete.
Carpenter Technology Corporation CRS
Carpenter Technology has an operating margin of 22.5%, a free cash flow margin of 11.6% and return on equity of 23.8%, all solid profitability signs. Debt-to-equity is 0.33. Caution: its Opportunity score of 38 is the lowest on this list.
Common questions
What does debt-to-equity mean?
It divides a company's total debt by the value of shareholders' equity. A ratio below one means the company owes less than its shareholders own. Every company on this list is at or below half of equity.
Does low debt mean a company is a safe or better business?
Not necessarily. Low debt can make a company less exposed to rising interest costs and downturns, but it says nothing about sales, profit or competition. That is why the picks also show margins, growth and returns, and a caution where a figure is weak or missing.
Why do the scores only compare companies within the same industry?
Businesses in different industries work very differently. A gold miner and a steel maker have different cost structures and margin levels. Comparing each company with its own industry peers gives a fairer view of how it stands among direct competitors.
Keep reading
- Top 15 Basic Materials Companies With the Strongest Businesses
- Top 15 Fastest-Growing Profitable Basic Materials Stocks
- Top 15 Basic Materials Stocks Right Now
- Top 15 Construction Materials Stocks by Marvin Score
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.