Top 15 Energy Stocks With Low Debt, Ranked by Marvin Score
These 15 Energy stocks keep debt at no more than half of equity and earn solid Overall scores from Marvin as of October 2026. Expand Energy, EQT and First Solar rank highest, while First Solar carries the least debt of the group.
Debt is one of the first things to check when looking at energy companies, because their profits can swing and borrowed money has to be repaid either way. This list covers 15 Energy stocks whose debt is no more than half of shareholders' equity, measured by the debt-to-equity ratio.
The list is ranked by Marvin's Overall score, not by who has the lowest debt. A company near the top may have a little more debt than one lower down. Each blurb shows the actual debt-to-equity ratio so you can compare.
Low debt is only one piece of the picture. Margins, cash generation and growth matter too, and several companies here have a weak figure that is flagged in their blurbs.
The list
How Marvin ranked these stocks
Marvin started with companies above a minimum size, then kept those in the Energy sector with debt of no more than half of equity and an Overall score above a minimum cutoff, allowing at most four per industry. They are ranked with the highest Overall score first. Marvin's scores run from 0 to 100 and compare each company only with others in its own industry, so a score does not mean a refiner and a solar maker are directly comparable.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Energy 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
Expand Energy Corporation EXE
Expand Energy has a debt-to-equity ratio of 0.19, an operating margin of 26.9% and a free cash flow margin of 19.7%. That suggests light debt and healthy cash generation. Caution: revenue growth of 186.3% is unusually large, so it is worth understanding what drove it.
EQT Corporation EQT
EQT pairs a debt-to-equity ratio of 0.22 with an operating margin of 42.5% and a free cash flow margin of 39.4%, pointing to low borrowing and strong profitability. Caution: return on equity is a more modest 10.7%, so profit relative to shareholder capital is less striking.
First Solar, Inc. FSLR
First Solar carries very little debt, with a debt-to-equity ratio of 0.02, plus an operating margin of 33.6% and return on equity of 16.9%. Caution: its Opportunity score of 73 is well below its Quality score of 94, and it is a solar company, not oil and gas.
Innovex International, Inc. INVX
Innovex has low debt, with a debt-to-equity ratio of 0.09, and revenue growth of 48.0%. Caution: its operating margin of 10.0% is thin and return on equity is only 5.8%. Free cash flow margin is not available, so cash generation cannot be checked here.
CNX Resources Corporation CNX
CNX Resources shows a free cash flow margin of 20.2%, return on equity of 19.6% and revenue growth of 76.8%. Caution: its debt-to-equity ratio of 0.49 is the highest on this list, close to the cutoff, and operating margin is not available.
HF Sinclair Corporation DINO
HF Sinclair has a debt-to-equity ratio of 0.32 and return on equity of 18.6%, which suggests moderate debt and decent returns. Caution: revenue growth was -6.0%, a decline, and the operating margin of 8.3% is thin.
Diamondback Energy, Inc. FANG
Diamondback Energy has a moderate debt-to-equity ratio of 0.29 and revenue growth of 35.8%. Caution: its operating margin of 6.3% and return on equity of 3.9% are low, and free cash flow margin is not available.
Slb N.V. SLB
Slb has a debt-to-equity ratio of 0.43, a free cash flow margin of 13.2% and return on equity of 11.9%, suggesting steady cash generation with moderate debt. Caution: revenue growth was -1.6%, a slight decline, and operating margin is not available.
Valero Energy Corporation VLO
Valero has a debt-to-equity ratio of 0.36 and a high return on equity of 28.8%, so it earns solid returns on shareholder capital with moderate debt. Caution: revenue growth was -5.5%, a decline, and the operating margin of 7.2% is thin.
Flotek Industries, Inc. FTK
Flotek has revenue growth of 26.9%, an operating margin of 12.8% and return on equity of 29.4%, with debt-to-equity at 0.36. Caution: its Quality score of 59 is modest and free cash flow margin is not available.
Valaris Limited VAL
Valaris has a debt-to-equity ratio of 0.36, an operating margin of 11.3% and return on equity of 29.2%. Caution: revenue growth was only 0.3%, and its free cash flow margin of -1.1% is negative, meaning it spent more cash than it generated.
Exxonmobil Holdings Corporation XOM
Exxonmobil Holdings has a low debt-to-equity ratio of 0.16 and a Quality score of 84. Caution: Marvin has no growth, margin or return figures for it here, and its Opportunity score of 40 is the lowest on this list.
Tidewater Inc. TDW
Tidewater has an operating margin of 18.4%, a free cash flow margin of 20.1% and return on equity of 17.7%, which are healthy. Caution: revenue growth was just 0.5%, essentially flat, and its debt-to-equity ratio of 0.47 is near the top of the list.
Core Natural Resources, Inc. CNR
Core Natural Resources has low debt, with a debt-to-equity ratio of 0.14, and revenue growth of 92.4%. Caution: profitability is thin, with an operating margin of 1.9% and return on equity of 2.7%, and its Quality score is only 55.
PBF Energy Inc. PBF
PBF Energy has a debt-to-equity ratio of 0.39 and return on equity of 21.1%. Caution: revenue growth was -11.4%, a decline, the operating margin of 5.8% and free cash flow margin of 2.2% are thin, and its Quality score is just 43.
Common questions
What does debt-to-equity mean?
Debt-to-equity compares what a company owes with the value of shareholders' stake in the business. A lower ratio means the company relies less on borrowed money. Every stock on this list has debt of no more than half of its equity.
Does low debt mean an energy stock is safe?
Not necessarily. Low debt can make a company less strained when earnings fall, but it does not remove other risks. Margins, cash flow and changes in the business also matter, and several companies here have a weak figure flagged in their blurbs.
Why does a solar company appear in an Energy list?
Marvin's Energy sector includes several industries, such as oil and gas producers, refiners, equipment and services firms, coal and solar. Scores are compared only within each company's own industry, so the ranking mixes industries.
Keep reading
- Top 15 Energy Stocks With the Strongest Businesses
- Top 15 Fastest-Growing Profitable Energy Companies
- Top 15 Energy Stocks Right Now, Ranked by Marvin Scores
- Top 15 Oil & Gas Equipment & Services Stocks
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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.