Top 15 Healthcare Stocks With the Least Debt
Marvin found 15 Healthcare companies whose debt is no more than half of equity and whose Overall score clears a minimum bar. Hinge Health ranks first; Doximity has the lowest debt-to-equity ratio on the list.
Debt matters because interest and repayments must be paid before shareholders see anything. A common way to gauge it is the debt-to-equity ratio, which compares what a company owes with what its owners have invested. A lower ratio generally means less reliance on borrowed money.
This list covers 15 Healthcare companies from several industries, including biotechnology, medical devices, healthcare plans and information services. Every company has debt no more than half of its equity, but the ratios still vary, from very close to zero up to just under that limit.
Low debt is only one part of the picture. Some companies here have strong profit margins, while others are still losing money on operations. Read each blurb for the caution, and note that Marvin's scores only compare a company with others in its own industry. They are not a forecast.
The list
How Marvin ranked these stocks
Marvin started with companies above a minimum size, then kept those in the Healthcare sector with debt no more than half of equity and an Overall score above a minimum threshold, allowing at most four per industry. The list is ranked by Overall score, highest first. Scores run from zero to one hundred and are relative to each company's own industry, so a high score means a company compares well with its industry peers, not with all Healthcare companies. Data is as of 2026.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Healthcare 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
Hinge Health, Inc. HNGE
Hinge Health has the top Overall score at 95 and very low debt, with debt-to-equity of 0.02. Revenue grew 50.6% last year and free cash flow margin is 40.3%. Caution: operating margin is a thinner 13.0%, well below its cash flow margin.
Oscar Health, Inc. OSCR
Oscar Health scores 94 overall with a low debt-to-equity of 0.21. Revenue grew 27.5% and return on equity is 26.8%. Caution: operating margin is only 3.9%, so little of each sales dollar becomes operating profit, and gross margin is not available.
Tarsus Pharmaceuticals, Inc. TARS
Tarsus Pharmaceuticals has an Overall score of 94 and debt-to-equity of 0.26. Revenue growth was very fast at 146.7%. Caution: operating margin is -8.0% and return on equity is -13.4%, so it still lost money on operations despite a free cash flow margin of 9.2%.
Addus HomeCare Corporation ADUS
Addus HomeCare combines low debt, with debt-to-equity of 0.09, and a strong Quality score of 96. Revenue grew 23.2% and operating margin is 10.0%. Caution: gross margin of 32.4% and return on equity of 9.2% are fairly modest.
STERIS plc STE
STERIS has a Quality score of 94 and debt-to-equity of 0.27. Operating margin is 18.9% and free cash flow margin is 15.3%, signs of solid profitability. Caution: revenue growth of 8.7% is modest, and its Opportunity score of 63 is middling.
UFP Technologies, Inc. UFPT
UFP Technologies has an Overall score of 92, revenue growth of 19.5% and operating margin of 15.3%, with moderate debt-to-equity of 0.29. Caution: free cash flow margin is not available, and gross margin of 28.5% is on the lower side.
Legend Biotech Corporation LEGN
Legend Biotech has an Overall score of 91, revenue growth of 64.0% and gross margin of 61.4%, with debt-to-equity of 0.41. Caution: operating margin of -13.3% and free cash flow margin of -12.5% are negative, so it is spending more than it earns.
MiMedx Group, Inc. MDXG
MiMedx has low debt-to-equity of 0.08 and a Quality score of 92. Gross margin is high at 78.8% and revenue grew 20.0%. Caution: operating margin of 2.5% and return on equity of 2.9% are thin, and free cash flow margin is not available.
ResMed Inc. RMD
ResMed pairs a Quality score of 96 with low debt-to-equity of 0.13. Operating margin is 33.4% and free cash flow margin is 29.2%, both strong. Caution: revenue growth of 9.9% is modest, and its Opportunity score is only 61.
4D Molecular Therapeutics, Inc. FDMT
4D Molecular Therapeutics has an Overall score of 88 and debt-to-equity of 0.10. Caution: reported revenue growth of 230194.6% is extremely large, probably from a very small starting base, and operating margin of -214.2% and free cash flow margin of -169.7% show deep losses.
HealthEquity, Inc. HQY
HealthEquity has a Quality score of 95, operating margin of 25.8% and free cash flow margin of 35.8%, pointing to strong profitability. Caution: its debt-to-equity of 0.49 is the highest on this list, and revenue growth is modest at 9.5%.
Tactile Systems Technology, Inc. TCMD
Tactile Systems has low debt-to-equity of 0.06 and a high gross margin of 76.8%. Revenue grew 12.5%. Caution: operating margin of 10.0% and free cash flow margin of 7.7% are modest, so less of each sales dollar turns into profit.
Edwards Lifesciences Corporation EW
Edwards Lifesciences has a Quality score of 97, gross margin of 77.8% and low debt-to-equity of 0.07. Operating margin is 22.3%. Caution: its Opportunity score is just 11, and revenue growth is modest at 11.5%.
Doximity, Inc. DOCS
Doximity has the lowest debt-to-equity on this list at 0.01, along with gross margin of 88.1% and free cash flow margin of 46.7%. Caution: its Opportunity score is only 25, and revenue growth of 13.1% is moderate.
Lantheus Holdings, Inc. LNTH
Lantheus has a Quality score of 93, operating margin of 19.4% and free cash flow margin of 24.9%, with debt-to-equity of 0.48. Caution: revenue growth of 0.5% means sales were almost flat last year.
Common questions
What does debt-to-equity mean?
It compares a company's debt with the value of its shareholders' equity. A ratio of one means debt equals equity. Every company on this list has a ratio of no more than half, so none leans heavily on borrowed money.
Does low debt mean a company is a safe choice?
No. Low debt reduces one kind of risk, but a company can still lose money, see sales fall or face other problems. Several companies here, especially in biotechnology, have negative margins despite low debt.
Why do some companies have negative margins but still rank high?
Marvin's scores compare each company with others in its own industry across several measures, not just profit. A company can score well on growth or other factors while still losing money, so check the caution in each blurb.
Keep reading
- Top 20 Medical Stocks Ranked by Marvin Scores
- Top 15 Healthcare Companies With the Strongest Businesses
- Top 20 Defensive Stocks Ranked by Marvin Business Quality
- Top 15 Healthcare Stocks Right Now, Ranked by Marvin Scores
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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.