Fundamentally Sound

Martin Roth’s book “Top Stocks” has been published annually since 1995 (31 editions) and highlights ~100 Australian listed companies considered financially sound.

During Martin's analysis, a company’s share price is ignored. The goal is to select companies with a strong balance sheet and a focus on profitability, debt levels and dividends.

The companies mentioned in the book provide investors with a great fundamental filter over Australia's ~2,300 listed companies. The final shortlist can be used as a watchlist, or to simply uncover companies that might warrant further investigation.

The 2025 criteria for a “Top Stock”:

  • Publicly listed since 2019
  • A constituent of the All Ordinaries Index (i.e. Top 500 company by market capitalisation)
  • Return on Equity (ROE) ratio of at least 10% in the most recent financial year
  • Debt-to-Equity (D/E) ratio less than 70%
  • Foreign registered stocks and listed managed investments are excluded

The list below includes all companies mentioned in the 2025 book plus those currently meeting the criteria.

Interesting fact...
In the 31 editions of Top Stocks, only Commonwealth Bank has appeared every single year.

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List of Companies

Code Company Price 1 Day 1 Month 1 Year Sector Mkt Cap
ACF Acrow Ltd $0.985 +0.51% 0.00% -12.05% Industrials $303.38M
ADH Adairs Ltd $2.14 +0.47% -21.03% +11.46% Consumer Cyclical $378.23M
AEF Australian Ethical Investment Ltd $6.90 +3.29% +14.81% +63.51% Financial Services $782.6M
AGL AGL Energy Ltd $9.73 +1.67% -6.44% -6.26% Utilities $6.55B
ALL Aristocrat Leisure Ltd $68.14 +1.69% +5.20% +29.62% Consumer Cyclical $42.5B
ANZ ANZ Group Holdings Ltd $30.82 +1.22% +4.62% +2.53% Financial Services $91.95B
AOV Amotiv Ltd $8.80 -0.11% +15.64% -17.53% Consumer Cyclical $1.2B
ARB ARB Corporation Ltd $34.46 +0.76% +13.65% -14.51% Consumer Cyclical $2.87B
ASX ASX Ltd $72.02 +0.95% +6.33% +10.06% Financial Services $13.99B
AX1 Accent Group Ltd $1.52 +1.00% +10.99% -29.86% Consumer Cyclical $910.8M
BHP BHP Group Ltd $40.29 +3.02% +8.02% -5.56% Basic Materials $204.51B
BLX Beacon Lighting Group Ltd $3.65 0.00% +2.24% +58.01% Consumer Cyclical $834.59M
BRG Breville Group Ltd $31.04 +2.11% +9.64% +13.95% Consumer Cyclical $4.47B
BXB Brambles Ltd $23.73 +0.72% +3.08% +59.37% Industrials $32.44B
CAR CAR Group Ltd $37.73 +3.80% +1.62% +9.84% Communication Services $14.26B
CBA Commonwealth Bank of Australia $182.46 +0.92% +1.85% +37.54% Financial Services $305.34B
CCP Credit Corp Group Ltd $15.13 +1.20% +14.88% -2.07% Financial Services $1.03B
CDA Codan Ltd $20.24 +2.48% +2.53% +68.25% Technology $3.67B
CKF Collins Foods Ltd $8.86 -0.34% +19.41% +0.68% Consumer Cyclical $1.04B
COH Cochlear Ltd $310.21 +1.00% +10.14% -7.01% Healthcare $20.29B
COL Coles Group Ltd $20.59 +0.69% -6.32% +16.72% Consumer Defensive $27.62B
CPU Computershare Ltd $41.49 +0.70% +1.64% +56.63% Industrials $24B
CSL CSL Ltd $257.38 +3.62% +7.56% -17.27% Healthcare $124.63B
CUV Clinuvel Pharmaceuticals Ltd $11.25 +0.99% +15.27% -26.18% Healthcare $563.89M
DTL Data#3 Ltd $7.97 +1.40% +5.28% -5.68% Technology $1.23B
ELD Elders Ltd $6.63 +2.95% +3.27% -27.13% Consumer Defensive $1.27B
EVN Evolution Mining Ltd $7.56 +1.07% -10.53% +84.84% Basic Materials $15.14B
FID Fiducian Group Ltd $10.90 +5.62% +13.66% +46.70% Financial Services $344.09M
FMG Fortescue Ltd $17.00 +0.53% +8.56% -22.87% Basic Materials $52.34B
GOR Gold Road Resources Ltd $3.20 0.00% -5.33% +74.86% Basic Materials $3.48B
GRR Grange Resources Ltd $0.185 +2.78% 0.00% -48.61% Basic Materials $214.11M
GWA GWA Group Ltd $2.42 0.00% +7.56% -6.56% Industrials $641.8M
IAG Insurance Australia Group Ltd $8.51 +0.24% -4.27% +19.52% Financial Services $20.13B
IEL Idp Education Ltd $3.78 +1.34% +5.88% -72.47% Consumer Cyclical $1.05B
ILU Iluka Resources Ltd $5.26 +4.99% +38.42% -19.82% Basic Materials $2.26B
IPH IPH Ltd $5.17 +1.17% +11.18% -17.01% Industrials $1.35B
JBH JB Hi-Fi Ltd $107.50 -0.46% -1.77% +65.36% Consumer Cyclical $11.75B
JIN Jumbo Interactive Ltd $10.18 +1.70% +4.95% -35.94% Consumer Cyclical $634.74M
JLG Johns LYNG Group Ltd $3.91 +0.26% +34.36% -34.06% Industrials $1.11B
LAU Lindsay Australia Ltd $0.72 0.00% +0.70% -26.53% Industrials $261.94M
LOV Lovisa Holdings Ltd $33.87 +3.42% +4.96% +1.10% Consumer Cyclical $3.75B
LYL Lycopodium Ltd $11.51 -0.52% +11.21% -15.37% Industrials $457.41M
MAD Mader Group Ltd $7.10 +0.28% +16.20% +15.45% Industrials $1.43B
MAH Macmahon Holdings Ltd $0.30 0.00% 0.00% +11.11% Basic Materials $646.5M
MFG Magellan Financial Group Ltd $9.91 +0.61% +17.84% +1.02% Financial Services $1.7B
MND Monadelphous Group Ltd $18.63 +0.59% +4.96% +48.68% Industrials $1.85B
MPL Medibank Private Ltd $5.02 -2.52% +2.45% +33.87% Financial Services $13.83B
MQG Macquarie Group Ltd $227.38 +1.25% +7.19% +8.42% Financial Services $86.66B
MTS Metcash Ltd $3.95 +0.51% +9.72% +9.42% Consumer Defensive $4.34B
MVF Monash Ivf Group Ltd $0.76 +1.33% +20.64% -42.21% Healthcare $296.12M
NAB National Australia Bank Ltd $39.19 +1.27% +1.01% +3.98% Financial Services $120.04B
NCK Nick Scali Ltd $19.35 +3.04% +1.36% +36.94% Consumer Cyclical $1.66B
NEC Nine Entertainment Co. Holdings Ltd $1.71 +0.59% +4.91% +21.71% Communication Services $2.71B
NHF Nib Holdings Ltd $7.34 +0.14% +12.58% +2.66% Financial Services $3.57B
NWH NRW Holdings Ltd $3.17 +1.60% +9.31% -0.31% Industrials $1.45B
NWL Netwealth Group Ltd $37.13 +2.32% +21.34% +63.42% Financial Services $9.1B
OCL Objective Corporation Ltd $18.42 +1.77% -0.05% +50.12% Technology $1.76B
ORG Origin Energy Ltd $12.00 +1.10% +6.67% +11.94% Utilities $20.67B
PME Pro Medicus Ltd $327.98 -0.76% +20.58% +149.66% Healthcare $34.26B
PMV Premier Investments Ltd $20.44 +1.29% +4.77% -13.78% Consumer Cyclical $3.27B
PNI Pinnacle Investment Management Group Ltd $23.03 +3.74% +15.79% +43.04% Financial Services $5.22B
PPT Perpetual Ltd $21.12 -0.38% +19.73% -7.49% Financial Services $2.42B
PTM Platinum Asset Management Ltd $0.65 +6.56% +30.00% -38.10% Financial Services $378.41M
PWH PWR Holdings Ltd $7.87 +2.47% +17.46% -34.96% Consumer Cyclical $791.44M
REA REA Group Ltd $240.06 +0.99% +1.76% +21.88% Communication Services $31.72B
REH Reece Ltd $13.23 0.00% -18.43% -49.43% Industrials $8.55B
RIC Ridley Corporation Ltd $2.81 +0.36% -2.43% +33.35% Consumer Defensive $1.05B
RIO RIO Tinto Ltd $113.11 +1.81% +5.56% -2.44% Basic Materials $41.99B
RMS Ramelius Resources Ltd $2.51 +2.03% -9.06% +25.50% Basic Materials $2.91B
RWC Reliance Worldwide Corporation Ltd $4.26 +0.95% -0.23% -14.11% Industrials $3.3B
SDF Steadfast Group Ltd $6.00 +0.17% +1.87% -5.51% Financial Services $6.64B
SFC Schaffer Corporation Ltd $20.86 +0.05% -0.76% -0.67% Consumer Cyclical $283.5M
SGLLV Ricegrowers Ltd $11.00 +1.48% +0.09% +43.98% Consumer Defensive $715.42M
SIQ Smartgroup Corporation Ltd $7.92 +0.64% +6.74% -8.65% Industrials $1.07B
SNL Supply Network Ltd $40.71 +0.05% +8.53% +87.69% Consumer Cyclical $1.77B
SRV Servcorp Ltd $5.76 +1.59% +2.31% +37.14% Real Estate $570.86M
STO Santos Ltd $7.80 +0.39% +0.52% -2.50% Energy $25.33B
SUL Super Retail Group Ltd $15.07 -0.07% +8.34% +3.01% Consumer Cyclical $3.4B
SXE Southern Cross Electrical Engineering Ltd $1.80 +1.41% +3.75% +5.26% Industrials $475.94M
TNE Technology One Ltd $41.04 +1.58% +1.71% +119.94% Technology $13.44B
WBC Westpac Banking Corporation $34.31 +1.81% +3.94% +20.47% Financial Services $117.41B
WES Wesfarmers Ltd $84.57 +1.40% +0.66% +19.35% Consumer Cyclical $95.93B
WOW Woolworths Group Ltd $31.51 +1.68% -0.94% -10.36% Consumer Defensive $38.49B
WTC Wisetech Global Ltd $115.18 +1.18% +7.27% +23.33% Technology $38.54B