Fundamentally Sound

Martin Roth’s book “Top Stocks” has been published annually since 1995 (29 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 2023 criteria for a “Top Stock”:

  • Publicly listed since 2017
  • 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 2023 book plus those currently meeting the criteria.

Interesting fact...
In the 29 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 Week 1 Month 1 Year Sector Mkt Cap
ADH Adairs Ltd $2.11 +14.99% +9.04% +22.67% -7.46% Consumer Cyclical $365.14 M
ALU Altium Ltd $65.12 -0.73% -1.33% +33.94% +71.82% Technology $8.59 B
AWC Alumina Ltd $1.09 +6.86% +0.46% -2.68% -28.05% Basic Materials $3.16 B
ANN Ansell Ltd $24.55 -0.41% +1.53% -0.77% -8.63% Healthcare $3.06 B
ARB ARB Corporation Ltd $39.97 -0.30% +11.09% +19.99% +25.65% Consumer Cyclical $3.29 B
ALL Aristocrat Leisure Ltd $45.40 +1.25% +2.44% +4.15% +23.10% Consumer Cyclical $29 B
ASX ASX Ltd $65.30 +0.29% +0.28% -1.32% -3.70% Financial Services $12.64 B
AUB AUB Group Ltd $30.01 +2.42% -2.09% -1.64% +10.66% Financial Services $3.25 B
AZJ Aurizon Holdings Ltd $3.84 -2.79% -1.79% +3.23% +14.63% Industrials $7.07 B
ANZ ANZ Group Holdings Ltd $28.37 +0.28% -0.18% +6.37% +14.44% Financial Services $85.32 B
AEF Australian Ethical Investment Ltd $5.26 -1.68% +6.05% -6.57% +48.17% Financial Services $593.23 M
BBN Baby Bunting Group Ltd $1.60 0.00% -11.39% -3.63% -25.47% Consumer Cyclical $215.18 M
BAP Bapcor Ltd $5.84 -2.50% -0.17% +10.82% -14.12% Consumer Cyclical $1.98 B
BPT Beach Energy Ltd $1.65 -2.37% -7.82% +3.45% +13.79% Energy $3.76 B
BLX Beacon Lighting Group Ltd $2.78 +0.73% +1.46% +18.80% +42.56% Consumer Cyclical $628.25 M
BHP BHP Group Ltd $43.97 -1.30% -3.60% -7.51% -4.29% Basic Materials $222.87 B
BSL Bluescope Steel Ltd $22.85 -2.56% 0.00% -2.06% +23.78% Basic Materials $10.19 B
BRG Breville Group Ltd $27.02 +0.75% +2.78% +1.39% +25.27% Consumer Cyclical $3.88 B
BKW Brickworks Ltd $29.24 +0.90% +4.24% +2.85% +20.23% Basic Materials $4.46 B
CAR CAR Group Ltd $35.53 +0.48% +2.87% +8.26% +57.29% Communication Services $13.4 B
CUV Clinuvel Pharmaceuticals Ltd $13.91 -2.86% -11.80% -11.12% -40.63% Healthcare $697.27 M
CLV Clover Corporation Ltd $0.810 -1.22% +1.25% 0.00% -38.17% Basic Materials $135.27 M
COH Cochlear Ltd $345.87 +0.62% +3.39% +15.48% +52.91% Healthcare $22.65 B
CDA Codan Ltd $10.08 -1.85% +20.72% +25.69% +84.95% Technology $1.83 B
CKF Collins Foods Ltd $10.89 +0.28% +0.83% -8.49% +29.95% Consumer Cyclical $1.28 B
CBA Commonwealth Bank of Australia $115.92 +0.95% -0.31% +0.92% +14.52% Financial Services $194.13 B
CPU Computershare Ltd $25.53 -0.74% -2.59% -0.08% +4.72% Technology $15.22 B
CCP Credit Corp Group Ltd $18.73 +0.43% -1.78% +8.83% -7.00% Financial Services $1.27 B
CSL CSL Ltd $287.32 +0.69% +1.17% -1.94% -4.06% Healthcare $138.8 B
CSR CSR Ltd $8.38 0.00% +23.42% +20.40% +65.94% Basic Materials $4 B
DTL Data#3 Ltd $7.90 -0.50% +2.73% -14.13% +8.97% Technology $1.22 B
ELD Elders Ltd $9.04 +1.35% +3.91% +2.49% -1.09% Consumer Defensive $1.42 B
EGG Enero Group Ltd $1.59 +3.25% +2.91% -4.79% -22.44% Communication Services $145.24 M
FID Fiducian Group Ltd $6.82 0.00% +1.79% +13.10% +8.25% Financial Services $214.68 M
FMG Fortescue Ltd $27.85 -1.28% -1.94% -3.87% +24.11% Basic Materials $85.75 B
GLB Globe International Ltd $3.13 -6.01% +4.33% +1.95% +6.10% Consumer Cyclical $129.78 M
GRR Grange Resources Ltd $0.430 +1.18% -3.37% -11.34% -59.43% Basic Materials $497.66 M
GUD G.U.D. Holdings Ltd $11.07 +0.36% +0.45% -8.51% +9.28% Consumer Cyclical $1.56 B
GWA GWA Group Ltd $2.69 +1.89% +14.96% +16.96% +56.85% Industrials $713.4 M
HSN Hansen Technologies Ltd $4.80 -1.84% -10.78% -3.03% +5.50% Technology $975.38 M
HVN Harvey Norman Holdings Ltd $4.70 0.00% -0.84% +6.58% +12.44% Consumer Cyclical $5.86 B
HLS Healius Ltd $1.39 +1.10% -3.82% -1.42% -48.93% Healthcare $1.01 B
IEL Idp Education Ltd $18.56 +0.05% -9.55% -5.64% -36.24% Consumer Cyclical $5.17 B
IGO IGO Ltd $7.51 +3.87% +0.27% +0.54% -44.16% Basic Materials $5.69 B
ILU Iluka Resources Ltd $6.95 -3.61% -3.87% -4.66% -33.62% Basic Materials $2.96 B
IPH IPH Ltd $6.63 -1.49% -4.60% -2.50% -19.25% Industrials $1.63 B
IRE Iress Ltd $7.46 -6.52% -12.95% -9.25% -19.35% Technology $1.39 B
JBH JB Hi-Fi Ltd $61.99 -1.13% -3.83% +7.92% +43.36% Consumer Cyclical $6.78 B
JLG Johns LYNG Group Ltd $7.20 +1.70% +0.28% +5.26% +14.11% Industrials $2 B
JIN Jumbo Interactive Ltd $17.50 +0.06% +8.36% +16.98% +21.11% Consumer Cyclical $1.1 B
LIC Lifestyle Communities Ltd $15.08 0.00% -17.78% -12.93% -11.55% Real Estate $1.58 B
MQG Macquarie Group Ltd $194.23 +0.60% +0.79% +4.09% +2.82% Financial Services $74.75 B
MFG Magellan Financial Group Ltd $8.41 -2.10% -10.72% -5.19% -3.33% Financial Services $1.52 B
MMS Mcmillan Shakespeare Ltd $21.86 +3.50% +24.49% +28.06% +54.93% Industrials $1.52 B
MPL Medibank Private Ltd $3.66 +0.83% -2.40% -2.14% +9.25% Financial Services $10.08 B
MTS Metcash Ltd $3.63 0.00% +2.54% +1.11% -11.89% Consumer Defensive $3.9 B
MHJ Michael Hill International Ltd $0.700 -9.68% -12.50% -20.46% -32.04% Consumer Cyclical $269.24 M
MIN Mineral Resources Ltd $64.04 +2.76% +7.18% +7.83% -24.58% Basic Materials $12.5 B
MND Monadelphous Group Ltd $13.52 -3.08% -2.10% -0.22% +12.67% Industrials $1.31 B
NAB National Australia Bank Ltd $33.90 +0.12% +2.51% +6.64% +13.57% Financial Services $105.41 B
NWL Netwealth Group Ltd $19.30 +0.78% +9.10% +11.11% +42.65% Financial Services $4.71 B
NHF Nib Holdings Ltd $7.72 -5.62% -4.22% -3.14% +3.76% Financial Services $3.74 B
NCK Nick Scali Ltd $14.39 -1.03% -4.83% +14.57% +45.35% Consumer Cyclical $1.17 B
NEC Nine Entertainment Co. Holdings Ltd $1.80 +3.75% -4.00% -9.77% -11.33% Communication Services $2.92 B
NWH NRW Holdings Ltd $2.91 -1.02% +2.47% +8.99% +11.07% Industrials $1.32 B
OCL Objective Corporation Ltd $11.98 -0.08% +6.77% -6.48% -3.07% Technology $1.14 B
OZL OZ Minerals Ltd $28.19 0.00% 0.00% +0.32% +17.61% Basic Materials $9.51 B
PDL Pendal Group Ltd $5.18 0.00% 0.00% +4.23% +6.80% Financial Services $1.98 B
PPE Peoplein Ltd $1.13 -8.87% -16.91% +1.80% -64.35% Industrials $117.21 M
PPT Perpetual Ltd $25.15 -0.44% -1.37% -4.01% +1.21% Financial Services $2.85 B
PNI Pinnacle Investment Management Group Ltd $10.76 -0.92% -3.84% +4.98% +14.59% Financial Services $2.19 B
PTM Platinum Asset Management Ltd $1.03 -3.30% -0.49% -13.87% -43.99% Financial Services $596.72 M
PMV Premier Investments Ltd $29.73 +1.99% +3.27% +6.18% +8.82% Consumer Cyclical $4.74 B
PME Pro Medicus Ltd $99.35 +1.15% +13.88% -0.72% +61.41% Healthcare $10.38 B
PWH PWR Holdings Ltd $12.60 -2.63% +15.49% +24.14% +22.93% Consumer Cyclical $1.27 B
REA REA Group Ltd $188.10 +0.35% +1.63% +2.15% +50.71% Communication Services $24.85 B
REH Reece Ltd $24.09 0.00% +4.20% +7.55% +46.80% Industrials $15.56 B
RWC Reliance Worldwide Corporation Ltd $5.31 +0.76% +20.41% +26.73% +45.88% Industrials $4.2 B
RIC Ridley Corporation Ltd $2.37 +0.85% -2.87% -15.05% +7.24% Consumer Defensive $748.52 M
RIO RIO Tinto Ltd $122.58 -1.46% -4.95% -7.58% +3.08% Basic Materials $45.5 B
SFC Schaffer Corporation Ltd $21.50 +6.28% +12.57% +10.26% +13.76% Consumer Cyclical $291.91 M
SEK Seek Ltd $25.61 +0.95% +1.03% +0.20% +4.66% Communication Services $9.12 B
SRV Servcorp Ltd $3.90 +5.98% +13.04% +18.90% +18.18% Real Estate $383.84 M
SIQ Smartgroup Corporation Ltd $10.70 +4.70% +11.46% +16.69% +65.89% Industrials $1.42 B
SHL Sonic Healthcare Ltd $29.39 +0.31% -7.98% -6.88% -11.21% Healthcare $14.04 B
SDF Steadfast Group Ltd $5.94 +0.51% 0.00% +1.54% +1.37% Financial Services $6.57 B
SUL Super Retail Group Ltd $16.04 -0.68% -2.67% -0.74% +18.55% Consumer Cyclical $3.62 B
SNL Supply Network Ltd $18.12 +1.00% +0.89% +14.76% +44.96% Consumer Cyclical $760.88 M
TNE Technology One Ltd $16.46 -0.96% -0.78% +4.31% +12.13% Technology $5.36 B
TLS Telstra Group Ltd $3.87 -0.26% +0.26% -3.25% -7.42% Communication Services $44.72 B
WES Wesfarmers Ltd $66.15 +1.80% +5.08% +13.17% +35.75% Consumer Cyclical $75.03 B
WTC Wisetech Global Ltd $89.14 +1.35% +11.41% +21.76% +41.22% Technology $29.72 B
WOW Woolworths Group Ltd $32.89 +0.34% -8.59% -9.14% -11.18% Consumer Defensive $40.18 B