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Expand chart
Data: Wells Fargo Investment Institute; Chart: Andrew Witherspoon/Axios

Non-financial S&P 500 companies with the least cash are piling on the biggest loads of debt.

By the numbers: More than half of the S&P 500's total cash is held within just 25 companies — or the top 5% — while the bottom 95% of companies hold 73% of the index's debt, according to the Wells Fargo Investment Institute.

  • The most "cash-poor" S&P 500 companies collectively have a cash-to-debt ratio of 18% — the lowest since the financial crisis. In other words, there's 18 cents of cash for every dollar of these companies' total debt.
  • Alternatively, the cash-to-debt ratio at the top 25 cash-rich companies is 61%.

What to watch: Corporate debt-loads haven't hit financial crisis levels but analysts at Wells Fargo write, "leverage is rising, and debt burdens may become too large for some companies as this economic cycle extends."

Go deeper: Keep an eye on corporate debt

Go deeper

Updated 8 mins ago - Politics & Policy

Franklin Graham worries Trump too old to run in 2024

Graham and Trump at a rally in 2017. Photo: Ralph Freso/Getty Images

The Rev. Franklin Graham says a potential 2024 presidential bid by Donald Trump would "be a very tough thing to do," the prominent Christian leader told "Axios on HBO."

Why it matters: Graham, the president of the Billy Graham Evangelistic Association and Samaritan's Purse, was among Trump's earliest and most prominent evangelical defenders.

8 mins ago - Axios on HBO

Cameo CEO says he would let Trump join platform

Cameo CEO Steven Galanis doesn't want the app he built to be used explicitly for politics, but said he would allow former President Trump on the platform.

  • "Trump has done nothing on our platform to violate our terms of service," Galanis says in an interview with "Axios on HBO" that aired Sunday.

Why it matters: Cameo's approach is different than some of its Big Tech peers.

Off the Rails

Episode 9: Trump's war with his generals

Photo illustration: Sarah Grillo/Axios. Photo: Alex Wong/Getty Images

Axios' "Off the rails" series documents the end of the Trump administration, from election night 2020 through the Jan. 6 siege of the U.S. Capitol.

One important piece is only now beginning to emerge: Former President Donald Trump's last-minute bid to pull U.S. forces from Afghanistan and swaths of the Middle East, Africa and even Europe ahead of Joe Biden's inauguration — and why he blinked.

John McEntee, one of Donald Trump's most-favored aides, handed retired Army Col. Douglas Macgregor a piece of paper with a few notes scribbled on it. He explained: "This is what the president wants you to do."

1. Get us out of Afghanistan.

2. Get us out of Iraq and Syria.

3. Complete the withdrawal from Germany.

4. Get us out of Africa.