BOSTON (TheStreet) -- In turbulent times, cash is king.

Companies with excess reserves can propel earnings and gain market share through mergers and acquisitions. Here are 10 companies with zero debt and ample cash. TheStreet's quantitative model, which rates stocks based on fundamentals, ranks them in the top 1% for financial strength.

10. Fastenal ( FAST) sells industrial supplies.

Quarter: First-quarter profit increased 15% to $56 million, or 38 cents a share, as revenue grew 6.4% to $521 million. The operating margin inched up from 16% to 17%. Fastenal boasts a net cash position of $203 million, equal to a quick ratio of 2.9.

Stock: Fastenal has increased 41% in the past year, outperforming U.S. indices. It trades at a price-to-projected-earnings ratio of 23 and a price-to-sales ratio of 3.7, 28% and 84% premiums to peer averages. It's also expensive based on book value.

Consensus: Of analysts covering Fastenal, five, or 50%, advise purchasing its shares, four recommend holding and one suggests selling them. Piper Jaffray ( PJC) forecasts that the stock will gain 25% to $63. Robert W. Baird expects it to hit $62.

9. Infosys Technologies ( INFY) provides IT consulting services.

Quarter: Fiscal fourth-quarter profit increased 8.7% to $349 million, or 61 cents, as revenue jumped 16% to $1.3 billion. The operating margin widened from 29% to 30%. Infosys has $3.5 billion of cash, converting to a quick ratio of 6.3.

Stock: Infosys has risen 56% during the past 12 months, outpacing U.S. benchmarks. It sells for a price-to-projected-earnings ratio of 20 and a price-to-book ratio of 6, slight premiums to industry averages. It's expensive based on sales.

Consensus: Of researchers following Infosys, six, or 33%, rate its stock "buy", 11 rate it "hold" and one ranks it "sell." Kaufman Brothers predicts that the stock will rise 24% to $72. Jefferies ( JEF) values the stock at $63, leaving 9% of potential upside.

8. Cognizant Technology Solutions ( CTSH) offers IT consulting and outsourcing services.

Quarter: First-quarter profit climbed 34% to $152 million, or 49 cents, as revenue rose 29% to $960 million. The operating margin remained steady at 19%. The balance sheet holds $1.4 billion of cash, translating to a quick ratio of 3.9.

Stock: Cognizant has surged 91% during the past year, outperforming U.S. indices. It trades at a price-to-projected-earnings ratio of 21, a slight premium to its peer average. Its price-to-book ratio of 5.2 reflects a 15% discount to the industry mean.

Consensus: Of firms rating Cognizant, 22, or 88%, advise purchasing its shares and three recommend holding them. None advise selling. Citigroup ( C) offers a target of $62, leaving a potential return of 22%. Stifel Financial ( SF) projects a target of $61.

7. Lancaster Colony Corp. ( LANC) sells packaged foods, glassware and candles.

Quarter: Fiscal third-quarter earnings expanded 14% to $24 million, or 86 cents, as revenue ascended 1.7% to $250 million. The operating margin rose from 13% to 15%. Lancaster Colony holds $96 million of cash, equaling a quick ratio of 2.3.

Stock: Lancaster Colony has appreciated 18% during the past 12 months, matching the gain of the Nasdaq. It sells for a PEG ratio, a measure of value relative to growth, of 0.4, a 60% discount to estimated fair value. It's also cheap based on projected earnings.

Consensus: Of analysts covering Lancaster Colony, two, or 67%, advocate purchasing its shares and one recommends holding them. Soleil Securities predicts that the stock will rise 25% to $68. Janney Montgomery Scott forecasts a price of $59.

6. Panera Bread Co. ( PNRA) owns and franchises bakery-cafes.

Quarter: First-quarter profit soared 48% to $26 million, or 82 cents, as revenue grew 14% to $364 million. The operating margin climbed from 9.1% to 12%. The balance sheet houses $305 million of cash, converting to a quick ratio of 2.2.

Stock: Panera Bread Co. has returned 54% during the past year, beating indices by a wide margin. It trades at a price-to-projected-earnings ratio of 20 and a price-to-sales ratio of 1.8, reflecting 32% and 25% discounts to restaurant peer averages.

Consensus: Of researchers following Panera, 13, or 68%, rate its stock "buy" and six rank it "hold." D.A. Davidson offers the most bullish outlook, expecting the stock to appreciate 29% to $105. Raymond James ( RJF) values Panera shares at $95.

5. WellCare Health Plans ( WCG) offers managed care services for gov't health programs.

Quarter: WellCare swung to a first-quarter profit of $6.4 million, or 15 cents, as revenue decreased 24% to $1.4 billion. The operating margin inched up from 0.5% to 0.8%. WellCare has $1.1 billion of cash, translating to a quick ratio of 1.4.

Stock: WellCare Health Plans has risen 45% during the past 12 months, outperforming U.S. indices. It sells for a price-to-projected-earnings ratio of 11 and a price-to-book ratio of 1.3, 22% and 53% discounts to health care services industry averages.

Consensus: Of firms rating WellCare, four, or 33%, advise purchasing its shares, seven counsel holding and one says to sell them. Goldman Sachs ( GS) forecasts that the stock will gain another 32% to $36. Oppenheimer predicts that it will touch $33.

4. Google ( GOOG) operates the world's most popular search engine.

Quarter: First-quarter profit stretched 37% to $2 billion, or $6.06, as revenue grew 23% to $6.8 billion. The operating margin rose from 35% to 37%. Google's balance sheet stores $27 billion of cash, converting to a lofty quick ratio of 10.

Stock: Google has advanced 12% during the past year, lagging behind the S&P 500 Index. It trades at a price-to-projected-earnings ratio of 15, a 39% discount to its peer average. Its PEG ratio of 0.6 indicates a 40% discount to estimated fair value.

Consensus: Of analysts covering Google, 35, or 85%, recommend purchasing its shares and six encourage holding them. FBR Capital Markets ( FBCM) values Google at $750, leaving 54% of potential upside. UBS ( UBS) values it at $700.

3. Texas Instruments ( TXN) designs semiconductors.

Quarter: First-quarter multiplied to $658 million, or 52 cents, from $17 million, or 1 cent, a year earlier. Revenue increased 54% to $3.2 billion. The operating margin jumped from 5.5% to 30%. Texas Instruments has a net cash position of $2.8 billion.

Stock: Texas Instruments has appreciated 17% during the past year, trailing the Nasdaq. It sells for a price-to-projected-earnings ratio of 9.5, a 27% discount to its peer average. Its PEG ratio of 0.2 reflects a 90% discount to estimated fair value.

Consensus: Of researchers covering Texas Instruments, 24, or 56%, advocate purchasing its shares, 17 recommend holding them and two say to sell. Needham & Co. expects the stock to rise 47% to $36. Barclays ( BCS) projects a price of $32.

2. Apple ( AAPL) sells consumer electronics, including the iPad tablet computer.

Quarter: Fiscal second-quarter profit surged 90% to $3.1 billion, or $3.33, as revenue increased 49% to $13 billion. The operating margin extended from 26% to 29%. Apple's balance sheet stores $23 billion of cash and $19 billion of marketable securities.

Stock: Apple has soared 78% during the past 12 months, exceeding the gains of U.S. benchmarks. It trades at a price-to-projected-earnings ratio of 16, on par with peers. Its PEG ratio of 0.4 indicates a 60% discount to estimated fair value.

Consensus: Of firms covering Apple, 42, or 91%, rate its stock "buy" and four rate it "hold." RBC ( RY) and Societe Generale forecast that the stock will rise 40% to $250. Broadpoint Securities ( BPSG) expects the shares to gain 36% to $340.

1. Bed Bath & Beyond ( BBBY) sells furnishings, linens and appliances.

Quarter: Fiscal fourth-quarter profit expanded 60% to $226 million, or 86 cents, as revenue climbed 17% to $2.2 billion. The operating margin rose from 12% to 16%. Bed Bath & Beyond has $1.5 billion of cash, translating to a quick ratio of 1.3.

Stock: Bed Bath & Beyond has returned 52% during the past year, outperforming U.S. indices. It sells for a price-to-projected-earnings ratio of 14 and a price-to-book ratio of 3, on par with retail peer averages. It's expensive based on sales and cash flow.

Consensus: Of analysts covering Bed Bath & Beyond, 10, or 38%, advise purchasing its shares and 16 recommend holding them. SunTrust ( STI) values the stock at $55, leaving 24% of potential upside. Sanford Bernstein expects the shares to hit $54.
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-- Reported by Jake Lynch in Boston.

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