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

Companies with excess reserves can propel earnings and gain market share through mergers and acquisitions, which is particularly important today, when the U.S. economy is flagging.

Federal Reserve Chairman Ben S. Bernanke sees a "modest" pace of economic expansion in the second half of this year as consumers become stingier amid a flaccid job market. The August unemployment rate, scheduled to be released today, may show joblessness rose for the first time in four months. That's worrying investors, who pushed down the benchmark S&P 500 Index by almost 5% last month.

Here are 10 technology companies with zero debt and ample cash. TheStreet's quantitative equity model, which rates stocks based on fundamentals, ranks them in the top 1% for financial strength.

10. FactSet Research Systems ( FDS) supplies financial information and applications to investors and investment companies.

Fiscal third-quarter profit inched up to $39 million, or 81 cents a share, as revenue grew 3.8%. The operating margin remained steady at 35%. FactSet's stock trades at a trailing earnings multiple of 25, a forward earnings multiple of 23 and a cash flow multiple of 17 -- on par with peer averages.

Of analysts covering the stock, three, or 43%, rate it "buy" and four rank it "hold." A median target of $80.67 suggests a return of 5%.

9. Syntel ( SYNT) provides information technology and knowledge-process-outsourcing services. Its second-quarter profit increased 13% to $28 million, or 68 cents a share, as revenue increased 31% to $131 million. The operating margin narrowed from 27% to 25%. Syntel's stock sells for a trailing earnings multiple of 14, a forward earnings multiple of 14 and a book value multiple of 4.1 -- 24%, 11% and 40% discounts to IT services peer averages. Roughly 36% of researchers rate its stock "buy." A median price target of $46.71 implies 16% of upside.

8. Check Point Software Technologies ( CHKP) sells Internet security services. Second-quarter profit gained 36% to $103 million, or 48 cents a share, as revenue increased 17% to $261 million. The operating margin rose from 43% to 47%. Check Point's stock trades at a forward earnings multiple of 14, a book value multiple of 3 and a cash flow multiple of 12 -- 41%, 37% and 34% discounts to software industry averages. Of analysts covering the stock, 16, or 62%, rate it "buy" and 10 rate it "hold." A median price target of $40.91 suggests a return of 14%.

7. Infosys Technologies ( INFY) sells IT consulting services worldwide. Its fiscal first-quarter profit increased 4.2% to $326 million, or 57 cents a share, as sales expanded 21%. The operating margin narrowed from 30% to 28%. Infosys's stock sells for a trailing earnings multiple of 21 and a forward earnings multiple of 21 -- 41% and 34% premiums to IT services peer averages. The stock is also expensive based on sales and cash flow per share. Of researchers following Infosys, around 33% rate it "buy." A median target of $61.93 implies 4% of upside.

6. eBay ( EBAY) runs online auction sites. Its second-quarter profit increased 26% to $412 million, or 31 cents a share, as revenue increased 5.6%. The operating margin widened from 20% to 22%. eBay's stock trades at a trailing earnings multiple of 13, a forward earnings multiple of 13, a book value multiple of 2.2 and a cash flow multiple of 12 -- 62%, 50%, 63% and 24% discounts to Internet peer averages. Of analysts covering eBay, 15, or 54%, rate it "buy", 12 rate it "hold" and one ranks it "sell." A median target of $26.61 suggests an 11% return.

5. Cognizant Technology Solutions ( CTSH) offers IT consulting and outsourcing services. Second-quarter profit increased 22% to $172 million, or 56 cents a share, as revenue grew 42%. The operating margin tightened from 20% to 19%. Cognizant's stock sells for a trailing earnings multiple of 30 and a forward earnings multiple of 23 -- 67% and 44% premiums to industry averages. Of researchers following Cognizant, 22, or 81%, advise purchasing its shares and five recommend holding them. A median target of $66.72 implies 10% of upside.

4. Texas Instruments ( TXN) makes semiconductors. Second-quarter profit tripled to $769 million, or 62 cents a share, as revenue grew 42%. The operating margin extended from 17% to 32%. Texas Instruments shares trade at a trailing earnings multiple of 11, a forward earnings multiple of 9.1, a book value multiple of 2.9 and a cash flow multiple of 9.3 -- 42%, 23%, 45% and 32% discounts to semiconductor peer averages. Around 54% of analysts covering Texas Instruments, rate its stock "buy." A median target of $30.26 suggests a 26% return.

3. Nice Systems ( NICE) designs and sells software to businesses. Second-quarter profit stretched 9.7% to $13 million, or 20 cents a share, as revenue grew 20% to $169 million. The operating margin declined from 8.7% to 8.2%. Nice's stock sells for a forward earnings multiple of 14, a book value multiple of 1.6, a sales multiple of 2.7 and a cash flow multiple of 14 -- 41%, 67%, 66% and 23% discounts to peer averages. Of analysts covering Nice, 11, or 79%, advise purchasing its shares and three recommend holding them. A median target of $34.88 implies 23% of upside.

2. Google ( GOOG) runs the world's most popular search engine. Second-quarter profit increased 24% to $1.8 billion, or $5.71 a share, as revenue grew 23%. The operating margin inched up from 34% to 35%. Google's stock sells for a trailing earnings multiple of 20, a forward earnings multiple of 15 and a book value multiple of 3.6 -- 40%, 44% and 41% discounts to Internet peer averages. Of researchers following Google, 34, or 87%, rate its stock "buy", four rate it "hold" and one ranks it "sell." A median price target of $614.12 suggests a return of 33%.

1. Apple ( AAPL) makes Mac computers, iPod music players, iPhone mobile phones and the iPad tablet. Fiscal third-quarter profit surged 78% to $3.3 billion, or $3.51 a share, as revenue soared 62%. The operating margin stayed at 27%. Apple has $9.8 billion of cash, $15 billion of short-term marketable securities and $22 billion of long-term marketable securities. Its stock trades at a forward earnings multiple of 14, a 12% discount to its peer average. It's costly based on book value and cash flow. Around 94% of analysts following Apple rank its stock "buy." A median target of $340.23 implies 35% of upside.

-- Written by Jake Lynch in Boston.

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