Interest rates have been on the rise this year, and inflation still remains a big problem for the federal government. In September, the inflation rate was 8.2%, which is lower than it was in the previous month, but it's nowhere near the Fed's goal of 2%. What that tells investors is that more rate hikes are likely coming.

While that may have you worried about the markets, there are some businesses that should remain good buys throughout this tumultuous period. Exelixis (EXEL 0.79%) and Shopify (SHOP -0.58%) are two stocks that don't have debt problems and possess plenty of upside, making them not just safe buys but also potentially bargain investments as well.

1. Exelixis

Exelixis is a healthcare company that develops treatments targeting multiple types of cancers. Key to its business is Cabometyx, which treats advanced renal cell carcinoma. Through the first six months of the year, the company generated $642 million in revenue from Cabometyx, which was a 29% increase from the prior-year period. That was also nearly all of the $657 million in net product revenue the company generated during that period.

What makes the stock an attractive option for investors worried about interest rates is that its business is highly profitable and its strong financials put it in great shape to weather the storm. Operating income through the first two quarters totaled $167 million, all while incurring zero in interest costs. The company doesn't have any debt on its books, and its total liabilities of $490 million as of June 30 are relatively minor given that Exelixis has $627 million in cash on its books.

Many analysts have set price targets of at least $28 for the stock this year, and even the lowest one at $23 would still suggest an upside of more than 40% from where Exelixis trades at today.

2. Shopify

E-commerce giant Shopify is a better-known business than Exelixis. Its platform provides merchants with an easy way to go global and reach customers all around the world. Last year, according to data from eMarketer, Shopify's share of the U.S. retail e-commerce market was 10.3% -- trailing only Amazon, which was at a whopping 41%. But Shopify was ahead of big names such as Walmart (6.6%) and eBay (4.2%).

Despite the platform's popularity, Shopify's stock has fallen out of favor with investors amid concerns of a weakening economy and a poor outlook for the months ahead. As a result, shares of Shopify are now back at where they were in 2019, well before the pandemic led to a surge in buying. 

E-commerce, however, is a safe bet to continue growing along with the overall economy. Year to date, Shopify's sales have totaled $2.5 billion and they are up 19% year over year.

Unfortunately, rising costs have put the company in the red, with Shopify incurring an operating loss of $288.2 million over the past two quarters (compared with a profit of $258.3 million a year ago). But Shopify is slashing costs and should be able to get back into the black as it focuses on making its operations more efficient.

And with the company's modest interest expenses of $1.7 million over a six-month stretch, rising interest rates won't significantly weigh down its bottom line. It has convertible senior notes of $912.1 million as of the end of June, but with a hefty cash balance of $3.4 billion, Shopify is in excellent financial position to handle its liabilities, which total just over $2 billion.

Year to date, the stock is down close to 80% and it has been one of the worst investments to be holding in 2022. But in the long run, Shopify is likely to rally given its popularity and strong financials. Analysts are also bullish on the business, with most of them setting price targets in recent months of at least $38, which if realized would mean gains of at least 35% from the stock's current price. For buy-and-hold investors, Shopify could be a solid stock to hang on to for the long haul.