Yesterday, I wrote an article revealing which U.S. companies have the most net cash in relation to their size. The idea behind the screen is to find cash-flush firms that are ready to spend and take advantage of lucrative opportunities as the economy turns.

However, my screen looked only at companies with market caps greater than $500 million. That's an unofficial boundary line we normally use, below which things can get a bit dicey in terms of risk and volatility. However, micro-cap land is where massive multibaggers are born -- the stocks that can increase 10 times in value or more. These are the types of stocks featured in the popular Tiny Gems sections of our Motley Fool Hidden Gems small-cap service.

So after requests to find cash-rich micro caps, I set my screen parameters for all U.S. companies valued between $100 million and $500 million that have a net cash position (cash minus debt) of at least 40% of their market caps.

Here are the top 15, sorted by net cash-to-market cap:

Company

Net Cash (Millions)

Market Cap (Millions)

Net Cash / Market Cap

Industry

Harbinger Group (NYSE: HRG)

$141

$126

1.11

None

Vanda Pharmaceuticals (Nasdaq: VNDA)

$202

$194

1.04

Biotechnology

Adaptec (Nasdaq: ADPT)

$375

$366

1.03

Computer storage and peripherals

TomoTherapy (Nasdaq: TOMO)

$149

$156

0.95

Health-care equipment

Sycamore Networks

$450

$496

0.91

Communications equipment

UTStarcom

$235

$260

0.9

Communications equipment

Ascent Media

$317

$357

0.89

Movies and entertainment

Maxygen, (Nasdaq: MAXY)

$159

$181

0.88

Biotechnology

Baltic Trading (NYSE: BALT)

$249

$286

0.87

Marine

Cypress Bioscience

$137

$162

0.85

Pharmaceuticals

BigBand Networks

$166

$196

0.84

Communications equipment

InfoSpace (Nasdaq: INSP)

$231

$286

0.81

Internet software and services

Cutera

$97

$126

0.77

Health-care equipment

Ulticom

$78

$102

0.77

Application software

Infinity Pharmaceuticals

$126

$166

0.76

Biotechnology

The cash-rich position naturally mitigates some of the risk with these small fry, but these are not recommendations and I urge you to research them carefully. The top company, Harbinger, "does not have significant operations. It intends to identify and evaluate business combinations or acquisitions of businesses." Students of the markets may recognize its former name, Zapata Corp.

Still, some of these may eventually land on the list of the market's best stocks, which is why we invest in Tiny Gems in the first place!

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Because of insurance issues, Fool analyst Rex Moore is no longer available for birthday parties. He owns no companies mentioned in this article. The Fool owns shares of Maxygen, and has a disclosure policy.