Finding an S&P/ASX 200 Index (ASX: XJO) share worth buying is one thing.
Finding a business I would still be comfortable owning after the next ugly market week is a better test.
The five shares below pass that test for me.
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National Australia Bank Ltd (ASX: NAB)
NAB has one advantage I particularly like: its leading position in business banking.
A business customer may use the bank for deposits, payments, lending, working capital, equipment finance, and foreign exchange. Those relationships can deepen as the customer grows, giving NAB more ways to earn revenue than a single mortgage provides.
Business lending and deposits both increased during the first half of FY26, while NAB continued moving simpler customer tasks online. That should give bankers more time to work through the complicated needs where relationships count.
The banking sector remains competitive, but I think NAB combines a good dividend profile with a clear route to steady earnings growth.
Coles Group Ltd (ASX: COL)
Coles earns its place through repeat demand. Australians need groceries and household essentials every week, giving the company a steadier sales base than most retailers enjoy.
I also think Coles is becoming a better digital business. Online shopping is growing quickly, Flybuys provides insight into customer behaviour, and investment in automated distribution and fulfilment could improve efficiency over time.
Supermarkets operate on thin margins, so execution on pricing, availability, and costs remains important. However, I like the combination of defensive demand, dividends, and room for gradual improvement.
For investors who want an ASX 200 share capable of holding up reasonably well when household spending becomes more cautious, Coles looks like a good buy to me.
ResMed Inc (ASX: RMD)
ResMed benefits each time someone moves from living with poor sleep to receiving a diagnosis and beginning treatment.
That opportunity remains substantial because sleep apnoea and other breathing disorders are still widely underdiagnosed.
The company also keeps earning revenue after supplying the first device. Patients require masks, replacement parts, monitoring, and software that can help them stay engaged with therapy.
ResMed's latest quarterly revenue increased by 11%, while operating income grew faster than sales. I think that shows the business can keep expanding while improving the economics of each dollar of revenue.
Competition and new treatments need watching, but ResMed's global reach and experience in sleep health give it a strong position.
Goodman Group (ASX: GMG)
Goodman owns something that technology companies increasingly need and cannot create quickly: suitable land with access to substantial amounts of electricity.
That combination has become particularly valuable as demand for data centres rises alongside artificial intelligence and cloud computing.
Data centres made up most of Goodman's development work in progress at the end of the first half. But it doesn't have to do this alone. The company often invests alongside large capital partners, allowing it to pursue more projects while protecting its balance sheet.
Goodman shares carry a premium valuation, so delays involving construction, power, or customer commitments could create volatility.
Nevertheless, I would still buy because its land portfolio, development expertise, and secured power give it a strong position in a market that could grow for many years.
Megaport Ltd (ASX: MP1)
Businesses increasingly use several cloud providers, data centres, and computing environments. Megaport helps connect them through a software-controlled global network.
Customers can establish and adjust connections without waiting for traditional telecommunications infrastructure to be installed. That flexibility could become more valuable as artificial intelligence increases the amount of data moving between computing, storage, and cloud platforms.
The company is currently investing heavily in its next stage of growth, including in compute. This creates execution risk, but I think its global network, recurring revenue base, and early success make that a worthy investment.
Foolish Takeaway
This group of ASX 200 shares would give me several independent paths to long-term returns, including defensive consumer demand, healthcare growth, financial services, and the infrastructure supporting a more digital economy.
The shares will not all perform well at the same time, and I would build positions patiently where valuations look full.
What I like is that each company has a clear reason to earn more five or 10 years from now. That is why I would be comfortable buying all five today.
