AAON
AAON, Inc.
Is AAON Halal?
HVAC and data-center cooling equipment are generally permissible; known asset-based ratios pass, but the separate interest-income and end-use evidence is incomplete.
What You Should Know
AAON designs and manufactures HVAC, air-handling, chiller and data-center cooling equipment. Industrial cooling and building systems are generally permissible. Its March 31, 2026 Form 10-Q reports $1,789.712 million of assets, $441.467 million of tracked interest-bearing debt, $0.013 million of cash and $290.161 million of accounts receivable. Debt/assets is 24.67%, liquidity/assets is 0.73% and receivables-plus-cash/assets is 16.94%, below the examined asset-based limits. A separate gross interest-income numerator is not disclosed, so the FTSE income test and overall activity classification remain incomplete.
⚠️ Concerns
- •Debt/assets is 24.67% ($441.467 million / $1,789.712 million), below the examined asset-based limits
- •Restricted cash is not treated as unrestricted liquidity
- •A separate gross interest-income amount is unavailable for the FTSE income test
- •Commercial, industrial and data-center end uses are broad and not fully quantified
- •Re-screen after a newer filing or material debt, product-mix or construction-cycle change
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
441.467 / 1,789.712
13 / 1,789.712
303.161 / 1,789.712
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 24.67%, liquidity/assets is 0.73% and receivables plus cash/assets is 16.94%, below the examined limits; a separate interest-income numerator is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios pass the examined total-assets limits; activity classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios pass the examined limits; this is not an official SAC classification and activity evidence remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored and the overall activity and income evidence remains incomplete.
Business-activity disclosure
AAON designs and manufactures HVAC, air-handling, chiller and data-center cooling equipment. Industrial cooling and building systems are generally permissible, while customer end uses and product applications are not fully quantified in the filing.
Limitation: The filing does not provide a reproducible prohibited-activity numerator for customer end uses or a separate gross interest-income line.
Purification
A separate gross interest-income amount is not available in the extracted filing statement, so no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from AAON's March 31, 2026 Form 10-Q.
- Debt combines $7.535 million of short-term NMTC obligations, $425.154 million of long-term debt and $8.778 million of long-term NMTC obligations; operating leases are excluded.
- Cash and cash equivalents are $0.013 million; restricted cash of $1.087 million is not treated as unrestricted cash or a security.
- Accounts receivable, net are $290.161 million and quarterly net sales are $496.936 million.
- A separate gross interest-income numerator is not disclosed in the extracted statement.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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