AES
AES Corp.
Is AES Halal?
Global power company — permissible generation mix but a high-leverage financial screen failure.
What You Should Know
AES's March 31, 2026 filing reports debt/assets of 58.69%, liquidity including short-term investments/assets of 3.13% and receivables plus cash/assets of 6.15%; disclosed interest income is 2.04% of quarterly revenue. Renewable and utility generation can be permissible, while conventional generation, project finance, non-recourse debt, service-concession arrangements and cross-border affiliates require qualitative review.
⚠️ Concerns
- •Debt screen fails at 58.69% of assets
- •Non-recourse project debt and supplier-financing structures
- •Mixed renewable and conventional generation activities
- •Disclosed interest income and service-concession arrangements
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
30,999 / 52,819
1,651 / 52,819
3,251 / 52,819
65 / 3,180
- Financial
- Fails
- Overall
- Fails
Debt is 58.69% of total assets, above the examined 33.333% limit; liquidity including short-term investments is 3.13%, receivables plus cash are 6.15% and disclosed interest income is 2.04% of revenue.
- Financial
- Fails
- Overall
- Fails
Debt is 58.69% of total assets, above the examined 33.33% limit; liquidity including short-term investments and receivables-plus-cash are below the examined total-assets limits. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 58.69% of total assets, above the examined 33% limit; identifiable liquidity is below 33%. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
AES generates and supplies electricity globally through renewables, utilities and energy-infrastructure businesses. Power generation and renewable development are generally permissible, while fossil generation, wholesale contracts, project finance, service-concession interest, affiliates and environmental obligations require qualitative review.
Limitation: The filing does not allocate revenue by generation type, customer contract, financing structure or a universal prohibited-revenue taxonomy; no exact activity percentage is asserted.
Purification
AES discloses $65 million of interest income, but no scholar-approved purification percentage is prescribed; the disclosed ratio is evidence for the income screen, not a complete purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from AES's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $919 million of current recourse debt, $2,281 million of current non-recourse debt, $5,252 million of noncurrent recourse debt and $22,547 million of noncurrent non-recourse debt; supplier financing and operating leases are excluded.
- Cash and cash equivalents are $1,600 million; restricted cash of $599 million is excluded. Short-term investments of $51 million are separately disclosed and included as interest-bearing securities.
- Accounts receivable, net is $1,651 million and first-quarter revenue is $3,180 million.
- The filing discloses $65 million of interest income, used as a conservative income-screen numerator rather than an official purification amount.
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.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →