APD
Air Products and Chemicals
Is APD Halal?
Industrial gases — same as Linde. Permissible.
What You Should Know
Air Products supplies industrial gases, equipment and related engineering services. Its March 31, 2026 filing reports debt/assets of 42.64%, liquidity/assets of 2.28% and receivables plus cash/assets of 6.94%; the debt ratio exceeds the examined 33% asset-based limits. Gross interest income is not separately disclosed and customer end-use revenue is not allocated into a universal prohibited-revenue numerator.
⚠️ Concerns
- •Debt/assets is 42.64% and fails the examined FTSE, MSCI and Malaysia asset-based debt limits
- •The filing includes consolidated variable-interest-entity balances; non-recourse treatment can differ by methodology
- •Hydrogen, industrial, defense and energy customer end uses require qualitative review
- •Gross interest income is not separately disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
17,757.8 / 41,644.7
951 / 41,644.7
2,888.7 / 41,644.7
- Financial
- Fails
- Overall
- Fails
Consolidated debt/assets is 42.64%, above the 33.333% limit; liquidity/assets is 2.28% and receivables plus cash/assets is 6.94%.
- Financial
- Fails
- Overall
- Fails
Consolidated debt/assets is 42.64%, above the examined 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Consolidated debt/assets is 42.64%, above the examined Malaysia SAC limit; identifiable liquidity/assets is below its limit. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
No licensed historical market-cap series is stored; the consolidated asset-based screens fail on debt/assets.
Business-activity disclosure
Air Products supplies industrial gases, equipment and engineering services. The core activity is generally permissible, while hydrogen, energy, defense and customer end-use questions require qualitative diligence.
Limitation: The filing does not allocate revenue into a universal prohibited-revenue numerator by customer end use, contract or project.
Purification
Gross interest income is not separately disclosed and business-category revenue remains incomplete; no fixed purification percentage is prescribed.
Inputs, assumptions and primary sources
- Amounts are USD millions from Air Products' March 31, 2026 Form 10-Q and rounded to one decimal where the filing reports decimals.
- Debt is short-term borrowings of $314.4 million, current long-term debt of $173.5 million, long-term debt of $17,086.6 million and related-party long-term debt of $183.3 million; operating lease liabilities are excluded.
- Cash is $951.0 million and no separate interest-bearing securities balance is identified at the period end.
- Trade receivables are $1,937.7 million and quarterly sales are $3,171.8 million.
- The consolidated filing includes variable-interest-entity balances; non-recourse treatment can differ by methodology, so the reported consolidated debt input is shown transparently.
- Gross interest income and a universal prohibited-revenue numerator are not separately disclosed.
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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