Is ARRY (Array Technologies, Inc.) halal?

Q: Is ARRY (Array Technologies, Inc.) halal?

DOUBTFUL: Solar-tracker manufacturing is generally permissible, but debt/assets fails the latest filing-backed screens. Array Technologies' March 31, 2026 Form 10-Q reports $1,475.027M of assets, $679.464M of debt, $200.702M of cash, $292.327M of receivables and $223.412M of quarterly revenue. Debt/assets is 46.06%, above the examined FTSE, MSCI and Malaysia limits; receivables plus cash/assets is 33.43%, just above the examined MSCI limit. Disclosed interest income is $2.387M. The solar hardware activity remains qualitatively permissible, but no universal prohibited-revenue numerator is disclosed.

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ARRY

Array Technologies, Inc.

DOUBTFUL — SCREEN DOES NOT PASSstock

Is ARRY Halal?

Solar-tracker manufacturing is generally permissible, but debt/assets fails the latest filing-backed screens.

What You Should Know

Array Technologies' March 31, 2026 Form 10-Q reports $1,475.027M of assets, $679.464M of debt, $200.702M of cash, $292.327M of receivables and $223.412M of quarterly revenue. Debt/assets is 46.06%, above the examined FTSE, MSCI and Malaysia limits; receivables plus cash/assets is 33.43%, just above the examined MSCI limit. Disclosed interest income is $2.387M. The solar hardware activity remains qualitatively permissible, but no universal prohibited-revenue numerator is disclosed.

⚠️ Concerns

•Debt/assets is 46.06%, above the examined FTSE, MSCI and Malaysia limits
•Receivables plus cash/assets is 33.43%, just above the examined MSCI limit
•Term-loan and acquisition debt is material
•The filing does not provide a universal prohibited-revenue numerator

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.

USD · millions

Interest-bearing debt / assets

46.06%Above limit

Below 33.333% under FTSE Yasaar

679.464 / 1,475.027

Cash + interest-bearing securities / assets

13.61%Within limit

Below 33.333% under FTSE Yasaar

200.702 / 1,475.027

Receivables + cash / assets

33.43%Within limit

Below 50% under FTSE Yasaar

493.029 / 1,475.027

Non-compliant income / revenue

1.07%Within limit

No more than 5% under FTSE Yasaar

2.387 / 223.412

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 46.06%, above the 33.333% limit; liquidity/assets is 13.61%, receivables plus cash/assets is 33.43% and interest income/revenue is 1.07%.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt/assets is 46.06% and receivables plus cash/assets is 33.43%, above the examined MSCI limits; liquidity/assets is below its limit.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt/assets is 46.06%, above the examined Malaysia SAC limit; liquidity/assets is below its limit.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Fails	No licensed historical market-cap series is stored; the asset-based financial screens fail on debt/assets.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 46.06%, above the 33.333% limit; liquidity/assets is 13.61%, receivables plus cash/assets is 33.43% and interest income/revenue is 1.07%.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt/assets is 46.06% and receivables plus cash/assets is 33.43%, above the examined MSCI limits; liquidity/assets is below its limit.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt/assets is 46.06%, above the examined Malaysia SAC limit; liquidity/assets is below its limit.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Fails

No licensed historical market-cap series is stored; the asset-based financial screens fail on debt/assets.

Business-activity disclosure

Array Technologies designs and manufactures utility-scale solar tracker systems. Solar hardware is generally permissible, while acquisition leverage and downstream customer use remain qualitative context.

Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator, so no percentage is invented.

Purification

The filing discloses $2.387 million of interest income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.

Inputs, assumptions and primary sources

Amounts are USD millions from Array Technologies' March 31, 2026 Form 10-Q.
Debt uses reported principal of term loans, notes and other debt; receivables include the filing's unbilled receivables.
Quarterly revenue was $223.412 million and disclosed interest income was $2.387 million.
Array designs utility-scale solar trackers; the filing does not provide a universal prohibited-revenue numerator.

U.S. Securities and Exchange Commission: Array Technologies First Quarter 2026 Form 10-Q FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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