AWI
Armstrong World Industries, Inc.
Is AWI Halal?
Ceiling and wall-system manufacturing — generally permissible activity whose known current asset-based ratios pass, with gross interest income and activity classification incomplete.
What You Should Know
Armstrong World Industries manufactures mineral-fiber, architectural-specialty ceiling and wall systems. Its March 31, 2026 Form 10-Q reports assets of $1,985.9 million, conservative debt of $516.3 million including finance leases, cash of $79.8 million, receivables of $165.6 million and quarterly net sales of $409.9 million. Debt/assets is 26.00%, liquidity/assets is 4.02% and receivables plus cash/assets is 12.36%; known asset-based ratios pass, but gross interest income and a universal prohibited-revenue numerator are not separately disclosed.
⚠️ Concerns
- •Known asset-based ratios pass, but gross interest income and activity classification remain incomplete
- •Finance leases and acquisition-related leverage require continuing review
- •Commercial and residential building end markets
- •Mineral-fiber, resin and construction cycles
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
516.3 / 1,985.9
79.8 / 1,985.9
245.4 / 1,985.9
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 26.00%, liquidity/assets is 4.02% and receivables-plus-cash/assets is 12.36%; gross interest income and activity remain unavailable.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined Malaysia limits; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Armstrong World Industries manufactures mineral-fiber, architectural-specialty ceiling and wall systems for commercial and residential buildings. The core building-products activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for downstream end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; end-market allocation remains qualitative.
Purification
The filing does not separately disclose gross interest income; ZakatInvest does not infer a purification amount or prescribe a fixed scholar-approved percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Armstrong World Industries' March 31, 2026 Form 10-Q.
- Interest-bearing debt combines $10.3 million of current long-term debt, $469.0 million of long-term debt and $37.0 million of finance-lease liabilities; operating leases are excluded.
- Cash and cash equivalents are $79.8 million; no separate interest-bearing securities balance is identified; net current receivables are $165.6 million.
- First-quarter net sales are $409.9 million. The filing does not provide a separately reproducible gross interest-income numerator.
- Ceiling and wall-system manufacturing is retained as qualitative analysis; no universal prohibited-revenue numerator is 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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