CAH
Cardinal Health, Inc.
Is CAH Halal?
Healthcare distribution and medical-products businesses are generally permissible, and Cardinal Health's current asset-based financial ratios pass; product and end-use allocation remains incomplete.
What You Should Know
Cardinal Health's fiscal Q3 2026 Form 10-Q reports $56,689 million of total assets, $8,916 million of total debt and finance lease obligations, $3,937 million of cash, $13,648 million of net trade receivables and $60,940 million of quarterly revenue. Those inputs produce debt/assets of 15.73%, liquidity of 6.94% and receivables plus cash/assets of 31.02%, so the examined asset-based financial screens pass. Cardinal's pharmaceutical, specialty, medical-products, home-healthcare and nuclear or precision-health distribution activities are generally permissible, but the filing does not allocate a universal prohibited-revenue or interest-income numerator. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Debt/assets of 15.73%, liquidity of 6.94% and receivables plus cash/assets of 31.02% pass the examined asset-based limits, but acquisitions, working-capital swings and debt actions can change the screen
- •The filing reports interest expense, net, but does not separately quantify interest income; no unsupported interest ratio or fixed purification percentage is asserted
- •Some downstream pharmaceutical products may contain alcohol-based ingredients or pork-derived gelatin; product-level treatment varies and the corporate filing does not quantify a reproducible numerator
- •Cardinal's historic opioid-distribution litigation and settlement obligations remain material stewardship, indemnification and governance diligence topics
- •Pharmaceutical pricing, reimbursement pressure, supplier concentration, patient access and low-margin distribution economics remain qualitative business considerations
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
8,916 / 56,689
3,937 / 56,689
17,585 / 56,689
- Financial
- Incomplete
- Overall
- Incomplete
Debt is 15.73%, liquidity is 6.94% and receivables plus cash are 31.02%; the disclosed financial ratios pass, but interest income is not separately quantified and the screened business numerator remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables plus cash pass the examined MSCI total-assets limits, but no universal prohibited-revenue or interest-income numerator is disclosed. This is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt is 15.73% and liquidity is 6.94% of total assets; the healthcare-distribution activity is generally permissible, but screened revenue and interest income remain undisclosed. 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 historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Cardinal Health operates Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution businesses, including branded and generic pharmaceutical distribution, specialty pharmaceuticals, medical products, surgical and procedural products, home-healthcare distribution, and nuclear and precision-health solutions. These are generally permissible healthcare supply-chain activities at the issuer level.
Limitation: The filing reports broad segment and product categories but does not provide a universal prohibited-revenue numerator by formulation, ingredient, customer, product certification or downstream use. The screen therefore does not invent a percentage for alcohol-containing medicines, pork-derived gelatin capsules or customer end use.
Purification
The healthcare-distribution activity is generally permissible, but the filing does not separately quantify interest income or a universal prohibited-revenue numerator. No fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Inputs use Cardinal Health's fiscal Q3 2026 Form 10-Q for the period ended March 31, 2026; amounts are USD millions.
- Assets use reported total assets of $56,689 million. Cash and equivalents were $3,937 million, and trade receivables net were $13,648 million.
- Debt uses $8,916 million of current and long-term obligations reported as total debt and finance lease obligations. The filing does not provide a sufficiently clean split for a lower debt-only input, so finance leases are retained conservatively and operating leases are not added.
- No separately disclosed interest-bearing security balance is entered. Cardinal Health is a healthcare distributor and the filing's cash balance is not double-counted as securities.
- Quarterly revenue was $60,940 million for the three months ended March 31, 2026. The filing reports interest expense, net, but does not separately quantify interest income, so no unsupported interest-income percentage is estimated.
- The filing does not allocate a reproducible prohibited-revenue numerator by medicine, customer, product formulation, gelatin source or downstream use. No unsupported haram-revenue percentage is asserted.
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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