CNM
Core & Main, Inc.
Is CNM Halal?
Water, wastewater, drainage and fire-protection product distribution — generally permissible activity, but the current debt/assets screen fails.
What You Should Know
Core & Main's May 3, 2026 Form 10-Q reports assets of $6,324 million, long-term debt of $2,144 million, cash of $150 million, receivables of $1,259 million and quarterly net sales of $1,910 million. Debt/assets is 33.90%, above the examined FTSE, MSCI and Malaysia asset-based limits; liquidity/assets is 2.37% and receivables plus cash/assets is 22.28%. Gross interest income is not separately disclosed and no universal prohibited-revenue numerator is available.
⚠️ Concerns
- •Debt/assets is 33.90%, above examined 33% limits
- •Municipal, industrial and fire-protection end uses require qualitative review
- •Acquisition-related leverage and integration
- •Inventory and working-capital cycles
- •Gross interest income and prohibited-revenue allocation are unavailable
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-05-03; calculated 2026-07-15.
2,144 / 6,324
150 / 6,324
1,409 / 6,324
- Financial
- Fails
- Overall
- Fails
Debt/assets is 33.90%, above the examined 33.333% limit; liquidity/assets is 2.37% and receivables-plus-cash/assets is 22.28%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 33.90%, above the examined 33.33% limit; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 33.90%, above the examined 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; asset-based financial screens already fail on debt.
Business-activity disclosure
Core & Main distributes water, wastewater, storm-drainage, fire-protection and related infrastructure products. This general-purpose distribution activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; customer and project allocation remains qualitative.
Purification
The filing reports interest expense but does not separately disclose gross interest income; ZakatInvest does not infer a purification amount.
Inputs, assumptions and primary sources
- Amounts are USD millions from Core & Main's May 3, 2026 Form 10-Q.
- Debt is current and long-term debt of $24 million and $2,120 million; operating lease liabilities are excluded.
- Cash is $150 million and net receivables are $1,259 million.
- First-quarter net sales are $1,910 million. The filing reports interest expense but does not separately disclose gross interest income.
- Pipes, valves, fittings, drainage, fire protection and smart-utility products are 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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