CSL
Carlisle Companies Incorporated
Is CSL Halal?
Permissible building-envelope business, but the latest total-assets financial screen fails on acquisition and note debt.
What You Should Know
Carlisle Companies is a US specialty-building-products manufacturer organized into two reporting segments after a multi-year portfolio repositioning: Carlisle Construction Materials (single-ply commercial roofing membranes, polyurethane spray-foam and rigid-board insulation, waterproofing, and metal roofing under brands including Carlisle SynTec, Henry, Versico, and Hunter Panels) and Carlisle Weatherproofing Technologies (waterproofing membranes, sealants, and air-and-vapor barriers for residential and commercial building envelopes). The customer base consists of commercial roofing contractors, residential builders, and building-products distributors across North America. Specialty building-envelope and roofing products are unambiguously permissible at the activity level. Carlisle has divested its industrial-products and interconnect-technology segments to focus on building products. The balance sheet has been used for sizable acquisitions (notably the 2023 Henry Company acquisition), and the debt-to-market-cap ratio has at times sat near the 33% Sharia threshold, but Carlisle has been deleveraging from strong free cash flow. The qualitative screen passes cleanly across major Sharia advisory boards. Muslim investors should verify the current debt-to-market-cap ratio at their preferred screening platform.
⚠️ Concerns
- •Latest total-assets debt screen is 48.23%, above the 33.333% FTSE Yasaar limit
- •Acquisition-financing debt and note issuances remain material
- •Disclosed interest income is 0.85% of quarterly revenue and may require purification
- •Cyclical exposure to the commercial-roofing-replacement cycle and the residential-construction cycle (business-quality consideration rather than Sharia screen concern)
- •Customer concentration with a small group of large commercial roofing contractors and building-products distributors
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
2,888.6 / 5,989.7
771.3 / 5,989.7
1,463.4 / 5,989.7
8.9 / 1,052.1
- Financial
- Fails
- Overall
- Fails
Debt/assets is 48.23%, above the 33.333% limit; liquidity/assets is 12.88% and receivables plus cash/assets is 24.44%. Interest income is 0.85% of revenue.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 48.23%, above the examined total-assets debt limit; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia SAC financial limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
No licensed historical market-cap series is stored.
Business-activity disclosure
Carlisle supplies commercial roofing, insulation, waterproofing and broader building-envelope products through Carlisle Construction Materials and Carlisle Weatherproofing Technologies. Building products are generally permissible; acquisition leverage and construction-cycle exposure remain material context.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator; interest income is disclosed.
Purification
Disclosed interest income is $8.9 million, or 0.85% of quarterly revenue; investors should follow their scholar's purification rule.
Inputs, assumptions and primary sources
- Amounts are USD millions from Carlisle's March 31, 2026 Form 10-Q.
- Total debt is $2,888.6 million, including current portion, debt issuance costs and other debt as disclosed in Note 9; the balance sheet shows $2,883.7 million long-term debt net of current portion.
- Cash is $771.3 million and receivables are $692.1 million.
- Quarterly revenue is $1,052.1 million and interest income is $8.9 million.
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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