CVS
CVS Health Corp.
Is CVS Halal?
Healthcare, pharmacy and insurance are mixed; conventional insurance remains a gharar and contract-structure question.
What You Should Know
CVS operates pharmacies, pharmacy-benefit services and Aetna health-insurance businesses. Its March 31, 2026 filing reports debt/assets of 24.95%, identifiable liquidity/assets of 14.99%, receivables plus cash/assets of 19.98% and $574 million of net investment income (0.57% of quarterly revenue). The filing does not allocate a universal prohibited-revenue numerator for insurance, pharmacy categories or product formulations, so the quantitative result remains incomplete rather than an automatic halal classification.
⚠️ Concerns
- •Conventional insurance and risk-transfer contracts involve gharar and scholar-specific review
- •The filing does not quantify alcohol, tobacco or other store-category revenue
- •Debt securities in insurance investment portfolios total $28.391 billion
- •Debt/assets and the examined liquidity and receivables ratios pass the stated asset-based limits
- •Interest and investment income was $574 million for the quarter; no fixed purification percentage is prescribed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
63,111 / 252,974
37,933 / 252,974
50,534 / 252,974
574 / 100,426
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 24.95%, liquidity/assets is 14.99%, receivables plus cash/assets is 19.98%, and net investment income is 0.57%; the business screen remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
The examined total-assets ratios pass, but insurance, PBM and retail-category revenue are not allocated into a universal prohibited-revenue numerator; this is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined 33% limits; the activity calculation remains incomplete and is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed historical market-cap series is not stored, and a current spot-price estimate is not substituted.
Business-activity disclosure
CVS combines pharmacy, pharmacy-benefit management and Aetna health-insurance businesses. Pharmacy and healthcare services require product and contract diligence; conventional insurance and risk transfer involve gharar questions for many scholars.
Limitation: The filing does not allocate a reproducible prohibited-revenue numerator across insurance premiums, pharmacy categories, PBM arrangements or product formulations, so no percentage is invented.
Purification
Net investment income is 0.57% of quarterly revenue, but no fixed scholar-approved purification percentage is prescribed and business-category revenue remains incompletely disclosed.
Inputs, assumptions and primary sources
- Amounts are USD millions from CVS Health's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt is current long-term debt of $2,580 million plus long-term debt of $60,531 million; operating lease liabilities are excluded.
- Cash is $9,542 million. Interest-bearing securities use $28,391 million of debt securities available for sale; equity and other investments are excluded.
- Accounts receivable is $40,992 million and quarterly total revenue is $100,426 million.
- Net investment income is $574 million for the quarter. The filing does not provide a universal prohibited-revenue numerator for insurance, pharmacy categories or product formulations.
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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