DIN
Dine Brands Global, Inc.
Is DIN Halal?
Franchisor of Applebee's and IHOP — permissible food-service business at the activity level, but meaningful alcohol and non-halal-meat exposure plus a leveraged balance sheet raise Sharia concerns.
What You Should Know
Dine Brands Global, Inc. franchises and operates Applebee's, IHOP and Fuzzy's restaurants. Its March 29, 2026 Form 10-Q reports assets of $1,688.7 million, interest-bearing debt and finance leases of $1,225.8 million, cash of $104.2 million and current plus long-term receivables of $121.4 million. Debt/assets is 72.59%, liquidity/assets is 6.17% and receivables-plus-cash/assets is 13.36%; the filing does not separately quantify alcohol, pork or other prohibited-activity revenue across the franchise system. The debt screen fails all examined asset methodologies, while alcohol and non-halal-meat exposure remain qualitative concerns.
⚠️ Concerns
- •Debt/assets is 72.59%, above the examined 33% limits
- •Applebee's bar-and-grill model includes beer, wine and cocktails
- •IHOP and Applebee's menus include non-halal-certified meat and pork products
- •The filing does not provide a reproducible prohibited-revenue numerator
- •Re-screen after refinancing, a menu change or the next filing
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-29; calculated 2026-07-15.
1,225.8 / 1,688.7
104.2 / 1,688.7
225.6 / 1,688.7
- Financial
- Fails
- Overall
- Fails
Debt/assets is 72.59%, above the examined FTSE 33.333% limit; liquidity is 6.17% and receivables plus cash is 13.36%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 72.59%, above the examined MSCI 33.33% limit; the known liquidity and receivables proxies are below limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 72.59%, above the examined Malaysia 33% limit; activity remains incomplete and this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; the filing-based asset screen fails regardless.
Business-activity disclosure
Dine Brands franchises and operates Applebee's, IHOP and Fuzzy's restaurants. Food-service franchising is generally permissible at the activity level, but Applebee's alcohol offering and non-halal meat exposure require conservative review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for alcohol, pork or non-halal meat across the franchised system.
Purification
Prohibited-activity revenue is not separately disclosed and no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Dine Brands' March 29, 2026 Form 10-Q.
- Debt combines $1,188.8 million long-term debt, $6.4 million current finance leases and $30.6 million long-term finance leases; operating leases are excluded.
- Cash and cash equivalents are $104.2 million and restricted cash is not added to liquidity.
- Receivables combine $89.5 million current and $31.9 million long-term receivables; first-quarter revenue is $225.2 million.
- The filing does not separately quantify alcohol, pork or other prohibited-activity revenue across franchised restaurants.
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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