EME
EMCOR Group, Inc.
Is EME Halal?
Construction and facilities services are generally permissible, but the current screen is methodology-dependent because receivables plus cash exceed the examined FTSE Yasaar and MSCI total-assets limits.
What You Should Know
EMCOR Group's March 31, 2026 Form 10-Q reports $9,508.107M total assets, $6.1M of finance-lease liabilities used as a conservative debt proxy, $916.420M cash, $4,549.956M accounts receivable and $4,628.233M quarterly revenue. ZakatInvest calculates debt/assets 0.06%, cash plus identifiable interest-bearing securities/assets 9.64%, receivables plus cash/assets 57.49% and disclosed net interest income/revenue 0.13%. Electrical and mechanical construction, building services and industrial services are generally permissible, but the receivables-plus-cash result fails the examined 50% FTSE and 33.33% MSCI asset-based limits; the Malaysia SAC financial ratios pass. The filing does not quantify a universal prohibited-revenue numerator for hospitality, public-sector or defense-facility work.
⚠️ Concerns
- •Receivables plus cash are 57.49% of assets, above the examined FTSE Yasaar 50% and MSCI 33.33% limits
- •The filing reports no direct borrowings but $6.1M of finance-lease liabilities; future borrowing or acquisitions could change the screen
- •Network-and-communications growth was predominantly driven by data-center construction, while hospitality-and-entertainment revenue is not broken out by venue or casino exposure
- •Government site-based services and any defense-facility work are general-purpose construction services, but project-level end use is not separately quantified
- •EMCOR sold its U.K. building-services segment on December 1, 2025; the current operating perimeter is U.S.-focused
- •Net interest income is 0.13% of quarterly revenue, but gross interest income and a fixed purification percentage are not separately prescribed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
6.1 / 9,508.107
916.42 / 9,508.107
5,466.376 / 9,508.107
6.227 / 4,628.233
- Financial
- Fails
- Overall
- Fails
Debt is 0.06%, liquidity is 9.64% and disclosed net interest income is 0.13%, but receivables plus cash are 57.49% of total assets, above the examined 50% FTSE limit.
- Financial
- Fails
- Overall
- Fails
Debt and liquidity pass the examined MSCI limits, but receivables plus cash are 57.49% of total assets, above the examined 33.33% limit. This is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt is 0.06% and identifiable liquidity is 9.64% of total assets, below the examined Malaysia SAC financial limits. Business-revenue allocation remains incomplete, and this is 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 no unsupported market-cap percentage is substituted for the filing-backed asset-based calculation.
Business-activity disclosure
EMCOR provides electrical and mechanical construction and facilities services, building services and industrial services across commercial, technology, manufacturing, industrial, healthcare, utility and institutional customers. These construction, maintenance and infrastructure services are generally permissible at the activity level.
Limitation: The filing reports market sectors and service categories but does not allocate a universal prohibited-revenue numerator by customer, project, venue or downstream use. Hospitality, public-sector and defense-facility work therefore remains qualitative rather than an invented percentage.
Purification
EMCOR discloses $6.227 million of net interest income, or 0.13% of quarterly revenue, but does not prescribe a scholar-approved purification percentage. Gross interest income is not separately reported and project-level business classification remains incomplete, so no fixed prescription is asserted.
Inputs, assumptions and primary sources
- Inputs use EMCOR Group's March 31, 2026 Form 10-Q; amounts are USD millions after converting the filing's thousands presentation.
- The filing reports no outstanding debt excluding finance lease liabilities and identifies $6.1 million of finance lease liabilities; that carrying amount is used as a conservative interest-bearing-debt proxy. Operating lease liabilities, trade payables, contract liabilities and the undrawn revolving facility are excluded.
- Cash uses $916.420 million of cash and cash equivalents. The filing describes money-market funds within cash and equivalents; no separate securities balance is added to avoid double counting.
- Receivables use $4,549.956 million of accounts receivable, net of the allowance for credit losses. Contract assets, inventories, goodwill, lease assets and other assets are excluded.
- Quarterly revenue was $4,628.233 million. Net interest income was $6.227 million, or 0.13% of revenue; the filing does not provide a separate gross-interest numerator.
- The company sold EMCOR UK on December 1, 2025. Q1 2026 revenue was entirely from U.S. operations, including electrical construction, mechanical construction, building services and industrial services.
- The filing says network-and-communications growth was predominantly driven by data-center construction projects and separately reports hospitality-and-entertainment revenue of $58.721 million in electrical construction and $27.688 million in mechanical construction. These are contextual disclosures, not a universal prohibited-revenue numerator.
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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