ENPH
Enphase Energy, Inc.
Is ENPH Halal?
Solar technology is generally permissible, but March 2026 identifiable liquidity/assets was 34.17%, above the examined 33.33% screen.
What You Should Know
Enphase's March 2026 filing reports 21.02% debt/assets, 34.17% cash plus marketable securities/assets, 25.48% receivables-plus-cash/assets and 4.46% disclosed interest income/revenue. The liquidity ratio fails the examined FTSE, MSCI and Malaysia asset-based screens.
⚠️ Concerns
- •Cash plus marketable securities were 34.17% of total assets
- •Interest income was 12.625 million in the quarter
- •Revenue is cyclical with solar industry demand
- •Supply-chain labor, minerals and manufacturing geography require review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
572.51 / 2,723.923
930.641 / 2,723.923
694.124 / 2,723.923
12.625 / 282.9
- Financial
- Fails
- Overall
- Fails
Debt/assets is 21.02% and receivables plus cash/assets is 25.48%, but identifiable liquidity/assets is 34.17%, above the examined 33.333% limit.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is 34.17%, above the examined 33.33% total-assets limit; debt and receivables-plus-cash pass.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is above 33%; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed reproducible historical market-cap series is not stored.
Business-activity disclosure
Enphase designs solar microinverters, batteries and energy-management systems. Renewable-energy equipment is generally permissible, subject to qualitative review of downstream customers and supply chains.
Limitation: The filing does not classify every customer, end use or product contract under a Sharia standard.
Purification
The filing discloses 12.625 million of interest income. ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Enphase's March 31, 2026 Form 10-Q.
- Debt is non-current debt; current debt was nil at period end.
- Marketable securities are included as identifiable interest-bearing securities; equity and tax-equity investments are excluded.
- Interest income was separately disclosed as 12.625 million for the quarter.
- The renewable-energy business is generally permissible, but customer/end-use revenue is not a Sharia-classified 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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