EXAS
Exact Sciences Corp.
Is EXAS Halal?
Cancer diagnostics — Cologuard test saves lives.
What You Should Know
Exact Sciences makes cancer screening tests (including Cologuard for colorectal cancer). Life-saving diagnostics are generally permissible. Its December 31, 2025 Form 10-K reports $5,860.629 million of assets, $2,522.699 million of debt including operating leases, $955.996 million of cash, $8.715 million of marketable securities, $298.653 million of receivables and $3,246.990 million of annual revenue. Debt/assets is 43.04%, so the examined FTSE Yasaar, MSCI and Malaysia asset-ratio screens fail; a universal activity and non-compliant-income numerator remains unavailable.
⚠️ Concerns
- •Convertible-note and lease leverage
- •Debt/assets exceeds the examined 33% limits
- •Non-compliant income not separately disclosed
- •Diagnostic customer and end-use mix requires qualitative review
Current quantitative Sharia screen
Based on 10-K figures for the period ended 2025-12-31; calculated 2026-07-15.
2,522.699 / 5,860.629
964.711 / 5,860.629
1,254.649 / 5,860.629
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.04%, above the examined 33.333% limit; liquidity/assets is 16.46% and receivables-plus-cash/assets is 21.41%. Income is unavailable, but the debt failure is decisive.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.04%, above the examined 33.33% limit; liquidity and receivables-plus-cash remain below the examined limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.04%, above the examined Malaysia 33% limit; liquidity/assets is 16.46%. This calculation is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Exact Sciences develops cancer-screening tests, molecular diagnostics and laboratory services. Diagnostic healthcare is generally permissible, while product, customer and end-use allocation requires qualitative review.
Limitation: The filing does not provide a universal prohibited-activity numerator across customers, products and end uses.
Purification
Exact Sciences does not separately disclose a scholar-universal non-compliant income amount or a complete prohibited-activity numerator; no purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Exact Sciences' December 31, 2025 Form 10-K.
- Interest-bearing debt is $2,327.177 million of convertible notes plus $195.522 million of operating-lease liabilities; leases are included conservatively.
- Cash and cash equivalents are $955.996 million and the filing reports $8.715 million of short-term marketable securities; accounts receivable are $298.653 million.
- Full-year revenue is $3,246.990 million. The filing does not separately isolate a scholar-universal non-compliant income amount.
- Cancer diagnostics and laboratory services are generally permissible, but the filing does not provide a universal prohibited-activity numerator across customers, products and end uses.
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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