FE
FirstEnergy Corp.
Is FE Halal?
Electric utility — permissible service but high debt and governance concerns.
What You Should Know
FirstEnergy's March 31, 2026 filing reports debt/assets of 49.30%, liquidity including identified short-term investments/assets of 0.16% and receivables plus cash/assets of 3.55%; gross interest income is not separately disclosed. Electric distribution and transmission remain generally permissible, while past bribery and governance issues, spent-nuclear-fuel trusts, environmental liabilities and financing structures require review.
⚠️ Concerns
- •Debt screen fails at 49.30% of assets
- •Past bribery and governance scandal
- •Spent-nuclear-fuel trust assets and restricted cash excluded from liquidity
- •Gross interest income and a universal prohibited-revenue numerator are unavailable
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
28,060 / 56,917
93 / 56,917
2,020 / 56,917
- Financial
- Fails
- Overall
- Fails
Debt is 49.30% of total assets, above the examined 33.333% limit; liquidity including identified short-term investments is 0.16% and receivables plus cash are 3.55%, while gross interest income is unavailable.
- Financial
- Fails
- Overall
- Fails
Debt is 49.30% of total assets, above the examined 33.33% limit; liquidity and receivables-plus-cash are below the examined total-assets limits. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 49.30% of total assets, above the examined 33% limit; identifiable liquidity is below 33%. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
FirstEnergy operates regulated electric distribution and transmission businesses in the Midwest and Mid-Atlantic. Core utility service is generally permissible, while transmission contracts, environmental liabilities, spent-nuclear-fuel trusts, conventional financing and governance history require qualitative review.
Limitation: The filing does not quantify a scholar-specific prohibited-revenue numerator or gross interest-income numerator; this is not an official Sharia classification.
Purification
Gross interest income is not separately disclosed and no scholar-approved purification percentage is prescribed; no fixed amount is estimated.
Inputs, assumptions and primary sources
- Amounts are USD millions from FirstEnergy's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $424 million of currently payable long-term debt, $1,305 million of short-term borrowings and $26,331 million of long-term debt and other long-term obligations; operating leases are excluded.
- Cash and cash equivalents are $52 million and restricted cash of $28 million is excluded. $41 million of the fair-value investment balance is treated as identifiable unrestricted short-term investments; $282 million of debt securities in spent-nuclear-fuel trusts is excluded.
- Receivables combine customer receivables net of allowance of $1,645 million and other receivables of $323 million; first-quarter revenue is $4,202 million.
- The filing does not separately disclose gross interest income or 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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