FTNT
Fortinet Inc.
Is FTNT Halal?
Cybersecurity is generally permissible, but current investment liquidity and receivables ratios fail some screens.
What You Should Know
Fortinet's March 31, 2026 filing shows debt/assets of 5.03%, liquidity/assets of 36.77%, receivables plus cash/assets of 37.54% and disclosed interest income/revenue of 1.78%. Network security is generally permissible, while government, defense, surveillance, dual-use products, data handling and customer end uses require qualitative review.
⚠️ Concerns
- •Liquidity/assets is 36.77%, above the examined FTSE, MSCI and Malaysia limits
- •Receivables plus cash/assets is 37.54%, above the examined MSCI limit
- •Government, defense and surveillance contracts can create methodology-dependent end-use questions
- •Business classification remains incomplete even though network security is generally permissible
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
496.8 / 9,883.5
3,634.6 / 9,883.5
3,710 / 9,883.5
32.9 / 1,849.6
- Financial
- Fails
- Overall
- Fails
Debt/assets is 5.03%, liquidity/assets is 36.77%, receivables plus cash/assets is 37.54% and interest income/revenue is 1.78%; liquidity/assets exceeds the examined FTSE 33.333% limit.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 36.77% and receivables plus cash/assets is 37.54%, each above the examined MSCI 33.33% total-assets limits; debt remains below its limit.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 36.77%, above the examined Malaysia 33% limit; this is a calculation against the named ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the liquidity and receivables failures are independent of the unavailable market-cap denominator.
Business-activity disclosure
Fortinet supplies network-security hardware, software and services. Cybersecurity is generally permissible, while government, defense, surveillance, dual-use products, data handling and customer end uses require continuing qualitative review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for government, defense, surveillance, dual-use products or downstream customer use.
Purification
Fortinet discloses $32.9 million of interest income but does not prescribe a scholar-approved purification percentage; the disclosed ratio is evidence for the income screen, not a complete purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from Fortinet's March 31, 2026 Form 10-Q and rounded to the nearest tenth where disclosed.
- Debt is the $496.8 million long-term debt balance; current portion is zero and operating leases are excluded.
- Cash and cash equivalents are $2,223.8 million; short-term and long-term investments total $1,410.8 million and are treated as interest-bearing securities.
- Accounts receivable, net are $1,486.2 million and first-quarter revenue is $1,849.6 million; disclosed interest income is $32.9 million.
- The filing does not allocate cybersecurity, government, defense or surveillance end-use revenue into a universal prohibited-activity 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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