GPK
Graphic Packaging Holding Company
Is GPK Halal?
Fiber-based packaging maker with a generally permissible core business, but the current filing-based debt screen fails.
What You Should Know
Graphic Packaging Holding Company manufactures paperboard and converts it into folding cartons, cups, and food-service packaging for consumer brands. Its March 31, 2026 Form 10-Q reports total assets of $11,690 million, interest-bearing debt of $5,752 million, cash of $189 million and accounts receivable of $861 million. Debt/assets is 49.20%, liquidity/assets is 1.62% and receivables-plus-cash/assets is 8.98%; gross interest income is not separately disclosed. The current total-assets debt proxy fails the examined FTSE Yasaar, MSCI and Malaysia financial limits, so the stored verdict is doubtful even though the packaging activity is generally permissible.
⚠️ Concerns
- •Debt/assets is 49.20%, above the examined 33% limits
- •Packaging customers span mixed food, beverage and consumer-product end uses
- •Gross interest income and a universal prohibited-revenue numerator are unavailable
- •Capital-intensive mills and energy exposure require continuing review
- •Re-screen after debt repayment, refinancing or the next filing
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
5,752 / 11,690
189 / 11,690
1,050 / 11,690
- Financial
- Fails
- Overall
- Fails
Debt/assets is 49.20%, above the examined 33.333% limit; liquidity is 1.62%, receivables plus cash is 8.98%, and income is unavailable.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 49.20%, above the examined 33.33% limit; the other known asset ratios are below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 49.20%, above the examined 33% limit. This is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset still fails the total-assets debt proxy.
Business-activity disclosure
Graphic Packaging manufactures paperboard packaging and related machinery for food, beverage and consumer products. Packaging is generally permissible, but customer end uses and product categories are mixed.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for customer end uses or a gross interest-income figure.
Purification
Gross interest income is not separately disclosed and no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Graphic Packaging's March 31, 2026 Form 10-Q and rounded to the nearest million.
- Debt combines $549 million current debt and $5,203 million long-term debt; operating leases are excluded.
- Cash is $189 million; no separately identified interest-bearing securities are added.
- Accounts receivable is $861 million and first-quarter net sales are $2,156 million; gross interest income is not separately disclosed.
- The quantitative result is a filing-based proxy, not an index membership or scholar-issued fatwa.
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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