GTLS
Chart Industries, Inc.
Is GTLS Halal?
Cryogenic, heat-transfer and process-technology equipment — generally permissible activity, but the current debt/assets screen fails.
What You Should Know
Chart Industries' March 31, 2026 Form 10-Q reports assets of $9,691.6 million, debt of $3,786.8 million, cash of $267.9 million, receivables of $763.4 million and quarterly revenue of $884.8 million. Debt/assets is 39.07%, liquidity/assets is 2.76%, receivables plus cash/assets is 10.64% and disclosed interest income is 0.25% of revenue. Debt fails the examined FTSE Yasaar, MSCI and Malaysia asset-based limits; no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Debt/assets is 39.07%, above examined 33.333% limits
- •Howden-acquisition leverage and debt service remain material
- •Hydrogen, LNG, carbon-capture, water-treatment and industrial end markets require qualitative review
- •The filing reports $2.2 million of interest income within net interest expense; no fixed purification percentage asserted
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
3,786.8 / 9,691.6
267.9 / 9,691.6
1,031.3 / 9,691.6
2.2 / 884.8
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.07%, above the examined 33.333% limit; liquidity/assets is 2.76%, receivables-plus-cash/assets is 10.64% and disclosed interest income is 0.25%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.07%, above the examined MSCI 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.07%, above the examined Malaysia SAC limit; identifiable liquidity/assets is below its limit. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based debt failure is independently documented.
Business-activity disclosure
Chart Industries manufactures cryogenic, heat-transfer and process-technology equipment across cryogenic storage, specialty products and repair/service activities. The core activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for all project and customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; the screen does not infer one from project customers.
Purification
Chart reports $2.2 million of interest income within net interest expense, but no scholar-specific purification percentage is asserted and the activity numerator remains incomplete.
Inputs, assumptions and primary sources
- Amounts are USD millions from Chart Industries' March 31, 2026 Form 10-Q.
- Debt is the $3,786.8 million combined current and noncurrent long-term debt; operating leases are excluded.
- Cash and cash equivalents are $267.9 million; restricted cash is not added and no separate interest-bearing security balance is identified.
- Accounts receivable, net is $763.4 million and first-quarter revenue is $884.8 million.
- The interest-expense table reports $2.2 million of interest income within $73.0 million of net interest expense; this is used as the disclosed income input.
- Cryogenic, heat-transfer, hydrogen, water-treatment and carbon-capture equipment is generally permissible, while energy and industrial end uses remain qualitative context.
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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