GVA
Granite Construction
Is GVA Halal?
Infrastructure construction — permissible civil engineering.
What You Should Know
Granite Construction builds and develops infrastructure. Core construction services are permissible. Its March 31, 2026 Form 10-Q reports $3,779.639 million of assets, $1,240.981 million of interest-bearing debt, $265.714 million of cash, $81.807 million of marketable securities, $636.513 million of receivables and $912.465 million of quarterly revenue. Debt/assets is 32.83%, liquidity/assets is 9.19%, receivables-plus-cash/assets is 23.87%, and disclosed interest income is 0.64% of revenue; the filing-based ratios pass, while project end uses remain qualitative.
⚠️ Concerns
- •Construction industry debt
- •Cyclical revenues
- •Government and transportation contracts
- •Interest income
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
1,240.981 / 3,779.639
347.521 / 3,779.639
902.227 / 3,779.639
5.849 / 912.465
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.83%, liquidity/assets is 9.19%, receivables-plus-cash/assets is 23.87%, and disclosed income is 0.64% of revenue; business activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.83%, liquidity/assets is 9.19% and receivables-plus-cash/assets is 23.87%, all below the examined MSCI limits; project activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.83% and liquidity/assets is 9.19%; activity remains incomplete and this is a calculation against SAC ratios, 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
Granite provides civil construction, infrastructure and aggregates. The core activity is generally permissible, while project end uses, government contracts and materials customers require qualitative review.
Limitation: The filing does not allocate every contract and customer end use into a universal prohibited-activity numerator.
Purification
Granite discloses $5.849 million of interest income but does not provide a complete prohibited-activity numerator or scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Granite's March 31, 2026 Form 10-Q.
- Interest-bearing debt combines current maturities of $379.794 million and long-term debt of $861.187 million; operating lease liabilities are excluded.
- Cash and cash equivalents are $265.714 million; short- and long-term marketable securities total $81.807 million.
- Receivables, net are $636.513 million and quarterly revenue is $912.465 million. Interest income is $5.849 million.
- Construction and aggregates are generally permissible, but project end uses, government contracts and customer activities remain qualitative.
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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