HAYW

What You Should Know

Hayward Holdings, Inc. designs and manufactures pool and outdoor-living equipment — pumps, filters, heaters, automation, sanitization, and lighting for residential and commercial swimming pools. Manufacturing pool equipment is a permissible activity, so the business-activity screen passes. What makes HAYW doubtful is the balance sheet: Hayward came to market through a 2021 IPO out of private-equity ownership and has since carried a meaningful interest-bearing term-loan balance, so its total-debt-to-market-cap ratio should be confirmed against the 33% threshold using the latest filings — the deciding screen, and one that leveraged-buyout legacies often sit near or above. The receivables ratio and any interest income should be checked against their thresholds and the corresponding portion of returns purified. Because leverage is the binding constraint, HAYW is generally screened as doubtful rather than clearly halal until the debt ratio is verified below the threshold.