HXL
Hexcel Corporation
Is HXL Halal?
Advanced-composites maker with a generally permissible core business, but the current filing-based debt screen fails.
What You Should Know
Hexcel Corporation develops and manufactures carbon fiber, reinforcements and honeycomb structures for commercial aerospace, defense, space and industrial markets. Its March 31, 2026 Form 10-Q reports assets of $2,723.9 million, interest-bearing debt of $998.1 million, cash of $54.1 million and accounts receivable of $291.0 million. Debt/assets is 36.64%, liquidity/assets is 1.99% and receivables-plus-cash/assets is 12.67%; gross interest income is not separately disclosed. The current debt proxy fails the examined FTSE Yasaar, MSCI and Malaysia financial limits, so the stored verdict is doubtful even though advanced-materials manufacturing is generally permissible.
⚠️ Concerns
- •Debt/assets is 36.64%, above the examined 33% limits
- •Defense, space and other revenue is a mixed end-market category
- •Gross interest income and a universal prohibited-revenue numerator are unavailable
- •Aerospace supply-chain concentration and program cycles are material
- •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.
998.1 / 2,723.9
54.1 / 2,723.9
345.1 / 2,723.9
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.64%, above the examined 33.333% limit; liquidity is 1.99% and receivables plus cash is 12.67%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.64%, above the examined 33.33% total-assets limit; the other known asset ratios are below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.64%, 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
Hexcel develops and manufactures carbon fiber, reinforcements and honeycomb structures for commercial aerospace, defense, space and industrial markets. Advanced-materials manufacturing is generally permissible, but defense and end-use exposure require continuing review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for defense, space, aerospace or industrial end uses, and gross interest income is not separately disclosed.
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 Hexcel's March 31, 2026 Form 10-Q.
- Debt is $998.1 million of long-term debt, including the non-current finance-lease and other-debt component; operating leases are excluded.
- Cash is $54.1 million and no separately identified interest-bearing securities are added.
- Accounts receivable is $291.0 million and first-quarter net sales are $501.5 million; gross interest income is not separately disclosed.
- Commercial aerospace and defense, space and other revenue are disclosed as mixed end markets; no universal prohibited-revenue numerator is reported.
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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