ITRI
Itron, Inc.
Is ITRI Halal?
Smart utility meters, grid intelligence and resource-management software — generally permissible activity, but the current debt/assets screen fails.
What You Should Know
Itron's March 31, 2026 Form 10-Q reports assets of $3,978.204 million, gross debt of $1,610.0 million, cash of $712.85 million, receivables of $393.17 million and quarterly revenue of $586.982 million. Debt/assets is 40.47%, liquidity/assets is 17.92%, receivables plus cash/assets is 27.80% and disclosed interest income is 0.96% 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 40.47%, above examined 33.333% limits
- •Convertible-note and acquisition-related leverage require continuing review
- •Utility, government and critical-infrastructure customers require qualitative review
- •Disclosed interest income is 0.96% of quarterly revenue; 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.
1,610 / 3,978.204
712.85 / 3,978.204
1,106.02 / 3,978.204
5.66 / 586.982
- Financial
- Fails
- Overall
- Fails
Debt/assets is 40.47%, above the examined 33.333% limit; liquidity/assets is 17.92%, receivables-plus-cash/assets is 27.80% and disclosed interest income is 0.96%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 40.47%, above the examined MSCI 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 40.47%, 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
Itron supplies smart electricity, gas and water meters, communications networks and utility-management software. The core activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for all end markets, data services and customers.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; the screen does not invent one.
Purification
Itron discloses $5.660 million of interest income, but no scholar-specific purification percentage is asserted and the activity numerator remains incomplete.
Inputs, assumptions and primary sources
- Amounts are USD millions from Itron's March 31, 2026 Form 10-Q.
- Debt is $1,610.0 million of gross long-term debt; current debt is zero and unamortized issuance fees are not netted. Operating leases are excluded.
- Cash and cash equivalents are $712.85 million; no separate interest-bearing security balance is identified.
- Accounts receivable includes $362.785 million of trade receivables and $30.385 million of unbilled receivables, for $393.170 million total; first-quarter revenue is $586.982 million.
- Itron reports $5.660 million of interest income, or 0.96% of revenue. No universal prohibited-revenue numerator is disclosed.
- Utility meters, grid intelligence, water-resource management and software are generally permissible, while government, data and critical-infrastructure 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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