KNF
Knife River Corporation
Is KNF Halal?
Aggregates and construction are permissible, but current debt/assets is above the examined financial limits.
What You Should Know
Knife River produces aggregates, ready-mix concrete and asphalt and provides related contracting services across the central and western United States. Its March 31, 2026 Form 10-Q reports assets of $3,817.863 million, interest-bearing debt of $1,433.328 million, cash of $75.458 million and a receivable proxy of $304.469 million that combines receivables and contract assets. Debt/assets is 37.54%, liquidity/assets is 1.98% and receivables-plus-cash/assets is 9.95%; all three examined asset-based methods fail on debt. The filing reports interest expense net of immaterial interest income, with no reproducible gross non-compliant-income numerator.
⚠️ Concerns
- •Debt/assets is 37.54%, above the examined 33% limits
- •Spinoff- and acquisition-related debt requires continued monitoring
- •Public infrastructure, construction seasonality and project claims remain qualitative
- •No reproducible gross non-compliant-income numerator is disclosed
- •Re-screen after the next filing or a material debt change
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,433.328 / 3,817.863
75.458 / 3,817.863
379.927 / 3,817.863
- Financial
- Fails
- Overall
- Fails
Debt/assets is 37.54%, above the examined 33.333% limit; liquidity/assets is 1.98% and receivables-plus-cash/assets is 9.95%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 37.54%, above the examined MSCI limit; the asset-based screen fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 37.54%, above the examined Malaysia limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the debt screen already fails.
Business-activity disclosure
Knife River produces aggregates, ready-mix concrete and asphalt and provides related contracting services, mainly for public infrastructure. These activities are generally permissible, while project claims, environmental obligations and acquisition integration require qualitative review.
Limitation: The filing does not allocate revenue by downstream end use or provide a universal prohibited-revenue or non-compliant-income numerator.
Purification
The filing reports interest expense net of immaterial interest income but no reproducible gross non-compliant-income numerator; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Knife River's March 31, 2026 Form 10-Q.
- Debt combines current long-term debt of $11.708 million and long-term debt of $1,421.620 million.
- Cash, cash equivalents and restricted cash are $75.458 million; no separate interest-bearing securities balance is identified.
- The receivable proxy combines receivables of $227.281 million and contract assets of $77.188 million.
- The filing reports interest expense net of immaterial interest income but no reproducible gross non-compliant-income numerator.
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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