Is LSTR (Landstar System Inc.) halal?

Q: Is LSTR (Landstar System Inc.) halal?

DOUBTFUL: Freight logistics is generally permissible, but receivables plus cash exceed the examined asset-based limits. Landstar's March 28, 2026 Form 10-Q reports 4.32% interest-bearing debt/assets, 25.65% cash plus identifiable short-term investments/assets and 68.26% receivables-plus-cash/assets. The core freight business is generally permissible, but the receivables screen fails the examined FTSE and MSCI asset-based limits; cargo classification and market-cap methods remain incomplete.

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LSTR

Landstar System Inc.

DOUBTFUL — SCREEN DOES NOT PASSstock

Is LSTR Halal?

Freight logistics is generally permissible, but receivables plus cash exceed the examined asset-based limits.

What You Should Know

Landstar's March 28, 2026 Form 10-Q reports 4.32% interest-bearing debt/assets, 25.65% cash plus identifiable short-term investments/assets and 68.26% receivables-plus-cash/assets. The core freight business is generally permissible, but the receivables screen fails the examined FTSE and MSCI asset-based limits; cargo classification and market-cap methods remain incomplete.

⚠️ Concerns

•Receivables plus cash/assets is 68.26%, above examined FTSE and MSCI limits
•Specialty and hazardous-material freight require cargo-level context
•Investment income was 2.974 million and requires scholar-dependent treatment

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-28; calculated 2026-07-14.

USD · millions

Interest-bearing debt / assets

4.32%Within limit

Below 33.333% under FTSE Yasaar

69.266 / 1,602.198

Cash + interest-bearing securities / assets

25.65%Within limit

Below 33.333% under FTSE Yasaar

410.952 / 1,602.198

Receivables + cash / assets

68.26%Above limit

Below 50% under FTSE Yasaar

1,093.655 / 1,602.198

Non-compliant income / revenue

0.25%Within limit

No more than 5% under FTSE Yasaar

2.974 / 1,182.585

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 4.32% and liquidity/assets is 25.65%, but receivables plus cash/assets is 68.26%, above the examined 50% limit; investment income/revenue is 0.25%.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Receivables plus cash/assets is 68.26%, above the examined MSCI 33.33% total-assets limit; this is not an index-membership claim.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Debt/assets and identifiable liquidity/assets are below the examined SAC limits; this is a contextual calculation, not an official classification.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Not calculated	A properly licensed reproducible market-cap history is not stored; a spot estimate is not substituted.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 4.32% and liquidity/assets is 25.65%, but receivables plus cash/assets is 68.26%, above the examined 50% limit; investment income/revenue is 0.25%.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Receivables plus cash/assets is 68.26%, above the examined MSCI 33.33% total-assets limit; this is not an index-membership claim.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Debt/assets and identifiable liquidity/assets are below the examined SAC limits; this is a contextual calculation, not an official classification.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Not calculated

A properly licensed reproducible market-cap history is not stored; a spot estimate is not substituted.

Business-activity disclosure

Landstar connects shippers with independent carriers through freight brokerage, truck capacity, rail, ocean and air logistics. Transportation and brokerage are generally permissible, while the filing does not quantify every downstream cargo category into a school-specific prohibited-revenue numerator.

Limitation: The filing does not provide a reproducible market-cap denominator history or a universal prohibited-revenue taxonomy.

Purification

Investment income of 2.974 million is disclosed, but no fixed purification percentage is prescribed; investors should seek qualified guidance.

Inputs, assumptions and primary sources

Amounts are USD millions from Landstar's March 28, 2026 Form 10-Q.
Interest-bearing debt is current maturities of 26.121 plus long-term debt of 43.145; operating leases are excluded.
Cash is 353.255 and short-term investments are 57.697.
Receivables combine trade accounts receivable of 692.016 and other receivables of approximately 48.384.
Thirteen-week total revenue is 1,182.585 and investment income is 2.974.

U.S. Securities and Exchange Commission: Landstar System First Quarter 2026 Form 10-Q FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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