NET
Cloudflare Inc.
Is NET Halal?
Internet infrastructure and cybersecurity core is generally permissible, but current debt, liquidity and income screens fail.
What You Should Know
Cloudflare's March 31, 2026 filing reports debt/assets of 53.01%, cash plus available-for-sale securities/assets of 67.55%, receivables plus cash/assets of 21.28% and disclosed interest income/revenue of 6.28%. The network and security business is generally permissible, but customer content, government use, AI, advertising and dual-use workloads remain qualitative.
⚠️ Concerns
- •Debt is 53.01% of total assets and exceeds the examined FTSE, MSCI and Malaysia limits
- •Cash plus available-for-sale securities are 67.55% of total assets under the examined treatment
- •Disclosed interest income is 6.28% of quarterly revenue
- •Platform-neutral infrastructure can serve objectionable content and dual-use customers
- •Privacy, AI, advertising, cybersecurity, stock compensation and investment holdings require review
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
3,267.827 / 6,163.977
4,163.878 / 6,163.977
1,311.812 / 6,163.977
40.166 / 639.755
- Financial
- Fails
- Overall
- Fails
Debt is 53.01%, liquidity is 67.55% and disclosed interest income is 6.28% of revenue; debt, liquidity and the examined income threshold fail. Receivables plus cash are 21.28%.
- Financial
- Fails
- Overall
- Fails
Debt is 53.01% and liquidity is 67.55%, above the examined MSCI total-assets limits. Receivables plus cash are 21.28%. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 53.01% and liquidity is 67.55%, above the examined Malaysia SAC financial limits. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Cloudflare provides content delivery, connectivity, DNS, application security, DDoS protection, Zero Trust and developer-platform services. Internet infrastructure and defensive cybersecurity are generally permissible, while customer content, government use, surveillance, advertising and dual-use workloads require qualitative review.
Limitation: The filing does not allocate revenue by customer website, content category, security use case, advertising category or downstream application into a universal prohibited-revenue numerator; no blanket zero-concern claim is made.
Purification
Cloudflare discloses interest income but does not prescribe a scholar-approved purification percentage. Readers should follow the qualified scholar or methodology they use rather than applying an invented fixed rate.
Inputs, assumptions and primary sources
- Inputs use Cloudflare's March 31, 2026 Form 10-Q; amounts are USD millions converted from the filing's USD-thousands presentation.
- Debt uses the $1,292.271 million current portion and $1,975.556 million non-current carrying amount of the convertible senior notes. Operating lease liabilities are not entered as conventional debt.
- Cash uses $932.226 million of cash and cash equivalents. Available-for-sale corporate bonds, Treasury securities, government agency securities and commercial paper are entered separately as interest-bearing securities to avoid double counting.
- Receivables use $379.586 million of accounts receivable, net. Contract assets are not added as receivables because they are distinct from billed accounts receivable in the filing.
- Quarterly revenue is $639.755 million and disclosed interest income is $40.166 million. The screen uses the filing's gross interest-income line; no fixed purification percentage is prescribed.
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.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →