NWL
Newell Brands Inc.
Is NWL Halal?
Consumer products conglomerate with broadly permissible brands, but March 2026 debt/assets of 45.72% fails the examined asset-based financial screens; product-level business classification remains disclosure-limited.
What You Should Know
Newell Brands' March 31, 2026 Form 10-Q reports $10,859M total assets, $4,965M total debt, $201M cash, $893M accounts receivable and $1,549M quarterly net sales. ZakatInvest calculates debt/assets 45.72%, cash plus identified interest-bearing securities/assets 1.85% and receivables plus cash/assets 10.07%. The filing reports $84M of net interest expense but does not separately disclose interest income. The company sells broadly permissible household, writing, baby, kitchen, home-fragrance and outdoor products, but the filing does not provide a school-specific prohibited-revenue taxonomy.
⚠️ Concerns
- •Total debt of $4,965M is 45.72% of total assets, above the examined asset-based limits
- •The filing reports $84M of net interest expense but no separate interest-income numerator
- •A product-level prohibited-revenue amount is not disclosed, so the business screen remains incomplete rather than being assigned an invented percentage
- •Receivables factoring, tariff exposure, restructuring and working-capital swings require continuing diligence
- •Status can change with deleveraging, refinancing or a more detailed product-mix disclosure
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
4,965 / 10,859
201 / 10,859
1,094 / 10,859
- Financial
- Fails
- Overall
- Fails
Debt/assets are 45.72%, above the examined 33.333% financial limit. Cash plus the identified securities proxy is 1.85% and receivables plus cash are 10.07%; interest income is unavailable. The debt failure drives the financial result.
- Financial
- Fails
- Overall
- Fails
Debt/assets are 45.72%, above the examined MSCI total-assets limit. Liquidity is 1.85% and receivables plus cash are 10.07%; no separate interest-income numerator is disclosed. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets are 45.72%, above the examined Malaysia SAC financial limit. Liquidity is 1.85%; this is a contextual calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed historical market-cap series is not stored. The available asset-based calculation already fails on debt/assets, so no unsupported market-cap percentage is substituted.
Business-activity disclosure
Newell Brands reports Home and Commercial Solutions, Learning and Development, and Outdoor and Recreation segments selling household, commercial, writing, baby, kitchen, home-fragrance and outdoor products. The disclosed portfolio is broadly permissible consumer goods, but the filing does not allocate incidental ingredients, fragrance components or other school-specific categories into a prohibited-revenue numerator.
Limitation: The Form 10-Q reports product groupings and consolidated net sales, not a Sharia taxonomy for every product or ingredient. The absence of a disclosed prohibited-revenue amount is an evidence limitation, not proof that every product line has the same ruling across schools.
Purification
The filing reports $84 million of net interest expense but does not separately disclose interest income or a scholar-approved non-compliant-income numerator. No purification percentage is asserted; the debt failure and unresolved product taxonomy should be reviewed with a qualified adviser.
Inputs, assumptions and primary sources
- Inputs use Newell Brands' March 31, 2026 Form 10-Q; amounts are USD millions.
- Debt uses the filing's $4,965 million total debt: $425 million of short-term debt and current maturities plus $4,540 million of long-term debt. Operating lease liabilities and other obligations are excluded rather than silently treated as interest-bearing debt.
- Cash uses $201 million of cash and cash equivalents. The filing does not disclose a separate material portfolio of interest-bearing securities for this screen, so the securities input is zero rather than an inferred amount.
- Receivables use $893 million of accounts receivable, net. Inventories, prepaid assets and other current assets are excluded from the receivables proxy.
- Total quarterly net sales were $1,549 million. The filing reports $84 million of net interest expense but does not separately disclose interest income, so a non-compliant-income percentage is not calculated.
- The filing describes consumer-product segments and brands but does not provide a school-specific prohibited-revenue taxonomy. No unsupported percentage is invented for incidental ingredients, fragrance components or product adjacencies.
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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