PPG
PPG Industries Inc.
Is PPG Halal?
Paints and coatings — permissible industrial products.
What You Should Know
PPG makes paints, coatings, and specialty materials. Core manufacturing is generally permissible. Its March 31, 2026 Form 10-Q reports $22,150 million of assets, $7,143 million of interest-bearing debt, $1,573 million of cash, $51 million of short-term investments, $3,676 million of receivables and $3,930 million of quarterly net sales. Debt/assets is 32.25%, liquidity/assets is 7.33%, receivables-plus-cash/assets is 23.70%, and disclosed interest income is 0.94% of revenue; financial ratios pass while aerospace, defense, automotive and other end uses remain qualitative.
⚠️ Concerns
- •Aerospace and defense end uses
- •Environmental and chemical stewardship
- •Minor interest income
- •Moderate debt
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
7,143 / 22,150
1,624 / 22,150
5,249 / 22,150
37 / 3,930
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.25%, liquidity/assets is 7.33%, receivables-plus-cash/assets is 23.70%, and disclosed income is 0.94% of revenue; business activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.25%, liquidity/assets is 7.33% and receivables-plus-cash/assets is 23.70%, below the examined MSCI limits; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 32.25% and liquidity/assets is 7.33%; activity remains incomplete and this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
PPG manufactures paints, coatings and specialty materials. The core industrial activity is generally permissible, while aerospace, defense, automotive and customer end uses require qualitative review.
Limitation: The filing does not allocate sales across every end use into a universal prohibited-activity numerator.
Purification
PPG discloses $37 million of interest income but does not provide a complete prohibited-activity numerator or scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from PPG's March 31, 2026 Form 10-Q.
- Interest-bearing debt combines short-term debt and current long-term debt of $736 million with long-term debt of $6,407 million; operating lease liabilities are excluded.
- Cash and cash equivalents are $1,573 million and short-term investments are $51 million.
- Receivables, net are $3,676 million and quarterly net sales are $3,930 million. Interest income is $37 million.
- Coatings and specialty materials are generally permissible, but automotive, aerospace, defense and industrial end uses are not reduced to a universal prohibited-activity 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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