TPC
Tutor Perini Corporation
Is TPC Halal?
Heavy-civil construction firm — a permissible activity, but heavy debt and lumpy earnings often push the leverage screen above the threshold.
What You Should Know
Tutor Perini is a heavy-civil, building and specialty contractor for bridges, tunnels, transit, highways and major facilities across the United States. Its March 31, 2026 Form 10-Q reports assets of $5,137.579 million, interest-bearing debt of $398.896 million, cash of $802.979 million, restricted debt securities of $255.908 million, and a contract-receivable proxy of $2,645.214 million that includes accounts receivable, retention receivable and costs and estimated earnings in excess of billings. Debt/assets is 7.76%, liquidity/assets is 20.61%, and receivables-plus-cash/assets is 67.12%; FTSE- and MSCI-style receivables screens fail even though debt passes. The filing reports interest expense but no reproducible gross non-compliant-income numerator.
⚠️ Concerns
- •Receivables-plus-cash/assets is 67.12%, above the examined FTSE 50% and MSCI 33.33% limits
- •Claims, retention and unapproved change orders make the receivable proxy especially judgment-sensitive
- •Joint ventures and variable-interest entities complicate consolidation
- •Debt/assets is 7.76%, but the low leverage does not offset the receivables failure
- •Re-screen after material claim resolutions or the next filing
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
398.896 / 5,137.579
1,058.887 / 5,137.579
3,448.193 / 5,137.579
- Financial
- Fails
- Overall
- Fails
Debt/assets is 7.76% and liquidity/assets is 20.61%, but receivables-plus-cash/assets is 67.12%, above the examined 50% limit.
- Financial
- Fails
- Overall
- Fails
Receivables-plus-cash/assets is 67.12%, above the examined MSCI 33.33% limit despite debt/assets passing.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 7.76% and liquidity/assets is 20.61%, below the examined Malaysia limits; this is not an official classification and the receivables concern remains qualitative under this method.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the receivables screens already fail under FTSE and MSCI-style asset tests.
Business-activity disclosure
Tutor Perini is a heavy-civil, building and specialty contractor for bridges, tunnels, transit, highways and major facilities. Construction is generally permissible, while disputed claims, customer concentration and project execution 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 but no reproducible gross non-compliant-income numerator; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Tutor Perini's March 31, 2026 Form 10-Q.
- Debt combines current maturities of long-term debt of $8.109 million and long-term debt of $390.787 million.
- Cash is $802.979 million and restricted investments in debt securities are $255.908 million.
- The receivable proxy combines accounts receivable of $1,137.800 million, retention receivable of $699.946 million and costs and estimated earnings in excess of billings of $807.468 million, including claims and unapproved change orders.
- The filing reports interest expense 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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