USLM
United States Lime & Minerals, Inc.
Is USLM Halal?
Lime and limestone production is permissible, but the unusually large cash and receivable balances fail the examined liquidity screens.
What You Should Know
United States Lime & Minerals mines limestone and produces lime and limestone products for construction, environmental, industrial and agricultural applications. Its March 31, 2026 Form 10-Q reports assets of $713.837 million, no funded interest-bearing debt, cash of $383.165 million and trade receivables of $58.111 million. Debt/assets is 0.00%, but liquidity/assets is 53.68% and receivables-plus-cash/assets is 61.82%, above the examined FTSE, MSCI and Malaysia-style limits. Other income includes interest earned on cash and natural-gas interests, but no reproducible non-compliant-income split is disclosed.
⚠️ Concerns
- •Liquidity/assets is 53.68%, above the examined 33% limits
- •Receivables-plus-cash/assets is 61.82%, above the examined FTSE 50% and MSCI 33.33% limits
- •Natural-gas royalty and non-operated working interests require qualitative review
- •Large cash balance earns income that is not separately reproducible for purification
- •Re-screen after the next filing and consult a qualified scholar
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 713.837
383.165 / 713.837
441.276 / 713.837
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.68%, above the examined 33.333% limit, and receivables-plus-cash/assets is 61.82%, above the examined 50% limit.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.68% and receivables-plus-cash/assets is 61.82%, above the examined MSCI limits.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 53.68%, above the examined Malaysia limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the liquidity and receivables screens already fail.
Business-activity disclosure
U.S. Lime & Minerals mines limestone and produces lime and limestone products for construction, environmental, industrial and agricultural applications. The core activity is generally permissible, while natural-gas interests and other income require qualitative review.
Limitation: The filing does not provide a universal prohibited-revenue or non-compliant-income numerator or allocate the natural-gas interests separately in the income statement.
Purification
Other income includes interest earned on cash, but the filing does not provide a reproducible gross non-compliant-income split; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from U.S. Lime & Minerals' March 31, 2026 Form 10-Q.
- No funded interest-bearing debt is reported at the period end; operating lease liabilities are excluded from the debt proxy.
- Cash and cash equivalents are $383.165 million; no separate interest-bearing securities balance is identified.
- Trade receivables, net are $58.111 million.
- Other income includes interest earned on cash and natural-gas interests but the filing does not provide a reproducible non-compliant-income split.
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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