VRT
Vertiv Holdings Co.
Is VRT Halal?
Methodology-dependent: Vertiv's core data-center infrastructure business is broadly permissible and the FTSE/Malaysia asset-based ratios pass, but receivables plus cash are 39.55% of assets and fail the examined MSCI total-assets limit.
What You Should Know
Vertiv Holdings' March 31, 2026 Form 10-Q reports $13,400.1M total assets, $2,922.2M long-term debt, $2,150.6M cash, $349.9M short-term investments, $3,148.7M accounts receivable and $2,649.5M quarterly net sales. ZakatInvest calculates debt/assets 21.81%, cash plus identified short-term investments/assets 18.66%, receivables plus cash/assets 39.55% and a conservative $21.2M interest-income proxy/revenue of 0.80%. FTSE Yasaar and Malaysia-style asset screens pass the listed financial ratios, while the examined MSCI total-assets method fails on receivables plus cash. Vertiv's power, cooling and digital infrastructure products are broadly permissible, but the filing does not quantify federal, defense or customer-end-use revenue.
⚠️ Concerns
- •Receivables plus cash are 39.55% of total assets, above the examined MSCI total-assets limit
- •Vertiv issued $2.1B of senior notes in March 2026 and refinanced its term loan
- •The $21.2M interest-income proxy is primarily tied to an interest-rate-swap settlement and is not a pure-interest-only figure
- •General-purpose infrastructure may serve federal or defense customers, but the filing does not isolate those contracts
- •AI infrastructure demand, acquisitions, tariffs, supply-chain constraints and capacity expansion remain material risks
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
2,922.2 / 13,400.1
2,500.5 / 13,400.1
5,299.3 / 13,400.1
21.2 / 2,649.5
- Financial
- Pass
- Overall
- Incomplete
Debt/assets are 21.81%, identifiable liquidity is 18.66%, receivables plus cash are 39.55% and the conservative income proxy is 0.80%; these asset-based ratios are below the examined FTSE limits, but business-activity disclosure remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt/assets, liquidity and income proxy pass the examined limits, but receivables plus cash are 39.55%, above the 33.33% total-assets limit. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets are 21.81% and identifiable liquidity is 18.66%, below the examined Malaysia SAC financial limits; screened business revenue remains unavailable. This is a contextual calculation, 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 no unsupported market-cap percentage is substituted for the filing-backed asset-based calculation.
Business-activity disclosure
Vertiv designs, manufactures and services critical digital infrastructure that powers, cools, deploys, secures and maintains electronics used in data centers, communication networks and commercial and industrial environments. These general-purpose industrial technology activities are broadly permissible, but the filing does not allocate federal, defense, customer-end-use or other school-specific prohibited revenue.
Limitation: Vertiv reports product, service and geographic categories rather than a reproducible prohibited-revenue numerator. General-purpose data-center infrastructure can support many end uses, so a universal defense or content percentage cannot be inferred from the filing.
Purification
The filing describes $21.2 million of interest income related primarily to an interest-rate swap settlement, but this is not a pure-interest-only numerator and screened operating revenue remains unavailable. No fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Inputs use Vertiv's March 31, 2026 Form 10-Q; amounts are USD millions.
- Debt uses $2,922.2 million of long-term debt, net. The filing shows $850 million of senior secured notes and $2.1 billion of newly issued senior notes, net of discount and issuance costs; lease liabilities are excluded.
- Cash uses $2,150.6 million of cash and cash equivalents. Identifiable short-term investments use $349.9 million disclosed on the balance sheet; the filing describes these investments as level-2 instruments.
- Receivables use $3,148.7 million of accounts receivable, less allowances. Inventories, deferred revenue and other current assets are excluded from the receivables proxy.
- Total quarterly net sales were $2,649.5 million. The filing says the quarter's $21.2 million interest income was primarily related to a settled interest-rate swap and separately reports interest expense (income), net of $(4.4) million; $21.2 million is used as a conservative upper-bound income proxy, not a pure-interest-only numerator.
- The filing describes power, thermal, infrastructure-management and services offerings for data centers, communication networks and commercial and industrial environments, but does not isolate defense, government or other school-specific prohibited revenue.
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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