WCN
Waste Connections, Inc.
Is WCN Halal?
Waste collection, recycling and environmental services are generally permissible at the activity level, but the current asset-based financial screen fails because debt is 42.96% of assets.
What You Should Know
Waste Connections, Inc. provides non-hazardous waste collection, transfer, disposal and recycling, non-hazardous oilfield-waste treatment and disposal, intermodal services and landfill-gas and renewable-natural-gas activities. Its March 31, 2026 Form 10-Q reports $21,186.355 million of total assets, $9,102.186 million of interest-bearing debt, $112.447 million of cash and equivalents, $80.397 million of restricted investments and $1,033.086 million of net accounts receivable. Those inputs produce debt/assets of 42.96%, cash plus restricted investments/assets of 0.91%, receivables plus cash/assets of 5.41%, and disclosed interest income/revenue of 0.13% for the quarter. The examined FTSE Yasaar, MSCI and Malaysia asset-ratio calculations fail on debt; market-cap methods are not calculated without a licensed historical series. Waste management is generally permissible at the activity level, but the E&P customer base, landfill stewardship and environmental obligations require qualitative review and no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Current debt is 42.96% of total assets, above the examined 33% asset-based limits; the screen is not a market-cap calculation
- •Waste Connections discloses $3.113 million of interest income for the quarter, but no scholar-approved fixed purification percentage
- •The energy-and-environmental-services segment serves exploration-and-production customers; some investors apply additional environmental-stewardship scrutiny
- •Landfill ownership and disposal operations create methane, groundwater, remediation and closure obligations
- •Acquisition-driven growth and debt refinancing can change the financial screen quickly
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
9,102.186 / 21,186.355
192.844 / 21,186.355
1,145.533 / 21,186.355
3.113 / 2,370.631
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined 33.333% FTSE asset limit. Liquidity is 0.91%, receivables plus cash are 5.41%, and disclosed interest income is 0.13%; debt is decisive.
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined MSCI total-assets limit, while liquidity is 0.91% and receivables plus cash are 5.41%. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined 33% Malaysia SAC financial limit; liquidity is 0.91%. This is a calculation against SAC ratios, 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 these methods are not estimated from a current spot price.
Business-activity disclosure
Waste Connections provides non-hazardous waste collection, transfer, disposal and recycling, non-hazardous oilfield-waste treatment and disposal, intermodal services and landfill-gas and renewable-natural-gas activities. Waste management and environmental services are generally permissible at the activity level, while fossil-fuel-adjacent customers and environmental effects warrant qualitative review.
Limitation: The filing does not allocate a universal prohibited-revenue numerator by customer use, service line, environmental classification or certification; no exact prohibited-revenue percentage is asserted.
Purification
Waste Connections discloses interest income but does not prescribe a scholar-approved purification percentage. Readers should follow the qualified scholar or methodology they use rather than applying an invented fixed rate.
Inputs, assumptions and primary sources
- Inputs use Waste Connections' March 31, 2026 Form 10-Q; amounts are USD millions and revenue and interest income are for the three months ended March 31, 2026.
- Debt uses $8.355 million of current debt and notes payable plus $9,093.831 million of long-term debt and notes payable, after the reported debt discount and issuance costs.
- Cash uses $112.447 million of cash and equivalents. Restricted investments of $80.397 million are treated as interest-bearing securities; restricted cash of $210.199 million is not treated as cash equivalents.
- Receivables use $1,033.086 million of net accounts receivable. Prepaids and other current assets are not added.
- Quarterly revenue is $2,370.631 million and disclosed interest income is $3.113 million. The screen does not infer a fixed purification rate.
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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