XEL
Xcel Energy Inc.
Is XEL Halal?
Regulated electric and gas utility — a permissible activity, but heavy interest-bearing debt usually pushes the leverage screen above the threshold.
What You Should Know
Xcel Energy Inc. is a regulated electric and natural-gas utility with significant renewable-generation investment. Its March 31, 2026 Form 10-Q reports assets of $84,828 million, interest-bearing debt of $37,033 million, cash of $1,760 million, available-for-sale debt securities of $982 million and receivables of $2,117 million. Debt/assets is 43.66%, liquidity/assets is 3.23% and receivables-plus-cash/assets is 4.57%; the debt screen fails across the examined asset-based methods. The filing does not provide a reproducible non-compliant-income numerator.
⚠️ Concerns
- •Debt/assets is 43.66%, above examined 33% limits
- •Capital-intensive utility financing is the decisive concern
- •Renewable and conventional generation mix still requires qualitative review
- •No reproducible gross non-compliant-income numerator is disclosed
- •Re-screen before each purchase given persistent leverage
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
37,033 / 84,828
2,742 / 84,828
3,877 / 84,828
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.66%, above the examined 33.333% limit; the utility activity is generally permissible but the financing screen fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.66%, above the examined MSCI limit; the asset-based screen fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 43.66%, 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 debt screen already fails.
Business-activity disclosure
Xcel is a regulated electric and natural-gas utility with substantial renewable-generation investment. Supplying electricity and gas is generally permissible, while its capital structure relies on interest-bearing debt.
Limitation: The filing does not allocate revenue by end use or provide a universal prohibited-revenue or non-compliant-income numerator.
Purification
No reproducible gross non-compliant-income numerator is disclosed; interest expense is not an income proxy.
Inputs, assumptions and primary sources
- Amounts are USD millions from Xcel Energy's March 31, 2026 Form 10-Q.
- Debt combines current debt and capital leases of $1,001 million, short-term borrowings of $1,480 million and noncurrent debt and lease obligations of $34,552 million.
- Cash is $1,760 million. Interest-bearing securities use disclosed available-for-sale debt maturity fair values totaling $982 million as a transparent proxy.
- Receivables combine net accounts receivable of $1,346 million, accrued unbilled revenues of $746 million and insurance settlements receivable of $25 million.
- The filing does not provide a reproducible non-compliant-income numerator; interest expense is not treated as income.
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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