The Short Answer
AAON stock (AAON) is generally halal at the known-screen level, with a methodology-dependent status. HVAC and data-center cooling equipment are generally permissible, but the filing does not disclose a separate gross interest-income numerator or a universal end-use activity numerator.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
441.467 / 1,789.712
13 / 1,789.712
303.161 / 1,789.712
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 24.67%, liquidity/assets is 0.73% and receivables plus cash/assets is 16.94%, below the examined limits; a separate interest-income numerator is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios pass the examined total-assets limits; activity classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios pass the examined limits; this is not an official SAC classification and activity evidence remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored and the overall activity and income evidence remains incomplete.
Business-activity disclosure
AAON designs and manufactures HVAC, air-handling, chiller and data-center cooling equipment. Industrial cooling and building systems are generally permissible, while customer end uses and product applications are not fully quantified in the filing.
Limitation: The filing does not provide a reproducible prohibited-activity numerator for customer end uses or a separate gross interest-income line.
Purification
A separate gross interest-income amount is not available in the extracted filing statement, so no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from AAON's March 31, 2026 Form 10-Q.
- Debt combines $7.535 million of short-term NMTC obligations, $425.154 million of long-term debt and $8.778 million of long-term NMTC obligations; operating leases are excluded.
- Cash and cash equivalents are $0.013 million; restricted cash of $1.087 million is not treated as unrestricted cash or a security.
- Accounts receivable, net are $290.161 million and quarterly net sales are $496.936 million.
- A separate gross interest-income numerator is not disclosed in the extracted statement.
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.
What AAON Does
AAON designs and manufactures rooftop units, air-handling equipment, chillers, coils and data-center cooling systems. Building and industrial cooling supports ordinary commercial and infrastructure needs and is generally permissible. Customer applications remain broad and qualitative.
Current Quantitative Screen
The March 31, 2026 Form 10-Q reports $1,789.712 million of assets, $441.467 million of tracked interest-bearing debt, $0.013 million of cash and $290.161 million of accounts receivable.
- Debt/assets: 24.67% — below the examined limits.
- Liquidity/assets: 0.73% using unrestricted cash only.
- Receivables plus cash/assets: 16.94% — below the examined limits.
- Interest income: a separate gross numerator is unavailable, so the FTSE income test is incomplete.
Known MSCI and Malaysia asset-based ratios pass; the overall result remains methodology-dependent.
Purification and Qualitative Review
Restricted cash is not treated as unrestricted liquidity. No fixed purification percentage is inferred without a separate interest-income amount. Re-screen after material construction, data-center or financing changes.
Bottom Line
AAON is generally halal at the known-screen level, with a methodology-dependent status. Re-screen after a newer filing or material product-mix change.