The Short Answer
AECOM stock (ACM) is doubtful on our current filing-based screen. Infrastructure engineering and consulting is generally permissible, and the March 31, 2026 filing shows known asset ratios within the examined limits. Activity and income treatment remain incomplete, so this is not an unconditional halal certification.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
2,717.244 / 12,007.347
1,034.257 / 12,007.347
3,498.953 / 12,007.347
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 22.63%, liquidity is 8.61% and receivables plus cash is 29.14%, below examined FTSE limits, but income treatment and activity remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.63%, liquidity is 8.61% and receivables plus cash is 29.14%, below examined MSCI total-assets limits; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 22.63% and liquidity is 8.61%, below the examined 33% limits; activity remains incomplete and this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored and activity classification remains incomplete.
Business-activity disclosure
AECOM provides infrastructure planning, design, engineering, program management and construction management. Professional engineering services are generally permissible, while government and project end uses require review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for defense-adjacent or other end uses, and a universal gross-interest-income treatment is not inferred.
Purification
No scholar-approved purification percentage is inferred from the filing's interest-income disclosure.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from AECOM's thousands-of-dollars presentation for March 31, 2026.
- Debt combines $2.248 million short-term debt, $60.714 million current long-term debt and $2,654.282 million long-term debt; operating leases are excluded.
- Cash includes $802.442 million corporate cash and $231.815 million cash in consolidated joint ventures.
- Net accounts receivable is $2,464.696 million; contract assets of $2,164.244 million are disclosed separately and are not included in this input.
- Six-month revenue is $7,631.977 million; gross interest income is disclosed but no prohibited-revenue numerator is provided.
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.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
What AECOM Does
AECOM (headquartered in Dallas, Texas) is one of the world's largest infrastructure consulting firms. It provides:
- Design and engineering: Planning and design for highways, bridges, transit, airports, ports, and rail systems.
- Water and environmental: Water treatment, flood protection, and environmental remediation and management.
- Buildings and places: Design and engineering for commercial, institutional, and public buildings.
- Program and construction management: Managing large capital programs on behalf of public and private clients.
AECOM plans and designs the physical infrastructure that societies depend on — roads, water systems, transit, and public buildings. This is foundational, permissible professional-services work.
Current Filing-Based Quantitative Screen
Based on AECOM's most recent financial statements:
- Debt / Assets: 22.63% — below the examined limits ✅
- Liquidity / Assets: 8.61% — below the examined limits ✅
- Receivables + Cash / Assets: 29.14% — below the examined limits ✅
- Business activity and income: Not fully quantifiable from the filing ⚠️
The known asset ratios pass the examined MSCI and Malaysia proxies. Activity and income treatment remain incomplete; no official index membership or scholar ruling is implied.
Concerns to Be Aware Of
1. Moderate Debt Load
AECOM carries a moderate amount of debt. This is a primary screening item.
Action required: Confirm that total debt / market cap stays under the 33% threshold using the latest filings.
2. Services-Model Receivables
Engineering-services firms carry billed and unbilled receivables tied to long-running projects, which can make the receivables ratio meaningful.
Action required: Confirm total receivables / total assets against your screening board's threshold (49–70%).
3. Government and Defense-Adjacent Work
A portion of AECOM's revenue comes from government programs, some defense-adjacent. Standard screening does not treat civil-infrastructure government work as haram, but stricter investors may want to review the mix. The filing does not provide a complete, scholar-approved purification treatment, so investors should not infer one from this article.
Methodology Interpretation
The current known financial result is PASS under the examined MSCI and Malaysia asset proxies, with activity and income fields incomplete. This is our filing-based analysis, not a third-party classification.
- FTSE Yasaar asset screen — financial incomplete
- MSCI total-assets proxy — financial pass
- Malaysia SAC asset ratios — financial pass
Bottom Line
AECOM (ACM) is doubtful on the current filing-based screen. Its infrastructure-engineering business is generally permissible and known asset ratios pass, but activity and income data remain incomplete.
Re-screen after the next filing and obtain scholar guidance if missing activity or income data is material to your decision.
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