The Short Answer
CACI stock (CACI) is haram under the retained qualitative screen. CACI's March 2026 filing shows $1,295.628 million of DoD revenue and $582.235 million from the Intelligence Community, or 79.88% of quarterly revenue combined. Those customers and CACI's signals-intelligence, electronic-warfare, cyber-operations and mission-systems work make defense and intelligence the dominant business activity. The financial screen also fails on 44.65% debt/assets. This is a screening judgment, not a fatwa or personalized investment advice.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
5,180.577 / 11,602.847
157.996 / 11,602.847
1,664.776 / 11,602.847
- Financial
- Fails
- Overall
- Fails
Debt is 44.65% of assets, above the examined 33.333% limit; liquidity is 1.36% and receivables plus cash are 14.35%. The business-activity screen also fails because defense and intelligence are dominant.
- Financial
- Fails
- Overall
- Fails
Debt is 44.65% of assets, above the examined 33.33% MSCI limit; liquidity and receivables plus cash pass their known asset-based limits, but the dominant defense and intelligence business fails the qualitative screen. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 44.65% of assets, above the examined 33% Malaysia SAC limit. DoD and Intelligence Community revenue is 79.88% of the quarter, so the qualitative business-activity screen also fails; this is 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
CACI provides expertise and technology primarily to the U.S. Department of Defense and Intelligence Community, including mission support, intelligence analysis, cyber operations, signals intelligence, electronic warfare, secure communications and mission-systems integration. The dominant customer and capability mix is defense and intelligence rather than general-purpose commercial IT.
Limitation: The filing quantifies customer type but does not allocate every contract dollar between defensive, offensive, dual-use, administrative and civilian activities. The $1,877.863 million DoD-plus-IC figure is a conservative disclosed lower-bound proxy for the dominant defense-and-intelligence activity, not a claim that every contract dollar has one universal ruling.
Purification
CACI reports interest expense and other, net of $52.267 million but does not separately disclose interest income. No fixed purification percentage is calculated; the qualitative business-activity failure is the binding screen.
Inputs, assumptions and primary sources
- Inputs use CACI International's March 31, 2026 Form 10-Q; amounts are USD millions after converting the filing's thousands presentation.
- Interest-bearing debt uses $5,180.577 million of total long-term debt, including the $46.750 million current portion and $5,133.827 million net long-term portion. Operating leases, retirement-plan obligations and other liabilities are excluded.
- Cash uses $157.996 million of cash and cash equivalents. No separately identified interest-bearing securities balance is reported and none is added.
- Receivables use $1,506.780 million of net accounts receivable, which includes billed and current unbilled contract receivables. Noncurrent contract assets and other current assets are excluded.
- Quarterly revenue was $2,351.002 million. The statement reports $52.267 million of interest expense and other, net; it does not provide a reproducible interest-income numerator, so non-compliant income is unavailable rather than estimated.
- Customer revenue was $1,295.628 million from DoD, $582.235 million from the Intelligence Community, $373.582 million from federal civilian agencies and $99.557 million from commercial and other customers. DoD plus IC were 79.88% of quarterly revenue.
- CACI acquired ARKA Group for approximately $2,642.7 million net of cash on March 9, 2026 and financed the transaction with additional term-loan and notes capacity. The filing reports $33.4 billion of total backlog and $12.3 billion of remaining performance obligations.
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.
The quantitative calculation uses CACI's third-quarter fiscal 2026 Form 10-Q for the period ended March 31, 2026. It separates the filing-backed financial ratios from the qualitative business-activity conclusion and does not claim a particular third-party index membership.
Current Quantitative Screen (March 31, 2026)
- Interest-bearing debt / assets: 44.65% — $5,180.577 million of total long-term debt
- Cash + interest-bearing securities / assets: 1.36% — $157.996 million of cash; no separate securities balance is reported
- Receivables + cash / assets: 14.35% — $1,506.780 million of receivables plus cash
- Interest income / revenue: Not calculated — the filing reports $52.267 million of interest expense and other, net, not a reproducible interest-income numerator
- Disclosed defense/intelligence activity proxy: $1,877.863 million, or 79.88% of quarterly revenue; this is a conservative customer-based proxy, not a claim that every contract dollar has one universal ruling
- Market-cap denominator methods: Not calculated because a licensed, reproducible historical market-cap series is not stored
Debt/assets fails the examined FTSE Yasaar, MSCI and Malaysia SAC asset-based limits. Liquidity and receivables-plus-cash pass their known limits, but that does not cure either the leverage failure or the binding business-activity screen.
CACI's Business Activity
CACI describes two broad offerings: expertise and technology for government customers. The work includes mission support, intelligence analysis, cyber operations, signals intelligence, electronic warfare, secure communications, software and mission-systems integration. The company reports revenue by customer type: Department of Defense, Intelligence Community, federal civilian agencies, and commercial and other customers.
For the quarter, DoD revenue was $1,295.628 million (55.11% of revenue) and Intelligence Community revenue was $582.235 million (24.77%). Federal civilian agencies were $373.582 million (15.89%), while commercial and other customers were $99.557 million (4.23%). The 79.88% DoD-plus-IC concentration is a direct, current measure of the defense and intelligence exposure rather than an unsupported estimate.
Why the Qualitative Screen Fails
1. Defense and intelligence are the dominant customer base
CACI states that approximately 78% of revenue comes from DoD and Intelligence Community customers over the relevant reporting period; its quarter-level table gives a 79.88% combined share. This is not a general-purpose software vendor with incidental government customers. National-security missions are the economic center of the company.
2. Capabilities include direct military functions
Signals intelligence, electronic warfare, offensive cyber support, mission systems and secure communications are directly connected to military and intelligence operations. Scholars can differ on some dual-use federal IT vendors, but the concentration and capability mix here make CACI materially different from a commercial cybersecurity or enterprise-software provider.
3. Acquisition and leverage changed the current screen
CACI acquired ARKA Group for approximately $2.64 billion net of cash on March 9, 2026. The filing shows additional term-loan and notes capacity, total debt/assets of 44.65%, and $33.4 billion of total backlog. Future filings should recheck acquired activities, debt, customer mix and contract concentration.
4. Financing and income disclosure
The filing reports interest expense and other, net rather than gross interest income. CACI also uses receivable sales and $900 million of interest-rate swaps to manage financing and working-capital exposure. Because an interest-income numerator is not reproducible, no invented purification percentage is applied; the qualitative failure is already decisive.
5. Legal and human-rights diligence
The filing states that a March 2026 appellate decision affirmed a $42 million judgment related to alleged conduct involving the U.S. military. Legal, governance and human-rights considerations reinforce the need for independent diligence, although the defense-and-intelligence business screen does not depend on this litigation outcome.
How to Read the Result
CACI fails both sides of this review: debt/assets is above the examined asset-based limits, and DoD plus Intelligence Community revenue is 79.88% of the quarter. The federal-civilian and commercial portions do not offset the dominant defense and intelligence profile.
- FTSE Yasaar total-assets screen — Fails debt/assets at 44.65% ❌
- MSCI Islamic total-assets screen — Fails debt/assets at 44.65% ❌
- Malaysia SAC asset-based financial ratios — Fails debt/assets at 44.65% ❌
- Qualitative business activity — Fails because defense and intelligence are the dominant activity ❌
Bottom Line
CACI International (CACI) is haram under the retained ZakatInvest screen. The company's dominant DoD and Intelligence Community revenue and direct national-security capabilities fail the qualitative business-activity test, while the current debt/assets ratio also fails the examined financial thresholds. Investors seeking general-purpose technology exposure should distinguish commercial cybersecurity and IT services from defense-and-intelligence contractors.
Review a commercial cybersecurity or technology company with its current quantitative and qualitative screen.
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