The Short Answer
CyberArk's core business was generally permissible, but its final standalone screen is doubtful. The December 2025 filing shows debt/assets of 25.38%, but identifiable cash, deposits and marketable securities were 43.38% of assets—above the examined asset-based liquidity limits. CyberArk was then acquired by Palo Alto Networks and CYBR was delisted in February 2026, so this page is a historical screen rather than a current buy or sell recommendation.
Current quantitative Sharia screen
Based on 6-K figures for the period ended 2025-12-31; calculated 2026-07-13.
1,222.404 / 4,816.975
2,089.772 / 4,816.975
996.987 / 4,816.975
62.035 / 1,361.118
- Financial
- Fails
- Overall
- Fails
Debt is 25.38%, receivables plus cash are 20.70% and the conservative financial-income proxy is 4.56%, but identifiable cash, deposits and marketable securities are 43.38% of assets, above the examined 33.333% liquidity limit.
- Financial
- Fails
- Overall
- Fails
Debt is 25.38% and receivables plus cash are 20.70%, but identifiable liquidity is 43.38% of assets, above the examined MSCI 33.33% total-assets limit. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 25.38% but identifiable cash, deposits and marketable securities are 43.38% of assets, above the examined Malaysia SAC 33% liquidity limit. This is a contextual calculation, not an official classification of a delisted foreign security.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series around the merger and delisting is not stored, so no unsupported market-cap percentage is substituted for the filing-backed asset-based calculation.
Business-activity disclosure
CyberArk provides identity-security and cybersecurity software, including privileged-access management, secrets management, workforce and customer identity, identity governance and machine identity. That core software activity is generally permissible, but public reporting does not allocate revenue into a universal prohibited-revenue numerator and the standalone security is no longer listed after the Palo Alto Networks transaction.
Limitation: The 6-K reports consolidated subscription and maintenance/service revenue but does not provide a scholar-approved prohibited-revenue classification by customer, government contract, downstream use or product feature. No exact prohibited-revenue percentage is invented.
Purification
Financial income, net was $62.035 million, or 4.56% of revenue, but the 6-K does not separately disclose gross interest income or prescribe a scholar-approved purification percentage. Readers should follow their qualified scholar or chosen methodology.
Inputs, assumptions and primary sources
- Inputs use CyberArk's December 31, 2025 unaudited consolidated balance sheet and statement of operations furnished in the February 4, 2026 Form 6-K; amounts are USD millions.
- Interest-bearing debt uses the $1,222.404 million net convertible senior notes balance. Trade payables, deferred revenue, leases and other operating liabilities are excluded.
- Cash uses $623.209 million of cash and cash equivalents. Interest-bearing securities use $410.865 million of short-term bank deposits plus $508.218 million of current and $547.480 million of long-term marketable securities. This deliberately identifies the disclosed cash, deposits and marketable-securities pool rather than treating operating assets as liquidity.
- Trade receivables use the reported $373.778 million net balance. Total revenue was $1,361.118 million for 2025.
- Financial income, net was $62.035 million. Because the release does not separately decompose interest income, this is a conservative upper-bound proxy for the income screen, not a scholar-approved purification percentage.
- CyberArk's core identity-security, privileged-access, secrets, workforce/customer identity and machine-identity software is generally permissible at the activity level; consolidated revenue is not allocated into a universal prohibited-revenue numerator.
- CyberArk Form 25-NSE filings show the CYBR listing was terminated on February 11, 2026 after the Palo Alto Networks transaction. This record is a historical final standalone screen, not a recommendation to buy a currently listed CYBR security.
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 calculation uses CyberArk's December 31, 2025 consolidated figures furnished in its February 4, 2026 SEC Form 6-K. Those statements were unaudited; the page labels the period and the delisting so readers do not mistake an old CYBR result for a live quote.
Final Standalone Quantitative Screen (December 31, 2025)
- Interest-bearing debt / assets: 25.38% — $1,222.404 million of convertible senior notes
- Cash + identifiable interest-bearing securities / assets: 43.38% — $623.209 million cash plus $1,466.563 million of deposits and marketable securities
- Receivables + cash / assets: 20.70% — $373.778 million of trade receivables plus cash
- Conservative financial-income proxy / revenue: 4.56% — $62.035 million of financial income, net, divided by $1,361.118 million of revenue
- Market-cap denominator methods: Not calculated because a licensed historical merger-period market-cap series is not stored
Debt and receivables-plus-cash pass the examined asset-based limits. The identifiable liquidity pool does not: it is above the FTSE Yasaar, MSCI and Malaysia SAC thresholds used in this record. The 4.56% financial-income figure is a conservative upper bound because the 6-K does not decompose gross interest income from other financial income.
CyberArk's Business Activity
CyberArk provides identity-security software: privileged-access management, secrets management for applications and machines, workforce and customer identity, identity governance and machine-identity products. Venafi and Zilla expanded that perimeter. General-purpose cybersecurity and access-control software is generally permissible at the activity level; CyberArk sells software rather than lending, insurance or weapons systems.
CyberArk served banks, insurers, healthcare companies, technology businesses and government agencies. Customer industries do not automatically convert software revenue into prohibited revenue, but the public filing does not allocate revenue by customer contract, downstream use or a universal Sharia category. The business-activity result therefore remains incomplete rather than being overstated as a blanket certification.
Qualitative Concerns
1. Liquidity is the decisive financial failure
CyberArk held $2.090 billion of cash, deposits and marketable securities against $4.817 billion of assets. The 43.38% identifiable-liquidity ratio is above the examined 33% asset-based limits even though debt/assets was only 25.38%. Different scholars or screeners may classify individual instruments differently, so the record states exactly what is included rather than calling it an official index result.
2. Financial income needs methodology-specific treatment
Financial income, net was $62.035 million, or 4.56% of revenue. Because the release does not separate interest income, investment gains and other components, ZakatInvest uses that line as a conservative upper-bound proxy. It is not a fixed purification percentage and should not be treated as one.
3. Acquisitions changed the perimeter
Venafi contributed machine-identity products and Zilla Security expanded identity capabilities. The 2025 figures include those acquisitions, so older pages that describe CyberArk as a smaller privileged-access company are incomplete. Any historical comparison should use the stated period.
4. CYBR is no longer a standalone listed security
Palo Alto Networks announced the acquisition in 2025, and SEC Form 25-NSE filings show the CYBR listing was terminated on February 11, 2026. Readers seeking current PANW exposure need a separate PANW screen; this historical CYBR result should not be presented as a live ticker recommendation.
How to Read the Result
- FTSE Yasaar total-assets screen — Fails identifiable liquidity at 43.38% ❌
- MSCI Islamic total-assets screen — Fails identifiable liquidity at 43.38% ❌
- Malaysia SAC asset-based financial ratios — Fails identifiable liquidity at 43.38% ❌
- Identity-security software business — Generally permissible activity ✅
- Prohibited-revenue allocation and purification — Not fully disclosed; methodology-dependent ⚠️
- Current standalone investment availability — CYBR delisted after the PANW transaction ℹ️
Bottom Line
CyberArk was a generally permissible identity-security business, but the final standalone quantitative screen is doubtful because identifiable liquidity was 43.38% of assets. Since CYBR was delisted after the Palo Alto Networks acquisition, use this page as a dated historical analysis and review PANW separately for any current investment decision.
Compare currently listed cybersecurity companies with their latest quantitative and qualitative records.
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