The Short Answer
DoubleVerify's business activity is qualitatively HALAL and its known filing-based financial ratios PASS, but the overall screen remains INCOMPLETE. The March 31, 2026 filing shows a small finance-lease balance and does not provide a universal prohibited-content revenue numerator.
Developing and licensing ad-measurement and verification software is generally permissible at the activity level, and brand-safety tools can reduce exposure to objectionable content. The filing reports debt/assets of 0.86%, liquidity/assets of 13.64%, receivables-plus-cash/assets of 31.10% and interest income of 0.54% of revenue; customer content and end-use revenue remain qualitative.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
10.981 / 1,274.407
173.802 / 1,274.407
396.361 / 1,274.407
0.968 / 180.825
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.86%, liquidity/assets is 13.64%, receivables-plus-cash/assets is 31.10% and interest income is 0.54%; known ratios pass, while activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known financial ratios pass; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and income ratios pass; this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored.
Business-activity disclosure
DoubleVerify provides advertising measurement, fraud detection, brand-safety and verification technology. The software activity is generally permissible, while advertiser content, alcohol, gambling, entertainment and other customer end uses are not universally quantified.
Limitation: The filing does not provide a universal prohibited-content or customer-activity revenue numerator; the activity conclusion remains qualitative.
Purification
DoubleVerify discloses interest income of $0.968 million, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from DoubleVerify's March 31, 2026 Form 10-Q.
- Finance-lease obligations total $10.981 million and are included; the undrawn $200 million revolving facility and operating leases are excluded.
- Cash and cash equivalents are $173.802 million; no separately identified interest-bearing securities balance is added.
- Trade receivables, net of allowances, are $222.559 million and first-quarter revenue is $180.825 million.
- The filing discloses $0.968 million of interest income; no fixed purification percentage is prescribed.
- Advertising measurement and verification software is generally permissible, but customer content and end-use revenue are not reduced to a universal prohibited-revenue numerator.
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)
DoubleVerify's Business Activity
DoubleVerify's media-measurement and verification platform provides:
- Fraud and invalid-traffic detection: Confirming ads are seen by real humans
- Viewability measurement: Verifying ads are actually viewable
- Brand suitability and safety: Keeping ads out of unsafe or off-brand content
Developing and licensing this software is permissible at the activity level — DoubleVerify measures and verifies advertising rather than producing the underlying content.
Concerns to Be Aware Of
1. Digital-Advertising Ecosystem Exposure
DoubleVerify operates within the digital-advertising ecosystem, which carries content and brand exposure beyond the company's control. Its core function, however, is measurement and brand-safety verification rather than serving or monetizing the underlying content — many would argue this role is broadly positive.
2. Interest Income
The filing discloses $0.968 million of interest income, or 0.54% of quarterly revenue. ZakatInvest reports the figure but does not prescribe a fixed purification percentage.
3. Debt Ratio and Profitability
Finance-lease obligations total $10.981 million, or 0.86% of assets; the $200 million revolving facility was undrawn at period end. GAAP profitability and stock-based compensation remain business considerations.
Filing-Based Ratios (March 31, 2026)
Using DoubleVerify's latest Form 10-Q (USD millions):
- Debt / total assets: 0.86%
- Cash + securities / total assets: 13.64%
- Receivables + cash / total assets: 31.10%
- Interest income / revenue: 0.54%
Methodology Interpretation
These are ZakatInvest calculations from the cited filing, not claims of current index membership or an official scholar ruling:
- FTSE-style: Known ratios and income pass; activity remains incomplete.
- MSCI-style: Known financial ratios pass; this is not an index-membership claim.
- Malaysia-style: Known debt, liquidity and income ratios pass; this is not an official classification.
Bottom Line
DoubleVerify (DV) has a generally permissible advertising-measurement business and passes the known filing-based ratios. Because customer content, advertiser categories and end-use revenue are not reduced to a universal prohibited-revenue numerator, the overall result remains incomplete rather than a universal halal certification; investors should apply the methodology they follow.
For Muslim investors seeking software exposure, DV sits alongside other halal-screened names like Datadog (DDOG) and ServiceNow (NOW).
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