The short answer
HP Inc. (HPQ) remains HALAL under ZakatInvest's qualitative core-business assessment. The qualitative verdict is HALAL because the known total-assets financial ratios pass, while the FTSE income test remains incomplete because the current filing does not separately disclose interest income. HP primarily provides personal systems, printing hardware, supplies, software licenses and support services, which are generally permissible technology commerce. The current filing also reports $9.666 billion of debt, operating leases, supplier-finance arrangements and broad customer and product categories, so the older “moderate debt and every screen passes” summary is no longer accurate.
This is a reproducible research screen, not a fatwa or investment recommendation. Scholars can differ on debt, lease, derivative, product, customer end-use and public-sector contract treatment.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-13.
9,666 / 42,936
3,828 / 42,936
9,828 / 42,936
- Financial
- Incomplete
- Overall
- Incomplete
Debt is 22.51%, identifiable liquidity is 8.92% and receivables plus cash is 22.89%; those known measures are below the examined FTSE limits, but the filing does not separately disclose interest income and business activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 22.51%, identifiable liquidity is 8.92% and receivables plus cash is 22.89%, below the examined MSCI total-assets limits. This is a calculation against the named method, not an index-membership claim, and business allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 22.51% and identifiable liquidity is 8.92%, below the examined 33% Malaysia SAC financial limits. This is a calculation against SAC ratios, not an official SAC classification of a U.S.-listed security; screened business revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
HP provides personal systems, printing, supplies, software licenses, support services and subscriptions. Computing and printing hardware and ordinary business support are generally permissible commerce, while product categories, customer end use, software use and services contracts require continuing qualitative review.
Limitation: The filing reports Personal Systems and Printing revenue and separates products from services, but does not isolate revenue by customer industry, government or defense end use, software use, advertising, contract type, product category or other potentially prohibited activity into a universal numerator.
Purification
The filing does not separately disclose interest income for the quarter and does not provide a universal screened operating-revenue allocation by product, customer or end use. No fixed purification percentage is prescribed here; readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Debt uses HP's reported $9.666 billion total debt: $810 million of current debt and $8.856 billion of long-term debt. Operating lease liabilities are not added to the conventional debt input, but remain a qualitative consideration.
- Cash uses the reported $3.703 billion of cash, cash equivalents and restricted cash. The filing separately reports $125 million of available-for-sale investments, including financial-institution instruments and marketable securities or mutual funds; these are included as interest-bearing securities without double-counting cash equivalents.
- Receivables use the reported $6.125 billion net accounts receivable balance. Revenue uses $14.408 billion of total net revenue for the three months ended April 30, 2026: $13.563 billion of products and $845 million of services.
- The filing reports interest expense, factoring costs and other net items, but does not separately disclose interest income for the quarter. No estimated interest-income numerator is entered.
- HP reports products revenue from hardware, supplies, subscriptions and software licenses and services revenue from support and other offerings, but does not quantify a universal prohibited-revenue numerator by product, customer, contract or end use. No zero-haram-revenue claim is entered.
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.
Current quantitative screen
The calculations above use HP's official filing (Form 10-Q for the quarter ended April 30, 2026). Amounts are in USD millions and use total assets as the denominator so the inputs can be reproduced from the filing.
- Total debt / assets: 22.51%, using $9.666 billion of current and long-term debt. Operating lease liabilities are excluded from this conventional debt input.
- Cash plus separately identified available-for-sale investments / assets: 8.92%, using $3.703 billion of cash, cash equivalents and restricted cash plus $125 million of available-for-sale investments.
- Receivables plus cash / assets: 22.89%, using $6.125 billion of net accounts receivable and the reported cash balance.
- Interest income / revenue: Not calculated. The filing reports interest expense, factoring costs and other net items but does not separately disclose interest income for the quarter.
The reproduced FTSE Yasaar calculation is incomplete because the income input is unavailable; its known debt, liquidity and receivables measures are below the examined limits. MSCI's total-assets financial ratios pass, and Malaysia SAC's financial ratios pass. Those results are calculations against named methods, not index membership or an official classification of a U.S.-listed security. Market-cap-denominator methods are not calculated because this site does not store a licensed, reproducible historical market-cap series.
What HP does now
HP operates Personal Systems and Printing businesses. For the quarter ended April 30, 2026, it reported $14.408 billion of total net revenue: $13.563 billion from products and $845 million from services. Personal Systems revenue was $10.213 billion, while Printing revenue was $4.195 billion.
Products revenue includes hardware, supplies, subscriptions and software licenses. Services revenue includes support and other offerings on hardware devices. The company serves consumer, commercial, public-sector and international customers, but those broad categories do not by themselves establish a Sharia classification.
Qualitative considerations
- Core technology commerce: Personal computers, printers, supplies and ordinary business support are generally permissible products and services. General-purpose software and subscriptions can be used for different ends, so product-level and contract-level review remains appropriate.
- Customer and public-sector use: HP sells to commercial, consumer, public-sector and international customers. The filing does not quantify revenue by customer industry, government or defense end use. Selling ordinary computing equipment is not itself a prohibited activity, but end-use evidence can matter to a scholar’s analysis.
- Revenue categories: Products include hardware, supplies, subscriptions and software licenses; services include support and maintenance. HP does not disclose a universal prohibited-revenue numerator by product, customer, contract or use.
- Debt and leases: HP reports senior notes and other borrowings, $9.666 billion of total debt, operating lease liabilities and a $5 billion revolving credit facility. Those structures require methodology-specific review even though the known asset-based debt ratio is below the examined limits.
- Cash and investments: Cash equivalents include government-debt funds, and HP separately reports available-for-sale financial-institution instruments, marketable securities and mutual funds. The current filing does not support a made-up interest-income percentage.
- Operations and ethics: Supply-chain labor, component sourcing, tariffs, e-waste, data security, AI-enabled devices, warranty obligations, restructuring and cross-border operations remain continuing diligence questions.
What the financial evidence does—and does not—show
The filing supports a measured conclusion: HP has a generally permissible computing and printing core, and the known debt, liquidity and receivables ratios pass the examined total-assets limits. But the filing does not separately disclose interest income or a universal screened operating-revenue allocation, so a complete conclusion cannot be inferred from the known ratios alone.
Bottom line
HP Inc. is presented as HALAL on ZakatInvest's qualitative core-business assessment, with known MSCI and Malaysia financial ratios passing and the FTSE calculation incomplete. Investors who use a method that treats cash equivalents, debt, leases, derivatives or public-sector end use differently should review the inputs with a scholar. No fixed purification percentage is prescribed here.
Computing and printing products are generally permissible, while debt, investments, services, customer end use and unavailable income data require continuing review.
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