The Short Answer
Mueller Water Products stock (MWA) is halal on the stored known-ratio screen, with a methodology caveat. The March 31, 2026 filing shows debt/assets of 24.00%, but the conservative receivables-plus-cash proxy is 33.40%, just above the examined MSCI 33.33% limit.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
452.4 / 1,884.8
421 / 1,884.8
629.6 / 1,884.8
- Financial
- Incomplete
- Overall
- Incomplete
Known debt/assets is 24.00%, liquidity is 22.34% and receivables plus cash is 33.40%, within examined FTSE limits, but gross interest income is unavailable.
- Financial
- Fails
- Overall
- Fails
Receivables plus cash is 33.40%, slightly above the examined 33.33% total-assets limit; debt and liquidity are below their limits.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 24.00% and liquidity is 22.34%, 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
Mueller Water Products makes valves, hydrants and related water-infrastructure products. Municipal and industrial water infrastructure is generally permissible, subject to end-use and contract review.
Limitation: The filing does not provide a reproducible prohibited-revenue numerator for end uses or a gross interest-income figure.
Purification
Gross interest income is not separately disclosed and no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Mueller Water Products' March 31, 2026 Form 10-Q and rounded to one decimal.
- Debt combines $1.4 million current and $451.0 million long-term debt; operating leases are excluded.
- Cash is $421.0 million and no separately identified interest-bearing securities are added.
- Accounts receivable is $208.6 million and first-quarter revenue is $384.4 million; gross interest income is not separately disclosed.
- Receivables plus cash is 33.40%, only slightly above the examined MSCI 33.33% total-assets threshold; methodologies differ.
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)
Mueller Water Products' Business Activity
Mueller Water Products, Inc. is a maker of products and services for water and wastewater infrastructure. Its activity is:
- Water flow: Iron gate valves, specialty valves, and fire hydrants
- Metering and technology: Water meters, metering systems, and leak-detection technology
- Infrastructure services: Products that help utilities monitor and manage distribution networks
Manufacturing water-infrastructure products is a clearly permissible activity with no haram revenue line of its own.
Why MWA Is Halal
1. Permissible Core Business
Making valves, hydrants, and metering for water systems is a halal manufacturing business. There is no gambling, conventional banking, alcohol, or other prohibited line at the heart of the business.
2. Debt Ratio Is the Main Screen
Mueller Water reports $452.4 million of interest-bearing debt against $1,884.8 million of assets, or 24.00%. That known debt proxy passes the examined FTSE Yasaar, MSCI and Malaysia limits.
3. Receivables and Interest to Check
The filing reports cash of $421.0 million and accounts receivable of $208.6 million, or 33.40% combined with cash/assets. Gross interest income and a universal prohibited-revenue numerator are not separately disclosed.
Current Filing-Based Quantitative Screen
Based on Mueller Water Products' March 31, 2026 Form 10-Q:
- Debt / Assets: 24.00% — below the examined limits ✅
- Liquidity / Assets: 22.34% — below the examined limits ✅
- Receivables + Cash / Assets: 33.40% — just above the examined MSCI limit ⚠️
- Business activity: Generally permissible, but activity revenue is not quantified ⚠️
Methodology Interpretation
MWA is methodology-dependent: the known financial ratios pass FTSE Yasaar and Malaysia proxies, while the examined MSCI receivables-plus-cash proxy is 33.40%. Activity classification remains incomplete.
- FTSE Yasaar asset screen — financial PASS
- MSCI total-assets proxy — financial FAIL on receivables plus cash
- Malaysia SAC asset ratios — financial PASS
Bottom Line
Mueller Water Products (MWA) is halal on the stored known-ratio screen, with methodology-dependent results. Its water-infrastructure business is generally permissible and debt is below the examined limits, but the receivables-plus-cash proxy is 33.40% under the conservative MSCI test. Activity and purification remain incomplete. (This is Mueller Water Products, MWA — distinct from Mueller Industries, MLI.)
For Muslim investors seeking water-infrastructure exposure, compare MWA with peers like Xylem (XYL), Watts Water (WTS), and Badger Meter (BMI).
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