The Short Answer
NuScale Power stock (SMR) is currently classified as HALAL in the qualitative catalog, but its March 31, 2026 filing-based quantitative result does not pass. Nuclear-reactor technology is generally permissible and the filing reports no debt, while liquidity and investment-income screens require caution.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 1,148.327
890.129 / 1,148.327
349.597 / 1,148.327
10.835 / 0.565
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined 33.333% limit, and the conservative investment-income proxy is 1,917.70% of revenue; debt/assets is 0.00% and receivables-plus-cash/assets is 30.44%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined MSCI limit; debt/assets is 0.00% and receivables-plus-cash/assets is 30.44%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 77.52%, above the examined Malaysia limit; the financial-income proxy is also above the 5% benchmark. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the total-assets screen already fails on liquidity and the conservative income proxy.
Business-activity disclosure
NuScale designs and commercializes small modular nuclear reactor technology, licensing and engineering services. Nuclear-energy infrastructure is generally permissible, while project counterparties and end uses remain qualitative.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator by customer, project or downstream end use.
Purification
NuScale reports $10.835 million of investment income, but does not prescribe a scholar-specific purification percentage; the conservative ratio is a screen input rather than a purification instruction.
Inputs, assumptions and primary sources
- Amounts are USD millions from NuScale's March 31, 2026 Form 10-Q.
- The filing states that NuScale had no debt; the $7.185 million noncurrent-liability line is not described as interest-bearing debt and is excluded.
- Cash and cash equivalents are $341.129 million and short-term investments are $549.000 million; restricted cash of $5.100 million and the separately reported $118.634 million investments balance are excluded from the identifiable liquidity numerator.
- Accounts and other receivables are $8.468 million and first-quarter revenue is $0.565 million.
- The filing reports $10.835 million of investment income. It is used as a conservative upper-bound proxy for potentially non-compliant financial income, not as a purification prescription.
- Nuclear reactor technology and engineering are generally permissible, but no universal prohibited-revenue numerator is disclosed.
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 filing reports debt/assets of 0.00%, liquidity/assets of 77.52%, receivables plus cash/assets of 30.44%, and investment income of $10.835 million against $0.565 million of quarterly revenue. Liquidity and the conservative investment-income screen fail; the company is also pre-commercial.
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)
NuScale's Business Activity
NuScale Power Corporation designs and markets small modular nuclear reactors and related power-plant technology. Its activity is:
- SMR technology: Licensing its reactor design for clean baseload power
- Equipment supply: Supplying components and engineering for power plants
- Clean power generation: Enabling low-carbon electricity at scale
Developing and selling nuclear power technology is a permissible activity, and clean-energy generation aligns with Islamic principles of stewardship.
Why SMR Is Halal
1. Permissible Core Business
Clean nuclear power technology is a halal activity. There is no gambling, alcohol, conventional banking, or other prohibited line at the heart of the business.
2. Equity-Funded Balance Sheet
NuScale reports no debt in the latest filing, but its short-term investments and cash are 77.52% of total assets. That liquidity concentration, together with investment income that is large relative to minimal revenue, means a clean debt result does not produce an overall passing screen.
3. Early-Stage Caveats
NuScale is pre-commercial and not yet profitable. Investment income is a conservative upper-bound proxy rather than a scholar-approved purification percentage, so the ratios should be re-screened as commercial revenue and reactor financing develop.
Filing-Based Ratios (March 31, 2026)
Based on NuScale's latest Form 10-Q:
- Debt / Total Assets: 0.00% ✅
- Liquidity / Total Assets: 77.52% — above examined limits ⚠️
- Receivables + Cash / Total Assets: 30.44% ✅
- Investment Income / Revenue: 1,917.70% conservative upper bound ⚠️
- Prohibited-Product Revenue: No universal numerator disclosed — qualitative review required ⚠️
Methodology Interpretation
The current filing-based screen fails on liquidity/assets and the conservative investment-income proxy under the examined FTSE, MSCI and Malaysia-style limits. Nuclear-energy technology remains generally permissible, but project counterparties, end use and purification treatment require review.
- Core activity: Small modular reactor design, licensing and engineering
- Quantitative status: Debt passes; liquidity and income fail
- Scholar review: Confirm investment-income treatment and project end-use exposure
Bottom Line
NuScale Power (SMR) has a generally permissible core activity and remains classified as HALAL in the qualitative catalog, but the current filing-based result is not passing because liquidity/assets is 77.52% and the conservative investment-income proxy is above the examined threshold. It is also a speculative, pre-commercial holding.
For Muslim investors seeking clean-energy exposure, compare SMR with peers like Oklo (OKLO) and Tesla (TSLA).
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