The Short Answer
Oshkosh stock (OSK) is halal on the known asset-based financial screen, but the overall result remains incomplete. Designing and building specialty trucks, fire and emergency apparatus, defense vehicles, and aerial work platforms is generally permissible, while defense, government and customer end-use activity still requires qualitative review.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,146.8 / 9,961.1
250.3 / 9,961.1
2,451.7 / 9,961.1
4.5 / 2,317.8
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 11.51%, liquidity/assets is 2.51%, receivables plus cash/assets is 24.61%, and disclosed interest income is 0.19%; known financial ratios pass, while business classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables-plus-cash are below the examined MSCI total-assets limits; this is not an index-membership claim and activity revenue remains undisclosed.
- Financial
- Pass
- Overall
- Incomplete
Debt and identifiable liquidity are below 33% of total assets; this is a calculation against SAC ratios, not an official classification, and activity revenue remains unavailable.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical issuer market-cap series is not stored, so market-cap methods are not estimated from a current spot price.
Business-activity disclosure
Oshkosh designs and manufactures access equipment, vocational vehicles, fire and emergency apparatus, refuse and airport products, defense vehicles and delivery vehicles. Specialty-vehicle manufacturing is generally permissible, while defense, government contracts, end uses and product-specific activity require continuing qualitative review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for defense, government, customer end use, contracts or incidental financial income.
Purification
Oshkosh discloses $4.5 million of interest income, or 0.19% of quarterly sales, but does not prescribe a scholar-approved purification percentage and does not quantify all potentially screened activity revenue.
Inputs, assumptions and primary sources
- Amounts are USD millions from Oshkosh's March 31, 2026 Form 10-Q.
- Debt combines $546.2 million of revolving facilities and current maturities with $600.6 million of long-term debt; operating leases are excluded.
- Cash and cash equivalents are $250.3 million; no separate interest-bearing securities balance is identified.
- Receivables use $1,503.2 million of receivables plus $698.2 million of unbilled receivables. First-quarter net sales are $2,317.8 million.
- Disclosed interest income is $4.5 million; the filing does not provide a universal prohibited-activity 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.
Oshkosh's March 31, 2026 filing shows debt/assets of 11.51%, liquidity/assets of 2.51%, receivables-plus-cash/assets of 24.61% and disclosed interest income of 0.19% of quarterly sales. These known ratios pass the examined asset-based limits; the stored result remains incomplete because product end use and a universal prohibited-revenue numerator are not disclosed.
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)
Oshkosh's Business Activity
Oshkosh Corporation is a diversified specialty-vehicle and equipment manufacturer. Its activity is:
- Access equipment: Aerial work platforms and telehandlers (JLG)
- Vocational vehicles: Fire apparatus, refuse-collection, and airport products
- Defense and transport: Tactical military vehicles and postal/delivery vehicles
Manufacturing vehicles and equipment is a clearly permissible activity with no haram revenue line of its own.
Why OSK's Business Is Generally Permissible
1. Permissible Core Business
Building trucks, emergency apparatus, defense vehicles, and access equipment is a halal manufacturing business. There is no gambling, conventional banking, alcohol, or other prohibited line at the heart of the business.
2. Current Debt Ratio Passes the Asset Screen
The March 31, 2026 filing reports debt/assets of 11.51%, below the examined 33% asset-based limits. A reproducible historical market-cap series is not stored, so market-cap denominator methods are not estimated from a spot price.
3. Receivables and Interest to Check
Receivables plus cash/assets is 24.61% on the stored proxy and disclosed interest income is 0.19% of quarterly sales. These known figures pass the examined limits, while defense, government and customer end-use activity remains qualitative.
Current Filing-Based Quantitative Screen
Oshkosh's March 31, 2026 Form 10-Q reports the following transparent total-assets proxies:
- Debt / assets: 11.51% — below the examined 33.333% limits ✅
- Liquidity / assets: 2.51% — below the examined limits ✅
- Receivables + cash / assets: 24.61% — below the examined limits ✅
- Interest income / sales: 0.19% disclosed — below the examined FTSE 5% limit ✅
- Business activity: Manufacturing is generally permissible; defense and end use remain qualitative ⚠️
Methodology Interpretation
The stored record applies transparent total-assets proxies for FTSE Yasaar, MSCI Islamic and Malaysia SAC-style tests. The known financial ratios pass, but this is not a third-party index or app classification and the business-activity numerator remains unavailable.
- FTSE Yasaar-style asset tests: known financial ratios pass; activity remains incomplete
- MSCI Islamic-style asset tests: known financial ratios pass; activity remains incomplete
- Malaysia SAC-style ratios: known financial ratios pass; not an official classification
- Market-cap denominator: not calculated from a reproducible licensed series
Bottom Line
Oshkosh (OSK) has passing known quantitative ratios in the current filing-based analysis, but the overall result remains incomplete pending qualitative review of defense, government and customer end-use activity. Re-screen after the next filing and follow the scholar or methodology you use for purification.
For Muslim investors seeking industrial-equipment exposure, compare OSK with peers like PACCAR (PCAR), Cummins (CMI), and Terex-style access-equipment makers.
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