The Short Answer
Primoris Services stock (PRIM) has a qualitative business verdict that is HALAL and passes the known filing-based financial ratios, but the overall screen remains incomplete. Primoris is a specialty-contracting and infrastructure company.
Engineering, construction, and infrastructure-maintenance services are generally permissible at the activity level. The March 31, 2026 filing reports debt/assets of 10.76%, liquidity/assets of 8.58% and receivables-plus-cash/assets of 26.48%; gross interest income and activity classification remain incomplete.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
453.5 / 4,213.6
361.5 / 4,213.6
1,115.9 / 4,213.6
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 10.76%, liquidity/assets is 8.58% and receivables-plus-cash/assets is 26.48%; the filing does not separately disclose gross interest income and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios pass the examined limits; activity remains incomplete and this is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios pass the examined Malaysia limits; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Primoris provides construction, engineering and maintenance services for utilities, energy, transportation and industrial infrastructure. These general-purpose services are generally permissible, but the filing does not provide a universal prohibited-revenue numerator for customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; customer and project allocation remains qualitative.
Purification
The filing reports net interest expense but does not separately disclose gross interest income; ZakatInvest does not infer a purification amount.
Inputs, assumptions and primary sources
- Amounts are USD millions from Primoris Services' March 31, 2026 Form 10-Q.
- Debt is current and non-current long-term debt of $57.2 million and $396.3 million; operating lease liabilities are excluded.
- Cash is $361.5 million and net accounts receivable is $754.4 million; contract assets are not added to avoid treating unbilled performance rights as receivables.
- First-quarter revenue is $1,559.9 million. The filing reports net interest expense rather than a separable gross interest-income numerator.
- Infrastructure, utilities and energy-services activity is retained as qualitative analysis; 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.
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)
Primoris' Business Activity
Primoris operates through two segments:
- Utilities: Power-delivery, gas-and-electric-utility, and communications infrastructure services
- Energy: Renewables (solar), pipeline, and industrial-energy engineering, procurement, and construction
These are general-purpose engineering-and-construction businesses building and maintaining infrastructure. This is permissible at the activity level.
Concerns to Be Aware Of
1. Leverage — The Primary Screen
The filing reports $453.5 million of current and non-current long-term debt. ZakatInvest does not substitute a debt-to-market-cap calculation because market capitalization is not part of this filing-based record; the named asset-based screens are shown separately.
2. Acquisition Activity
Primoris is an active acquirer of specialty-contracting businesses. Acquisition activity can affect leverage and goodwill, so the financial screen should be re-verified following material transactions.
3. Project-Based Earnings
As a project-based contractor, earnings can be lumpy and sensitive to project timing, fixed-price risk, and end-market spending. This is a business-cycle consideration rather than a Sharia screen concern.
Filing-Based Ratios (March 31, 2026)
Using Primoris' latest Form 10-Q (USD millions):
- Debt / total assets: 10.76%
- Cash + securities / total assets: 8.58%
- Receivables + cash / total assets: 26.48%
- Gross interest income: Not separately disclosed
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 pass; gross interest income and activity remain incomplete.
- MSCI-style: Known financial ratios pass; this is not an index-membership claim.
- Malaysia-style: Known debt and liquidity ratios pass; this is not an official classification.
Bottom Line
Primoris Services (PRIM) has a generally permissible infrastructure-services business and passes the known filing-based ratios. Because gross interest income and a universal prohibited-revenue numerator are not disclosed, the overall result remains incomplete rather than a universal halal certification; consult the methodology you follow.
For Muslim investors seeking infrastructure exposure, PRIM sits alongside other halal-screened names like EMCOR (EME) and Quanta Services (PWR).
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