The Short Answer
Quanta Services (PWR) is generally halal on the examined activity and current asset-based financial screens. Its infrastructure construction and maintenance services are generally permissible at the activity level. Public reporting does not allocate a universal prohibited-revenue numerator by project or end use, so this remains methodology-dependent rather than a claim of universal certification.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
5,891.614 / 25,746.618
364.761 / 25,746.618
7,962.727 / 25,746.618
2.908 / 7,874.787
- Financial
- Pass
- Overall
- Incomplete
Debt is 22.88%, liquidity is 1.42%, receivables plus cash are 30.93% and disclosed interest income is 0.04%; the examined financial ratios pass, while business revenue remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity, receivables plus cash and disclosed interest income pass the examined total-assets limits; no universal prohibited-revenue numerator is disclosed. This is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Debt is 22.88% and identifiable liquidity is 1.42% of total assets; the infrastructure-services activity is generally permissible, but screened business revenue remains undisclosed. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- 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
Quanta provides electric transmission and distribution, renewable-energy, underground utility, communications, water and wastewater, pipeline and data-center electrical construction and maintenance services. These general-purpose infrastructure services are generally permissible at the activity level.
Limitation: Public segment reporting does not provide a reproducible prohibited-revenue numerator by customer, project end use or infrastructure category, so no unsupported haram-revenue percentage is estimated.
Purification
Disclosed interest income is 0.04% of quarterly revenue and passes the examined income threshold, but no fixed scholar-approved purification rate is asserted and business-revenue allocation remains incomplete.
Inputs, assumptions and primary sources
- Assets use Quanta's consolidated total assets of $25,746.618 million at March 31, 2026.
- Interest-bearing debt uses the filing's $5,891.614 million total long-term debt obligations, including current maturities, borrowings, commercial paper and finance/lease debt; operating lease liabilities are not silently added.
- Cash uses $364.761 million of cash and cash equivalents. Money-market investments inside cash equivalents are not double-counted as separate securities.
- Accounts receivable uses $7,597.966 million of net accounts receivable; contract assets and retainage reported in other assets are not silently added.
- Quarterly revenue is $7,874.787 million and separately disclosed interest income is $2.908 million, or 0.04% of revenue.
- The filing does not allocate a universal prohibited-revenue numerator by utility, pipeline, energy, data-center or end use.
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.
This is a reproducible ZakatInvest calculation from Quanta's March 31, 2026 Form 10-Q. It is not an index-membership claim or a fatwa. Market-cap denominator methods are not estimated without a licensed historical market-cap series.
Sharia Screening Methodology
Islamic equity screens commonly examine business activity, interest-bearing debt, cash and securities, receivables and separately disclosed non-compliant income. Thresholds and denominators vary by methodology, so the named methods are shown separately.
Quanta Services' Business Activity
Quanta reports two segments: Electric Infrastructure and Underground and Infrastructure. Its work includes electric transmission and distribution, substations, grid modernization, renewable-energy engineering and construction, communications, water and wastewater, underground natural-gas distribution, pipeline integrity and data-center electrical construction. The company has expanded capabilities through acquisitions including Cupertino Electric and ECG.
These are general-purpose infrastructure services and are generally permissible at the activity level. Q1 2026 revenue was $7,874.787 million, but the filing does not provide a reproducible prohibited-revenue numerator by customer, project, utility, pipeline or end use. No unsupported haram-revenue percentage is estimated.
Qualitative Concerns
1. Utility and public-infrastructure customers
Customers include investor-owned, municipal and cooperative utilities and other infrastructure owners. Quanta's construction role is distinct from operating a utility or financing customers, but project-level use remains a reasonable qualitative review topic.
2. Underground and natural-gas work
Underground and Infrastructure includes natural-gas distribution, pipeline-integrity, communications, water and wastewater work. These services are generally permissible, while some investors apply additional environmental-stewardship or end-use scrutiny.
3. Renewable energy and data centers
Renewable-energy and data-center electrical construction are growing end markets. Public disclosures do not isolate every project or customer use, so the numerical screen does not replace qualitative diligence.
4. Leverage and acquisitions
Quanta carries senior notes, credit-facility borrowings, commercial paper and finance leases. Acquisitions, backlog execution, debt repayment and changes in project mix should trigger a fresh screen.
Current Financial Ratios (March 31, 2026)
- Interest-bearing debt / assets: 22.88% — below the examined 33% limits ✅
- Cash + interest-bearing securities / assets: 1.42% — below the examined liquidity limits ✅
- Receivables + cash / assets: 30.93% — below the examined 50% limit ✅
- Disclosed interest income / revenue: 0.04% — below the examined 5% threshold ✅
- Prohibited-revenue numerator: Not disclosed; project and end-use allocation remains incomplete
How to Read the Result
PWR is methodology-dependent but financially passing in this review. The examined asset-based ratios and disclosed interest-income ratio pass, while project-level business-revenue allocation remains qualitative.
- FTSE Yasaar asset-based financial screen — Passes at 22.88% debt/assets ✅
- MSCI Islamic total-assets financial screen — Passes at 22.88% debt/assets ✅
- Malaysia SAC asset-based financial screen — Passes at 22.88% debt/assets ✅
Bottom Line
Quanta Services (PWR) is currently generally halal with an incomplete business-activity allocation. Its infrastructure-services activity and latest asset-based ratios pass, while utility, pipeline, environmental, project and acquisition questions remain qualitative diligence topics. Investors should consult their preferred Sharia adviser for their own standard.
PWR's current asset-based ratios and disclosed interest-income ratio pass, while project and end-use allocation remains qualitative.
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