The Short Answer
Tutor Perini stock (TPC) is doubtful under standard Sharia screening. Construction is itself a clearly permissible activity with no haram revenue line. The complication is financial: Tutor Perini has historically carried significant interest-bearing debt relative to its market capitalization and reports lumpy, litigation-affected earnings, so its total-debt-to-market-cap ratio frequently sits near or above the 33% threshold.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
398.896 / 5,137.579
1,058.887 / 5,137.579
3,448.193 / 5,137.579
- Financial
- Fails
- Overall
- Fails
Debt/assets is 7.76% and liquidity/assets is 20.61%, but receivables-plus-cash/assets is 67.12%, above the examined 50% limit.
- Financial
- Fails
- Overall
- Fails
Receivables-plus-cash/assets is 67.12%, above the examined MSCI 33.33% limit despite debt/assets passing.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 7.76% and liquidity/assets is 20.61%, below the examined Malaysia limits; this is not an official classification and the receivables concern remains qualitative under this method.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the receivables screens already fail under FTSE and MSCI-style asset tests.
Business-activity disclosure
Tutor Perini is a heavy-civil, building and specialty contractor for bridges, tunnels, transit, highways and major facilities. Construction is generally permissible, while disputed claims, customer concentration and project execution require qualitative review.
Limitation: The filing does not allocate revenue by downstream end use or provide a universal prohibited-revenue or non-compliant-income numerator.
Purification
The filing reports interest expense but no reproducible gross non-compliant-income numerator; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Tutor Perini's March 31, 2026 Form 10-Q.
- Debt combines current maturities of long-term debt of $8.109 million and long-term debt of $390.787 million.
- Cash is $802.979 million and restricted investments in debt securities are $255.908 million.
- The receivable proxy combines accounts receivable of $1,137.800 million, retention receivable of $699.946 million and costs and estimated earnings in excess of billings of $807.468 million, including claims and unapproved change orders.
- The filing reports interest expense but no reproducible gross non-compliant-income 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.
The current filing-based analysis confirms the receivable concern: the conservative proxy including retention and unbilled claims is above both FTSE- and MSCI-style limits. The stock remains doubtful even though debt/assets passes.
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)
Tutor Perini's Business Activity
Tutor Perini Corporation is a large general contractor. Its activity is:
- Civil: Bridges, tunnels, mass-transit, and highway projects
- Building: Hospitality, healthcare, and other major facilities
- Specialty contracting: Electrical, mechanical, and plumbing work
The activity is permissible; the deciding factors are the company's heavy debt load and large unbilled claims.
Why TPC Is Doubtful
1. Heavy Interest-Bearing Debt
Tutor Perini has historically carried significant interest-bearing debt relative to its market capitalization, so its total debt / market cap frequently sits near or above the 33% Sharia threshold. This is a deciding factor and is why the stock is treated as doubtful rather than clearly halal.
2. Elevated, Claim-Heavy Receivables
Large unbilled receivables and disputed claims can push the receivables ratio (total receivables / total assets) above the board's threshold (49–70%). Confirm this ratio on the latest filings alongside the debt screen.
3. Ratio-Dependent Verdict
The verdict is ratio-dependent and can change as the company pays down debt and resolves claims. Incidental interest income should also be checked against the 5% threshold and the corresponding portion of returns purified, though leverage and receivables — not interest income — are the binding screens here.
Current Filing-Based Quantitative Screen
Tutor Perini's March 31, 2026 Form 10-Q reports the following transparent total-assets proxies:
- Debt / assets: 7.76% — below the examined limits ✅
- Liquidity / assets: 20.61% — below the examined limits ✅
- Receivables + cash / assets: 67.12% — above FTSE 50% and MSCI 33.33% limits ❌
- Business activity: Heavy-civil construction is generally permissible; claims and project exposure remain qualitative ⚠️
Methodology Interpretation
The stored record applies transparent total-assets proxies for FTSE Yasaar, MSCI Islamic and Malaysia SAC-style tests. FTSE and MSCI-style screens fail on receivables; Malaysia-style debt and liquidity ratios pass but do not address the same receivables test. No third-party app classification is asserted.
- FTSE Yasaar-style asset tests: fail on receivables
- MSCI Islamic-style asset tests: fail on receivables
- Malaysia SAC-style ratios: known debt and liquidity ratios pass; not an official classification
- Market-cap denominator: not calculated from a reproducible licensed series
Bottom Line
Tutor Perini (TPC) is doubtful for Muslim investors. The construction business is permissible, debt/assets is low, but large retention and unbilled-claim balances push the conservative receivables proxy above FTSE- and MSCI-style limits. Confirm the treatment of those balances on each new filing before investing.
For lower-leverage infrastructure exposure, compare TPC with peers like MasTec (MTZ), Construction Partners (ROAD), and Arcosa (ACA). Review our guide to haram investments to avoid for cleaner alternatives.
TPC's heavy debt and claim-heavy receivables often push the screens above their thresholds. Use our screener to find clearer halal alternatives.
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