The short answer
Waste Connections is HALAL in ZakatInvest's qualitative activity classification, but its current asset-based financial result is FAIL. Debt is 42.96% of total assets, above the 33% limits used in the examined FTSE Yasaar, MSCI and Malaysia calculations.
This is a reproducible research screen, not a fatwa or investment recommendation. Readers should apply their school's principles and consult a qualified scholar for a binding ruling.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
9,102.186 / 21,186.355
192.844 / 21,186.355
1,145.533 / 21,186.355
3.113 / 2,370.631
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined 33.333% FTSE asset limit. Liquidity is 0.91%, receivables plus cash are 5.41%, and disclosed interest income is 0.13%; debt is decisive.
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined MSCI total-assets limit, while liquidity is 0.91% and receivables plus cash are 5.41%. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 42.96%, above the examined 33% Malaysia SAC financial limit; liquidity is 0.91%. 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
Waste Connections provides non-hazardous waste collection, transfer, disposal and recycling, non-hazardous oilfield-waste treatment and disposal, intermodal services and landfill-gas and renewable-natural-gas activities. Waste management and environmental services are generally permissible at the activity level, while fossil-fuel-adjacent customers and environmental effects warrant qualitative review.
Limitation: The filing does not allocate a universal prohibited-revenue numerator by customer use, service line, environmental classification or certification; no exact prohibited-revenue percentage is asserted.
Purification
Waste Connections discloses interest income but does not prescribe a scholar-approved purification percentage. Readers should follow the qualified scholar or methodology they use rather than applying an invented fixed rate.
Inputs, assumptions and primary sources
- Inputs use Waste Connections' March 31, 2026 Form 10-Q; amounts are USD millions and revenue and interest income are for the three months ended March 31, 2026.
- Debt uses $8.355 million of current debt and notes payable plus $9,093.831 million of long-term debt and notes payable, after the reported debt discount and issuance costs.
- Cash uses $112.447 million of cash and equivalents. Restricted investments of $80.397 million are treated as interest-bearing securities; restricted cash of $210.199 million is not treated as cash equivalents.
- Receivables use $1,033.086 million of net accounts receivable. Prepaids and other current assets are not added.
- Quarterly revenue is $2,370.631 million and disclosed interest income is $3.113 million. The screen does not infer a fixed purification rate.
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.
Current quantitative screen
The calculations use Waste Connections' official filing at the SEC (first-quarter 2026 Form 10-Q). Amounts are in USD millions and use total assets as the denominator.
- Interest-bearing debt / assets: 42.96%, using $8,355 thousand of current debt and notes payable plus $9,093,831 thousand of long-term debt and notes payable, after reported debt costs.
- Cash plus restricted investments / assets: 0.91%, using $112.447 million of cash and equivalents plus $80.397 million of restricted investments.
- Receivables plus cash / assets: 5.41%, using $1,033.086 million of net accounts receivable plus cash.
- Disclosed interest income / revenue: 0.13% for the quarter. No fixed purification percentage is prescribed here.
All three examined asset-based financial calculations fail on debt. Market-cap denominator methods are not calculated because ZakatInvest does not store a licensed, reproducible historical market-cap series. This is a calculation against named methods, not an official index-membership claim.
Waste Connections' business activity
Waste Connections provides non-hazardous waste collection, transfer, disposal and recycling, non-hazardous oilfield-waste treatment and disposal, intermodal services and landfill-gas and renewable-natural-gas activities. Waste management and environmental services are generally permissible at the activity level. The filing does not provide a universal prohibited-revenue numerator by service line or customer use, so the quantitative business-activity field remains incomplete rather than inventing a percentage.
Qualitative considerations
- E&P services: the energy-and-environmental-services segment serves exploration-and-production customers. Some investors apply additional environmental-stewardship scrutiny, although this is not an automatic prohibited-activity conclusion.
- Landfill stewardship: landfill ownership and disposal operations create methane, groundwater, remediation and closure obligations that warrant ethical and ESG diligence.
- Acquisition leverage: the consolidation-driven growth model and refinancing can change the financial screen quickly.
- Interest income: disclosed interest income is small relative to revenue, but the filing does not prescribe a scholar-approved purification percentage.
Purification and the verdict
Follow the qualified scholar or methodology you use for any purification treatment rather than applying an invented fixed rate. The current financial screen is a fail because debt is 42.96% of assets, while the core waste-management activity is generally permissible.
WCN is HALAL in ZakatInvest's qualitative classification, but FAIL on the current examined asset-based financial screens. Revisit this record when Waste Connections files new statements, changes its debt or service mix, or materially updates environmental and customer disclosures.
Use the quantitative screen alongside your school's principles and consult a qualified scholar before investing.
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