The Short Answer
Zebra Technologies is HALAL on its core business, but this current screen is incomplete. Its enterprise tracking hardware and software are permissible in principle. The latest examined filing does not separately disclose enough interest-income detail to make every quantitative input complete, so investors should treat the result as a current research screen rather than a fatwa.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-04; calculated 2026-07-14.
2,651 / 8,332
114 / 8,332
847 / 8,332
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 31.82%, cash/assets is 1.37% and receivables plus cash/assets is 10.17%; known ratios pass, but interest income is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios pass the examined MSCI total-assets limits; income and downstream business classification remain incomplete. This is not an index-membership claim.
- Financial
- Pass
- Overall
- Incomplete
Known debt/assets and identifiable liquidity/assets are below the examined SAC limits; this is a contextual calculation, not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed reproducible market-cap history is not stored; a spot estimate is not substituted.
Business-activity disclosure
Zebra provides barcode printers, scanners, mobile computers, RFID and workflow software for retail, manufacturing, healthcare and logistics. Enterprise identification and automation infrastructure is generally permissible, while downstream end uses are not quantified into a school-specific prohibited-revenue numerator.
Limitation: The filing does not provide a reproducible market-cap denominator history or a universal prohibited-revenue and interest-income numerator.
Purification
Interest income is not separately disclosed; investors should seek qualified guidance and ZakatInvest does not prescribe a fixed percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Zebra's April 4, 2026 Form 10-Q.
- Interest-bearing debt is current debt of 264 plus long-term debt of 2,387; lease liabilities are excluded.
- Cash is 114 and net accounts receivable are 733.
- Quarterly net sales are 1,495.
- The filing refers to lower interest income but does not provide a reproducible standalone numerator in the extracted statements.
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 latest Form 10-Q for the period ended April 4, 2026 reports $8,332 million of assets, $2,651 million of debt, $114 million of cash and $733 million of accounts receivable. The filing does not provide a standalone interest-income line, so no unsupported purification percentage is asserted.
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)
Zebra Technologies's Business Activity
Zebra Technologies designs, manufactures, and sells products that capture, manage, and analyze data for enterprise customers. Its portfolio includes:
- Industrial and desktop barcode and label printers
- Mobile computers and tablets purpose-built for enterprise environments
- Handheld and wearable barcode scanners
- RFID readers, antennas, and tags for supply chain tracking
- Machine vision and fixed industrial scanning solutions
- Workflow optimization software and connected services
Enterprise tracking technology is unambiguously permissible. Zebra's products serve retail, manufacturing, transportation, logistics, healthcare, and government customers — all clean end markets from a Sharia perspective.
Current Quantitative Screen (April 4, 2026)
Using the latest examined Form 10-Q and an asset-based presentation:
- Debt / assets: 31.82% — $2,651 million / $8,332 million
- Cash / assets: 1.37% — $114 million / $8,332 million
- Receivables + cash / assets: 10.17% — $847 million / $8,332 million
- Interest income: Not separately disclosed in the examined filing
Debt and liquidity inputs are within the examined asset-based limits, but the interest-income field is incomplete. The screen therefore should not be described as a complete pass.
Concerns to Be Aware Of
1. Acquisition-Driven Debt
Zebra has historically used debt to fund acquisitions. Total debt remains within Sharia thresholds, but conservative investors should monitor leverage at the close of any future deals.
2. Cyclical Demand
Zebra's end markets — particularly retail and warehouse modernization — are cyclical and capital-budget-driven. This is a financial risk consideration rather than a Sharia issue.
3. Interest Income on Cash
Zebra holds modest cash reserves. Because the filing does not isolate interest income, ZakatInvest does not invent a purification rate; consult a qualified adviser if a dividend-purification calculation is required.
How to Read the Quantitative Result
The financial inputs shown above are ZakatInvest's reproducible calculations from the cited filing. Different schools and index providers use different denominators and treatment of cash, receivables and interest income. This page does not claim an official classification by any outside screening service.
Bottom Line
Zebra Technologies (ZBRA) has a permissible core business with an incomplete current quantitative screen. The examined debt and liquidity ratios are within the displayed asset-based limits, while interest income is not separately disclosed. Investors should re-check the next filing and seek qualified Sharia advice for a school-specific conclusion.
For Muslim investors seeking exposure to enterprise digitization, automation, and supply chain modernization with strong Sharia compliance, Zebra is a reasonable option.
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