Is AltaGas / ALA Halal?
AltaGas Ltd. (TSX: ALA) is a Calgary-based energy infrastructure company — regulated gas utilities in the U.S. plus midstream assets including global LPG exports. The business clears gate one; ~61% debt-to-market-cap is the problem.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASS
AltaGas operates regulated natural-gas utilities (Washington Gas, SEMCO) and midstream infrastructure including global exports and the Pipestone gas processing complex. Energy utilities and midstream infrastructure are permissible business activities under AAOIFI-style screens, consistent with this site's Fortis and Emera screeners (which failed on debt, not on their businesses). Gate one: PASS.
Gate two: the ratios — FAIL
Debt-to-market-cap: ~61% (ceiling ~33%) — FAIL. AltaGas' Q2 2026 financial report lists total debt of about C$10.0 billion at June 30, 2026: medium-term notes of C$3.0 billion, WGL/Washington Gas notes of C$3.4 billion, SEMCO First Mortgage Bonds of C$422 million, subordinated hybrid notes of C$2.2 billion, C$955 million drawn under bank credit facilities, and C$31 million of commercial paper. The report's own market-cap figure is about C$16.3 billion (312 million shares at C$52.39) — a ratio of about 61%. Even excluding the hybrids entirely, the ratio is about 48%.
Non-compliant income: not assessed as the deciding factor. Revenue comes from the Utilities and Midstream segments — Q2 2026 (reported July 30, 2026) delivered normalized EBITDA of C$391 million, up 14% year over year, and guidance was raised to C$2.0–2.1 billion of normalized EBITDA for 2026. The income screen is not the deciding factor here — the debt ratio already fails. Gate two: FAIL.
What other screeners say
No verified current third-party rating was found for AltaGas on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives AltaGas Ltd. (TSX: ALA) a FAIL. Operationally it is firing — record Q2, raised 2026 guidance, adjusted net debt to normalized EBITDA at 4.4x (below its target range's low end) — but roughly C$10 billion of debt against a C$16.3 billion market cap leaves no room under the 33% ceiling. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
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Frequently asked questions
Is AltaGas stock halal?
This screener gives AltaGas Ltd. (TSX: ALA) a FAIL. Gas utilities and midstream infrastructure clear the business-activity screen, but the ratio math fails: about C$10.0 billion of total debt at June 30, 2026 against a market cap of about C$16.3 billion — roughly 61%, above the ~33% AAOIFI ceiling.
What are AltaGas' debt and market-cap figures?
AltaGas' Q2 2026 financial report lists total debt of about C$10.0 billion at June 30, 2026: medium-term notes of C$3.0 billion, WGL/Washington Gas notes of C$3.4 billion, SEMCO bonds of C$422 million, subordinated hybrid notes of C$2.2 billion, C$955 million drawn on bank facilities, and C$31 million of commercial paper. The report's own market cap figure at June 30, 2026 is about C$16.3 billion — a debt-to-market-cap ratio of about 61%, above the ~33% ceiling (and still ~48% even excluding the hybrids).
Does AltaGas earn interest income?
AltaGas' revenue comes from its Utilities and Midstream segments, with Q2 2026 normalized EBITDA of C$391 million. The income screen is not the deciding factor here: the debt ratio already fails regardless of the income math.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for AltaGas on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change AltaGas' halal screener?
A sustained deleveraging program or a share-price recovery that lifts the market cap — the ratio needs to fall below ~33%. AltaGas exited Q2 2026 at 4.4x adjusted net debt to normalized EBITDA, below the low end of its target range, so continued balance-sheet repair could matter over time. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.