Canadian Halal Investor

TSX Shariah screener · September 2026

Is Aritzia (ATZ) Halal?

PASS*

Aritzia Inc. · TSX: ATZ · Consumer Cyclical

The short answer

Aritzia Inc. (TSX: ATZ) is a provisional PASS. The business gate passes: it is a women's fashion design house and retailer - 143 boutiques across Canada and the US at May 31, 2026, plus aritzia.com and its app - with no gambling, alcohol, adult-entertainment or banking segments. The debt gate passes: the only interest-bearing debt at FQ1 2027 (13 weeks ended May 31, 2026) is lease liabilities of C$1,080.45M (C$124.735M current + C$955.715M non-current), with zero bank debt and zero bonds (C$471.9M cash - net-cash) - roughly 8.0% of the ~C$13.5B market cap (C$122.59, September 30, 2026, on 114,059,198 shares), against a ~33% ceiling. The income gate passes: Note 17 of the filing breaks down "Other expense (income)" and shows "Interest and other income" of C$(3,797)k against revenue of C$951,009k - about 0.40% - under the ~5% ceiling. The screen is provisional only because interest is bundled with other income in the filing rather than isolated; even if the entire line were interest, the ratio is 0.40% - a strict upper bound. No public Zoya, Musaffa or ShariaPortfolio rating for ATZ was found as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Aritzia Inc. is a women's fashion design house and retailer: 143 boutiques across Canada and the US at May 31, 2026, plus aritzia.com and its app (Reigning Champ athleticwear boutiques are excluded from that count). FQ1 2027 revenue split: US C$638.1M (67%) and Canada C$312.9M (33%). No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The most recent filed quarter is FQ1 2027 (13 weeks ended May 31, 2026; Q2 2027 is not released until October 8, 2026). The balance sheet (Note 9) shows the only interest-bearing debt is lease liabilities: C$124.735M current plus C$955.715M non-current, totalling C$1,080.45M. There is zero bank debt and zero bonds - the Q1 earnings call described the position as "$472 million cash with no debt"; the company is net-cash (C$471.9M cash). Against a market capitalization of about C$13.5B (C$122.59, September 30, 2026, on 114,059,198 shares), the debt-to-market-cap ratio is roughly 8.0% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS (provisional)

Note 17 of the filing breaks down "Other expense (income)" and shows "Interest and other income" of C$(3,797)k against revenue of C$951,009k for FQ1 2027 - about 0.40% - under the ~5% ceiling. The screen is provisional only because interest is bundled with other income in the filing rather than isolated as its own line; even if the entire line were interest, 0.40% is a strict upper bound on the ratio. The figure is verifiable from the primary filing, not estimated. The income gate passes.

Key figures used

Frequently asked questions

Is Aritzia (ATZ) halal?

Our September 2026 screen gives Aritzia Inc. (TSX: ATZ) a provisional PASS. The business gate passes: it is a women's fashion design house and retailer - 143 boutiques across Canada and the US plus aritzia.com and its app - with no gambling, alcohol, adult-entertainment or banking segments. The debt gate passes: only ~C$1.08B of lease debt at May 31, 2026 (zero bank debt, zero bonds, C$471.9M cash) is roughly 8.0% of the ~C$13.5B market cap (C$122.59, September 30, 2026), against a ~33% ceiling. The income gate passes: "Interest and other income" of C$(3,797)k against C$951,009k of FQ1 2027 revenue - about 0.40% - under the ~5% ceiling. The screen is provisional only because interest is bundled with other income in the filing rather than isolated; even if the entire line were interest, 0.40% is a strict upper bound. No public Zoya, Musaffa or ShariaPortfolio rating for ATZ was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Aritzia in?

Aritzia Inc. is a women's fashion design house and retailer: 143 boutiques across Canada and the US at May 31, 2026, plus aritzia.com and its app (Reigning Champ athleticwear boutiques are excluded from that count). FQ1 2027 revenue split: US C$638.1M (67%) and Canada C$312.9M (33%). No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations.

How leveraged is Aritzia on the debt gate?

Barely. The FQ1 2027 balance sheet (May 31, 2026; Q2 2027 is not released until October 8, 2026) shows the only interest-bearing debt is lease liabilities: C$124.735M current plus C$955.715M non-current, totalling C$1,080.45M. There is zero bank debt and zero bonds; the company holds C$471.9M of cash. Against a market cap of about C$13.5B (C$122.59, September 30, 2026, on 114,059,198 shares), the debt-to-market-cap ratio is roughly 8.0% versus a ~33% ceiling.

How much interest income does Aritzia earn?

About 0.40% of revenue as a strict upper bound. Note 17 of the filing breaks down "Other expense (income)" and shows "Interest and other income" of C$(3,797)k against revenue of C$951,009k for FQ1 2027. Interest is bundled with other income in the filing rather than isolated as its own line, so the exact interest component is unknown - but even if the entire line were interest, the ratio is 0.40% - under the ~5% ceiling. The figure is verifiable from the primary filing, not estimated.

What do Zoya, Musaffa or ShariaPortfolio say about ATZ?

No public Zoya, Musaffa or ShariaPortfolio rating for Aritzia (ATZ) was found as of September 2026, so this screen relies entirely on the company's published financial statements and disclosures. Other Canadian consumer names on this site - Dollarama, Canadian Tire, Canada Goose, Spin Master, BRP and others - are screened on the same business, debt and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.