Is Boyd Group / BYD Halal?

Boyd Group Services Inc. (TSX: BYD / NYSE: BGSI) is one of North America's largest non-franchised collision repair operators — 1,321 locations trading as Gerber Collision & Glass, Boyd Autobody & Glass, and Assured Automotive, plus retail auto glass, claims administration, and scanning/calibration services. The repair business clears gate one, but ~44.7% debt-to-market-cap (~92.8% with leases) is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter.

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

Boyd owns and operates autobody/autoglass repair facilities and related services — collision repair, retail auto glass, third-party claims administration (Gerber National Claim Services), and scanning/calibration. Repair services are permissible business activities under AAOIFI-style screens, and no haram revenue segment is disclosed. One gray area, stated plainly: a large share of repair revenue is insurance-paid, and the company administers insurance claims as a service to insurers — it does not underwrite insurance itself. Scholars may view this insurance-adjacent workflow differently. Gate one: PASS.

Gate two: the ratios — FAIL

Debt-and-leases-to-market-cap: ~92.8% (ceiling ~33%) — FAIL. At June 30, 2026, Boyd reported gross financial debt of US$976.0 million (US$7.2 million current portion + US$411.6 million of long-term debt + US$557.2 million of senior unsecured notes) and lease liabilities of US$1,050.9 million (US$159.6 million current + US$891.3 million non-current) — about US$2.03 billion in total when leases are included, consistent with the other screeners on this site. Against a market cap of roughly US$2.18 billion on September 28, 2026 (US$78.47 NYSE close x ~27.84 million shares), the ratio is about 92.8% — far over the ~33% ceiling. Debt jumped after the ~US$1.3 billion Joe Hudson's acquisition closed in January 2026 (funded by a US$897 million equity offering, C$525 million of senior notes, and revolver draws); the ratio is also amplified by the share price trading near its 52-week low (CA$110.78 vs a 52-week high of CA$248.23). The company held US$23.0 million of cash.

Non-compliant income: ~0.03% (ceiling ~5%) — PASS. Six-month sales were US$2,010.3 million against US$686 thousand of interest received — about 0.03%, far under the ~5% screen. The income statement carries no separate interest-income line; US$30.8 million of finance costs in Q2 2026 is an expense, so Boyd is a net payer of financing costs. Gate two: FAIL.

What other screeners say

No verified current third-party rating was found for Boyd Group Services Inc. on Zoya, Musaffa, or ShariaPortfolio as of September 2026. Note that Musaffa's BYD page covers Boyd Gaming Corp (a US casino company) — a different company — and its "not halal" rating must not be read as applying to Boyd Group Services. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.

The bottom line

This screener gives Boyd Group Services Inc. (TSX: BYD) a FAIL. Q2 2026 delivered sales of US$1.01 billion; the Joe Hudson's acquisition (~US$1.3 billion, closed January 9, 2026) pushed gross financial debt to US$976.0 million and leases to US$1.05 billion. Snapshot dated September 28, 2026; re-checked quarterly after earnings — debt paydown or a share-price recovery could bring it back.

The purification angle: Boyd's interest income is negligible (US$686 thousand on US$2.01 billion of six-month sales), so dividend purification math is minimal — but if you want to run the numbers on any dividend, the purification calculator is here.

Frequently asked questions

Is Boyd Group Services stock halal?

This screener gives Boyd Group Services Inc. (TSX: BYD / NYSE: BGSI) a FAIL. Collision repair clears the business-activity screen, but the ratio math fails: about US$976.0 million of gross financial debt (US$2.03 billion with leases) at June 30, 2026 against a market cap of about US$2.18 billion on September 28, 2026 — roughly 44.7% (92.8% with leases), over the ~33% ceiling. Interest income of US$686 thousand on US$2.01 billion of six-month sales is about 0.03%, well under the ~5% screen, but the debt gate fails first.

What are Boyd Group's debt and market-cap figures?

Boyd reported gross financial debt of US$976.0 million at June 30, 2026, per its Q2 2026 unaudited interim financial statements (US$7.2 million current portion + US$411.6 million of long-term debt + US$557.2 million of senior unsecured notes), plus lease liabilities of US$1,050.9 million (US$159.6 million current + US$891.3 million non-current) — about US$2.03 billion in total with leases included (the company also held US$23.0 million of cash). Against a market cap of roughly US$2.18 billion on September 28, 2026 (US$78.47 NYSE close x ~27.84 million shares; TSX: BYD closed at CA$110.78 for ~CA$3.08 billion), the debt-and-leases-to-market-cap ratio is about 92.8% — far over the ~33% AAOIFI ceiling, measured with leases included, consistent with the other screeners on this site.

Does Boyd Group earn interest income?

Boyd's income statement carries no separate interest-income line — only US$30.8 million of finance costs in Q2 2026, an expense. The cash-flow statement shows US$686 thousand of interest received in the six months ended June 30, 2026 (nil in Q2 alone) against US$2,010.3 million of sales — about 0.03%, far under the ~5% screen. Boyd is a net payer of financing costs.

Do any third-party screeners agree with this screener?

What could change Boyd Group's halal screener?

The debt ratio sits at ~44.7% (~92.8% with leases) — over the ~33% ceiling — after the ~US$1.3 billion Joe Hudson's acquisition closed in January 2026; the ratio is also amplified by the share price trading near its 52-week low (CA$110.78 vs a 52-week high of CA$248.23). Debt paydown or a share-price recovery could bring the ratio back under the ceiling. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.