Is CareRx Corporation (CRRX) halal?
CareRx Corporation (TSX: CRRX) is Canada's leading provider of pharmacy services to seniors in long-term care homes, retirement communities and assisted-living facilities — serving ~91,719 average beds in Q2 2026 through a national network of pharmacy fulfilment centres, medication management, multi-dose compliance packaging, and medical supplies via Revicare. The business passes the business gate with no haram segments identified. Interest-bearing debt of ~C$76.3M at June 30, 2026 is ~36.1% of a ~C$211.7M market cap, over the ~33% AAOIFI ceiling. Interest income is ~0.06% of revenue (passes); cash of ~C$9.6M (~4.5% of market cap) passes. Result: FAIL on the debt gate. Data from Q2 2026 results, screened October 1, 2026.
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, weapons manufacturing, 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 — passes
CareRx is a single-reportable-segment institutional pharmacy business (H1 2026 revenue mix: 78% sale of goods, 19% capitated pharmacy service fees, 3% other pharmacy services; 64% Eastern Canada / 36% Western Canada). No banking/insurance, alcohol, gambling, weapons, pork, or conventional-finance activities are disclosed in filings or press releases — no haram segments identified. The business gate passes. (Corporate notes: TSX accepted its Normal Course Issuer Bid renewal on September 15, 2026; 63,429,589 shares outstanding as of September 3, 2026; quarterly dividend raised 10% to C$0.022/share, payable October 8, 2026.)
Gate two: the ratios — debt fails
- Interest-bearing debt: about C$76.3M at June 30, 2026 — borrowings (term loan and other) C$38.7M (current C$5.3M + non-current C$33.4M) plus lease liabilities C$37.7M (current C$2.7M + non-current C$35.0M). Figures in thousands in the filings.
- Market cap: about C$211.7M (63,514,039 shares outstanding at June 30, 2026 + 1,603,769 RSUs/DSUs + 433,805 stock options = 65,551,613 fully diluted × C$3.23, TSX, October 1, 2026).
- Debt ÷ market cap: C$76.3M ÷ C$211.7M = ~36.1% — over the ~33% AAOIFI ceiling (fails). Sensitivity note: borrowings alone are only ~18.3% of market cap, so the FAIL hinges on counting lease liabilities as debt — applied consistently across all screeners on this site.
- Interest income ÷ revenue: ~C$112k for six months ended June 30, 2026 (Note 13, "Finance costs, net"), roughly ~C$224k annualized vs ~C$375M annualized revenue (H1 C$187.5M × 2) = ~0.06% — far under the ~5% ceiling (passes). Interest income is a separately disclosed line.
- Cash ÷ market cap: C$9.6M of cash and cash equivalents at June 30, 2026 (restricted cash C$0.5M excluded; no short-term securities line) — about 4.5% of market cap, under the ~33% ceiling (passes).
The FAIL comes from the debt gate alone; it is close — 36.1% against a ~33% ceiling.
What other screeners say
- Zoya: screening data is app-gated; no public CRRX page found via web search, so coverage cannot be confirmed or denied. Musaffa: publishes per-stock pages for TSX tickers under the .CA pattern (e.g. GTEX.CA), but musaffa.com/stock/CRRX.CA/ returns a 404 and site search returns zero results — not covered. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.
The bottom line
This screener gives CareRx Corporation (TSX: CRRX) a FAIL. The senior-care pharmacy business passes the business gate, interest income (~0.06% of revenue) and cash (~4.5% of market cap) both pass — but interest-bearing debt of ~C$76.3M is ~36.1% of a ~C$211.7M market cap, over the ~33% ceiling. It is close enough that deleveraging or share-price appreciation could flip it next quarter. Snapshot dated October 1, 2026; re-checked quarterly after earnings.
Sources
- CareRx Corporation Q2 2026 unaudited interim consolidated financial statements (July 29, 2026) — borrowings C$38,666k, lease liabilities C$37,669k, cash and cash equivalents C$9,574k; Note 13 "Finance costs, net": interest income C$112k (six months ended June 30, 2026); revenue C$187,494k (H1 2026); 63,514,039 shares outstanding at June 30, 2026; 1,603,769 RSUs/DSUs; 433,805 stock options; ~91,719 average beds serviced; H1 2026 revenue mix 78%/19%/3%.
- CareRx NCIB renewal press release (Newsfile, September 15, 2026) — TSX acceptance, 63,429,589 shares outstanding as of September 3, 2026; quarterly dividend raised 10% to C$0.022/share.
- CareRx Q2 2026 results press release (August 2026) — via StockTitan.
- Market data: TSX:CRRX C$3.23, 65,551,613 fully diluted shares — market cap ~C$211.7M on October 1, 2026 (Finnhub; Barchart and StockAnalysis cross-checks).
- Third-party coverage checks (October 1, 2026): no public Zoya CRRX page; Musaffa CRRX.CA 404 (meaningful against the .CA pattern); ShariaPortfolio has no public screener database.
Related screeners
Frequently asked questions
Is CareRx (CRRX) halal?
Our screener gives CareRx Corporation a FAIL screening result. The business — Canada's leading pharmacy services provider for seniors in long-term care and retirement homes, serving ~91,719 average beds in Q2 2026 — passes the business gate with no haram segments identified. The decisive factor is the debt gate: interest-bearing debt of ~C$76.3M (borrowings C$38.7M plus lease liabilities C$37.7M at June 30, 2026) is ~36.1% of a ~C$211.7M market cap, over the ~33% AAOIFI ceiling. Interest income is ~0.06% of revenue (passes); cash of ~C$9.6M is ~4.5% of market cap (passes).
Why does CareRx fail the debt screen?
At June 30, 2026 CareRx carried C$38.7M of borrowings (term loan and other) and C$37.7M of lease liabilities — ~C$76.3M of interest-bearing debt in total. Against ~65,551,613 fully diluted shares at C$3.23 (~C$211.7M market cap, October 1, 2026), that is ~36.1%. Note the sensitivity: borrowings alone are only ~18.3% of market cap, so the FAIL hinges on counting lease liabilities as debt, consistent with our methodology across all screeners.
Do CareRx's other ratios pass?
Yes. Interest income is a separately disclosed line: ~C$112k for the six months ended June 30, 2026, roughly ~C$224k annualized against ~C$375M of annualized revenue — about 0.06%, far under the ~5% ceiling. Cash and cash equivalents of ~C$9.6M (restricted cash of ~C$0.5M excluded; no short-term securities line) are ~4.5% of market cap, well under the ~33% cash-plus-securities ceiling. Only the debt gate fails.
What do Zoya, Musaffa and ShariaPortfolio say about CareRx?
As of October 1, 2026: Zoya's screening data is app-gated and we found no public CRRX page, so Zoya coverage cannot be confirmed or denied; Musaffa publishes per-stock pages for TSX tickers but musaffa.com/stock/CRRX.CA/ returns a 404 and site search returns zero results, so Musaffa does not cover it; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.
Could CareRx become halal?
The FAIL is close — 36.1% against a ~33% ceiling — so paying down the term loan or lease liabilities, or share-price appreciation against the ~C$211.7M market cap, could flip the result. Only the debt gate fails; the business, interest income and cash all pass. Re-screen quarterly after earnings.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).