Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Caterpillar Inc. (CAT) Halal?

PASS

Caterpillar Inc. · NYSE: CAT · Industrials

The short answer

Caterpillar Inc. (CAT) passes this screen under the site's stated methodology — but the pass is contested, and the competing position is part of the result. The world's leading construction and mining equipment maker (Irving, Texas) has no alcohol, gambling, pork, tobacco, cannabis, weapons or adult entertainment lines. Its total debt of $43,330M is about 11.45% of its ~$378.5B market cap ($826.35, October 1, 2026), below the ~33% ceiling. Disclosed interest and investment income of $416M is about 0.62% of FY2025 revenue ($67,589M), below the 5% ceiling — and Zoya (Shariah-compliant, October 2026) agrees. The dispute: Cat Financial does conventional interest-bearing financing, and its $3,609M segment revenue is 5.34% of total revenue — ShariaPortfolio treats all of it as impure income and rates CAT NOT Shariah Compliant. Readers applying the stricter view should note this. No Musaffa coverage was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Caterpillar Inc. (NYSE: CAT), headquartered in Irving, Texas, is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Per its FY2025 Form 10-K it reports in four segments: Construction Industries, Resource Industries, Power & Energy, and Financial Products — sold through ~150+ independent dealers in ~190 countries, with 118,000 employees. Contested point (factual): the Financial Products segment (Cat Financial) provides conventional interest-bearing financing — wholesale financing, retail loans, and loans/finance leases to end-users at fixed or floating interest rates (10-K Item 1) — with FY2025 revenue of $3,609M = 5.34% of consolidated revenue. It also has small captive conventional insurance subsidiaries (Caterpillar Insurance Company: P&C; Caterpillar Life Insurance Company: life/health), internally focused. No alcohol, pork, gambling, adult entertainment, tobacco or weapons segments; Power & Energy serves oil & gas customers (energy products, not a Shariah issue per se). Zoya (AAOIFI methodology) passes CAT despite the captive-finance arm; ShariaPortfolio fails it on the impure-income reading. Gate 1 passes under the site's methodology, with the stricter position stated. Facts only.

Gate 2 — Debt and cash: PASS

Per Caterpillar's Form 10-K for fiscal 2025 (filed January 29, 2026), consolidated total debt was $43,330M — short-term borrowings (Financial Products) $5,514M, long-term debt due within one year (MP&E) $35M + (Financial Products) $7,085M, and long-term debt (MP&E) $10,678M + (Financial Products) $20,018M. Against a market cap of about $378.5B ($826.35 × 459.675M shares on October 1, 2026), debt ÷ market cap is about 11.45%, below the ~33% ceiling. (MP&E-only debt: $10,713M = 2.83%.) Cash and cash equivalents of $9,980M are about 2.64% of market cap; no separate marketable-securities line is disclosed in the condensed balance sheet. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Caterpillar's FY2025 10-K (Note 5, "Other income (expense)") reports investment and interest income of $416M against total sales and revenues of $67,589M — about 0.62% of revenue, below the 5% non-compliant income ceiling. (Zoya's page cites $487M = 0.72% from a different dataset — still under 5%.) The contested reading: ShariaPortfolio treats the entire Financial Products segment revenue ($3,609M = 5.34% of total revenue) as impure income, which exceeds the 5% ceiling — that is the substantive disagreement with this page's result, reported honestly rather than folded silently into the ratio. Gate 3 passes under the site's methodology. Facts only.

Key figures used

Frequently asked questions

What does Caterpillar do?

Caterpillar Inc. (NYSE: CAT), headquartered in Irving, Texas, is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Per its FY2025 10-K it reports in four segments: Construction Industries, Resource Industries, Power & Energy, and Financial Products — sold through ~150+ independent dealers in ~190 countries, with 118,000 employees.

Why is Caterpillar's pass considered contested?

Caterpillar passes this screen under the site's stated methodology, but the pass is contested — the competing position is part of the result. Its core business is construction and mining equipment with no alcohol, gambling, pork, tobacco, cannabis, weapons or adult entertainment lines. Total debt of $43,330M is about 11.45% of its ~$378.5B market cap, below the ~33% ceiling. Disclosed interest and investment income of $416M is about 0.62% of FY2025 revenue ($67,589M), below the 5% ceiling — this is the figure the site's methodology uses, and Zoya (Shariah-compliant, October 2026) agrees. The dispute: Caterpillar's Financial Products arm (Cat Financial) does conventional interest-bearing financing, and its $3,609M segment revenue is 5.34% of total revenue — ShariaPortfolio treats all of it as impure income and rates CAT NOT Shariah Compliant. Readers applying the stricter view should note this. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Caterpillar's interest-bearing debt ratio?

Per Caterpillar's Form 10-K for fiscal 2025 (filed January 29, 2026), consolidated total debt was $43,330M — short-term borrowings (Financial Products) $5,514M, long-term debt due within one year (MP&E) $35M + (Financial Products) $7,085M, and long-term debt (MP&E) $10,678M + (Financial Products) $20,018M. Against a market cap of about $378.5B ($826.35 × 459.675M shares, October 1, 2026), debt ÷ market cap is about 11.45% — below the ~33% ceiling. (MP&E-only debt is $10,713M = 2.83%.) Cash and cash equivalents of $9,980M are about 2.64% of market cap; no separate marketable-securities line is disclosed in the condensed balance sheet.

What is Caterpillar's non-compliant income ratio?

Caterpillar's FY2025 10-K (Note 5, "Other income (expense)") reports investment and interest income of $416M against total sales and revenues of $67,589M — about 0.62% of revenue, below the 5% non-compliant income ceiling. (Zoya's page cites $487M = 0.72% from a different dataset — still under 5%.) The contested reading: ShariaPortfolio treats the entire Financial Products segment revenue ($3,609M = 5.34% of total revenue) as impure income, which exceeds the 5% ceiling — that is the substantive disagreement, reported honestly rather than folded silently into the ratio.

Do Zoya, Musaffa, or ShariaPortfolio cover Caterpillar?

Zoya covers CAT (zoya.finance/stocks/cat) and rates it Shariah-compliant (halal) as of October 2026, citing revenue $67,589M and interest income $487M = 0.72%. ShariaPortfolio covers CAT (spscreener.mxcorporate.com/stock/cat-caterpillar-inc/) and rates it NOT Shariah Compliant, stated reason: "Impure Income is more than 5% of its total revenues" (the Cat Financial segment-revenue view). No Musaffa coverage of NYSE:CAT was found — searches surfaced only unrelated tickers — honestly reported as absent, not invented. This page presents both positions factually.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).