Is Coveo (CVO) halal?

Coveo Solutions (TSX: CVO) sells AI-Relevance SaaS to enterprises, with no haram business segment. Interest-bearing debt of ~US$14.451 million is about 5.1% of the ~C$400.9 million market cap (under the ~33% ceiling), and interest revenue of US$4.273 million is about 2.88% of FY2026 revenue of US$148.339 million (under the ~5% ceiling). Musaffa rates it HALAL as of September 2026. This screener is a PASS.

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

Coveo Solutions Inc., headquartered in Montréal, is an AI-Relevance SaaS platform — enterprise search, recommendations, and generative/agentic experiences across commerce, websites, customer service, and workplace applications. Revenue comes from SaaS subscriptions and professional services; named customers include Nespresso, Linde, Enbridge, and Familiprix. No haram business segments were found: it sells B2B software, not gaming services (the legacy Qubit personalization platform once counted FanDuel as a customer, but Qubit has been fully deprecated). The business gate passes. On September 22, 2026, Coveo announced it would repurchase for cancellation 2,615,859 shares from a Qatar Investment Authority subsidiary (~C$9.81 million), and it renewed its normal-course issuer bid in July 2026. In 2026 it was named a Leader in the Gartner Magic Quadrant for Search and Product Discovery.

Gate two: the ratios — both pass

At June 30, 2026: total interest-bearing debt was US$14.451 million — all of it lease obligations (current US$1.774 million + non-current US$12.677 million), with no bank debt and no drawn credit facility; cash was US$107.1 million. With a market cap of about C$400.9 million (93,443,946 shares at C$4.29 on September 29, 2026; providers report C$386–C$416 million), debt converts to about C$20.52 million at USD/CAD ~1.4198 — about 5.1% of market cap (about 5.27% pro forma for the September 2026 QIA share repurchase). Interest revenue of US$4.273 million (FY2026 audited, Note 19) is about 2.88% of FY2026 revenue of US$148.339 million. Both ratios clear their ceilings. (The Q1 FY2027 interim statements disclose only net financial revenue of US$598k, with no standalone interest-revenue line — the verified 2.88% figure comes from the audited FY2026 statements.)

What other screeners say

Musaffa rates CVO.TO as HALAL under its AAOIFI methodology as of September 2026. No coverage pages for CVO were found on Zoya or ShariaPortfolio in targeted searches as of September 2026.

The bottom line

This screener gives Coveo Solutions Inc. (TSX: CVO) a PASS. A B2B SaaS business with no haram segment, debt at about 5.1% of market cap, interest income at about 2.88% of revenue, and a HALAL rating from Musaffa. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Coveo halal?

This screener gives it a PASS. Coveo Solutions Inc. (TSX: CVO) sells AI-Relevance SaaS (enterprise search, recommendations, generative AI) with no haram business segment. Interest-bearing debt of ~US$14.451 million is about 5.1% of the ~C$400.9 million market cap (under the ~33% ceiling), and interest revenue of US$4.273 million is about 2.88% of FY2026 revenue of US$148.339 million (under the ~5% ceiling). Musaffa rates it HALAL as of September 2026. Consult a qualified scholar.

What does Coveo do?

Coveo Solutions Inc., headquartered in Montréal, is an AI-Relevance SaaS platform for enterprise search, recommendations, and generative/agentic experiences across commerce, websites, customer service, and workplace applications. Revenue comes from SaaS subscriptions and professional services; named customers include Nespresso, Linde, Enbridge, and Familiprix. Its fiscal year ends March 31 and filings report in USD. On September 22, 2026, Coveo announced it would repurchase for cancellation 2,615,859 shares from a Qatar Investment Authority subsidiary (~C$9.81 million), and it renewed its normal-course issuer bid in July 2026; the legacy Qubit platform has been fully deprecated.

What are Coveo's debt and market-cap figures?

At June 30, 2026: total interest-bearing debt was US$14.451 million — all of it lease obligations (current US$1.774 million + non-current US$12.677 million), with no bank debt and no drawn credit facility; cash was US$107.1 million. Market cap is about C$400.9 million (93,443,946 shares at C$4.29 on September 29, 2026; providers report C$386–C$416 million). Debt converts to about C$20.52 million at USD/CAD ~1.4198, or about 5.1% of market cap (about 5.27% pro forma for the September 2026 QIA share repurchase). Q1 FY2027 revenue was US$38.5 million (+8% YoY); the Q1 interim statements disclose only net financial revenue (US$598k) with no standalone interest-revenue line — the verified 2.88% figure comes from the audited FY2026 statements.

What do Zoya, Musaffa, and ShariaPortfolio say about CVO?

Musaffa rates CVO.TO as HALAL under its AAOIFI methodology as of September 2026. No coverage pages for CVO were found on Zoya or ShariaPortfolio in targeted searches as of September 2026.

What is the purification amount for Coveo's dividend?

Coveo does not pay a dividend — it reports net losses and guides to adjusted EBITDA of US$2–7 million for FY2027 — so there is no dividend to purify. Use the purification calculator only if a distribution is announced.