NYSE Shariah screener · October 2026

Is CVS Health Corporation (CVS) Halal?

FAIL

CVS Health Corporation · NYSE: CVS · Healthcare

The short answer

No — CVS Health (CVS) fails this Shariah stock screen. The Woonsocket, Rhode Island health solutions company operates the CVS Pharmacy chain, the CVS Caremark pharmacy benefit manager, MinuteClinic retail clinics, Signify Health, Oak Street Health, and the Aetna health insurance business. Its interest-bearing debt is the problem: total debt of $61.4B at June 30, 2026 (Q2 2026) is 54.7% of its ~$112.35B market cap (September 2026) — well above the ~33% ceiling. On the other two gates it is closer: the business-activity gate passes for the core pharmacy/PBM/health-services business with an explicitly flagged insurance nuance (Aetna premiums were $134,751M, 33.5% of FY2025 revenue, and some screens treat conventional insurance as impermissible), and net investment income of $2,233M is 0.56% of FY2025 revenue ($402,067M), under the 5% ceiling. Zoya flags CVS as not Shariah-compliant (September 2026); ShariaPortfolio also rates it not Shariah compliant. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS (with flagged insurance nuance)

CVS Health Corporation (NYSE: CVS), headquartered in Woonsocket, Rhode Island, is a U.S. health solutions company with three reported segments. Health Care Benefits is the Aetna business: medical, pharmacy, dental and behavioral health plans, medical management, PDPs and Medicaid health care management. Health Services is the CVS Caremark pharmacy benefit management (PBM) business, plus health care delivery in MinuteClinic retail clinics, virtually and in the home, Signify Health, Oak Street Health and provider enablement. Pharmacy & Consumer Wellness dispenses prescriptions in CVS Pharmacy retail stores and through infusion operations, provides pharmacy patient care programs, diagnostic testing and vaccination administration, and sells health and wellness products and general merchandise. FY2025 revenue of $402,067M = products $249,908M (62.2%) + premiums $134,751M (33.5%) + services $15,175M (3.8%) + net investment income $2,233M (0.6%), per the Form 10-K for the year ended December 31, 2025 (filed February 10, 2026; SEC CIK 0000064803). Business-screen implication (factual): the core pharmacy retail, PBM and health-services activity is healthcare — the filings disclose no alcohol, gambling, conventional finance, pork, weapons or tobacco revenue. The flagged nuance: Aetna is conventional health insurance, and premiums are 33.5% of revenue; the site's prior pages treat conventional P&C/life insurers as business-gate FAILs, and some scholars' screens treat health insurance the same way — consult a qualified scholar on this. For this site's own screen, gate 1 passes on the healthcare core; the overall FAIL is driven by the debt gate. Facts only.

Gate 2 — Debt and cash: FAIL

CVS reported total debt of $61.4B for the quarter ended June 30, 2026 (Business Quant, compiled from CVS SEC filings; long-term debt alone was $59.45B at June 30, 2026 per the Q2 2026 earnings reporting, down from $60.53B at March 31, 2026). Against a market cap of about $112.35B (companiesmarketcap.com, end of September 2026), debt ÷ market cap = $61.4B ÷ $112.35B = 54.7% — well above the ~33% ceiling. Even long-term debt alone is $59.45B ÷ $112.35B = 52.9%, still above the ceiling. Cash and cash equivalents of $11.33B at June 30, 2026 (Q2 2026 earnings reporting) are about 10.1% of market cap, below 33% — but the debt gate fails on the debt ratio. Facts only.

Gate 3 — Non-compliant income: PASS

CVS Health's Form 10-K for the year ended December 31, 2025 (filed February 10, 2026; SEC CIK 0000064803) reports 'Net investment income' of $2,233M against FY2025 total revenues of $402,067M — $2,233M ÷ $402,067M = about 0.56% of revenue, below the 5% non-compliant income ceiling. FY2025 interest expense was $3,119M. This is the broadest verifiable interest-type income line from the primary filing. The income gate passes. Facts only.

Key figures used

Business: CVS Health (Woonsocket RI) — CVS Pharmacy retail, CVS Caremark PBM, MinuteClinic, Signify Health, Oak Street Health, Aetna health insurance
FY2025 revenue $402,067M = products $249,908M (62.2%) + premiums $134,751M (33.5%) + services $15,175M (3.8%) + net investment income $2,233M (0.6%); Form 10-K filed Feb 10, 2026 (SEC CIK 0000064803)
Debt: $61.4B total debt at Jun 30, 2026 ($59.45B long-term debt) ÷ market cap ~$112.35B (Sep 2026, companiesmarketcap.com) = 54.7%, above the ~33% ceiling — gate FAILS
Cash & cash equivalents: $11.33B at Jun 30, 2026 ≈ 10.1% of market cap
Net investment income: $2,233M vs FY2025 revenue $402,067M = 0.56%, under the 5% ceiling; interest expense $3,119M
Zoya: CVS page exists — flagged not Shariah-compliant (Sep 2026), public template text contradictory alongside the flag; Musaffa: no CVS Health (NYSE: CVS) page found (only unrelated UK-listed CVS Group PLC, CVSG.L); ShariaPortfolio: covers CVS, rates not Shariah compliant (states impure income >5% of revenues)

Frequently asked questions

What does CVS Health do?

CVS Health Corporation, headquartered in Woonsocket, Rhode Island, is a U.S. health solutions company operating in three segments. Health Care Benefits is the Aetna health insurance business offering medical, pharmacy, dental and behavioral health plans. Health Services is the pharmacy benefit management (PBM) business led by CVS Caremark, plus retail health clinics (MinuteClinic), Signify Health and Oak Street Health. Pharmacy & Consumer Wellness operates CVS Pharmacy retail stores, infusion operations, diagnostic testing and vaccination services, and sells health and wellness products and general merchandise. FY2025 total revenue was $402,067M — products $249,908M (62.2%), premiums $134,751M (33.5%), services $15,175M (3.8%) and net investment income $2,233M (0.6%).

Why does CVS fail this Shariah stock screen?

CVS fails this Shariah stock screen at the debt gate (gate 2). Total interest-bearing debt was $61.4B at the end of Q2 2026 (June 30, 2026), which is 54.7% of CVS's ~$112.35B market cap (September 2026, companiesmarketcap.com) — well above the ~33% ceiling. Gate 1 (business activities): core activity is pharmacy retail, pharmacy benefit management and health services — healthcare — with the Aetna health-insurance arm ($134,751M of premiums, 33.5% of FY2025 revenue) flagged as a nuance for scholars, since some screens treat conventional insurance as impermissible. Gate 3 (non-compliant income): net investment income of $2,233M is 0.56% of $402,067M FY2025 revenue, under the 5% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is CVS's interest-bearing debt ratio?

CVS reported total debt of $61.4B for the quarter ended June 30, 2026 (Business Quant, compiled from CVS SEC filings; long-term debt alone was $59.45B at June 30, 2026 per the Q2 2026 earnings reporting). Against a market cap of about $112.35B (companiesmarketcap.com, end of September 2026), debt ÷ market cap = $61.4B ÷ $112.35B = 54.7% — above the ~33% ceiling. Even long-term debt alone ($59.45B ÷ $112.35B = 52.9%) exceeds the ceiling. Cash and cash equivalents of $11.33B at June 30, 2026 (Q2 2026 earnings reporting) are about 10.1% of market cap, below 33%. The debt gate fails.

What is CVS's non-compliant income ratio?

CVS Health's Form 10-K for the year ended December 31, 2025 (filed February 10, 2026; SEC CIK 0000064803) reports 'Net investment income' of $2,233M against FY2025 total revenues of $402,067M (products $249,908M + premiums $134,751M + services $15,175M + net investment income $2,233M) — $2,233M ÷ $402,067M = 0.56% of revenue, below the 5% non-compliant income ceiling. Interest expense for FY2025 was $3,119M. This is the broadest verifiable interest-type income line from the primary filing. The income gate passes.

Do Zoya, Musaffa, or ShariaPortfolio cover CVS?

Zoya covers CVS (zoya.finance/stocks/cvs; updated September 2026) and flags CVS as not Shariah-compliant based on the company's latest financial reports — the public page also renders contradictory auto-generated template sentences alongside its flag, so the flag itself is reported as found. Musaffa: no CVS Health Corporation (NYSE: CVS) page was found via public search — the only similarly named Musaffa page is for CVS Group PLC (CVSG.L), a different, UK-listed company — reported as no coverage found. ShariaPortfolio covers CVS (spscreener.mxcorporate.com/stock/cvs-cvs-health-corp/) and rates CVS Health Corp not Shariah compliant, stating its 'Impure Income is more than 5% of its total revenues' — its stated reason differs from this page's 0.56% calculation and is reported verbatim as found. This page applies the screen directly from CVS's own filings.

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).