NYSE Shariah screener · October 2026
Is Deere & Company (John Deere) (DE) Halal?
Deere & Company (John Deere) · NYSE: DE · Industrials
The short answer
No — Deere & Company (DE) fails this Shariah stock screen on all three gates. John Deere Financial, an interest-based lending business (retail notes, revolving charge accounts, wholesale receivables, leases) with about $51.4B of financing receivables, generates $5,821M of segment revenue — about 12.74% of FY2025 total revenue ($45,684M), far above any 5% tolerance for interest-based business. The financial gates fail too: total interest-bearing debt of $63,836M is about 35.26% of its ~$181.07B market cap (269,625,412 shares × $671.55, October 1, 2026), over the ~33% ceiling, and finance and interest income of $5,748M is about 12.58% of FY2025 revenue, over the 5% ceiling. Zoya independently rates DE not Shariah-compliant based on the company's latest financial reports. This is a factual screen from Deere's own SEC filings, not a religious ruling — scholars differ on manufacturers with financing arms, so consult a qualified scholar for personal rulings.
Gate 1 — Business activity: FAIL
Deere & Company (John Deere) manufactures agricultural equipment (since 1837) plus construction and forestry machinery, headquartered in Moline, Illinois. It reports four segments: Production & Precision Agriculture (FY2025 net sales and revenues $17,749M), Small Agriculture & Turf ($10,464M), Construction & Forestry ($11,650M), and Financial Services (John Deere Financial) ($5,821M). John Deere Financial is an interest-based financing business — retail notes, revolving charge accounts, wholesale receivables, financing leases and extended warranties — with about $51.4B of financing receivables on the consolidated balance sheet ($44,575M net + $6,831M securitized). Business-screen implication (factual): FS revenue of $5,821M is about 12.74% of total FY2025 net sales and revenues ($45,684M) — an interest-lending business far above any 5% tolerance; interest-based finance is on this screener's haram list. The equipment segments themselves manufacture tractors, harvesters, mowers and construction machines (permissible activities). Also disclosed: the FTC and five state attorneys general sued Deere on January 15, 2025 alleging monopolization over repair tools; the company says it cannot estimate the impact. Gate 1 fails. Facts only.
Gate 2 — Debt and cash: FAIL
Per the Q3 FY2026 10-Q (quarter ended August 2, 2026), total interest-bearing debt was $63,836M — short-term borrowings $17,115M + short-term securitization borrowings $6,095M + long-term borrowings $40,626M. The FY2025 10-K segments this exactly as filed: equipment-operations debt $9,171M versus Financial Services debt $54,765M (about 86% of total debt funds the loan book). Against a market cap of about $181.07B (269,625,412 shares × $671.55, WallStreetZen, October 1, 2026), total debt ÷ market cap is about 35.26% — above the ~33% ceiling. Equipment-operations-only debt would be ~5.06%, but the screen applies total interest-bearing debt. Cash and cash equivalents of $8,928M are about 4.93% of market cap. The debt gate fails. Facts only.
Gate 3 — Non-compliant income: FAIL
Deere's FY2025 10-K (filed December 18, 2025) reports finance and interest income of $5,748M against FY2025 revenue of $45,684M — about 12.58% of revenue, above the 5% non-compliant income ceiling. The filing's segment reconciliation shows interest income excluding Financial Services of only $420M, so roughly $5,328M of the $5,748M is earned by the Financial Services financing business. The income gate fails. Facts only.
Key figures used
- Business: Deere & Company (John Deere, founded 1837, Moline, Illinois) — 4 segments: PPA $17,749M, SAT $10,464M, CF $11,650M equipment ops; Financial Services (John Deere Financial) $5,821M — total FY2025 net sales and revenues $45,684M
- Financial Services = interest-based financing (retail notes, revolving charge accounts, wholesale receivables, leases): $5,821M ≈ 12.74% of revenue — above 5% tolerance; interest-based finance on the screener's haram list
- Debt: $63,836M (Q3 FY2026 10-Q: ST $17,115M + ST securitization $6,095M + LT $40,626M) — debt ÷ market cap ≈ 35.26% of ~$181.07B (269,625,412 shares × $671.55, Oct 1, 2026), over the ~33% ceiling; 10-K segments equipment-ops debt $9,171M vs FS debt $54,765M (~86% of total)
- Cash: $8,928M cash and cash equivalents ≈ 4.93% of market cap
- Finance and interest income: $5,748M vs FY2025 revenue $45,684M ≈ 12.58% of revenue, over the 5% ceiling; only $420M is interest income excluding FS — ~$5,328M comes from the financing business
- ~$51.4B financing receivables on the balance sheet (FY2025 10-K); FTC + 5 state AGs antitrust lawsuit over repair tools (Jan 15, 2025), impact not estimable
- Zoya: rates DE 'not Shariah-compliant based on the company's latest financial reports'; Musaffa: no DE page found; ShariaPortfolio: no entry found
Frequently asked questions
What does Deere do?
Deere & Company (John Deere), founded 1837 and incorporated in Delaware in 1958, is headquartered in Moline, Illinois and manufactures agricultural equipment since 1837. It reports four business segments. Three are equipment operations: Production & Precision Agriculture (PPA — large tractors, combines, harvesters; FY2025 net sales $17,311M, 45% of equipment-operations net sales), Small Agriculture & Turf (SAT — compact tractors, mowers, utility vehicles; $10,224M, 26%), and Construction & Forestry (CF — excavators, dozers, forestry machines; $11,382M, 29%). The fourth is Financial Services (John Deere Financial), which provides retail notes, revolving charge accounts, wholesale receivables, leases and extended warranties to equipment customers and dealers — an interest-based financing business with about $51.4B of financing receivables on the consolidated balance sheet. FY2025 segment net sales and revenues: PPA $17,749M, SAT $10,464M, CF $11,650M, FS $5,821M, for total net sales and revenues of $45,684M. The company had 73,146 employees at the FY2025 year-end.
Why does Deere fail this Shariah stock screen?
Deere fails at the first gate — the business-activity gate. Its Financial Services segment (John Deere Financial) is a lending business earning interest on retail notes, revolving charge accounts, wholesale receivables and financing leases: FS segment revenue of $5,821M is about 12.74% of total FY2025 net sales and revenues ($45,684M), far above any 5% tolerance for interest-based business. The two financial gates fail as well: total interest-bearing debt of $63,836M is about 35.26% of its ~$181.07B market cap, over the ~33% ceiling; and finance and interest income of $5,748M is about 12.58% of FY2025 revenue, over the 5% non-compliant income ceiling. This is a factual screen from Deere's own filings, not a religious ruling — scholars differ on mixed manufacturers with financing arms, so consult a qualified scholar for personal rulings. Zoya independently rates DE not Shariah-compliant.
What is Deere's interest-bearing debt ratio?
Per the Q3 FY2026 10-Q balance sheet (quarter ended August 2, 2026), total interest-bearing debt was $63,836M — short-term borrowings $17,115M + short-term securitization borrowings $6,095M + long-term borrowings $40,626M. The FY2025 10-K breaks this down exactly as the filing presents it: equipment-operations debt $9,171M (ST $414M + ST securitization $1M + LT $8,756M) versus Financial Services debt $54,765M (ST $13,382M + ST securitization $6,595M + LT $34,788M) — about 86% of the debt sits in the financing business. Against a market cap of about $181.07B (269,625,412 shares × $671.55, WallStreetZen, October 1, 2026), total debt ÷ market cap is about 35.26% — above the ~33% ceiling. Equipment-operations-only debt would be about 5.06%, but the screen uses total interest-bearing debt as specified. Cash and cash equivalents of $8,928M are about 4.93% of market cap. The debt gate fails. Facts only.
What is Deere's non-compliant income ratio?
Deere's FY2025 10-K (filed December 18, 2025) reports finance and interest income of $5,748M against total FY2025 revenue (net sales and revenues) of $45,684M — about 12.58% of revenue, above the 5% non-compliant income ceiling. The segment reconciliation shows interest income excluding Financial Services of only $420M, so about $5,328M of the $5,748M comes from the Financial Services financing business. The income gate fails. Facts only.
Do Zoya, Musaffa, or ShariaPortfolio cover Deere?
Zoya covers Deere and rates it directly: its public DE page states 'Deere & Co (DE) is not Shariah-compliant based on the company's latest financial reports.' No Musaffa page for Deere (DE) surfaced in search — honestly reported as absent, not invented. ShariaPortfolio: no Deere entry found — honestly reported as absent. This page applies the screen directly from Deere's own SEC filings.
Sources
- Deere — FY2025 Form 10-K (filed Dec 18, 2025; SEC CIK 315189): revenue $45,684M; finance and interest income $5,748M; FS segment $5,821M; debt split equipment ops $9,171M / FS $54,765M
- Deere — Q3 FY2026 10-Q balance sheet (quarter ended Aug 2, 2026): debt $63,836M (ST $17,115M + ST securitization $6,095M + LT $40,626M); cash $8,928M
- WallStreetZen — DE quote data (NYSE, 269,625,412 shares, price $671.55, market cap ~$181.07B, October 1, 2026)
- Zoya — Deere & Co (DE) stock page: 'not Shariah-compliant based on the company's latest financial reports'
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).