Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Dell Technologies Inc. (DELL) Halal?

FAIL

Dell Technologies Inc. · NYSE: DELL · Technology

The short answer

No — Dell Technologies Inc. (DELL) fails this Shariah stock screen at the business-activity gate. Its Dell Financial Services arm originates, collects and services customer receivables — "leases, loans" — funded $11.9B of originations in FY2026, holds a $14.3B portfolio of financing receivables, and books $357M of lease interest income inside product revenue: a real interest-based financing business. Musaffa classifies Dell Technologies as NOT HALAL as of October 2026 under AAOIFI methodology. The financial ratios pass comfortably — debt of $31,503M is about 9.19% of its ~$342.8B market cap ($541.74, October 1, 2026), below the ~33% ceiling, and interest/investment income of $510M is about 0.45% of revenue ($113,538M), below the 5% ceiling — so this is a business-screen failure, published fail-closed rather than as a clean pass. Zoya covers DELL but its live rating could not be confirmed from the page text; ShariaPortfolio publishes no rating — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Dell Technologies Inc. (NYSE: DELL), headquartered in Round Rock, Texas, is a global IT hardware and solutions company organised in two reportable segments per its FY2026 Form 10-K (fiscal year ended January 30, 2026): Infrastructure Solutions Group (AI-optimised and traditional servers, storage, networking) and Client Solutions Group (desktops, notebooks, peripherals). FY2026 net revenue was $113.5B. Material flag (factual, from the filing): Dell Financial Services (DFS) "originate[s], collect[s], and service[s] customer receivables primarily related to the purchase or use of our product, software, and services offerings" — payment options include "leases, loans" — funded $11.9B of originations in FY2026 and maintains a $14.3B global portfolio of financing receivables, carrying $9.139B of its own (mostly nonrecourse) debt. $357M of lease interest income is recognised inside net product revenue (Note 5). That is a real interest-based financing business line, and Musaffa classifies Dell Technologies as NOT HALAL (October 2026, AAOIFI). Under the fail-closed convention, Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per Dell's Form 10-K for fiscal 2026 (year ended January 30, 2026), total debt (carrying value) was $31,503M — short-term $7,990M plus long-term $23,513M (principal $31,763M: Senior Notes $21,573M + Legacy Notes $952M + DFS debt $9,139M + other $99M). Against a market cap of about $342.8B ($541.74 on October 1, 2026), debt ÷ market cap is about 9.19%, below the ~33% ceiling. (Non-DFS debt alone: $22,364M = 6.53%.) Cash and cash equivalents ($11,528M) plus long-term investments ($1,730M) total $13,258M, about 3.87% of market cap. Gate 2 passes; the screen fails at Gate 1. Facts only.

Gate 3 — Non-compliant income: PASS

Dell's FY2026 10-K (MD&A "Interest and Other, Net" table; Note 20) reports "investment income, primarily interest" of $256M plus "gain on investments, net" of $254M = $510M, against total net revenue of $113,538M — about 0.45% of revenue, below the 5% non-compliant income ceiling. Including the $357M of lease interest income recognised inside product revenue (Note 5): $867M = 0.76% — still under 5%. (Zoya's page cites $279M = 0.25% from a different dataset.) Gate 3 passes; the screen fails at Gate 1 on the DFS financing business. Facts only.

Key figures used

Frequently asked questions

What does Dell do?

Dell Technologies Inc. (NYSE: DELL), headquartered in Round Rock, Texas, is a global IT hardware and solutions company organised in two reportable segments per its FY2026 10-K (fiscal year ended January 30, 2026): Infrastructure Solutions Group (AI-optimised and traditional servers, storage, networking) and Client Solutions Group (desktops, notebooks, peripherals). FY2026 net revenue was $113.5B ($90.4B products, $23.1B services).

Why does Dell fail this Shariah stock screen?

Dell fails this screen at the business-activity gate. Its Dell Financial Services (DFS) arm originates, collects and services customer receivables — "leases, loans" among its payment options — funded $11.9B of originations in FY2026 and maintains a $14.3B global portfolio of financing receivables, with $357M of lease interest income recognised inside product revenue. That is a real interest-based financing business, and Musaffa classifies Dell Technologies as NOT HALAL as of October 2026 under AAOIFI methodology. The financial ratios pass comfortably (debt 9.19%, interest/investment income 0.45–0.76% of revenue), so this is a business-screen failure, not a numbers failure — published fail-closed rather than as a clean pass. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Dell's interest-bearing debt ratio?

Per Dell's Form 10-K for fiscal 2026 (fiscal year ended January 30, 2026), total debt (carrying value) was $31,503M — short-term $7,990M plus long-term $23,513M (principal $31,763M: Senior Notes $21,573M + Legacy Notes $952M + DFS debt $9,139M + other $99M). Against a market cap of about $342.8B ($541.74, October 1, 2026), debt ÷ market cap is about 9.19% — below the ~33% ceiling. (Non-DFS debt alone: $22,364M = 6.53%.) Cash and cash equivalents ($11,528M) plus long-term investments ($1,730M) total $13,258M, about 3.87% of market cap. The debt gate passes; the screen fails at Gate 1.

What is Dell's non-compliant income ratio?

Dell's FY2026 10-K (MD&A "Interest and Other, Net" table; Note 20) reports "investment income, primarily interest" of $256M plus "gain on investments, net" of $254M = $510M, against total net revenue of $113,538M — about 0.45% of revenue, below the 5% ceiling. Including the $357M of lease interest income recognised inside product revenue (Note 5): $867M = 0.76% — still under 5%. (Zoya's page cites $279M = 0.25% from a different dataset.) The income gate passes; the screen fails at Gate 1 on the DFS financing business.

Do Zoya, Musaffa, or ShariaPortfolio cover Dell?

Musaffa covers DELL and states: "As of October 2026, Dell Technologies Inc is classified as not halal" under AAOIFI methodology (musaffa.com/stock/DELL) — no reason stated on the page; the DFS financing arm is the factual candidate. Zoya covers DELL (zoya.finance/stocks/dell) with figures close to the 10-K's (revenue $113,538M; interest income $279M = 0.25%), but its static page renders all three template states with blank "As of" dates, so its live rating could not be confirmed from the page text. ShariaPortfolio publishes no per-ticker public rating for DELL — reported as absent, not invented. This page applies the screen directly from Dell's own filings and follows the fail-closed convention given Musaffa's explicit not-halal classification.

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).