Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Evergy, Inc. (EVRG) Halal?

FAIL

Evergy, Inc. · NASDAQ: EVRG · Utilities

The short answer

Evergy fails this Shariah screener on the debt gate: the regulated utility's interest-bearing debt of $14,800.2M is 81.5% of its ~$18.17 billion market cap, over the 33% ceiling. Its electricity business passes the business gate and interest income is effectively $0.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Evergy, Inc., per its filings, is an investor-owned electric utility holding company headquartered in Topeka, Kansas (formed 2018 via the Great Plains Energy / Westar Energy merger). Through its regulated operating utilities - Evergy Kansas Central, Evergy Kansas South, Evergy Missouri Metro, and Evergy Missouri West - it generates, transmits, distributes, and sells electricity to residential, commercial, industrial, and municipal customers across Kansas and Missouri, with generation from nuclear (an ownership interest in Wolf Creek), natural gas, coal, wind, and solar. It moved its listing from NYSE to NASDAQ on December 28, 2022.

Regulated electricity service is a permissible business activity; the filings disclose no haram segments. The business passes gate 1. (This page still FAILS overall - on the debt gate.)

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (81.5%, ceiling 33%). Per Evergy's Q2 2026 Form 10-Q consolidated balance sheet (December 31, 2025 column), total debt was about $14,800.2 million (long-term debt $13,039.2 million, current maturities of long-term debt $367.0 million, notes payable and commercial paper $1,394.0 million).

$14,800.2 million against a market capitalization of about $18.17 billion (October 2, 2026; NASDAQ: EVRG) is about 81.5%, far over the 33% ceiling (including collateralized notes of $15,202.2 million, about 83.7%). Heavy debt is structural for regulated utilities funding grid capex, but the ceiling is the ceiling: the debt gate fails.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0%, ceiling 5%). Evergy does not separately disclose interest income in its primary filings - interest income is effectively $0 against revenue of $5,961.6 million (0%), which Zoya independently corroborates.

Under the 5% ceiling, this gate passes. The overall FAIL comes from the debt gate, not the income gate.

Key figures used

Frequently asked questions

What does Evergy do?

Evergy, Inc. (NASDAQ: EVRG) is an investor-owned electric utility holding company headquartered in Topeka, Kansas, formed in 2018 through the merger of Great Plains Energy and Westar Energy. Per its filings, it generates, transmits, distributes, and sells electricity through regulated utilities (Evergy Kansas Central, Evergy Kansas South, Evergy Missouri Metro, Evergy Missouri West) serving residential, commercial, industrial, and municipal customers across Kansas and Missouri, with a mix of nuclear (Wolf Creek), natural gas, coal, wind, and solar generation. It moved its listing from NYSE to NASDAQ on December 28, 2022.

Is Evergy's business Shariah compliant?

Yes - assessed on the filed business description, Evergy's business passes this screener's first gate. It is a regulated electric utility: generating and delivering electricity to homes and businesses. The filings disclose no alcohol, tobacco, gambling, pork, weapons, adult-entertainment, or interest-based lending segments. Regulated utility service is a permissible business activity. (This page still FAILS overall - on the debt gate, not the business gate.)

How much interest-bearing debt does Evergy have?

Evergy's Q2 2026 Form 10-Q reports total debt of about $14,800.2 million at December 31, 2025 (long-term debt $13,039.2 million, current maturities $367.0 million, notes payable/commercial paper $1,394.0 million). Against a market capitalization of about $18.17 billion (October 2, 2026), that is about 81.5% - far over the 33% ceiling. Including collateralized notes ($15,202.2 million), the ratio is about 83.7%. Heavy debt is structural for regulated utilities, but the ceiling is the ceiling: the debt gate fails.

How much interest income does Evergy earn?

Evergy does not separately disclose interest income in its primary filings - interest income is effectively $0 against revenue of $5,961.6 million (0%), which Zoya independently corroborates. Under the 5% ceiling, this gate passes. The overall FAIL comes from the debt gate, not the income gate.

What do third-party Shariah screeners say about Evergy?

Zoya flags EVRG as not Shariah-compliant (AAOIFI) and ShariaPortfolio lists EVRG as not compliant (fails the financial ratios) - both consistent with this page's debt-gate FAIL. I could not verify a Musaffa rating page for EVRG from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.

Sources

Screened 2026-10-02 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).