Is GFL Environmental / GFL Halal?
GFL Environmental Inc. (TSX: GFL) is a North American waste-management company — solid-waste hauling, landfills, transfer stations and material recycling facilities in Canada and the US. Waste collection and disposal clear gate one, but ~47.8% debt-to-market-cap is over the ~33% ceiling — a FAIL on gate two, so it gets re-checked every quarter.
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 — PASS
GFL's continuing operations are solid-waste management: hauling, landfills, transfer stations and material recycling facilities, reported by geography (Canada: Q2 2026 revenue CA$609.2 million; USA: CA$1,338.6 million). One structural fact, stated plainly: in March 2025 GFL sold its Environmental Services business (liquid waste, soil remediation, industrial services) to Apollo Funds and BC Partners for a C$8 billion enterprise value, retaining a ~44% equity interest valued at ~C$1.7 billion plus ~C$6.2 billion of cash proceeds earmarked partly for debt repayment. No haram segments were identified — no conventional lending, insurance, alcohol, gambling, tobacco or weapons operations. Waste management is a permissible activity under AAOIFI-style screens. Gate one: PASS.
Gate two: the ratios — FAIL
Debt-to-market-cap: ~47.8% incl. leases (ceiling ~33%) — FAIL. At June 30, 2026, GFL reported long-term debt of CA$9,599.2 million plus CA$74.5 million of current and CA$468.6 million of non-current lease obligations — about CA$10.14 billion of debt including leases, consistent with the other screeners on this site. Against a market cap of roughly CA$21.21 billion on September 28, 2026 (CA$58.77 TSX close × 360,890,326 basic shares outstanding), the ratio is about 47.8% — over the ~33% ceiling (about 45.3% even excluding leases). The company reports net leverage of 4.0x, guiding toward the mid-3s by end-2026. Cash was CA$192.1 million.
Non-compliant income: ~0% (ceiling ~5%) — PASS. GFL's filings disclose no standalone interest-income line — the income statement reports only "Interest and other finance costs" (CA$163.9 million in Q2 2026, CA$303.5 million in the first half of 2026; full-year cash interest guided at ~CA$445 million), so GFL is a net payer of financing costs. Zoya lists CA$0 interest income for FY2025 — about 0%, well under the ~5% screen; that figure is Zoya-sourced since the primary filings do not break it out. Gate two: FAIL.
What other screeners say
Zoya covers GFL and rates it as not Shariah-compliant based on its most recent financial reports (AAOIFI methodology) — in agreement with this screener. No Musaffa or ShariaPortfolio coverage of GFL Environmental could be verified as of September 2026.
The bottom line
This screener gives GFL Environmental Inc. (TSX: GFL) a FAIL. The business passes gate one cleanly, but the debt ratio of about 47.8% — CA$10.14 billion of debt incl. leases against a ~CA$21.21 billion market cap — is well over the ~33% ceiling, and Zoya independently rates GFL not Shariah-compliant. Snapshot dated September 29, 2026; re-checked quarterly after earnings (Q3 2026 expected late October 2026) — material debt paydown or a higher market cap could bring it back.
The purification angle: no material interest income is disclosed for GFL (Zoya: CA$0 for FY2025) — but the purification calculator is here for any holdings with non-zero non-compliant income.
Frequently asked questions
Is GFL Environmental stock halal?
This screener gives GFL Environmental Inc. (TSX: GFL) a FAIL. Waste collection, transfer, recycling and disposal clear the business-activity screen, but the ratio math fails: about CA$10.14 billion of debt including leases at June 30, 2026 against a market cap of about CA$21.21 billion on September 28, 2026 — roughly 47.8%, over the ~33% ceiling. Zoya independently rates GFL as not Shariah-compliant based on its most recent financial reports.
What are GFL Environmental's debt and market-cap figures?
GFL reported long-term debt of CA$9,599.2 million at June 30, 2026, plus CA$74.5 million of current and CA$468.6 million of non-current lease obligations — about CA$10.14 billion of debt including leases, measured with leases included, consistent with the other screeners on this site. Against a market cap of roughly CA$21.21 billion on September 28, 2026 (CA$58.77 TSX close × 360,890,326 basic shares outstanding), the debt-to-market-cap ratio is about 47.8% (about 45.3% excluding leases) — over the ~33% AAOIFI ceiling either way.
Does GFL Environmental earn interest income?
No standalone interest-income line is disclosed in GFL's filings — the income statement reports only 'Interest and other finance costs' (CA$163.9 million in Q2 2026, CA$303.5 million in the first half of 2026), so the company is a net payer of financing costs. Zoya lists CA$0 interest income for FY2025 (about 0%, well under the ~5% screen); that figure is Zoya-sourced since the primary filings do not break it out.
Do any third-party screeners agree with this screener?
Yes — Zoya covers GFL and rates it as not Shariah-compliant based on its most recent financial reports (AAOIFI methodology), in agreement with this screener. No Musaffa or ShariaPortfolio coverage of GFL Environmental could be verified as of September 2026.
What could change GFL Environmental's halal screener?
The debt ratio sits at ~47.8% including leases — over the ~33% ceiling. GFL has a history of acquisition-driven borrowing; material debt paydown (the company reports net leverage of 4.0x at June 30, 2026, guiding toward the mid-3s by end-2026) or a higher market cap could bring the ratio back under the ceiling. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.