Is Hudbay Minerals / HBM Halal?
Hudbay Minerals Inc. (HBM) is a Toronto-based copper, gold and zinc producer with mines in Canada, Peru and the United States. Mining clears gate one, and a net-cash balance sheet keeps debt far under the ~33% ceiling — a PASS, 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, 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
Hudbay discovers, produces and markets base metals: copper and gold at Constancia (Peru), copper, zinc and gold in Manitoba and Saskatchewan, and the Copper World development project in Arizona following the Arizona Sonoran acquisition. Mining is a permissible business activity under AAOIFI-style screens, and no haram revenue segment is disclosed. Gate one: PASS.
Gate two: the ratios — PASS
Debt-to-market-cap: ~7% (ceiling ~33%) — PASS. The company ended Q2 2026 in a net-cash position: about US$890 million of cash against roughly US$0.8 billion of debt left net debt at negative US$80.5 million, with a net debt-to-EBITDA ratio of -0.1x. Against a market cap of roughly US$11.8 billion on September 28, 2026, gross debt is about 7% of market cap — far under the ~33% ceiling.
Non-compliant income: ~1.1% of revenue — within the ~5% screen. Hudbay reported US$7.1 million of non-operating interest income against US$631.3 million of revenue in Q2 2026. Gate two: PASS.
What other screeners say
No verified current third-party rating was found for Hudbay Minerals on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS screener here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Hudbay Minerals Inc. (HBM) a PASS. Q2 2026 delivered US$631.3 million of revenue, US$101.8 million of free cash flow, improved cash-cost guidance, and the strongest balance sheet in more than a decade. The net-cash position gives the PASS wide headroom — it would only flip on very large new project debt, a collapsed share price, or a move into a non-compliant business. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
HBM qualifies for the portfolio builder: PASS screeners can be held in the halal portfolio builder alongside other screened stocks — see how it fits the sector targets.
Frequently asked questions
Is Hudbay Minerals stock halal?
This screener gives Hudbay Minerals Inc. (HBM) a PASS. Copper, gold and zinc mining across North and South America clears the business-activity screen, and the balance sheet is net cash: about US$890 million of cash against roughly US$0.8 billion of debt left net debt at negative US$80.5 million at June 30, 2026. Gross debt is only about 7% of the roughly US$11.8 billion market cap — far under the ~33% AAOIFI ceiling.
What are Hudbay's debt and market-cap figures?
Hudbay reported US$890 million of cash and cash equivalents and negative net debt of US$80.5 million at June 30, 2026 — the strongest balance-sheet position in more than a decade, with a net debt-to-EBITDA ratio of -0.1x. Against a market cap of roughly US$11.8 billion on September 28, 2026, gross debt is about 7% of market cap — far under the ~33% AAOIFI ceiling, measured consistently with the other screeners on this site.
How did Hudbay perform in Q2 2026?
Q2 2026 revenue was US$631.3 million with net earnings of US$137.4 million (US$0.34 per share), adjusted EBITDA of US$321.2 million and free cash flow of US$101.8 million. The company improved its 2026 consolidated copper cash-cost guidance to $(0.45)–$(0.25) per pound, completed the Arizona Sonoran acquisition, and reaffirmed full-year copper and gold production guidance.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Hudbay Minerals on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The PASS screener here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Hudbay's halal screener?
The headroom is wide — the company is net cash — so the PASS would only flip if Hudbay took on very large debt (for example to fund its Copper World project), its market cap collapsed, or it entered a non-compliant business. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.