Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is IES Holdings, Inc. (IESC) Halal?

PASS

IES Holdings, Inc. · NASDAQ: IESC · Industrials

The short answer

IES Holdings passes all three Shariah gates: it provides electrical contracting and infrastructure services (no interest-based business), carries $0 of interest-bearing debt (debt-free), and interest income of about 0.09% of revenue is under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. IES Holdings, Inc., per its fiscal 2025 Form 10-K (year ended September 30, 2025, filed November 21, 2025; 10-K cover confirms Nasdaq Global Market listing), is an electrical and mechanical contracting and infrastructure company reporting four segments: Commercial & Industrial, Communications, Infrastructure Solutions, and Residential.

Its work includes electrical and mechanical design, construction, and maintenance, network infrastructure design and installation, and equipment maintenance and repair, with data center construction a major growth driver (fiscal 2026 Q3 revenue of $1,243 million, up 40%; backlog of $4,525 million at June 30, 2026). It is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (0.00%, ceiling 33%). IES Holdings is effectively debt-free: its Q3 2026 condensed consolidated balance sheet (June 30, 2026) shows zero long-term debt, and its fiscal 2025 Form 10-K likewise reports no long-term debt at September 30, 2025. Operating lease liabilities ($76.9 million at June 30, 2026) are excluded — they are not interest-bearing debt.

$0 of interest-bearing debt against a market capitalization of about $12.89 billion (Finnhub, October 2, 2026) is 0.00%, far under the 33% ceiling. Cash and cash equivalents of $77.3 million plus $310.6 million of marketable securities at June 30, 2026 represent about 3.0% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.09%, ceiling 5%). IES Holdings' fiscal 2025 Form 10-K separately discloses $2,925 thousand of interest income — management's discussion notes that total other income, net of $12.2 million was primarily interest income of $2.9 million plus $7.5 million of unrealized gains on trading securities — against revenues of $3,371,468 thousand, about 0.09%, under the 5% ceiling (interest expense was $1.8 million).

Fiscal 2024 interest income was $4,042 thousand. The most recent annual figure (0.09%) is used for this gate.

Key figures used

Frequently asked questions

What does IES Holdings do?

IES Holdings, Inc. (NASDAQ: IESC) is an electrical and mechanical contracting and infrastructure company headquartered in Sugar Land, Texas. Per its fiscal 2025 Form 10-K (year ended September 30, 2025, filed November 21, 2025), it reports four segments - Commercial & Industrial, Communications, Infrastructure Solutions, and Residential - providing electrical and mechanical design, construction, and maintenance, network infrastructure design and installation, and equipment maintenance and repair. A major growth driver is data center construction: fiscal 2026 third-quarter revenue was $1,243 million (up 40%) and backlog reached $4,525 million at June 30, 2026. The company completed a 2-for-1 stock split in August 2026.

Is IES Holdings' business Shariah compliant?

IES Holdings provides electrical contracting, mechanical services, and infrastructure construction - it is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. Assessed on the filed business description, the business passes this screener's first gate.

How much interest-bearing debt does IES Holdings have?

IES Holdings is effectively debt-free. Its Q3 2026 condensed balance sheet (June 30, 2026) shows zero long-term debt, and its fiscal 2025 Form 10-K likewise reports no long-term debt at September 30, 2025 (operating lease liabilities of $76.9 million are excluded - they are not interest-bearing debt). $0 of interest-bearing debt against a market capitalization of about $12.89 billion (Finnhub, October 2, 2026) is 0.00% - far under the 33% ceiling. Cash and cash equivalents of $77.3 million plus $310.6 million of marketable securities at June 30, 2026 represent about 3.0% of market capitalization.

How much interest income does IES Holdings earn?

IES Holdings' fiscal 2025 Form 10-K discloses interest income of $2,925 thousand - management's discussion notes that total other income, net of $12.2 million was primarily interest income of $2.9 million plus $7.5 million of unrealized gains on trading securities - against revenues of $3,371,468 thousand, about 0.09%, under the 5% ceiling. Interest expense was $1.8 million. Fiscal 2024 interest income was $4,042 thousand.

What do third-party Shariah screeners say about IES Holdings?

Zoya publishes an IESC page citing fiscal 2025 figures ($2,925 thousand interest income against $3,371,468 thousand revenue, about 0.09%) under its AAOIFI methodology, but the compliance rating on the page did not render cleanly in a text fetch, so its current rating could not be verified from public sources. I could not verify a Musaffa rating page for IESC or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - 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).