Is Keyera / KEY Halal?
Keyera Corp. (TSX: KEY) is a Calgary-based midstream energy company — NGL gathering, processing, fractionation, storage, and transportation, plus an NGL marketing business. The business clears gate one; the balance sheet does not: ~51% debt-to-market-cap, far above the ~33% ceiling.
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
Keyera operates an integrated natural-gas-liquids value chain — gathering and processing, fractionation, storage, and transportation across Alberta, Saskatchewan, Manitoba, and Ontario — plus an NGL marketing segment. Midstream energy infrastructure is a permissible business activity under AAOIFI-style screens, consistent with this site's TC Energy and Enbridge screeners. Gate one: PASS.
Gate two: the ratios — FAIL
Debt-to-market-cap: ~51% (ceiling ~33%) — FAIL. June 30, 2026 figures show C$6.91 billion of long-term debt plus a C$1.04 billion credit facility — about C$8.0 billion of interest-bearing debt, before the current portion of long-term debt. Net debt was C$7.48 billion, nearly double the C$3.34 billion a year earlier. Against a market cap of roughly C$15.58 billion on September 28, 2026, the ratio is about 51%. Net debt to adjusted EBITDA was 3.3 times, above the company's own 2.5-to-3.0 target range.
Why the spike: Keyera closed a roughly C$5.3 billion acquisition of Plains' Canadian NGL business on May 12, 2026 — about 193,000 barrels per day of fractionation capacity, 23 million barrels of storage, and over 1,500 miles of pipeline — financed with a mix of debt and a C$2.07 billion bought-deal offering of subscription receipts. Gate two: FAIL.
What other screeners say
No verified current third-party rating was found for Keyera on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
The bottom line
This screener gives Keyera Corp. (TSX: KEY) a FAIL. Q2 2026 (reported August 6, 2026) showed revenue of C$2.40 billion and EPS of C$1.19, but the Plains acquisition transformed the balance sheet. The quarterly dividend was raised 4.17% to C$0.5625 per share (ex-date September 15, 2026; paid September 29, 2026). Management targets returning to its leverage range in 2028 — if deleveraging brings the debt-to-market-cap ratio under ~33%, the screener could flip. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
The purification angle: Keyera's 4.1% dividend yield attracts income investors — if you hold any dividend payers, the purification calculator helps estimate any income to purify.
Frequently asked questions
Is Keyera stock halal?
This screener gives Keyera Corp. (TSX: KEY) a FAIL. The midstream business clears gate one, but about C$8.0 billion of interest-bearing debt against about C$15.58 billion of market cap gives roughly 51%, far above the ~33% ceiling. Keyera's net debt to adjusted EBITDA was 3.3 times at June 30, 2026, above its own 2.5-to-3.0 target range.
What are Keyera's debt and market-cap figures?
Keyera's June 30, 2026 figures show C$6.91 billion of long-term debt plus a C$1.04 billion credit facility — about C$8.0 billion of interest-bearing debt, before the current portion of long-term debt. Net debt was C$7.48 billion, nearly double the C$3.34 billion a year earlier. Against a market cap of roughly C$15.58 billion on September 28, 2026, the debt-to-market-cap ratio is about 51%, well above the ~33% AAOIFI ceiling.
Why is Keyera's debt so high?
Keyera closed a roughly C$5.3 billion acquisition of Plains' Canadian NGL business on May 12, 2026 — about 193,000 barrels per day of fractionation capacity, 23 million barrels of storage, and over 1,500 miles of pipeline — financed with a mix of debt and a C$2.07 billion bought-deal offering of subscription receipts. The company says it is focused on deleveraging and expects to return to its 2.5-to-3.0 times net debt-to-EBITDA target range in 2028.
Do any third-party screeners agree with this screener?
No verified current third-party rating was found for Keyera on Zoya, Musaffa, or ShariaPortfolio as of September 2026. The FAIL rating here rests on this site's own screening methodology, not on a third-party endorsement.
What could change Keyera's halal screener?
Deleveraging. Management targets returning net debt to adjusted EBITDA to within 2.5 to 3.0 times in 2028, which could bring the debt-to-market-cap ratio under the ~33% ceiling if the share price cooperates. Any move into non-compliant business lines would also matter, but the current block is the balance sheet. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.