Is MDA Space / MDA Halal?
MDA Space Ltd. (TSX: MDA) is the Brampton-based space-technology company behind Canadarm3, satellite systems and geointelligence — with a $4.0 billion backlog, a NYSE listing since March 2026, and a net cash balance sheet. Both gates clear — 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
MDA Space operates three business areas: satellite systems (Telesat Lightspeed work), robotics and space operations (Canadarm3), and geointelligence. Space technology and engineering services are permissible business activities under AAOIFI-style screens. The company does have defence-related contracts (Canadian Armed Forces, Japan Ministry of Defense), but its primary business is space infrastructure, not weapons manufacturing. Gate one: PASS.
Gate two: the ratios — PASS
Debt-to-market-cap: ~3.4% (ceiling ~33%) — PASS. As of June 30, 2026, MDA Space held cash of CA$397.8 million and long-term debt of CA$245.0 million — a net cash position of CA$152.8 million. Against a market cap of roughly CA$7.2 billion (at ~CA$43.94 per share), the debt-to-market-cap ratio is approximately 3.4% — far under the ~33% ceiling.
Non-compliant income: ~0.6% of revenue — within the ~5% screen. MDA reported CA$3.0 million of finance (interest) income against CA$498.6 million of revenue in Q2 2026. An AAOIFI-certified third-party screener (MuslimXchange, June 2026) rates MDA.TO compliant under 8 Shariah standards including AAOIFI. Gate two: PASS.
What other screeners say
MuslimXchange, an AAOIFI-certified Shariah screener updated June 19, 2026, rates MDA.TO Shariah compliant under 8 standards including AAOIFI, Dow Jones Islamic, FTSE Shariah, MSCI Islamic and S&P Shariah — consistent with this PASS. No Zoya, Musaffa, or ShariaPortfolio rating was verified as of September 2026.
The bottom line
This screener gives MDA Space Ltd. (TSX: MDA) a PASS. Q2 2026 revenue grew 34% to CA$498.6 million, the backlog stands at CA$4.0 billion, and the balance sheet is net cash — the screeners rarely come this clean. The company pays no dividend. Snapshot dated September 28, 2026; re-checked quarterly after earnings — watch leverage if acquisition financing grows.
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Frequently asked questions
Is MDA Space stock halal?
This screener gives MDA Space Ltd. (TSX: MDA) a PASS. Its space-technology business — satellite systems, space robotics and geointelligence — clears the business-activity screen, and long-term debt of roughly CA$245 million against a market cap of roughly CA$7.2 billion is approximately 3.4% — far under the ~33% AAOIFI ceiling. An AAOIFI-certified third-party screener (MuslimXchange, June 2026) also rates MDA.TO compliant under 8 Shariah standards.
What are MDA Space's debt and market-cap figures?
MDA Space held cash of CA$397.8 million and long-term debt of CA$245.0 million as of June 30, 2026 — a net cash position of CA$152.8 million. Against a market cap of roughly CA$7.2 billion (at ~CA$43.94 per share), the debt-to-market-cap ratio is approximately 3.4% — far under the ~33% AAOIFI ceiling, measured consistently with the other screeners on this site.
Does MDA Space pay a dividend?
No. MDA Space does not pay a dividend; it reinvests in growth, including the new high-volume satellite manufacturing facility in Montreal.
Do any third-party screeners agree with this screener?
Yes. MuslimXchange, an AAOIFI-certified Shariah screener updated June 19, 2026, rates MDA.TO (MDA Space Ltd.) Shariah compliant under 8 standards including AAOIFI, Dow Jones Islamic, FTSE Shariah, MSCI Islamic and S&P Shariah. No Zoya, Musaffa, or ShariaPortfolio rating was verified as of September 2026.
What could change MDA Space's halal screener?
The PASS is decisive: with a net cash balance sheet and ~3.4% debt-to-market-cap, MDA Space would need to take on substantial debt relative to its market cap to trip the ~33% ceiling. It recently agreed to acquire Blue Canyon Technologies and CLS to expand US defence and geointelligence capabilities — watch leverage if deal financing grows. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.