Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is PG&E Corporation (PCG) Halal?

FAIL

PG&E Corporation · NYSE: PCG · Utilities

The short answer

No - PG&E Corporation (PCG) fails this Shariah stock screen at the debt gate. PG&E, the Oakland-based holding company for Pacific Gas and Electric Company (one of the largest regulated electric and natural gas utilities in the US, serving ~16 million Californians), has a clean business with no haram segments. But interest-bearing debt of $64,218M at June 30, 2026 is about 243.07% of its ~$26.42B market cap (October 2, 2026) - far above the ~33% ceiling. Interest income is $223M (six months ended June 30, 2026), about 1.74% of $12,783M revenue - under the 5% ceiling. Third-party screeners agree with the non-compliant outcome: Zoya marks PCG not Shariah-compliant and Musaffa marks it Not Halal (AAOIFI, October 2026); no ShariaPortfolio coverage for PCG was found. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California, whose principal subsidiary, Pacific Gas and Electric Company (the Utility), is one of the largest regulated electric and natural gas utilities in the United States. Per the Q2 2026 Form 10-Q, the Utility serves about 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Electric operating revenues were $9,355M and natural gas operating revenues $3,428M for the six months ended June 30, 2026 (total operating revenues $12,783M). Generation sources include nuclear (Diablo Canyon Power Plant), hydroelectric, solar and other facilities. The filing discloses no alcohol, tobacco, gambling, adult entertainment, conventional weapons, pork, or interest-based financial services as business segments; the accounts-receivable securitization program and other financing facilities are ordinary utility operations, not separate business segments.

Gate 2 — Debt and cash: FAIL

Per PG&E Corporation's Q2 2026 Form 10-Q Condensed Consolidated Balance Sheet (June 30, 2026; $ millions), interest-bearing debt totals $64,218M: Short-term borrowings $1,375M + Long-term debt, classified as current $1,075M + Long-term debt (noncurrent) $61,768M (operating lease liabilities reported separately and excluded). Against a market cap of ~$26.42B ($12.17, October 2, 2026, Finnhub XNYS), debt divided by market cap is about 243.07% - far above the ~33% ceiling. Cash and cash equivalents of $972M are about 3.68% of market cap. The 10-Q notes the Utility completed $4.4 billion of debt financings in the first half of 2026 and that consolidated long-term debt rose from $57.4B at December 31, 2025 to $61.8B at June 30, 2026.

Gate 3 — Non-compliant income: PASS

Per PG&E Corporation's Q2 2026 Form 10-Q Condensed Consolidated Statements of Income ($ millions), 'Interest income' is separately disclosed as $223M for the six months ended June 30, 2026 (three months: $107M). Against six-month total operating revenues of $12,783M (electric $9,355M + natural gas $3,428M), interest income is about 1.74% of revenue - below the 5% non-compliant income ceiling. The 10-Q MD&A notes interest income decreased $70M (24%) in the first half of 2026 primarily due to lower interest-bearing account balances.

Key figures used

Frequently asked questions

What does PG&E Corporation do?

PG&E Corporation (NYSE: PCG), headquartered in Oakland, California, is a holding company whose principal subsidiary, Pacific Gas and Electric Company, is one of the largest regulated electric and natural gas utilities in the United States. Per its Q2 2026 Form 10-Q (quarterly period ended June 30, 2026), the Utility delivers electricity and natural gas to about 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Electric operating revenues were $9,355M and natural gas operating revenues were $3,428M for the six months ended June 30, 2026 (total operating revenues $12,783M). The Utility generates electricity from nuclear (Diablo Canyon Power Plant), hydroelectric, solar and other sources and operates extensive transmission and distribution infrastructure. PG&E emerged from Chapter 11 bankruptcy on July 1, 2020 and operates as a regulated investor-owned utility under the California Public Utilities Commission (CPUC).

Why does PG&E Corporation fail this Shariah stock screen?

PG&E Corporation fails this Shariah screener at the debt gate. Gate 1 (business activity): regulated electric and natural gas utility in California - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as business segments - clean. Gate 2 (debt): interest-bearing debt of $64,218M at June 30, 2026 is about 243.07% of its ~$26.42B market cap (October 2, 2026) - far above the ~33% ceiling - fail. Gate 3 (non-compliant income): interest income of $223M is about 1.74% of six-month operating revenue ($12,783M) - below the 5% ceiling - pass. Result: FAIL. Third-party screeners agree with the non-compliant outcome: Zoya marks PCG not Shariah-compliant and Musaffa marks it Not Halal (AAOIFI, October 2026); no ShariaPortfolio coverage for PCG was found. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is PG&E Corporation's interest-bearing debt ratio?

Per PG&E Corporation's Q2 2026 Form 10-Q (quarter ended June 30, 2026; $ millions), consolidated interest-bearing debt was $64,218M: Short-term borrowings $1,375M plus Long-term debt classified as current $1,075M plus Long-term debt $61,768M (figures exclude operating lease liabilities, which are reported separately). Against a market cap of about $26.42B ($12.17 per share, October 2, 2026, per Finnhub XNYS), debt divided by market cap is about 243.07% - far above the ~33% ceiling. Cash and cash equivalents of $972M are about 3.68% of market cap. Regulated utilities carry structurally high debt to finance capital-intensive grids; the 10-Q notes PG&E completed $4.4 billion of utility debt financings in the first half of 2026 alone.

How much interest income does PG&E Corporation earn?

Per PG&E Corporation's Q2 2026 Form 10-Q Condensed Consolidated Statements of Income (six months ended June 30, 2026; $ millions), 'Interest income' is separately disclosed as $223M (three months ended June 30, 2026: $107M). Against six-month total operating revenues of $12,783M (electric $9,355M plus natural gas $3,428M), interest income is about 1.74% of revenue - below the 5% non-compliant income ceiling. The 10-Q MD&A notes interest income decreased 24% in the first half of 2026 primarily due to lower interest-bearing account balances.

Do Zoya, Musaffa, or ShariaPortfolio cover PG&E Corporation?

Two of the three cover PG&E Corporation and both classify it as non-compliant. Zoya (zoya.finance/stocks/pcg) says 'As of September 2026, PCG is not Shariah-compliant and therefore not considered halal to invest in' based on PG&E's most recent financial reports, and cites FY2025 revenue of $24,935M with interest income of $520M (2.09%). Musaffa (musaffa.com/stock/PCG/) marks PG&E Corp 'NOT HALAL' under its AAOIFI methodology as of October 2026. No ShariaPortfolio page or coverage for PCG was found in a web search as of October 2, 2026, so no ShariaPortfolio position on PCG is reported here rather than invented.

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).