Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Public Service Enterprise Group Incorporated (PEG) Halal?

FAIL

Public Service Enterprise Group Incorporated · NYSE: PEG · Utilities

The short answer

No - Public Service Enterprise Group (PEG) fails this Shariah stock screen at the interest-bearing debt gate. Per its own FY2025 Form 10-K, its interest-bearing debt of $24,074 million ($875M due within one year + $1,529M commercial paper and loans + $21,670M long-term debt) is about 72.03% of its ~$33.42 billion market cap (Finnhub, October 2, 2026), above the ~33% ceiling. Its business activity passes - it is a regulated New Jersey electric and gas utility plus a nuclear power generation business with no haram segments - and its separately disclosed interest income of $32 million is about 0.26% of $12,168 million in revenue, under the 5% ceiling. Zoya flags PEG as not Shariah-compliant and Musaffa rates it not halal (October 2026).

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Public Service Enterprise Group Incorporated (NYSE: PEG) is, per its FY2025 Form 10-K (Item 1, Business), "a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business." Its two main subsidiaries are PSE&G, a franchised New Jersey public utility providing regulated electric transmission and electric and natural gas distribution to 2.4 million electric and 1.9 million gas customers (about 74% of New Jersey's population), and PSEG Power, which earns revenues primarily by selling energy and capacity from its nuclear generation units and wholesale natural gas.

Business screen (factual, from the filing): the company is a regulated electric and gas utility and nuclear power generator. It is not an interest-based lender and its segments show no involvement in tobacco, gambling, alcohol or pork production. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (72.03%, ceiling ~33%). Per Public Service Enterprise Group's FY2025 Form 10-K (consolidated balance sheet at December 31, 2025), interest-bearing debt was $24,074 million: long-term debt due within one year of $875 million, commercial paper and loans of $1,529 million, and long-term debt of $21,670 million. Note 13 (Debt and Credit Facilities) details the underlying senior notes, first and refunding mortgage bonds and medium-term notes. Operating lease liabilities are excluded — they are not interest-bearing debt.

$24,074 million of interest-bearing debt against a market capitalization of about $33.42 billion (Finnhub, October 2, 2026; $67.89 per share) is 72.03%, well above the ~33% ceiling. Cash of $132 million is about 0.39% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.26%, ceiling 5%). Public Service Enterprise Group's FY2025 Form 10-K separately discloses Interest Income of $32 million for FY2025 in the Note 22 (Segment Information) reporting table, against operating revenue of $12,168 million — about 0.26% of revenue, well under the 5% ceiling.

Note: the consolidated income statement does not carry a separate interest income line; the separately stated segment disclosure in Note 22 is the verified figure used for this gate. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Public Service Enterprise Group do?

Public Service Enterprise Group Incorporated (NYSE: PEG) is a New Jersey public utility holding company. Per its FY2025 Form 10-K (Item 1, Business), it operates through two main subsidiaries: PSE&G, a franchised regulated public utility providing electric transmission and electric and natural gas distribution to 2.4 million electric and 1.9 million gas customers across New Jersey (about 74% of the state's population), and PSEG Power, which sells energy and capacity from its nuclear generation units and wholesale natural gas. It also operates the Long Island Power Authority's transmission and distribution system under contract through PSEG Long Island.

Why does Public Service Enterprise Group fail this Shariah stock screen?

Public Service Enterprise Group fails this screen at the second gate - the interest-bearing debt gate - so it is not Shariah compliant under this screen. Per its FY2025 Form 10-K (balance sheet at December 31, 2025), total interest-bearing debt was $24,074 million against a market cap of about $33.42 billion, which is about 72.03% of market cap - well above the ~33% ceiling. Its business activity passes Gate 1 (regulated electric and gas utility plus nuclear power generation, with no interest-based lending, tobacco, gambling or pork segments), and its separately disclosed interest income of $32 million against operating revenue of $12,168 million is about 0.26% - under the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

How much interest-bearing debt does Public Service Enterprise Group have?

Per Public Service Enterprise Group's FY2025 Form 10-K (consolidated balance sheet at December 31, 2025), interest-bearing debt was $24,074 million: long-term debt due within one year of $875 million, commercial paper and loans of $1,529 million, and long-term debt of $21,670 million. Note 13 (Debt and Credit Facilities) details the senior notes, first and refunding mortgage bonds and medium-term notes behind these balances. Operating lease liabilities are excluded as they are not interest-bearing debt. Against a market cap of about $33.42 billion (Finnhub, October 2, 2026; $67.89 per share), debt divided by market cap is about 72.03% - well above the ~33% ceiling. Cash of $132 million is about 0.39% of market cap. Gate 2 fails.

How much interest income does Public Service Enterprise Group earn?

Public Service Enterprise Group's FY2025 Form 10-K separately discloses Interest Income of $32 million for FY2025 in the Note 22 (Segment Information) reporting table, against operating revenue of $12,168 million - about 0.26% of revenue, well under the 5% non-compliant income ceiling. The company's income statement reports operating income and other income lines, with interest income broken out only at the segment disclosure level in Note 22. Gate 3 passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Public Service Enterprise Group?

Zoya covers PEG and flags it as not Shariah-compliant (zoya.finance/stocks/peg; the page's displayed assessment date was blank) - it does not rate PSEG halal. Note that Zoya's page cites $122 million of interest income for PEG, which differs from the $32 million Interest Income figure separately disclosed in Note 22 of the FY2025 Form 10-K, so treat its published reasoning with caution. Musaffa covers PEG and classifies it as not halal as of October 2026 under its AAOIFI methodology (musaffa.com/stock/PEG/). I could not verify a ShariaPortfolio screener page for PEG from public sources. All coverage statements that could be verified are consistent with this page's own FAIL outcome. Third-party screeners apply different assumptions and update on different schedules - 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).