Is Stantec / STN Halal?
Stantec Inc. (TSX: STN) is a global engineering, architecture, and environmental consulting firm — about 34,000 employees in 450+ locations across six continents. Professional consulting is a permissible business, the ratio math clears comfortably, and both Zoya and Musaffa independently rate it halal.
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
Stantec describes itself as "a global leader in sustainable engineering, architecture, and environmental consulting." Its operating units — Buildings, Infrastructure, Water, Environmental Services, and Energy & Resources — sell professional services from project concept and design through construction administration and remediation. The Energy & Resources unit (~10% of gross revenue) provides engineering consulting to the energy sector including oil and gas — professional services, not oil production or trading. No alcohol, gambling, interest-based lending, pork, weapons, or adult-entertainment segments appear in the filings. Gate one: PASS.
Gate two: the ratios — PASS
Debt-to-market-cap: ~18.6% (ceiling ~33%) — PASS. At June 30, 2026, Stantec reported interest-bearing debt of C$2,019.7 million (bank indebtedness C$21.3 million, current long-term debt C$149.8 million, and noncurrent long-term debt C$1,848.6 million) — roughly 18.6% of the ~C$10.9 billion market cap (TSX: STN near C$96.83 in late September 2026; 112,399,703 shares outstanding). Including C$728.7 million of lease liabilities, the ratio is about 25.3%.
Interest income: not separately disclosed; net interest payer (ceiling ~5%) — PASS. Stantec does not separately disclose interest income in its headline filings; its FY2025 results report net interest expense of C$100.2 million — the company pays far more interest than it earns, so interest income cannot reach the ~5% screen on the disclosed figures. Cash of C$377.3 million (~3.5% of market cap) is under the ceiling. Gate two: PASS.
What other screeners say
Both agree with us. Zoya rates STN Shariah-compliant (halal) based on the company's most recent financial reports, and Musaffa rates STN.TO as halal under AAOIFI methodology (September 2026) — it also lists Stantec among its "40 Halal Stocks in Canada by Market Cap." No ShariaPortfolio rating for STN was found during our September 2026 research.
The bottom line
This screener gives Stantec Inc. (TSX: STN) a PASS. The consulting business is clean, and the numbers clear with room: an ~18.6% debt ratio and no disclosed interest income (net interest payer) — with the unusual distinction of two independent third-party screeners reaching the same halal conclusion. This is our independent screening, not a fatwa. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
What could flip it: another large debt-financed acquisition — the debt ratio would need to nearly double to hit the ceiling — or a deep share-price slide. See all the screeners on the screeners hub.
Frequently asked questions
Is Stantec stock halal?
This screener gives Stantec Inc. (TSX: STN) a PASS. Engineering, architecture, and environmental consulting clear the business-activity screen; interest-bearing debt of C$2,019.7 million is roughly 18.6% of a ~C$10.9 billion market cap — under the ~33% AAOIFI ceiling; and Stantec is a net payer of interest (net interest expense of C$100.2 million for FY2025) with no separately disclosed interest income — under the ~5% screen. Zoya and Musaffa independently rate STN halal. This is an independent screening, not a fatwa.
What are Stantec's debt and market-cap figures?
At June 30, 2026, Stantec reported interest-bearing debt of C$2,019.7 million (bank indebtedness C$21.3 million, current long-term debt C$149.8 million, and noncurrent long-term debt C$1,848.6 million) — roughly 18.6% of the ~C$10.9 billion market cap (TSX: STN near C$96.83 in late September 2026; 112,399,703 shares outstanding). Including C$728.7 million of lease liabilities, the ratio is about 25.3% — still under the ~33% AAOIFI ceiling.
Does Stantec earn interest income?
Stantec does not separately disclose interest income in its headline filings. Its FY2025 results report net interest expense of C$100.2 million — the company pays far more interest than it earns, so interest income cannot reach the ~5% screen on the disclosed figures.
What could change Stantec's halal screener?
Another large debt-financed acquisition (Stantec's debt mostly dates to past acquisitions), or a deep share-price slide, could push the debt ratio toward the ~33% ceiling — it would need to nearly double from here. Stantec has a long record of engineering-consultancy acquisitions. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.
What do Zoya, Musaffa, and ShariaPortfolio say?
Both agree with us. Zoya rates STN Shariah-compliant (halal) based on the company's most recent financial reports, and Musaffa rates STN.TO as halal under AAOIFI methodology (September 2026) — it also lists Stantec among its '40 Halal Stocks in Canada by Market Cap.' No ShariaPortfolio rating for STN was found during our September 2026 research. This screener is our independent application of the AAOIFI-style screen; consult a scholar or screener of your choice before investing.