Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Sterling Infrastructure, Inc. (STRL) Halal?

PASS

Sterling Infrastructure, Inc. · NASDAQ: STRL · Industrials

The short answer

Sterling Infrastructure passes all three Shariah gates: it operates a permissible infrastructure construction business (E-Infrastructure, Transportation and Building segments), carries $283.9M of interest-bearing debt (1.8% of its ~$15.45 billion market cap), and interest income of about 0.9% of revenue is far under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Sterling Infrastructure, Inc., a Delaware corporation headquartered in The Woodlands, Texas, is an infrastructure construction company operating through three segments, per its FY2025 Form 10-K (Note 1, Nature of Operations): E-Infrastructure Solutions (large-scale site development and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing and power generation), Transportation Solutions (highways, roads, bridges, airports, ports, rail and storm drainage) and Building Solutions (residential and commercial concrete foundations, parking structures, elevated slabs, other concrete work, plumbing and surveys for new single-family residential builds).

The company earns revenue from construction contracts — it is not an interest-based lender and the 10-K discloses no involvement in alcohol, tobacco, gambling or pork. FY2025 revenue was $2,490,049 thousand. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (1.8%, ceiling 33%). Per Sterling's June 30, 2026 condensed consolidated balance sheet (published with its August 3, 2026 earnings release, Exhibit 99.1), interest-bearing debt was $283,875 thousand: current maturities of long-term debt of $15,141 thousand plus long-term debt of $268,734 thousand. The debt is Sterling's senior secured Credit Agreement (Note 9 of the FY2025 Form 10-K): a $300 million term loan facility plus a $150 million revolving credit facility, maturing June 5, 2028; no revolver borrowings were outstanding at December 31, 2025. Lease obligations (current $14,613 thousand plus long-term $38,327 thousand) are excluded — they are not interest-bearing debt.

$283.9 million of interest-bearing debt against a market capitalization of about $15.45 billion (as of October 1, 2026) is 1.8%, far under the 33% ceiling. Cash and cash equivalents of $464,451 thousand at June 30, 2026 represent about 3.0% of market cap; the balance sheet reports no marketable securities.

Note: after quarter-end, on July 2, 2026, Sterling entered into a Second Amended and Restated Credit Agreement replacing the term loan with a $1.5 billion revolving credit facility maturing in July 2031; $90 million was outstanding under the new facility at July 2, 2026.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.9%, ceiling 5%). Sterling's FY2025 Form 10-K separately discloses interest income as its own line on the Consolidated Statements of Operations: "Interest income 22,347" (in thousands) for 2025, versus $27,622 thousand in 2024 and $14,140 thousand in 2023. FY2025 interest income of $22,347 thousand against FY2025 total revenue of $2,490,049 thousand is about 0.9%, far under the 5% ceiling.

The Q2 2026 condensed consolidated income statement also breaks out interest income separately ($3,803 thousand for the quarter, $7,441 thousand for the six months ended June 30, 2026, against revenue of $1,168,179 thousand and $1,993,854 thousand respectively) — consistent with the audited annual figure used here.

Key figures used

Frequently asked questions

What does Sterling Infrastructure do?

Sterling Infrastructure, Inc. (NASDAQ: STRL) is an infrastructure construction company headquartered in The Woodlands, Texas. Per its FY2025 Form 10-K (Note 1, Nature of Operations), it operates through three segments: E-Infrastructure Solutions (large-scale site development and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing and power generation), Transportation Solutions (highways, roads, bridges, airports, ports, rail and storm drainage) and Building Solutions (residential and commercial concrete foundations, parking structures, elevated slabs, other concrete work, plumbing and residential surveys). FY2025 revenue was $2,490,049 thousand.

Is Sterling Infrastructure's business Shariah compliant?

Sterling is a construction contractor, not an interest-based lender, and its 10-K discloses no involvement in alcohol, tobacco, gambling or pork production. Its revenue comes from construction contracts across its E-Infrastructure, Transportation and Building segments, with customers in the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions of the US and the Pacific Islands. On business activity, this screener assesses the company as passing the first gate. Investors should still review the financial ratios themselves and, where unsure, consult a qualified scholar.

How much interest-bearing debt does Sterling Infrastructure have?

At June 30, 2026, Sterling's interest-bearing debt was $283,875 thousand - current maturities of long-term debt of $15,141 thousand plus long-term debt of $268,734 thousand, per its condensed consolidated balance sheet. The debt is its senior secured Credit Agreement (Note 9 of the FY2025 Form 10-K): a $300 million term loan facility plus a $150 million revolving credit facility maturing June 5, 2028; no revolving borrowings were outstanding at December 31, 2025. Lease obligations (current $14,613 thousand and long-term $38,327 thousand) are excluded as they are not interest-bearing debt. $283.9 million against a market capitalization of about $15.45 billion (as of October 1, 2026) is 1.8%, far under the 33% ceiling.

How much interest income does Sterling Infrastructure earn?

Interest income is separately disclosed as its own line on Sterling's FY2025 Form 10-K Consolidated Statements of Operations: $22,347 thousand for 2025 ($27,622 thousand in 2024 and $14,140 thousand in 2023). Against FY2025 total revenue of $2,490,049 thousand, interest income is about 0.9% - far under the 5% non-compliant income ceiling. The Q2 2026 condensed income statement also breaks interest income out separately ($3,803 thousand for the quarter, $7,441 thousand for the six months ended June 30, 2026), consistent with the audited annual figure.

What do third-party Shariah screeners say about Sterling Infrastructure?

Zoya publishes a Sterling Infrastructure (STRL) page and, as of September 2026, its headline marks the stock as Shariah-compliant - though the page's own FAQ text is internally contradictory about its reasoning, so treat its published assessment with caution. Zoya's page cites the same FY2025 figures: $22,347,000 of interest income on $2,490,049,000 of revenue (0.9%). I could not verify a Musaffa rating page for STRL or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - 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).