Is Stingray (RAY.A) halal?
Stingray (TSX: RAY.A), the Montreal media and broadcasting company, gets a FAIL: credit facilities are about 45.2% of the C$1.15B market cap - far above the ~33% debt ceiling.
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, weapons manufacturing, 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 — PASSED
Stingray Group Inc. (TSX: RAY.A and RAY.B), headquartered in Montreal, is a media and broadcasting company. Its segments: Broadcasting and Commercial Music (multi-platform music and video broadcast, FAST channels, digital signage, in-store audio and video advertising, TuneIn audio streaming, karaoke products - Singing Machine, Stingray Karaoke, Qello Concerts, Calm Radio) and Radio (Canadian radio stations, advertising revenue). Q3 fiscal 2026 revenue split (quarter ended December 31, 2025): Broadcasting and Commercial Music C$88.1M of C$124.8M (70.6%); Radio C$36.7M (29.4%). Full-year fiscal 2025: Broadcasting and Commercial Music C$254.5M of C$386.9M (65.8%); Radio C$132.3M (34.2%). No non-permissible segments are disclosed anywhere in the filings reviewed - no alcohol, cannabis, gambling, conventional banking or insurance, weapons, pork, tobacco, or adult-entertainment activities. Music and media broadcasting is not a flagged activity under standard AAOIFI-style screens. The business gate passes. Facts only, no fatwa.
Gate two: the ratios — FAILED
The debt gate fails decisively. The Q3 fiscal 2026 release (quarter ended December 31, 2025) shows credit facilities of C$519.658M, against cash of C$17.332M and net debt of C$502.326M. Against a market capitalization of about C$1.15B (companiesmarketcap, September 2026), the credit facilities alone are about 45.2% - well above the ~33% ceiling. The FAIL holds across the full market cap range seen across sources (about 50% at C$1.04B). Context: credit facilities jumped from C$341.365M at March 31, 2025 after the TuneIn acquisition (closed December 19, 2025) was financed with a US$150M term loan on November 10, 2025 - acquisition-driven leverage, not distress-driven - but the gate measures the level, not the reason. Lease liabilities would only add to the ratio (prior-period leases were about C$31M) and are immaterial to the result. Income: the releases disclose only net finance expense (C$0.341M in Q3 fiscal 2026; C$6.869M for the nine months) - no separate finance-income or interest-income line - so no interest-income ratio can be published; reported as unverifiable, and moot given the debt FAIL. All figures recomputed from the cited sources; Stingray reports in Canadian dollars.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Stingray (RAY.A) as of September 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures.
The bottom line
Stingray (RAY.A) is a FAIL: the debt gate fails decisively. Credit facilities of C$519.658M at December 31, 2025 against a market capitalization of about C$1.15B (September 2026) are about 45.2% - well above the ~33% ceiling, and the FAIL holds across every market cap figure in the range (about 50% at C$1.04B). The leverage jump is acquisition-driven - the TuneIn acquisition closed December 19, 2025, financed by a US$150M term loan in November 2025 - but the gate measures the level, not the reason. The business gate passes: no non-permissible segments are disclosed (Broadcasting and Commercial Music ~70.6% of Q3 fiscal 2026 revenue, Radio ~29.4%). Finance income is not separately disclosed in the published releases - only net finance expense - so no interest-income ratio can be published; that gate is reported as unverifiable and is moot given the decisive debt FAIL. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Sources
- Stingray Q3 Fiscal 2026 results (globenewswire; revenue, credit facilities, net debt)
- Stingray FY2025 full-year results (globenewswire)
- Stingray market cap, September 2026 (companiesmarketcap)
Frequently asked questions
Is Stingray stock halal?
Based on this screener AAOIFI-style checks, Stingray fails: credit facilities of C$519.658M are about 45.2% of the about C$1.15B market cap - well above the ~33% debt ceiling - so the debt gate fails decisively. The business gate passes and no separate finance-income line is disclosed. This is a screening result, not investment advice or a religious ruling.
Does Stingray have any haram business segments?
No: its segments are Broadcasting and Commercial Music - music and video broadcast, FAST channels, digital signage, in-store advertising, TuneIn audio streaming, karaoke products - about 70.6% of Q3 fiscal 2026 revenue, and Radio - about 29.4%. No alcohol, cannabis, gambling, conventional banking, weapons, pork, tobacco, or adult-entertainment activities are disclosed, so the business gate passes.
What is Stingray debt-to-market-cap ratio?
Decisive: credit facilities of C$519.658M at December 31, 2025 against a market cap of about C$1.15B is about 45.2% - far above the ~33% ceiling. The FAIL holds at every market cap figure in the range (about 50% at C$1.04B). The leverage jump is acquisition-driven - the TuneIn acquisition closed December 19, 2025, financed by a US$150M term loan - but the gate measures the level, not the reason.
What is Stingray interest income to revenue ratio?
Not computable: the published releases disclose only net finance expense (C$0.341M in Q3 fiscal 2026, C$6.869M for the nine months) - no separate finance-income or interest-income line. Per the honesty rule, no ratio is published; this gate is moot given the decisive debt FAIL.
Do Zoya, Musaffa, or ShariaPortfolio rate Stingray?
No public coverage was found as of September 2026: no public Zoya page for the ticker, no Musaffa public page, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company own disclosures.