Is Superior Plus / SPB Halal?
Superior Plus Corp. (TSX: SPB) is a North American distributor and marketer of propane, compressed natural gas (CNG), hydrogen and related products and services, and transports renewable natural gas from production facilities to distribution networks. The business has no verified haram lines — but net debt of US$1,638.0 million is about 152% of the ~US$1.08 billion market cap, decisively over the ~33% ceiling. FAIL.
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 — passes
Superior Plus is a North American distributor and marketer of propane, compressed natural gas (CNG), hydrogen and related products and services, and transports renewable natural gas (RNG) from production facilities to natural gas distribution networks (headquartered in Toronto). No verified involvement in weapons/defence, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — fails decisively
The debt gate fails decisively. As at June 30, 2026: US$1,638.0 million in net debt (leverage ratio 3.6x against LTM adjusted EBITDA of US$452.2 million). Market cap is about C$1.53 billion (C$7.13 TSX close on September 28, 2026 × about 214.57 million shares) — or about US$1.08 billion at the September 28, 2026 CAD-USD rate of 0.7053 — putting debt at ~152% of market cap, decisively over the ~33% ceiling. (The company also carries roughly US$260 million of preferred shares outstanding, a further levered claim.) The income gate is not needed for this call: interest income is not separately disclosed in the primary filings, and a decisive debt-gate fail settles the screener. (For context: finance expense was US$21.0 million and interest expense US$19.8 million for the quarter.) Gate two: fails.
What other screeners say
No publicly verifiable rating for SPB was found on Zoya, Musaffa, or ShariaPortfolio — their assessments, if any, sit behind apps or APIs and could not be confirmed. No rating is reported here.
The bottom line
This screener gives Superior Plus Corp. (TSX: SPB) a FAIL. Energy distribution has no verified haram lines, but debt at ~152% of market cap is decisively over the ~33% ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Frequently asked questions
Is Superior Plus stock halal?
This screener gives Superior Plus Corp. (TSX: SPB) a FAIL. The North American propane, CNG, hydrogen and renewable natural gas distributor passes the business-activity gate, but net debt of US$1,638.0 million is about 152% of the ~US$1.08 billion market cap — decisively over the ~33% ceiling. Interest income is not separately disclosed and is not needed for the FAIL call.
What are Superior Plus' debt and market-cap figures?
As at June 30, 2026 (Q2 2026): net debt of US$1,638.0 million (leverage ratio 3.6x against LTM adjusted EBITDA of US$452.2 million). Market cap is about C$1.53 billion (C$7.13 TSX close on September 28, 2026 × about 214.57 million shares), or about US$1.08 billion at the September 28, 2026 CAD-USD rate of 0.7053. The debt-to-market-cap ratio is about 152% — decisively over the ~33% ceiling.
Why does Superior Plus fail the screen?
Debt. The ~33% ceiling allows about US$356 million of debt against the ~US$1.08 billion market cap; the company carries net debt of US$1,638.0 million — about 152% of market cap. The fail is decisive. (The company also has roughly US$260 million of preferred shares outstanding, a further levered claim on the balance sheet.)
Do any third-party screeners cover Superior Plus?
No publicly verifiable rating for SPB was found on Zoya, Musaffa, or ShariaPortfolio — their assessments, if any, sit behind apps or APIs and could not be confirmed. No rating is reported here.
What could change Superior Plus' halal screener?
A large debt paydown, major asset sales, or a sharp market-cap recovery could bring the debt-to-market-cap ratio below the ~33% ceiling — it sits at about 152% today. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.