Canadian Halal Investor

TSX Shariah screener · September 2026

Is Vecima Networks (VCM) Halal?

PASS

Vecima Networks Inc. · TSX: VCM · Technology

The short answer

Vecima Networks (VCM) is a PASS. The business gate passes: it builds broadband access equipment and video content-delivery software for cable and fiber operators, with no disclosed prohibited lines. The debt gate passes: about C$53.9M of interest-bearing debt and lease liabilities at June 30, 2026 is roughly 16.8% of the ~C$320M market cap (C$13.17, September 30, 2026), against a ~33% ceiling. The income gate passes: interest income of C$17k in fiscal 2026 is about 0.01% of C$295.0M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for VCM was found 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.

Gate 1 — Business activity: PASS

Vecima Networks Inc. is a Victoria, BC company that designs and sells broadband network equipment - cable and fiber access hardware including its Entra line - plus MediaScale video content-delivery software used by internet and cable operators. Its two continuing segments are Video and Broadband Solutions (FY2026 sales C$249.9M) and Content Delivery and Storage (FY2026 sales C$45.1M). It sold its Telematics fleet-tracking business to Lantronix Inc. on July 31, 2026. Its shares trade on the Toronto Stock Exchange under the symbol VCM, and its fiscal year ends June 30. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The audited statements for the year ended June 30, 2026 show a revolving line of credit of C$13.768M, a current portion of long-term debt of C$12.847M, long-term debt of C$22.116M, and lease liabilities of C$5.187M - about C$53.9M of total interest-bearing debt and leases - against cash and cash equivalents of C$2.876M. Against a market capitalization of about C$320M (C$13.17, September 30, 2026, on 24,314,594 shares outstanding), the debt-to-market-cap ratio is roughly 16.8% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS

Interest income was C$17k in fiscal 2026 (year ended June 30, 2026) against sales of C$294.958M - about 0.01% of revenue, far under the ~5% ceiling. It is disclosed as a standalone line in the consolidated statements of cash flows and is netted inside "Finance expense" on the income statement (interest expense C$9.080M less interest income C$17k). For the nine months ended March 31, 2026, interest income was also C$17k against sales of C$209.628M (about 0.008%). So the non-compliant income gate passes.

Key figures used

Frequently asked questions

Is Vecima Networks (VCM) halal?

Our September 2026 screen gives Vecima Networks Inc. (TSX: VCM) a PASS. The business gate passes: it builds broadband access equipment and video content-delivery software for cable and fiber operators, with no disclosed prohibited lines. The debt gate passes: about C$53.9M of interest-bearing debt and lease liabilities at June 30, 2026 is roughly 16.8% of the ~C$320M market cap (C$13.17, September 30, 2026), against a ~33% ceiling. The income gate passes: interest income of C$17k in fiscal 2026 is about 0.01% of C$295.0M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for VCM was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Vecima Networks in?

Vecima Networks Inc. is a Victoria, BC company that designs and sells broadband network equipment - cable and fiber access hardware including its Entra line - plus MediaScale video content-delivery software used by internet and cable operators. Its two continuing segments are Video and Broadband Solutions (FY2026 sales C$249.9M) and Content Delivery and Storage (FY2026 sales C$45.1M). It sold its Telematics fleet-tracking business to Lantronix Inc. on July 31, 2026. Its shares trade on the Toronto Stock Exchange under the symbol VCM, and its fiscal year ends June 30. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.

How leveraged is Vecima Networks on the debt gate?

The audited statements for the year ended June 30, 2026 show a revolving line of credit of C$13.768M, a current portion of long-term debt of C$12.847M, long-term debt of C$22.116M, and lease liabilities of C$5.187M - about C$53.9M of total interest-bearing debt and leases - against cash and cash equivalents of C$2.876M. Against a market capitalization of about C$320M (C$13.17, September 30, 2026, on 24,314,594 shares outstanding), the debt-to-market-cap ratio is roughly 16.8% versus a ~33% ceiling.

How much interest income does Vecima Networks earn?

Very little. Interest income was C$17k in fiscal 2026 (year ended June 30, 2026) against sales of C$294.958M - about 0.01% of revenue, far under the ~5% ceiling. It is disclosed as a standalone line in the consolidated statements of cash flows and is netted inside "Finance expense" on the income statement (interest expense C$9.080M less interest income C$17k). For the nine months ended March 31, 2026, interest income was also C$17k against sales of C$209.628M (about 0.008%). So the non-compliant income gate passes.

What do Zoya, Musaffa or ShariaPortfolio say about VCM?

No public Zoya, Musaffa or ShariaPortfolio rating for VCM (TSX) was found as of September 2026, so this screen relies entirely on the company's audited financial statements and published disclosures. Other Canadian technology names on this site - D2L, Thinkific Labs, Enghouse Systems, TECSYS, Coveo and VitalHub - are screened on the same business, debt and income basis.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.