NYSE Shariah screener · October 2026
Is WEC Energy Group, Inc. (WEC) Halal?
WEC Energy Group, Inc. · NYSE: WEC · Utilities
The short answer
No - WEC Energy Group, Inc. (WEC) fails this Shariah stock screen on the debt gate alone. WEC, the Milwaukee-based regulated energy holding company (We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, Upper Michigan Energy Resources; We Power generating plants; WEC Infrastructure LLC renewables; ~4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota; FY2025 operating revenues $9,800.1M) - none of which involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity. The financial ratios are decisive: total interest-bearing debt of $21,942.2M is about 65.12% of its ~$33.7B market cap (October 2026), far above the ~33% ceiling. Interest income is recorded as $0 by Zoya on FY2025 revenue of $9,800.1M (0%), below the 5% ceiling. Musaffa independently rates WEC Energy Group NOT HALAL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.
Gate 1 — Business activity: PASS
WEC Energy Group, Inc. (NYSE: WEC), headquartered at 231 West Michigan Street, Milwaukee, WI (holding company formed 1981 as Wisconsin Energy Corporation; rebranded 2015 after the Integrys acquisition; CEO Scott J. Lauber), is a regulated energy holding company. Per its filings (FY2025 Form 10-K filed Feb 20, 2026; Q2 2026 earnings release July 29, 2026; figures cross-verified via stocktitan filing transcriptions), its principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources, serving ~4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota; We Power designs, builds and owns electric generating plants; WEC Infrastructure LLC owns a fleet of renewable generation facilities from South Dakota to Texas. FY2025 operating revenues were $9,800.1M; Q2 2026 revenues were $2,062.1M with net income of $299.2M. Business-screen implication (factual): regulated electric and natural gas utility service plus renewable generation are not haram activities under standard Shariah screens; no alcohol, tobacco, gambling, weapons/defense, pork, adult entertainment, or conventional finance as a core activity. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
Per WEC Energy Group's FY2025 Form 10-K (fiscal year ended December 31, 2025; balance sheet reproduced in the Q1 2026 Form 10-Q comparative column filed May 7, 2026; $ millions; cross-verified via stocktitan filing transcription), total interest-bearing debt at December 31, 2025 was: short-term debt $1,924.7M + current portion of long-term debt $1,519.4M + long-term debt $18,498.1M = $21,942.2M (finance lease obligations excluded). Against a market cap of about $33.7B (Finnhub, October 2026; sanity check: 325.8M shares outstanding at ~$101.73 = about $33.2B - consistent), debt / market cap is about 65.12% - far above the ~33% ceiling. Newer Q2 2026 figures corroborate: short-term debt $1,934.1M + non-current long-term debt $19,216.3M = $21,150.4M even before current maturities (already ~62.8%). Cash and cash equivalents of $45.6M (Mar 31, 2026) is about 0.14% of market cap. Common shareholders' equity was $13,613.6M (Dec 31, 2025). Gate 2 fails. Facts only.
Gate 3 — Non-compliant income: PASS
Per WEC Energy Group's FY2025 Form 10-K Consolidated Income Statements (year ended December 31, 2025; $ millions; cross-verified via stocktitan filing transcription), NO separate interest-income line is disclosed - the closest lines are 'Other income, net' ($107.9M) and 'Equity in earnings of transmission affiliates' ($215.8M), with interest reported only as expense ('Interest expense' $895.1M). Zoya independently records WEC's FY2025 interest income as $0 on revenue of $9,800,100,000 (from the FY2025 annual report) - about 0% of revenue, below the 5% non-compliant income ceiling. Treating the filed 'Other income, net' line ($107.9M on $9,800.1M revenue) as an interest-like upper bound gives 1.10% - the same conclusion. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filings and Zoya's disclosed data show.
Key figures used
- Business: regulated energy holding company (HQ Milwaukee, WI; formed 1981 as Wisconsin Energy Corporation, rebranded 2015 after Integrys acquisition) - principal utilities: We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, Upper Michigan Energy Resources; We Power (owns electric generating plants); WEC Infrastructure LLC (renewable generation fleet, South Dakota to Texas); ~4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota; S&P 500 and Fortune 500 component
- Q2 2026 (July 29, 2026 earnings release; $ millions): operating revenues $2,062.1M; net income $299.2M ($0.91 diluted EPS); six months: operating revenues $5,496.3M, net income $1,103.6M ($3.36 diluted EPS); FY2025 (Form 10-K, filed Feb 20, 2026): operating revenues $9,800.1M, net income $1,555.5M ($4.81 diluted EPS); 2026 EPS guidance reaffirmed at $5.51-5.61; quarterly dividend $0.9525 ($3.81 annualized)
- Debt: $21,942.2M total interest-bearing (FY2025 10-K / Q1 2026 10-Q comparative balance sheet, Dec 31, 2025: short-term debt $1,924.7M + current portion of long-term debt $1,519.4M + long-term debt $18,498.1M) - about 65.12% of ~$33.7B market cap (Finnhub, Oct 2026), far above the ~33% ceiling; Q2 2026 figures corroborate (short-term $1,934.1M + non-current long-term $19,216.3M = $21,150.4M before current maturities, already 62.8%)
- Cash: $45.6M cash and cash equivalents (Mar 31, 2026, Q1 2026 10-Q) - about 0.14% of market cap
- Interest income: about 0% - no separate interest-income line in the FY2025 10-K consolidated income statement (only 'Other income, net' $107.9M; interest reported only as expense, $895.1M); Zoya independently records FY2025 interest income of $0 on $9,800,100,000 revenue - below the 5% ceiling
- No haram segments: regulated electric and natural gas utility service, renewable generation - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity
- Third-party screeners: Musaffa rates 'NOT HALAL' (Oct 2026, AAOIFI methodology); Zoya covers WEC (headline fragments consistently 'not Shariah-compliant'; interest-income fragments: $0 / no separate interest income disclosed); no ShariaPortfolio stock page for WEC found
- Material: 2026 EPS guidance $5.51-5.61; quarterly dividend $0.9525 (paid Sep 1, 2026); $37.5B 2026-2030 capital program (all regulated); ~7,000 employees; 325,849,383 shares outstanding (Jun 30, 2026)
- Listing: NYSE-listed common stock (ticker WEC; XNYS); live quote ~$33.7B market cap Oct 2, 2026 - no delisting
Frequently asked questions
What does WEC Energy Group do?
WEC Energy Group, Inc. (NYSE: WEC), headquartered at 231 West Michigan Street, Milwaukee, WI (formed 1981 as Wisconsin Energy Corporation; rebranded 2015; CEO Scott Lauber), is a regulated energy holding company. Per its FY2025 Form 10-K (filed Feb 20, 2026) and Q2 2026 earnings release (July 29, 2026): principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources - regulated electric and natural gas service to ~4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota; We Power designs, builds and owns electric generating plants; WEC Infrastructure LLC owns renewable generation facilities from South Dakota to Texas. FY2025 operating revenues were $9,800.1M; Q2 2026 revenues were $2,062.1M with net income of $299.2M ($0.91 diluted EPS). It is an S&P 500 and Fortune 500 component. Its common stock trades on the New York Stock Exchange (ticker WEC).
Why does WEC Energy Group fail this Shariah stock screen?
WEC Energy Group fails this Shariah stock screen on the debt gate alone. Gate 1 (business activity): regulated electric and natural gas utility service plus renewable generation - generation, transmission, and distribution of electricity and gas are not haram activities under standard Shariah screens; no alcohol, tobacco, gambling, weapons/defense, pork, adult entertainment, or conventional finance as a core activity - a clean business. Gate 2 (debt): total interest-bearing debt of $21,942.2M is about 65.12% of its ~$33.7B market cap (October 2026), far above the ~33% ceiling - fails. Gate 3 (non-compliant income): no separate interest-income line is filed, but Zoya independently records FY2025 interest income of $0 on revenue of $9,800.1M - about 0%, below the 5% ceiling - passes. Result: FAIL on the debt gate alone. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.
What is WEC Energy Group's interest-bearing debt ratio?
Per WEC Energy Group's FY2025 Form 10-K (Consolidated Balance Sheet, December 31, 2025; $ millions; cross-verified via the Q1 2026 Form 10-Q comparative column and stocktitan's filing transcription), total interest-bearing debt at December 31, 2025 was: short-term debt $1,924.7M + current portion of long-term debt $1,519.4M + long-term debt $18,498.1M = $21,942.2M (finance lease obligations excluded). Against a market cap of about $33.7B (Finnhub, October 2026; sanity check: 325.8M shares outstanding at ~$101.73 = about $33.2B - consistent), debt / market cap is about 65.12% - far above the ~33% ceiling. Q2 2026 figures corroborate the failure: short-term debt $1,934.1M + non-current long-term debt $19,216.3M = $21,150.4M even before current maturities (already ~62.8%). Cash and cash equivalents of $45.6M (March 31, 2026) is about 0.14% of market cap. Gate 2 fails. Facts only.
How much interest income does WEC Energy Group earn?
Per WEC Energy Group's FY2025 Form 10-K Consolidated Income Statements ($ millions), NO separate interest-income line is disclosed - the closest lines are 'Other income, net' ($107.9M) and 'Equity in earnings of transmission affiliates' ($215.8M), with interest reported only as expense ('Interest expense' $895.1M). Zoya independently records WEC's FY2025 interest income as $0 on revenue of $9,800,100,000 (from the FY2025 annual report) - about 0% of revenue, below the 5% non-compliant income ceiling. Treating the filed 'Other income, net' line ($107.9M on $9,800.1M revenue) as an interest-like upper bound gives 1.10% - the same conclusion. So interest income is about 0% on the evidence available. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filings and Zoya's disclosed data show.
Do Zoya, Musaffa, or ShariaPortfolio cover WEC Energy Group?
Zoya covers WEC Energy Group at zoya.finance/stocks/wec, but its auto-generated FAQ text is internally contradictory (one fragment renders 'not Shariah-compliant and therefore considered halal to invest in' alongside 'not Shariah-compliant and therefore not considered halal to invest in'; one fragment reports FY2025 interest income of $0 on revenue of $9,800,100,000, another fragment reports no interest income disclosed) - no clean Zoya rating or quote can be given, and none is quoted here. The consistent headline wording across fragments is 'not Shariah-compliant' / 'flagged as not Shariah-compliant' (likely driven by the debt ratio). Musaffa covers WEC at musaffa.com/stock/WEC/: 'As of October 2026, WEC Energy Group Inc is classified as not halal. NOT HALAL' (AAOIFI methodology). No dedicated ShariaPortfolio stock-screener page for WEC was found via search; no ShariaPortfolio rating is quoted.
Sources
- WEC Energy Group Q2 2026 earnings release 8-K / PRNewswire (Jul 29, 2026): net income $299.2M Q2 / $1,103.6M six months; operating revenues $2,062.1M Q2 / $5,496.3M six months; 2026 EPS guidance $5.51-5.61; business description (principal utilities, We Power, WEC Infrastructure LLC); 325,849,383 shares outstanding; ~4.8M customers
- WEC Energy Group Q1 2026 Form 10-Q (quarter ended Mar 31, 2026; $ millions; cross-verified via filing transcription): Condensed Consolidated Balance Sheets - cash $45.6M; short-term debt $2,045.2M (Mar 31) / $1,924.7M (Dec 31, 2025); current portion of long-term debt $520.4M / $1,519.4M; long-term debt $19,381.8M / $18,498.1M; common shareholders' equity $14,131.0M / $13,613.6M
- WEC Energy Group FY2025 Form 10-K (year ended Dec 31, 2025; filed Feb 20, 2026; $ millions; via stocklight transcription): Consolidated Income Statements - operating revenues $9,800.1M; Other income, net $107.9M; Interest expense $895.1M; net income $1,555.5M; no separate interest-income line
- Musaffa WEC Energy Group stock page (Oct 2026): 'As of October 2026, WEC Energy Group Inc is classified as not halal. NOT HALAL' (AAOIFI methodology)
- Zoya WEC Energy Group stock page: covers WEC with auto-generated FAQs; headline fragments consistently 'not Shariah-compliant' / 'flagged as not Shariah-compliant'; one fragment reports FY2025 interest income of $0 on revenue of $9,800,100,000 (0%), another fragment reports no interest income disclosed - contradictory, no clean quote
- Finnhub WEC live market data (Oct 2, 2026): NYSE (XNYS), market cap ~$33.7B, price $101.73 - live quote, no delisting
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).