Is PLUG halal?
Plug Power, Inc.
Not halal
Plug Power, Inc. did not pass AAOIFI screening. The failed check is shown below.
Checked: 13 October 2026
Exchange
NASDAQ
Price
1.38
Day
-7.07%
Market cap
$2.26B
Industry
Electrical Equipment & Parts
Sector
Industrials
What the company does
Plug Power makes hydrogen fuel cells (mainly for warehouse forklifts), electrolyzers and liquid hydrogen. Money comes from equipment sales and hydrogen supply; it runs persistent losses.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $822.24M ÷ 36-month average market cap $2.39B = 34.5%
34.5%
Fail
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $161.89M ÷ 36-month average market cap $2.39B = 6.8%
6.8%
Pass
Non-compliant income / total revenue
limit 5%
Interest income $19.43M ÷ annual revenue $709.92M (2025) = 2.7%
2.7%
Pass
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $2.26B.
For information (AAOIFI 3/1 note): cash + receivables are 17.8% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 1 superinvestors · Average reported price: $2.71
- Mairs & Power Funds$27K0.0%
Halal stocks in the same industry
The largest halal stocks in Electrical Equipment & Parts — for comparison.
Related articles
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- Halal investingBlogWhy a company's cash affects whether its stock is halalLots of cash sounds like a good sign — but halal screening checks it separately. What counts, what doesn't, and where we are stricter than AAOIFI.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.