Is Eversource Energy (ES) stock halal?

Eversource Energy (ES) fails all four Sharia screening standards on debt. Its interest-bearing debt is 124.4% of its market value, against AAOIFI's 30% limit.

Fails all four standards Screened 28 September 2026 on that day's price. Market-value tests move with the share price.

The four standards

Standard	Debt measured against	Debt ratio	Limit	Verdict
AAOIFI	market capitalisation on the day	124.4%	30.0%	Fails on debt
Dow Jones Islamic	trailing 24-month average market capitalisation	120.6%	33.3%	Fails on debt
S&P Shariah	trailing 36-month average market capitalisation	125.3%	33.3%	Fails on debt
MSCI Islamic	total assets	45.6%	33.3%	Fails on debt

Debt ratio is interest-bearing debt over each standard's own size measure. A company whose main business a standard excludes is never compliant under it, whatever its debt.

Business screen

Industry (SEC code)	Electric Services (4911)
Main business	permitted
Income from side activities	not checked (needs segment revenue)

The figures

Market value	$23.7 billion
Interest-bearing debt (30 June 2026)	$29.5 billion
Total assets (30 June 2026)	$64.7 billion

Debt and assets from SEC XBRL company facts; price from live market data.

Each standard also limits income from prohibited side activities (usually to 5% of revenue). That needs the company's segment revenue, which Mizan does not read yet, so check it for companies with a mixed business.

Halal alternatives

Eversource Energy fails at least one standard on debt. Companies in the same industry that pass all four standards include Constellation Energy (CEG). For a ready-screened basket, Shariah funds such as SPUS in the US or ISWD in the UK do the screening for you.

Constellation Energy (CEG)

Shariah funds:

SPUS: SP Funds S&P 500 Sharia Industry Exclusions ETF (US)
HLAL: Wahed FTSE USA Shariah ETF (US)
ISDU: iShares MSCI USA Islamic UCITS ETF (London (UK investors))
ISWD: iShares MSCI World Islamic UCITS ETF (London (UK investors))

Companies Mizan covers whose business is permitted under all four standards and whose debt passes all four, clear of the borderline band, at the quarter ending 2026-06-30. Prices have moved since, so screen your pick live on its page here before you buy.

Quick answers

Is Eversource Energy (ES) stock halal?: Eversource Energy (ES) fails all four Sharia screening standards on debt. Its interest-bearing debt is 124.4% of its market value, against AAOIFI's 30% limit.
What is Eversource Energy's debt ratio?: Interest-bearing debt is 124.4% of its market value, against AAOIFI's 30% limit.

How Mizan screens

First the business: a standard that excludes the company's main business (from its SEC industry code and Mizan's list of named companies) marks it non-compliant. Then the debt: interest-bearing debt over each standard's own size measure, compared with that standard's threshold. Averaged denominators use the trailing quarterly market capitalisations of the study panel with today's market capitalisation as the final observation.

Research behind it: Price-Driven Churn in Islamic Equity Screening (SSRN). Where the standards disagree.

Mizan reports how four published screening standards read a company's own filings and market price. It is research output, not investment advice and not a fatwa.

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