Is Health Catalyst (HCAT) stock Halal?

Health Catalyst is a technology company that provides data and analytics solutions to healthcare organizations. Its primary function is to help healthcare providers improve clinical and financial outcomes by leveraging data-driven insights. The company offers a comprehensive software platform known as Data Operating System (DOS), which aggregates and analyzes vast amounts of healthcare data. This platform supports a range of applications, including quality improvement, patient safety, and operational efficiency. For Muslim investors, though, the most pressing question is simpler: is Health Catalyst a Halal investment?

Is Health Catalyst Shariah compliant?

No. In the October 2026 screening Health Catalyst (HCAT) does not pass AAOIFI screening: it fails the interest-bearing investments and interest-bearing debt screens. Medicines and medical devices are permissible, and healthcare companies like Health Catalyst usually clear the activity screen comfortably. What AAOIFI Shariah Standard No. 21 watches is the financing behind the pipeline: drug development is expensive, and the 30% interest bearing debt cap decides the verdict more often than the science does.

Does Health Catalyst pass the business activity test?

The activity screen is only part of the picture this month: Health Catalyst currently fails the interest-bearing investments and interest-bearing debt screens, so the overall verdict is not compliant regardless of the business itself. Treating illness is permissible work; the scrutiny belongs to the financing behind it.

Is Health Catalyst's income Halal?

Yes, within AAOIFI's tolerance. Health Catalyst's income from non-permissible sources stays below 5% of revenue in the October 2026 screening.

Does Health Catalyst meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps, measured against a market capitalisation of $127M (market data as of 1 October 2026): interest bearing investments and interest bearing debt each exceed the limit AAOIFI permits for a Halal investment. The ratios move with the share price as well as the balance sheet, and our Shariah Supervisory Board has HCAT re-screened every month.

Why do other halal screeners show a different verdict for Health Catalyst?

Screeners can disagree without either being wrong. AAOIFI Shariah Standard No. 21, which Tabadulat applies, measures interest bearing debt and investments against market capitalisation with a 30% ceiling. MSCI and FTSE measure them against total assets with a 33% ceiling, and S&P and Dow Jones Islamic use a multi year average of market capitalisation. Data dates differ too, because each provider reads filings and prices on its own schedule. The same company can therefore pass one standard and fail another in the same month. Tabadulat publishes one answer, the AAOIFI result as of October 2026, and re-screens it every month.

Tabadulat is an ADGM regulated brokerage whose license covers Shari'a Compliant Regulated Activities, as the FSRA permission names them. New to the terminology? Gharar and Maysir, Sukuk, Zakat and purification are all explained in plain English.

New to the screening method? Read What is Halal Investing? A Guide to Halal Stocks and Islamic Finance