Is Pulmonx (LUNG) stock Halal?

Pulmonx is a leading medical technology company specializing in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). The company focuses on developing and commercializing advanced technologies that offer new options for patients suffering from lung disorders. One of its flagship products, the Zephyr Valve, is a tiny device designed for bronchoscopic lung volume reduction in severe emphysema patients, providing an alternative to invasive surgical procedures. For Muslim investors, though, the most pressing question is simpler: is Pulmonx a Halal investment?

Is Pulmonx Shariah compliant?

No. In the October 2026 screening Pulmonx (LUNG) 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 Pulmonx 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 Pulmonx pass the business activity test?

The activity screen is only part of the picture this month: Pulmonx 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 Pulmonx's income Halal?

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

Does Pulmonx meet AAOIFI's debt and investment ratio requirements?

No. Both ratios currently breach the 30% caps, measured against a market capitalisation of $82M (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 LUNG re-screened every month.

Why do other halal screeners show a different verdict for Pulmonx?

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