OPAL Fuels Inc.(OPAL)Earnings, Financials & Key Ratios
OPAL•NASDAQ•Utilities
$2.28
$52M mkt cap·15.2× P/E·Price updated May 6, 2026
AboutOPAL Fuels Inc. engages in the production and distribution of renewable natural gas for use as a vehicle fuel for heavy and medium-duty trucking fleets. It also designs, develops, constructs, operates, and services fueling stations for trucking fleets that use natural gas to displace diesel as transportation fuel. In addition, it offers design, development, and construction services for hydrogen fueling stations. Further, the company generates and sells renewable power to utilities. As of May 1, 2022, it owned and operated 24 biogas projects. The company was founded in 1998 and is based in White Plains, New York.Show more
- Revenue$349M+16.3%
- EBITDA$28M-28.5%
- Net Income$4M-61.2%
- Free Cash Flow-$34M+63.7%
- EBITDA Margin8.06%-38.6%
- Net Margin1.23%-66.6%
- ROE0.89%-62.8%
- Interest Coverage0.18-82.0%
- Debt/Equity0.73+9.9%
- Net Debt/EBITDA12.12+66.7%
- CapEx / Revenue20.27%-52.2%
- CapEx Coverage0.52+98.7%
OPAL Key Insights
OPAL Fuels Inc. (OPAL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Trading at only 0.1x book value
✗Weaknesses
- ✗Weak 3Y average ROE of 3.5%
- ✗High leverage: 13.0x Debt/EBITDA
- ✗Weak interest coverage of 0.2x
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
OPAL Price & Volume
OPAL Fuels Inc. (OPAL) stock price & volume — 10-year historical chart
Loading chart...
OPAL Growth Metrics
OPAL Fuels Inc. (OPAL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years24.28%
3 Years14%
TTM16.34%
Profit CAGR
10 Years-
5 Years-
3 Years-27.68%
TTM33.73%
EPS CAGR
10 Years-
5 Years-
3 Years4.89%
TTM587.32%
Return on Capital
10 Years-0.19%
5 Years2.56%
3 Years1.57%
Last Year0.6%
OPAL Peer Comparison
OPAL Fuels Inc. (OPAL) competitors in Low-Carbon Gas and Renewable Fuels — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CLNE | 491.3M | 2.24 | -2.22 | 2.16% | -52.22% | -39.29% | 0.18 | |
 GPRE | 1.19B | 16.97 | -9.43 | -14.93% | -5.8% | -15.71% | 0.66 | |
 GEVO | 497.05M | 2.05 | -14.64 | 8.49% | 0.75% | 0.25% | 0.01 | |
 REX | 1.58B | 48.02 | 29.10 | -22.91% | 7.73% | 7.67% | 0.03 | |
 AMTX | 220.79M | 3.24 | -2.53 | -22.29% | -38.96% | |||
 PESI | 218.49M | 11.78 | -15.71 | 4.33% | -22.35% | -24.89% | 0.09 | |
 BWXT | 19.72B | 215.20 | 59.94 | 18.3% | 10.21% | 27.91% | 1.63 | |
 WM | 88.94B | 220.52 | 32.91 | 14.24% | 10.99% | 28.85% | 2.29 |
Compare OPAL vs Peers
OPAL Fuels Inc. (OPAL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
OPAL Income Statement
OPAL Fuels Inc. (OPAL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Revenue | 119.7M | 117.71M | 166.12M | 235.53M | 256.11M | 299.97M | 348.98M |
| Revenue Growth % | - | -1.67% | 41.13% | 41.78% | 8.74% | 17.13% | 16.34% |
| Cost of Revenue | 90.97M | 90.17M | 115.06M | 162.79M | 183.9M | 199.85M | 265.26M |
| Gross Profit | 28.73M▲ 0% | 27.54M▼ 4.1% | 51.06M▲ 85.4% | 72.74M▲ 42.5% | 72.21M▼ 0.7% | 100.12M▲ 38.7% | 83.81M▼ 16.3% |
| Gross Margin % | 24% | 23.4% | 30.74% | 30.88% | 28.19% | 33.38% | 24.02% |
| Gross Profit Growth % | - | -4.15% | 85.41% | 42.46% | -0.73% | 38.66% | -16.29% |
| Operating Expenses | 25.83M | 45.37M | 40.03M | 65.18M | 65.17M | 78.9M | 78.92M |
| Other Operating Expenses | - | - | - | - | - | - | - |
| EBITDA | 8.67M | -9.5M | 21.68M | 21.35M | 21.73M | 39.35M | 28.13M |
| EBITDA Margin % | 7.24% | -8.07% | 13.05% | 9.06% | 8.48% | 13.12% | 8.06% |
| EBITDA Growth % | - | -209.58% | 328.25% | -1.53% | 1.78% | 81.12% | -28.52% |
| Depreciation & Amortization | 7.85M | 8.34M | 10.65M | 13.79M | 14.69M | 18.13M | 23.24M |
| D&A / Revenue % | 6.56% | 7.08% | 6.41% | 5.85% | 5.73% | 6.04% | 6.66% |
| Operating Income (EBIT) | 814K▲ 0% | -17.84M▼ 2291.2% | 11.03M▲ 161.8% | 7.56M▼ 31.4% | 7.04M▼ 6.9% | 21.22M▲ 201.4% | 4.89M▼ 77.0% |
| Operating Margin % | 0.68% | -15.15% | 6.64% | 3.21% | 2.75% | 7.07% | 1.4% |
| Operating Income Growth % | - | -2291.15% | 161.82% | -31.41% | -6.92% | 201.45% | -76.98% |
| Interest Expense | 6.25M | 4.85M | 6.82M | 6.95M | 10.66M | 21.53M | 27.52M |
| Interest Coverage | 0.13x | -3.68x | 1.62x | 1.09x | 0.66x | 0.99x | 0.18x |
| Interest / Revenue % | 5.22% | 4.12% | 4.1% | 2.95% | 4.16% | 7.18% | 7.89% |
| Non-Operating Income | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K |
| Pretax Income | -5.25M▲ 0% | -25.37M▼ 383.3% | 40.77M▲ 260.7% | 32.58M▼ 20.1% | 127.02M▲ 289.9% | 5.42M▼ 95.7% | -16.34M▼ 401.4% |
| Pretax Margin % | -4.39% | -21.55% | 24.54% | 13.83% | 49.6% | 1.81% | -4.68% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -8.91M | -20.62M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -164.35% | 126.22% |
| Net Income | -5.25M▲ 0% | -25.36M▼ 383.1% | 210K▲ 100.8% | 11.32M▲ 5291.9% | 29.95M▲ 164.5% | 11.03M▼ 63.2% | 4.28M▼ 61.2% |
| Net Margin % | -4.39% | -21.54% | 0.13% | 4.81% | 11.69% | 3.68% | 1.23% |
| Net Income Growth % | - | -383.1% | 100.83% | 5291.9% | 164.48% | -63.16% | -61.17% |
| EPS (Diluted) | -0.44▲ 0% | -1.01▼ 129.5% | 1.64▲ 262.4% | 0.13▼ 92.1% | 0.69▲ 430.8% | 0.02▼ 97.1% | 0.15▲ 638.9% |
| EPS Growth % | - | -129.55% | 262.38% | -92.07% | 430.77% | -97.06% | 638.92% |
| EPS (Basic) | -0.44 | -1.01 | 1.64 | 0.13 | 0.70 | 0.02 | 0.15 |
| Diluted Shares Outstanding | 25.17M | 25.17M | 25.17M | 26.06M | 27.49M | 27.69M | 29.25M |
OPAL Balance Sheet
OPAL Fuels Inc. (OPAL) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Assets | 165.71M | 169.46M | 380.84M | 644.86M | 754.61M | 881.08M | 959.47M |
| Asset Growth % | - | 2.26% | 124.74% | 69.32% | 17.02% | 16.76% | 8.9% |
| PP&E (Net) | 76.9M | 79.49M | 169.77M | 309.07M | 346.91M | 470.99M | 495.63M |
| PP&E / Total Assets % | 46.4% | 46.91% | 44.58% | 47.93% | 45.97% | 53.46% | 51.66% |
| Total Current Assets | 47.95M | 51.2M | 86.97M | 211.98M | 128.07M | 117.19M | 122.68M |
| Cash & Equivalents | 10.86M | 12.82M | 39.31M | 40.39M | 38.35M | 24.31M | 24.41M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 3.79M | 4.24M | 5.14M | 7.31M | 10.19M | 10.29M | 10.96M |
| Other Current Assets | 4.92M | 3.63M | 768K | 41.88M | 11.21M | 18.57M | 25.5M |
| Long-Term Investments | 26.9M | 25.57M | 47.15M | 51.77M | 207.1M | 223.59M | 231.22M |
| Goodwill | 3.45M | 3.45M | 54.61M | 54.61M | 54.61M | 54.61M | 54.61M |
| Intangible Assets | 4.55M | 3.44M | 2.86M | 2.17M | 6.49M | 1.33M | 0 |
| Other Assets | 5.96M | 6.3M | 19.48M | 15.27M | 11.43M | 13.37M | 55.32M |
| Total Liabilities | 145.91M | 139M | 285.89M | 267.04M | 297.12M | 416.05M | 461.71M |
| Total Debt | 114.79M | 103.83M | 229.1M | 179.65M | 210.61M | 310.56M | 365.43M |
| Net Debt | 103.93M | 91M | 189.79M | 139.26M | 172.26M | 286.25M | 341.02M |
| Long-Term Debt | 89.12M | 91.6M | 134.08M | 88.31M | 196.54M | 285M | 337.06M |
| Short-Term Borrowings | 25.67M | 12.22M | 95.02M | 79.47M | 1.61M | 12.62M | 15.83M |
| Capital Lease Obligations | 0 | 0 | 0 | 11.88M | 12.46M | 12.94M | 12.54M |
| Total Current Liabilities | 52.17M | 42.86M | 142.12M | 152.91M | 74.34M | 103.6M | 104.22M |
| Accounts Payable | 7.94M | 8.68M | 12.58M | 17.65M | 13.9M | 16.42M | 19M |
| Accrued Expenses | 12.64M | 15.35M | 20.39M | 30.47M | 38.4M | 50.06M | 0 |
| Deferred Revenue | 0 | 0 | 9.79M | 8.01M | 6.31M | 9.28M | 0 |
| Other Current Liabilities | 5.92M | 6.61M | 2.2M | 6.98M | 1.9M | 2.08M | 69.39M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.62M | 4.54M | 9.69M | 14.57M | 14.41M | 15.29M | 7.89M |
| Total Equity | 19.81M▲ 0% | 30.46M▲ 53.8% | 94.96M▲ 211.8% | 377.82M▲ 297.9% | 457.49M▲ 21.1% | 465.03M▲ 1.6% | 497.76M▲ 7.0% |
| Equity Growth % | - | 53.78% | 211.75% | 297.88% | 21.09% | 1.65% | 7.04% |
| Shareholders Equity | 19.81M | 23.77M | 14K | -800.6M | -478.81M | -148.45M | 497.76M |
| Minority Interest | 0 | 6.68M | 94.94M | 1.18B | 936.29M | 613.48M | 130M |
| Common Stock | 22.55M | 49.17M | 14K | 17K | 17K | 17K | 15K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -2.74M | -25.4M | 0 | -800.81M | -467.19M | -137M | -1.31M |
| Accumulated OCI | 0 | 0 | 0 | 195K | -15K | 152K | -26K |
| Return on Assets (ROA) | -3.17% | -15.13% | 0.08% | 2.21% | 4.28% | 1.35% | 0.47% |
| Return on Equity (ROE) | -26.5% | -100.9% | 0.33% | 4.79% | 7.17% | 2.39% | 0.89% |
| Debt / Equity | 5.80x | 3.41x | 2.41x | 0.48x | 0.46x | 0.67x | 0.73x |
| Debt / Assets | 69.27% | 61.27% | 60.16% | 27.86% | 27.91% | 35.25% | 38.09% |
| Net Debt / EBITDA | 11.99x | - | 8.75x | 6.52x | 7.93x | 7.27x | 12.12x |
| Book Value per Share | 0.79 | 1.21 | 3.77 | 14.5 | 16.64 | 16.79 | 17.02 |
OPAL Cash Flow Statement
OPAL Fuels Inc. (OPAL) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | 4.34M | 2.29M | 18.86M | -1.35M | 38.27M | 33.03M | 36.5M |
| Operating CF Growth % | - | -47.28% | 724.49% | -107.19% | 2924.28% | -13.68% | 10.49% |
| Operating CF / Revenue % | 3.62% | 1.94% | 11.35% | -0.58% | 14.94% | 11.01% | 10.46% |
| Net Income | -5.25M | -25.37M | 40.77M | 32.58M | 29.95M | 14.32M | 36.41M |
| Depreciation & Amortization | 7.85M | 8.15M | 10.08M | 13.79M | 15.21M | 18.13M | 22.47M |
| Deferred Taxes | 0 | 18.3M | -17.94M | 0 | 0 | 0 | -16.46M |
| Other Non-Cash Items | 2.26M | -522K | -15.52M | -34.91M | -20.25M | 3.31M | 2M |
| Working Capital Changes | -845K | 1.22M | 832K | -14.28M | 7.46M | -9.18M | -14.43M |
| Capital Expenditures | -29.85M | -24.94M | -89.65M | -131.41M | -113.83M | -127.24M | -70.74M |
| CapEx / Revenue % | 24.94% | 21.19% | 53.96% | 55.79% | 44.44% | 42.42% | 20.27% |
| CapEx / D&A | 3.80x | 3.06x | 8.90x | 9.53x | 7.48x | 7.02x | 3.15x |
| CapEx Coverage (OCF/CapEx) | 0.15x | 0.09x | 0.21x | -0.01x | 0.34x | 0.26x | 0.52x |
| Cash from Investing | -29.85M | -22.18M | -117.2M | -184.03M | -74.15M | -134.55M | -77.32M |
| Acquisitions | -27.79M | 0 | -20.8M | -597K | -20.26M | 828K | 0 |
| Purchase of Investments | 0 | 0 | -1.57M | -64.98M | 0 | -22.32M | 0 |
| Sale of Investments | 0 | 0 | 1000K | 0 | 1000K | 1000K | 0 |
| Other Investing | 3.41M | 2.76M | -7.16M | 12.96M | 4.84M | 4.3M | -6.58M |
| Cash from Financing | 24.65M | 21.45M | 125.01M | 220.55M | 5.9M | 83.5M | 41.56M |
| Dividends Paid | -404K | -852K | -3.69M | 0 | -16.54M | -13.09M | -10.47M |
| Dividend Payout Ratio % | - | - | 1759.52% | - | - | - | - |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 366K | 170K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -16.39M | 0 | 0 |
| Other Financing | 30.06M | 23.44M | 58.31M | 153.67M | 3.36M | -1.96M | -1.01M |
| Net Change in Cash | -857K▲ 0% | 1.56M▲ 282.1% | 26.67M▲ 1608.3% | 35.17M▲ 31.9% | -29.98M▼ 185.2% | -18.01M▲ 39.9% | 738K▲ 104.1% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 14.68M | 13.83M | 15.39M | 42.05M | 77.22M | 47.24M | 27.58M |
| Cash at End | 13.83M | 15.39M | 42.05M | 77.22M | 47.24M | 29.23M | 28.32M |
| Free Cash Flow | -25.51M▲ 0% | -22.65M▲ 11.2% | -70.79M▼ 212.5% | -132.76M▼ 87.5% | -75.56M▲ 43.1% | -94.21M▼ 24.7% | -34.24M▲ 63.7% |
| FCF Growth % | - | 11.2% | -212.5% | -87.55% | 43.09% | -24.68% | 63.65% |
| FCF Margin % | -21.31% | -19.25% | -42.61% | -56.37% | -29.5% | -31.4% | -9.81% |
| FCF / Net Income % | 486% | 89.33% | -33709.52% | -1172.52% | -252.3% | -854.01% | -799.46% |
OPAL Key Ratios
OPAL Fuels Inc. (OPAL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -26.5% | -100.9% | 0.33% | 4.79% | 7.17% | 2.39% | 0.89% |
| EBITDA Margin | 7.24% | -8.07% | 13.05% | 9.06% | 8.48% | 13.12% | 8.06% |
| Net Debt / EBITDA | 11.99x | - | 8.75x | 6.52x | 7.93x | 7.27x | 12.12x |
| Interest Coverage | 0.13x | -3.68x | 1.62x | 1.09x | 0.66x | 0.99x | 0.18x |
| CapEx / Revenue | 24.94% | 21.19% | 53.96% | 55.79% | 44.44% | 42.42% | 20.27% |
| Dividend Payout Ratio | - | - | 1759.52% | - | - | - | - |
| Debt / Equity | 5.80x | 3.41x | 2.41x | 0.48x | 0.46x | 0.67x | 0.73x |
| EPS Growth | - | -129.55% | 262.38% | -92.07% | 430.77% | -97.06% | 638.92% |
OPAL Frequently Asked Questions
OPAL Fuels Inc. (OPAL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
OPAL Fuels Inc. (OPAL) reported $349.0M in revenue for fiscal year 2025. This represents a 192% increase from $119.7M in 2019.
OPAL Fuels Inc. (OPAL) grew revenue by 16.3% over the past year. This is strong growth.
Yes, OPAL Fuels Inc. (OPAL) is profitable, generating $14.8M in net income for fiscal year 2025 (1.2% net margin).
Dividend & Returns
Yes, OPAL Fuels Inc. (OPAL) pays a dividend with a yield of 15.70%. This makes it attractive for income-focused investors.
OPAL Fuels Inc. (OPAL) has a return on equity (ROE) of 0.9%. This is below average, suggesting room for improvement.
OPAL Fuels Inc. (OPAL) had negative free cash flow of $34.2M in fiscal year 2025, likely due to heavy capital investments.
Industry Metrics
OPAL Fuels Inc. (OPAL) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.
Explore More OPAL
OPAL Fuels Inc. (OPAL) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates