OPAL Fuels Inc. (OPAL) 10-Year Financial Performance & Capital Metrics

OPAL • • Utilities

UtilitiesGas UtilitiesRenewable & Alternative GasRenewable Natural Gas Producers

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 $300M +17.1%
EBITDA $39M +81.1%
Net Income $11M -63.2%
Free Cash Flow -$94M -24.7%
EBITDA Margin 13.12% +54.6%
Net Margin 3.68% -68.6%
ROE 2.39% -66.6%
Interest Coverage 0.99 +49.3%
Debt/Equity 0.67 +45.1%
Net Debt/EBITDA 7.27 -8.3%
CapEx / Revenue 42.42% -4.6%
CapEx Coverage 0.26 -22.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.2x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.8%
✗High leverage: 7.9x Debt/EBITDA
✗Weak interest coverage of 1.0x
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y20.17%

3Y21.77%

TTM7.26%

Profit (Net Income) CAGR

10Y-

5Y-

3Y274.51%

TTM-27.37%

EPS CAGR

10Y-

5Y-

3Y-76.87%

TTM-87.59%

ROCE

10Y Avg-0.32%

5Y Avg-0.53%

3Y Avg2.06%

Latest2.91%

Peer Comparison

Renewable Natural Gas Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OPALOPAL Fuels Inc.	74.52M	2.57	126.60	17.13%	3.39%	2.31%		0.67

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	119.7M	117.71M	166.12M	235.53M	256.11M	299.97M
Revenue Growth %	-	-0.02%	0.41%	0.42%	0.09%	0.17%
Cost of Revenue	90.97M	90.17M	115.06M	162.79M	183.9M	199.85M
Gross Profit+	28.73M	27.54M	51.06M	72.74M	72.21M	100.12M
Gross Margin %	-	-	-	-	-	-
Gross Profit Growth %	-	-0.04%	0.85%	0.42%	-0.01%	0.39%
Operating Expenses+	25.83M	45.37M	40.03M	65.18M	65.17M	78.9M
Other Operating Expenses	-	-	-	-	-	-
EBITDA+	8.67M	-9.5M	21.68M	21.35M	21.73M	39.35M
EBITDA Margin %	-	-	-	-	-	-
EBITDA Growth %	-	-2.1%	3.28%	-0.02%	0.02%	0.81%
Depreciation & Amortization+	7.85M	8.34M	10.65M	13.79M	14.69M	18.13M
D&A / Revenue %	-	-	-	-	-	-
Operating Income (EBIT)+	814K	-17.84M	11.03M	7.56M	7.04M	21.22M
Operating Margin %	-	-	-	-	-	-
Operating Income Growth %	-	-22.91%	1.62%	-0.31%	-0.07%	2.01%
Interest Expense+	6.25M	4.85M	6.82M	6.95M	10.66M	21.53M
Interest Coverage	0.13x	-3.68x	1.62x	1.09x	0.66x	0.99x
Interest / Revenue %	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	1000K	1000K	1000K	-1000K
Pretax Income+	-5.25M	-25.37M	40.77M	32.58M	127.02M	5.42M
Pretax Margin %	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	-8.91M
Effective Tax Rate %	-	-	-	-	-	-
Net Income+	-5.25M	-25.36M	210K	11.32M	29.95M	11.03M
Net Margin %	-	-	-	-	-	-
Net Income Growth %	-	-3.83%	1.01%	52.92%	1.64%	-0.63%
EPS (Diluted)+	-0.44	-1.01	1.64	0.13	0.69	0.02
EPS Growth %	-	-1.3%	2.62%	-0.92%	4.31%	-0.97%
EPS (Basic)	-0.44	-1.01	1.64	0.13	0.70	0.02
Diluted Shares Outstanding	25.17M	25.17M	25.17M	26.06M	27.49M	27.69M

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	165.71M	169.46M	380.84M	644.86M	754.61M	881.08M
Asset Growth %	-	0.02%	1.25%	0.69%	0.17%	0.17%
PP&E (Net)+	76.9M	79.49M	169.77M	309.07M	346.91M	470.99M
PP&E / Total Assets %	-	-	-	-	-	-
Total Current Assets+	47.95M	51.2M	86.97M	211.98M	128.07M	117.19M
Cash & Equivalents	10.86M	12.82M	39.31M	40.39M	38.35M	24.31M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	3.79M	4.24M	5.14M	7.31M	10.19M	10.29M
Other Current Assets	4.92M	3.63M	768K	41.88M	11.21M	18.57M
Long-Term Investments	26.9M	25.57M	47.15M	51.77M	207.1M	223.59M
Goodwill	3.45M	3.45M	54.61M	54.61M	54.61M	54.61M
Intangible Assets	4.55M	3.44M	2.86M	2.17M	6.49M	1.33M
Other Assets	5.96M	6.3M	19.48M	15.27M	11.43M	13.37M
Total Liabilities	145.91M	139M	285.89M	267.04M	297.12M	416.05M
Total Debt+	114.79M	103.83M	229.1M	179.65M	210.61M	310.56M
Net Debt	103.93M	91M	189.79M	139.26M	172.26M	286.25M
Long-Term Debt	89.12M	91.6M	134.08M	88.31M	196.54M	285M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	11.88M	12.46M	12.94M
Total Current Liabilities+	52.17M	42.86M	142.12M	152.91M	74.34M	103.6M
Accounts Payable	7.94M	8.68M	12.58M	17.65M	13.9M	16.42M
Accrued Expenses	12.64M	15.35M	20.39M	30.47M	38.4M	50.06M
Deferred Revenue	0	0	9.79M	8.01M	6.31M	9.28M
Other Current Liabilities	5.92M	6.61M	2.2M	6.98M	1.9M	2.08M
Deferred Taxes	0	0	0	0	0	0
Other Liabilities	4.62M	4.54M	9.69M	14.57M	14.41M	15.29M
Total Equity+	19.81M	30.46M	94.96M	377.82M	457.49M	465.03M
Equity Growth %	-	0.54%	2.12%	2.98%	0.21%	0.02%
Shareholders Equity	19.81M	23.77M	14K	-800.6M	-478.81M	-148.45M
Minority Interest	0	6.68M	94.94M	1.18B	936.29M	613.48M
Common Stock	22.55M	49.17M	14K	17K	17K	17K
Additional Paid-in Capital	0	0	0	0	0	0
Retained Earnings	-2.74M	-25.4M	0	-800.81M	-467.19M	-137M
Accumulated OCI	0	0	0	195K	-15K	152K
Return on Assets (ROA)	-0.03%	-0.15%	0%	0.02%	0.04%	0.01%
Return on Equity (ROE)	-0.27%	-1.01%	0%	0.05%	0.07%	0.02%
Debt / Equity	5.80x	3.41x	2.41x	0.48x	0.46x	0.67x
Debt / Assets	0.69%	0.61%	0.6%	0.28%	0.28%	0.35%
Net Debt / EBITDA	11.99x	-	8.75x	6.52x	7.93x	7.27x
Book Value per Share	0.79	1.21	3.77	14.5	16.64	16.79

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.34M	2.29M	18.86M	-1.35M	38.27M	33.03M
Operating CF Growth %	-	-0.47%	7.24%	-1.07%	29.24%	-0.14%
Operating CF / Revenue %	-	-	-	-	-	-
Net Income	-5.25M	-25.37M	40.77M	32.58M	29.95M	14.32M
Depreciation & Amortization	7.85M	8.15M	10.08M	13.79M	15.21M	18.13M
Deferred Taxes	0	18.3M	-17.94M	0	0	0
Other Non-Cash Items	2.26M	-522K	-15.52M	-34.91M	-20.25M	3.31M
Working Capital Changes	-845K	1.22M	832K	-14.28M	7.46M	-9.18M
Capital Expenditures+	-29.85M	-24.94M	-89.65M	-131.41M	-113.83M	-127.24M
CapEx / Revenue %	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-
Cash from Investing+	-29.85M	-22.18M	-117.2M	-184.03M	-74.15M	-134.55M
Acquisitions	-27.79M	0	-20.8M	-597K	-20.26M	828K
Purchase of Investments	0	0	-1.57M	-64.98M	0	-22.32M
Sale of Investments	0	0	1000K	0	1000K	1000K
Other Investing	3.41M	2.76M	-7.16M	12.96M	4.84M	4.3M
Cash from Financing+	24.65M	21.45M	125.01M	220.55M	5.9M	83.5M
Dividends Paid	-404K	-852K	-3.69M	0	-16.54M	-13.09M
Dividend Payout Ratio %	-	-	17.6%	-	-	-
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	1000K	1000K
Stock Issued	0	0	0	0	366K	170K
Share Repurchases	0	0	0	0	-16.39M	0
Other Financing	30.06M	23.44M	58.31M	153.67M	3.36M	-1.96M
Net Change in Cash+	-857K	1.56M	26.67M	35.17M	-29.98M	-18.01M
Exchange Rate Effect	0	0	0	0	0	0
Cash at Beginning	14.68M	13.83M	15.39M	42.05M	77.22M	47.24M
Cash at End	13.83M	15.39M	42.05M	77.22M	47.24M	29.23M
Free Cash Flow+	-25.51M	-22.65M	-70.79M	-132.76M	-75.56M	-94.21M
FCF Growth %	-	0.11%	-2.12%	-0.88%	0.43%	-0.25%
FCF Margin %	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-26.5%	-100.9%	0.33%	4.79%	7.17%	2.39%
EBITDA Margin	7.24%	-8.07%	13.05%	9.06%	8.48%	13.12%
Net Debt / EBITDA	11.99x	-	8.75x	6.52x	7.93x	7.27x
Interest Coverage	0.13x	-3.68x	1.62x	1.09x	0.66x	0.99x
CapEx / Revenue	24.94%	21.19%	53.96%	55.79%	44.44%	42.42%
Dividend Payout Ratio	-	-	1759.52%	-	-	-
Debt / Equity	5.80x	3.41x	2.41x	0.48x	0.46x	0.67x
EPS Growth	-	-129.55%	262.38%	-92.07%	430.77%	-97.06%

Revenue by Segment

	2022	2023	2024
Environmental Credits	86.9M	126.57M	176.06M
Environmental Credits Growth	-	45.65%	39.10%
Service	16.45M	16.71M	21.81M
Service Growth	-	1.59%	30.49%
Parts	4.39M	4.68M	3.77M
Parts Growth	-	6.58%	-19.47%
Product and Service, Other	328K	632K	1.17M
Product and Service, Other Growth	-	92.68%	84.65%

Revenue by Geography

	2022	2023	2024
Non-US	-	16.32M	16.29M
Non-US Growth	-	-	-0.24%

Frequently Asked Questions

Valuation & Price

OPAL Fuels Inc. (OPAL) has a price-to-earnings (P/E) ratio of 126.6x. This suggests investors expect higher future growth.

Growth & Financials

OPAL Fuels Inc. (OPAL) reported $329.2M in revenue for fiscal year 2024. This represents a 175% increase from $119.7M in 2019.

OPAL Fuels Inc. (OPAL) grew revenue by 17.1% over the past year. This is strong growth.

Yes, OPAL Fuels Inc. (OPAL) is profitable, generating $11.2M in net income for fiscal year 2024 (3.7% net margin).

Dividend & Returns

Yes, OPAL Fuels Inc. (OPAL) pays a dividend with a yield of 18.39%. This makes it attractive for income-focused investors.

OPAL Fuels Inc. (OPAL) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

OPAL Fuels Inc. (OPAL) had negative free cash flow of $71.6M in fiscal year 2024, 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.

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