The company's capital structure shows increasing leverage, with the debt-to-equity ratio rising to 0.87 in 2026Q1 as the firm continues to expand its asset base.
| Total Assets | 1.06B | 959.47M | 881.08M | 754.61M | 644.86M | 380.84M | 169.46M | 165.71M |
| Asset Growth % | 54.81% | 8.9% | 16.76% | 17.02% | 69.32% | 124.74% | 2.26% | - |
| PP&E (Net) | 512.55M | 495.63M | 470.99M | 346.91M | 309.07M | 169.77M | 79.49M | 76.9M |
| PP&E / Total Assets % | 48.33% | 51.66% | 53.46% | 45.97% | 47.93% | 44.58% | 46.91% | 46.4% |
| Total Current Assets | 213.4M | 122.68M | 117.19M | 128.07M | 211.98M | 86.97M | 51.2M | 47.95M |
| Cash & Equivalents | 134.17M | 24.41M | 24.31M | 38.35M | 40.39M | 39.31M | 12.82M | 10.86M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 12.2M | 10.96M | 10.29M | 10.19M | 7.31M | 5.14M | 4.24M | 3.79M |
| Other Current Assets | 17.61M | 10.2M | 18.57M | 11.21M | 41.88M | 768K | 3.63M | 4.92M |
| Long-Term Investments | 921.09M | 231.22M | 223.59M | 207.1M | 51.77M | 47.15M | 25.57M | 26.9M |
| Goodwill | 54.61M | 54.61M | 54.61M | 54.61M | 54.61M | 54.61M | 3.45M | 3.45M |
| Intangible Assets | 0 | 0 | 1.33M | 6.49M | 2.17M | 2.86M | 3.44M | 4.55M |
| Other Assets | 42.31M | 55.32M | 13.37M | 11.43M | 15.27M | 19.48M | 6.3M | 5.96M |
| Total Liabilities | 548.71M | 461.71M | 416.05M | 297.12M | 267.04M | 285.89M | 139M | 145.91M |
| Total Debt | 447.17M | 352.13M | 310.56M | 210.61M | 179.65M | 229.1M | 103.83M | 114.79M |
| Net Debt | 313M | 327.72M | 286.25M | 172.26M | 139.26M | 189.79M | 91M | 103.93M |
| Long-Term Debt | 427.7M | 337.06M | 285M | 196.54M | 88.31M | 134.08M | 91.6M | 89.12M |
| Short-Term Borrowings | 19.47M | 15.06M | 12.62M | 1.61M | 79.47M | 95.02M | 12.22M | 25.67M |
| Capital Lease Obligations | 36.48M | 0 | 12.94M | 12.46M | 11.88M | 0 | 0 | 0 |
| Total Current Liabilities | 97.06M | 104.22M | 103.6M | 74.34M | 152.91M | 142.12M | 42.86M | 52.17M |
| Accounts Payable | 9.63M | 10.05M | 16.42M | 13.9M | 17.65M | 12.58M | 8.68M | 7.94M |
| Accrued Expenses | 158.97M | 63.86M | 50.06M | 38.4M | 30.47M | 20.39M | 15.35M | 12.64M |
| Deferred Revenue | 5.07M | 6.3M | 9.28M | 6.31M | 8.01M | 9.79M | 0 | 0 |
| Other Current Liabilities | 56.07M | 0 | 2.08M | 1.9M | 6.98M | 2.2M | 6.61M | 5.92M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 23.95M | 20.43M | 15.29M | 14.41M | 14.57M | 9.69M | 4.54M | 4.62M |
| Total Equity | 511.89M | 497.76M | 465.03M | 457.49M | 377.82M | 94.96M | 30.46M | 19.81M |
| Equity Growth % | 24.11% | 7.04% | 1.65% | 21.09% | 297.88% | 211.75% | 53.78% | - |
| Shareholders Equity | 8.22M | -12.93M | -148.45M | -478.81M | -800.6M | 14K | 23.77M | 19.81M |
| Minority Interest | 503.68M | 510.69M | 613.48M | 936.29M | 1.18B | 94.94M | 6.68M | 0 |
| Common Stock | 17K | 17K | 17K | 17K | 17K | 14K | 49.17M | 22.55M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 19.63M | -1.31M | -137M | -467.19M | -800.81M | 0 | -25.4M | -2.74M |
| Accumulated OCI | 184K | -26K | 152K | -15K | 195K | 0 | 0 | 0 |
| Return on Assets (ROA) | 2.01% | 1.6% | 1.35% | 4.28% | 2.21% | 0.08% | -15.13% | -3.17% |
| Return on Equity (ROE) | 3.92% | 3.06% | 2.39% | 7.17% | 4.79% | 0.33% | -100.9% | -26.5% |
| Debt / Equity | 0.87x | 0.71x | 0.67x | 0.46x | 0.48x | 2.41x | 3.41x | 5.80x |
| Debt / Assets | 42.16% | 36.7% | 35.25% | 27.91% | 27.86% | 60.16% | 61.27% | 69.27% |
| Net Debt / EBITDA | 13.21x | 11.65x | 7.27x | 7.93x | 6.52x | 8.75x | - | 11.99x |
| Book Value per Share | 18.09 | 17.02 | 16.79 | 16.64 | 14.5 | 3.77 | 1.21 | 0.79 |
Environmental credit price volatility
As reported in financial statements, OPAL's net property, plant, and equipment has grown from $346.9 million in 2023Q4 to $512.5 million by 2026Q1, reflecting a consistent commitment to scaling its biogas production and fueling infrastructure despite the inherent risks of project-based capital deployment.
The steady increase in PPE net suggests that the company is successfully executing its strategy to expand its physical footprint of biogas projects. However, investors should monitor whether this asset growth will eventually generate sufficient regulated-like returns to justify the ongoing capital intensity.
Based on the provided balance sheet data, OPAL's debt-to-equity ratio has fluctuated significantly, rising from 0.46 in 2023Q4 to 0.87 in 2026Q1, largely driven by the extreme volatility in reported equity which has frequently dipped into negative territory during the observed period.
The rising debt-to-equity ratio appears to be a function of accounting-driven equity erosion rather than purely aggressive debt accumulation. This suggests that the company's capital structure may be more sensitive to earnings volatility than a typical regulated utility, warranting caution regarding long-term solvency metrics.
According to recent SEC filings, OPAL maintained $134.2 million in cash as of 2026Q1, a notable increase from the $24.4 million reported in 2025Q4, which may provide a temporary cushion against the ongoing cash burn associated with its aggressive biogas project commissioning schedule.
While the recent liquidity injection appears to improve the company's short-term position, the historical trend of negative operating cash flow suggests that this cash may be quickly consumed by future CAPEX requirements. Analysts should scrutinize whether this liquidity is sufficient to bridge the gap until projects reach full operational maturity.
As indicated by the company's financial history, equity has remained highly unstable, oscillating between a deficit of $478.8 million in 2023Q4 and a positive $8.2 million in 2026Q1, which highlights the significant impact of non-operating items and accounting adjustments on the company's book value.
The persistent difficulty in maintaining positive equity suggests that the company's underlying earnings power has not yet stabilized to a point of consistent retained earnings growth. Investors should interpret this volatility as a signal that the balance sheet remains vulnerable to further accounting-related adjustments.
Quick answers to the most common questions about buying OPAL stock.
As of 2025, OPAL Fuels Inc. (OPAL) had total assets of $959.5M including $122.7M in current assets.
OPAL Fuels Inc. (OPAL) carries total debt of $352.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OPAL Fuels Inc. (OPAL) has total shareholders' equity (book value) of $-12.9M ($17.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OPAL Fuels Inc. (OPAL) reported a current ratio of 1.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.