OPAL Fuels Inc. Financials
This page shows OPAL Fuels Inc. (OPAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
OPAL Fuels Inc. has an operating margin of 2.1%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is down from 7.1% the prior year.
OPAL Fuels Inc.'s revenue surged 16.3% year-over-year to $349.0M, reflecting rapid business expansion. This strong growth earns a score of 61/100.
OPAL Fuels Inc.'s current ratio of 1.18 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
While OPAL Fuels Inc. generated $36.5M in operating cash flow, capex of $70.7M consumed most of it, leaving -$34.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
OPAL Fuels Inc. scores 0.45, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
OPAL Fuels Inc. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, OPAL Fuels Inc. generates $1.00 in operating cash flow ($36.5M OCF vs $36.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
OPAL Fuels Inc. earns $0.3 in operating income for every $1 of interest expense ($7.4M vs $27.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
OPAL Fuels Inc. generated $349.0M in revenue in fiscal year 2025. This represents an increase of 16.3% from the prior year.
OPAL Fuels Inc.'s EBITDA was $29.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.6% from the prior year.
OPAL Fuels Inc. reported $36.4M in net income in fiscal year 2025. This represents an increase of 154.2% from the prior year.
OPAL Fuels Inc. earned $0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 650.0% from the prior year.
Cash & Balance Sheet
OPAL Fuels Inc. generated -$34.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 64.3% from the prior year.
OPAL Fuels Inc. held $24.4M in cash against $361.3M in long-term debt as of fiscal year 2025.
Margins & Returns
OPAL Fuels Inc.'s operating margin was 2.1% in fiscal year 2025, reflecting core business profitability. This is down 5.0 percentage points from the prior year.
OPAL Fuels Inc.'s net profit margin was 10.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.7 percentage points from the prior year.
Capital Allocation
OPAL Fuels Inc. invested $14.9M in research and development in fiscal year 2025. This represents a decrease of 21.8% from the prior year.
OPAL Fuels Inc. invested $70.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.4% from the prior year.
OPAL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $99.8M+19.7% | $83.4M+3.6% | $80.5M-5.8% | $85.4M+6.7% | $80.0M-4.8% | $84.0M+18.5% | $71.0M+9.2% | $65.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.8M+11.7% | $2.5M-26.9% | $3.5M-42.8% | $6.1M-29.2% | $8.6M+26.2% | $6.8M+131.8% | $2.9M+273.9% | $785K |
| SG&A Expenses | $16.2M+12.5% | $14.4M-17.7% | $17.5M+9.4% | $16.0M+17.6% | $13.6M+6.9% | $12.7M-7.4% | $13.7M+4.1% | $13.2M |
| Operating Income | $6.6M+83.8% | $3.6M+533.9% | -$827K+57.4% | -$1.9M-461.3% | -$346K-102.8% | $12.3M+116.4% | $5.7M+59.4% | $3.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Net Income | $16.2M+42.1% | $11.4M+50.6% | $7.6M+488.7% | $1.3M+123.9% | -$5.4M-131.4% | $17.1M+796.6% | $1.9M+181.8% | $677K |
| EPS (Diluted) | N/A | $0.05+66.7% | $0.03+400.0% | $-0.01 | N/A | $0.09+1000.0% | $-0.010.0% | $-0.01 |
OPAL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $959.5M+4.7% | $916.7M+1.2% | $905.5M+2.3% | $884.9M+0.4% | $881.1M+6.0% | $831.1M+6.2% | $782.3M+4.2% | $750.5M |
| Current Assets | $122.7M-0.1% | $122.8M-0.6% | $123.5M+6.1% | $116.4M-0.3% | $116.8M-4.8% | $122.6M+17.1% | $104.7M-0.9% | $105.7M |
| Cash & Equivalents | $24.4M-18.4% | $29.9M+2.3% | $29.3M-27.0% | $40.1M+64.9% | $24.3M+19.6% | $20.3M+6.9% | $19.0M-32.6% | $28.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $61.8M+98.7% | $31.1M+7.0% | $29.1M-5.5% | $30.8M-33.8% | $46.5M+17.5% | $39.6M+63.5% | $24.2M+6.2% | $22.8M |
| Goodwill | $54.6M0.0% | $54.6M0.0% | $54.6M0.0% | $54.6M0.0% | $54.6M0.0% | $54.6M0.0% | $54.6M0.0% | $54.6M |
| Total Liabilities | $972.4M+6.9% | $909.3M-2.3% | $930.6M+12.4% | $827.8M-19.6% | $1.0B+1.8% | $1.0B-4.2% | $1.1B-6.8% | $1.1B |
| Current Liabilities | $104.2M+24.9% | $83.5M-15.0% | $98.2M-3.3% | $101.6M-1.9% | $103.6M+5.9% | $97.8M+20.6% | $81.1M+7.6% | $75.4M |
| Long-Term Debt | $361.3M+9.3% | $330.4M+5.5% | $313.3M+7.3% | $291.9M+2.4% | $285.0M+21.5% | $234.5M+7.8% | $217.5M+11.7% | $194.8M |
| Total Equity | -$12.9M-272.9% | $7.5M+129.9% | -$25.0M-143.9% | $57.1M+138.5% | -$148.4M+17.6% | -$180.1M+34.0% | -$273.0M+28.6% | -$382.4M |
| Retained Earnings | -$1.3M-106.8% | $19.1M+242.0% | -$13.4M-119.6% | $68.6M+150.1% | -$137.0M+18.7% | -$168.5M+35.6% | -$261.5M+29.5% | -$370.8M |
OPAL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.5M-119.3% | $18.2M+331.3% | -$7.9M-126.5% | $29.7M+5678.8% | -$532K-103.0% | $17.7M+3214.4% | $533K-96.1% | $13.7M |
| Capital Expenditures | $9.8M-64.2% | $27.5M+25.8% | $21.8M+88.9% | $11.6M-78.8% | $54.4M+136.0% | $23.1M+0.3% | $23.0M-14.1% | $26.8M |
| Free Cash Flow | -$13.4M-44.2% | -$9.3M+68.8% | -$29.7M-264.1% | $18.1M+133.0% | -$55.0M-918.5% | -$5.4M+76.0% | -$22.5M-72.3% | -$13.0M |
| Investing Cash Flow | -$7.4M+78.2% | -$33.9M-26.8% | -$26.7M-188.3% | -$9.3M+80.7% | -$48.0M-47.9% | -$32.5M0.0% | -$32.5M-50.1% | -$21.6M |
| Financing Cash Flow | $6.6M-60.0% | $16.5M-29.1% | $23.2M+590.9% | -$4.7M-109.1% | $51.9M+213.8% | $16.5M-23.7% | $21.7M+426.5% | -$6.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
OPAL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.6%+2.3pp | 4.3%+5.3pp | -1.0%+1.2pp | -2.3%-1.8pp | -0.4%-15.1pp | 14.6%+6.6pp | 8.0%+2.5pp | 5.5% |
| Net Margin | 16.2%+2.6pp | 13.7%+4.3pp | 9.4%+7.9pp | 1.5%+8.2pp | -6.7%-27.1pp | 20.3%+17.7pp | 2.7%+1.7pp | 1.0% |
| Return on Equity | N/A | 152.2% | N/A | 2.3% | N/A | N/A | N/A | N/A |
| Return on Assets | 1.7%+0.4pp | 1.2%+0.4pp | 0.8%+0.7pp | 0.1%+0.8pp | -0.6%-2.7pp | 2.1%+1.8pp | 0.2%+0.1pp | 0.1% |
| Current Ratio | 1.18-0.3 | 1.47+0.2 | 1.26+0.1 | 1.15+0.0 | 1.13-0.1 | 1.25-0.0 | 1.29-0.1 | 1.40 |
| Debt-to-Equity | -27.94-72.1 | 44.17+56.7 | -12.51-17.6 | 5.11+7.0 | -1.92-0.6 | -1.30-0.5 | -0.80-0.3 | -0.51 |
| FCF Margin | -13.4%-2.3pp | -11.1%+25.8pp | -36.9%-58.1pp | 21.2%+89.9pp | -68.7%-62.3pp | -6.4%+25.2pp | -31.6%-11.6pp | -20.1% |
Note: Shareholder equity is negative (-$12.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is OPAL Fuels Inc.'s annual revenue?
OPAL Fuels Inc. (OPAL) reported $349.0M in total revenue for fiscal year 2025. This represents a 16.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is OPAL Fuels Inc.'s revenue growing?
OPAL Fuels Inc. (OPAL) revenue grew by 16.3% year-over-year, from $300.0M to $349.0M in fiscal year 2025.
Is OPAL Fuels Inc. profitable?
Yes, OPAL Fuels Inc. (OPAL) reported a net income of $36.4M in fiscal year 2025, with a net profit margin of 10.4%.
What is OPAL Fuels Inc.'s EBITDA?
OPAL Fuels Inc. (OPAL) had EBITDA of $29.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does OPAL Fuels Inc. have?
As of fiscal year 2025, OPAL Fuels Inc. (OPAL) had $24.4M in cash and equivalents against $361.3M in long-term debt.
What is OPAL Fuels Inc.'s operating margin?
OPAL Fuels Inc. (OPAL) had an operating margin of 2.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is OPAL Fuels Inc.'s net profit margin?
OPAL Fuels Inc. (OPAL) had a net profit margin of 10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is OPAL Fuels Inc.'s free cash flow?
OPAL Fuels Inc. (OPAL) generated -$34.2M in free cash flow during fiscal year 2025. This represents a 64.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is OPAL Fuels Inc.'s operating cash flow?
OPAL Fuels Inc. (OPAL) generated $36.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are OPAL Fuels Inc.'s total assets?
OPAL Fuels Inc. (OPAL) had $959.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are OPAL Fuels Inc.'s capital expenditures?
OPAL Fuels Inc. (OPAL) invested $70.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does OPAL Fuels Inc. spend on research and development?
OPAL Fuels Inc. (OPAL) invested $14.9M in research and development during fiscal year 2025.
What is OPAL Fuels Inc.'s current ratio?
OPAL Fuels Inc. (OPAL) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.
What is OPAL Fuels Inc.'s debt-to-equity ratio?
OPAL Fuels Inc. (OPAL) had a debt-to-equity ratio of -27.94 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is OPAL Fuels Inc.'s return on assets (ROA)?
OPAL Fuels Inc. (OPAL) had a return on assets of 3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is OPAL Fuels Inc.'s debt-to-equity ratio negative or unusual?
OPAL Fuels Inc. (OPAL) has negative shareholder equity of -$12.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is OPAL Fuels Inc.'s Altman Z-Score?
OPAL Fuels Inc. (OPAL) has an Altman Z-Score of 0.45, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is OPAL Fuels Inc.'s Piotroski F-Score?
OPAL Fuels Inc. (OPAL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are OPAL Fuels Inc.'s earnings high quality?
OPAL Fuels Inc. (OPAL) has an earnings quality ratio of 1.00x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can OPAL Fuels Inc. cover its interest payments?
OPAL Fuels Inc. (OPAL) has an interest coverage ratio of 0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is OPAL Fuels Inc.?
OPAL Fuels Inc. (OPAL) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.