What is OPAL Fuels Inc.'s earnings per share (EPS)?

OPAL Fuels Inc. (OPAL) reported diluted earnings per share of $0.15 for fiscal year 2025. This represents a 650.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

OPAL Fuels Inc. Financials

OPAL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI OPAL FY2025 2026-05-11

Heavy reinvestment keeps free cash flow negative even as revenue rises and the equity deficit narrows sharply.

The key disconnect in FY2025 is between reported profit and operating earnings: net income of $36.4M was far above operating income of $7.4M, largely because taxes added rather than subtracted from earnings. At the same time, operating cash flow of $36.5M still did not cover capital spending of $70.7M, so positive earnings did not mean the business funded its own expansion.

FY2025 shows growth without much operating leverage: revenue reached $349.0M and SG&A plus interest expense kept absorbing more of that scale. Operating margin fell from 7.1% in FY2024 to 2.1% in FY2025, meaning added volume was not dropping through to operating profit.

FY2025 operating cash flow of $36.5M still sat well below capital spending of $70.7M, extending a multi-year pattern of negative free cash flow. Meanwhile, the equity deficit narrowed from -$478.8M in FY2023 to -$12.9M in FY2025, so long-term solvency improved faster than near-term cash self-funding.

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of OPAL Fuels Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

OPAL Fuels Inc. has an operating margin of 2.1%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 31/100, indicating healthy but not exceptional operating efficiency. This is down from 7.1% the prior year.

Growth

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.

Leverage

OPAL Fuels Inc. has elevated debt relative to equity (D/E of -27.94), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

OPAL Fuels Inc.'s current ratio of 1.18 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

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.

Altman Z-Score Distress

0.45

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.

Piotroski F-Score Neutral

6/9

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.

Earnings Quality Cash-Backed

1.00x

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.

Interest Coverage At Risk

0.3x

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

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Earnings & Revenue

Revenue

$349.0M

YoY+16.3%

OPAL Fuels Inc. generated $349.0M in revenue in fiscal year 2025. This represents an increase of 16.3% from the prior year.

EBITDA

$29.9M

YoY-23.6%

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.

Net Income

$36.4M

YoY+154.2%

OPAL Fuels Inc. reported $36.4M in net income in fiscal year 2025. This represents an increase of 154.2% from the prior year.

EPS (Diluted)

$0.15

YoY+650.0%

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

Free Cash Flow

-$34.2M

YoY+64.3%

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.

Cash & Debt

$24.4M

YoY+0.4%

OPAL Fuels Inc. held $24.4M in cash against $361.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

2.1%

YoY-5.0pp

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.

Net Margin

10.4%

YoY+5.7pp

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.

Return on Equity

N/A

Capital Allocation

R&D Spending

$14.9M

YoY-21.8%

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.

Share Buybacks

N/A

Capital Expenditures

$70.7M

YoY-44.4%

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	FY25	FY24	FY23	FY22	FY21
Revenue	$349.0M+16.3%	$300.0M+17.1%	$256.1M+8.7%	$235.5M+41.8%	$166.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$14.9M-21.8%	$19.1M+292.7%	$4.9M-24.4%	$6.4M	N/A
SG&A Expenses	$64.0M+20.4%	$53.1M+3.6%	$51.3M-0.2%	$51.4M+74.9%	$29.4M
Operating Income	$7.4M-65.1%	$21.2M+201.4%	$7.0M-6.9%	$7.6M-31.4%	$11.0M
Interest Expense	$27.5M+27.8%	$21.5M	N/A	$6.6M-11.1%	$7.5M
Income Tax	-$52.7M-492.3%	-$8.9M	$0	$0	$0
Net Income	$36.4M+154.2%	$14.3M-88.7%	$127.0M+289.9%	$32.6M+301.2%	-$16.2M
EPS (Diluted)	$0.15+650.0%	$0.02-97.1%	$0.69+475.0%	$0.12	$0.00

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$73.4M-26.4%	$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
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	$1.8M-36.1%	$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
SG&A Expenses	$15.2M-6.1%	$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
Operating Income	-$4.8M-173.4%	$6.6M+83.8%	$3.6M+533.9%	-$827K+57.4%	-$1.9M-461.3%	-$346K-102.8%	$12.3M+116.4%	$5.7M
Interest Expense	$6.6M	N/A	N/A	N/A	$6.5M	N/A	N/A	N/A
Income Tax	-$5.7M	N/A	N/A	N/A	-$8.0M	N/A	N/A	$0
Net Income	-$5.6M-134.6%	$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
EPS (Diluted)	$-0.09	N/A	$0.05+66.7%	$0.03+400.0%	$-0.01	N/A	$0.09+1000.0%	$-0.01

OPAL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$959.5M+8.9%	$881.1M+16.8%	$754.6M+17.0%	$644.9M+69.3%	$380.8M
Current Assets	$122.7M+5.1%	$116.8M-8.8%	$128.1M-39.6%	$212.0M+143.7%	$87.0M
Cash & Equivalents	$24.4M+0.4%	$24.3M-36.6%	$38.3M-5.1%	$40.4M+2.7%	$39.3M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$61.8M+32.8%	$46.5M+68.5%	$27.6M-11.1%	$31.1M+22.4%	$25.4M
Goodwill	$54.6M0.0%	$54.6M0.0%	$54.6M0.0%	$54.6M0.0%	$54.6M
Total Liabilities	$972.4M-5.5%	$1.0B-16.5%	$1.2B-14.7%	$1.4B+279.6%	$380.8M
Current Liabilities	$104.2M+0.6%	$103.6M+39.3%	$74.3M-51.4%	$152.9M+7.6%	$142.1M
Long-Term Debt	$361.3M+26.8%	$285.0M+45.0%	$196.5M+122.6%	$88.3M-34.1%	$134.1M
Total Equity	-$12.9M+91.3%	-$148.4M+69.0%	-$478.8M+40.2%	-$800.6M-5718678.6%	$14K
Retained Earnings	-$1.3M+99.0%	-$137.0M+70.7%	-$467.2M+41.7%	-$800.8M	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.1B+10.5%	$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
Current Assets	$213.4M+73.9%	$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
Cash & Equivalents	$133.2M+445.9%	$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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$42.6M-31.0%	$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
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	$1.1B+8.2%	$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
Current Liabilities	$97.1M-6.9%	$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
Long-Term Debt	$456.6M+26.4%	$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
Total Equity	$8.2M+163.6%	-$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
Retained Earnings	$19.6M+1602.1%	-$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

OPAL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$36.5M+16.3%	$31.4M-18.0%	$38.3M+2924.3%	-$1.4M-107.2%	$18.9M
Capital Expenditures	$70.7M-44.4%	$127.2M+11.8%	$113.8M-13.4%	$131.4M+46.6%	$89.6M
Free Cash Flow	-$34.2M+64.3%	-$95.9M-26.9%	-$75.6M+43.1%	-$132.8M-87.5%	-$70.8M
Investing Cash Flow	-$77.3M+42.5%	-$134.6M-81.5%	-$74.1M+59.7%	-$184.0M-57.0%	-$117.2M
Financing Cash Flow	$41.6M-50.2%	$83.5M+1315.6%	$5.9M-97.3%	$220.6M+76.4%	$125.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$12.9M+467.0%	-$3.5M-119.3%	$18.2M+331.3%	-$7.9M-126.5%	$29.7M+5678.8%	-$532K-103.0%	$17.7M+3214.4%	$533K
Capital Expenditures	$24.4M+147.4%	$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
Free Cash Flow	-$11.5M+14.3%	-$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
Investing Cash Flow	-$19.4M-162.4%	-$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
Financing Cash Flow	$115.1M+1647.2%	$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
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	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	2.1%-5.0pp	7.1%+4.3pp	2.8%-0.5pp	3.2%-3.4pp	6.6%
Net Margin	10.4%+5.7pp	4.8%-44.8pp	49.6%+35.8pp	13.8%+23.6pp	-9.8%
Return on Equity	N/A	N/A	N/A	N/A	-115676.2%
Return on Assets	3.8%+2.2pp	1.6%-15.2pp	16.8%+11.8pp	5.1%+9.3pp	-4.3%
Current Ratio	1.18+0.1	1.13-0.6	1.72+0.3	1.39+0.8	0.61
Debt-to-Equity	-27.94-26.0	-1.92-1.5	-0.41-0.3	-0.11-9577.5	9577.36
FCF Margin	-9.8%+22.1pp	-31.9%-2.5pp	-29.5%+26.9pp	-56.4%-13.8pp	-42.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-6.6%-13.2pp	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%
Net Margin	-7.6%-23.8pp	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%
Return on Equity	-68.0%	N/A	152.2%	N/A	2.3%	N/A	N/A	N/A
Return on Assets	-0.5%-2.2pp	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%
Current Ratio	2.20+1.0	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
Debt-to-Equity	55.55+83.5	-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
FCF Margin	-15.6%-2.2pp	-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%

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 to 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 18 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.