OPAL Fuels Inc. Financials
OPAL Fuels Inc. (OPAL) reported $349.0M in revenue for fiscal year 2025, up 16.3% from the prior fiscal year. This page shows its 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).
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
FY2025 operating cash flow of
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
OPAL Fuels Inc. scores 0.64, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
OPAL Fuels Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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 $0.27 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.
Cash & Balance Sheet
OPAL Fuels Inc. recorded an outflow of $34.2M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for 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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
OPAL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $339.9M | $349.0M+16.3% | $300.0M+17.1% | $256.1M+8.7% | $235.5M+41.8% | $166.1M |
| R&D Expenses | $10.5M | $14.9M-21.8% | $19.1M+292.7% | $4.9M-24.4% | $6.4M | N/A |
| SG&A Expenses | $60.0M | $64.0M+20.4% | $53.1M+3.6% | $51.3M-0.2% | $51.4M+74.9% | $29.4M |
| Operating Income | $2.3M | $7.4M-65.1% | $21.2M+201.4% | $7.0M-6.9% | $7.6M-31.4% | $11.0M |
| Interest Expense | N/A | $27.5M+27.8% | $21.5M | N/A | $6.6M-11.1% | $7.5M |
| Income Tax | N/A | -$52.7M-492.3% | -$8.9M | $0 | $0 | $0 |
| Net Income | $17.8M | $36.4M+154.2% | $14.3M-88.7% | $127.0M+289.9% | $32.6M+301.2% | -$16.2M |
| EPS (Diluted) | — | $0.15 | $0.02 | $0.69+475.0% | $0.12 | $0.00 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OPAL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
| 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 |
Not reported in any period shown, so not listed: Inventory.
OPAL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $38.4M | $36.5M+16.3% | $31.4M-18.0% | $38.3M+2924.3% | -$1.4M-107.2% | $18.9M |
| Capital Expenditures | $90.0M | $70.7M-44.4% | $127.2M+11.8% | $113.8M-13.4% | $131.4M+46.6% | $89.6M |
| Free Cash Flow | -$51.6M | -$34.2M+64.3% | -$95.9M-26.9% | -$75.6M+43.1% | -$132.8M-87.5% | -$70.8M |
| Investing Cash Flow | -$99.8M | -$77.3M+42.5% | -$134.6M-81.5% | -$74.1M+59.7% | -$184.0M-57.0% | -$117.2M |
| Financing Cash Flow | $124.7M | $41.6M-50.2% | $83.5M+1315.6% | $5.9M-97.3% | $220.6M+76.4% | $125.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OPAL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| 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+0.1x | 1.13-0.6x | 1.72+0.3x | 1.39+0.8x | 0.61 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 9577.36 |
| FCF Margin | -9.8%+22.1pp | -31.9%-2.5pp | -29.5%+26.9pp | -56.4%-13.8pp | -42.6% |
Not reported in any period shown, so not listed: Gross Margin.
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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Where OPAL Fuels Inc. Ranks
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) recorded an outflow of $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 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 not reported?
OPAL Fuels Inc. (OPAL) has negative shareholder equity of -$12.9M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 0.64, 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 0.27x, 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 38 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.