OPAL · Opal Fuels Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73.38M | - | $83.36M | $80.46M | $85.41M | - | $84.05M | $70.95M | $64.95M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $1.81M | - | $2.54M | $3.48M | $6.08M | - | $6.80M | $2.94M | $785.0K | - |
| SG&A | $15.18M | - | $14.38M | $17.46M | $15.97M | - | $12.69M | $13.70M | $13.16M | - |
| Total Operating Expenses | $78.22M | - | $79.77M | $81.28M | $87.35M | - | $71.74M | $65.26M | $61.38M | - |
| D&A | - | - | - | - | - | - | $4.66M | $4.08M | $3.49M | - |
| Operating Income | ($4.84M) | - | $3.59M | ($827.0K) | ($1.94M) | - | $12.31M | $5.69M | $3.57M | - |
| Interest Expense | $6.45M | - | - | - | - | - | - | - | - | - |
| Income Tax | ($5.71M) | - | - | - | - | - | - | $0 | $0 | - |
| Net Income | ($2.64M) | - | $1.45M | $800.0K | ($235.0K) | - | $2.36M | ($153.0K) | ($316.0K) | - |
| EPS - Basic | ($0.09) | - | $0.05 | $0.03 | ($0.01) | - | $0.09 | ($0.01) | ($0.01) | - |
| EPS - Diluted | ($0.09) | - | $0.05 | $0.03 | ($0.01) | - | $0.09 | ($0.01) | ($0.01) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $133.24M | $24.41M | $29.93M | $29.27M | $40.08M | $24.31M | $20.33M | $19.02M | $28.21M | $38.35M |
| Accounts Receivable | $42.64M | $61.81M | $31.11M | $29.09M | $30.79M | - | $39.61M | $24.22M | $22.80M | $27.62M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $213.40M | $122.68M | $122.78M | $123.49M | $116.39M | $117.19M | $122.61M | $104.72M | $105.70M | $128.07M |
| Total Assets | $1.06B | $959.47M | $916.75M | $905.54M | $884.92M | $881.08M | $831.09M | $782.31M | $750.50M | $754.61M |
| Current Liabilities | $97.06M | $104.22M | $83.46M | $98.23M | $101.60M | $103.60M | $97.79M | $81.09M | $75.35M | $76.39M |
| Long-term Debt | $456.59M | $361.27M | $330.39M | $313.27M | $291.88M | $285.00M | $234.54M | $217.53M | $194.77M | $196.54M |
| Total Liabilities | $548.71M | $461.71M | $433.95M | $432.29M | $420.48M | $416.05M | $361.21M | $327.76M | $296.97M | $297.12M |
| Stockholders' Equity | $8.22M | ($12.93M) | $7.48M | ($25.04M) | $57.09M | ($148.45M) | ($180.08M) | ($273.03M) | ($382.39M) | ($478.81M) |
| Retained Earnings | $19.63M | ($1.31M) | $19.09M | ($13.44M) | $68.63M | ($137.00M) | ($168.46M) | ($261.50M) | ($370.83M) | ($467.19M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.92M | - | - | - | $29.68M | - | - | - | $13.72M | - |
| Investing Cash Flow | ($19.38M) | - | - | - | ($9.28M) | - | - | - | ($21.63M) | - |
| Financing Cash Flow | $115.12M | - | - | - | ($4.73M) | - | - | - | ($6.64M) | - |
| CapEx | $24.37M | - | - | - | $11.57M | - | - | - | $26.75M | - |
| Free Cash Flow | ($11.45M) | - | - | - | $18.11M | - | - | - | ($13.03M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -6.6% | - | 4.3% | -1.0% | -2.3% | - | 14.6% | 8.0% | 5.5% | - |
| EBITDA margin | - | - | - | - | - | - | 20.2% | 13.8% | 10.9% | - |
| Net margin | -3.6% | - | 1.7% | 1.0% | -0.3% | - | 2.8% | -0.2% | -0.5% | - |
| Free cash flow margin | -15.6% | - | - | - | 21.2% | - | - | - | -20.1% | - |
| FCF / Net income | 4.33 | - | - | - | -77.08 | - | - | - | 41.25 | - |
| R&D / Revenue | 2.5% | - | 3.1% | 4.3% | 7.1% | - | 8.1% | 4.1% | 1.2% | - |
| SG&A / Revenue | 20.7% | - | 17.2% | 21.7% | 18.7% | - | 15.1% | 19.3% | 20.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -0.2% | - | 0.2% | 0.1% | -0.0% | - | 0.3% | -0.0% | -0.0% | - |
| Return on equity | -32.1% | - | 19.4% | -3.2% | -0.4% | - | -1.3% | 0.1% | 0.1% | - |
| Return on invested capital | -0.8% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.20 | 1.18 | 1.47 | 1.26 | 1.15 | 1.13 | 1.25 | 1.29 | 1.40 | 1.68 |
| Quick ratio | 2.20 | 1.18 | 1.47 | 1.26 | 1.15 | 1.13 | 1.25 | 1.29 | 1.40 | 1.68 |
| Cash ratio | 1.37 | 0.23 | 0.36 | 0.30 | 0.39 | 0.23 | 0.21 | 0.23 | 0.37 | 0.50 |
| Leverage | ||||||||||
| Debt / Equity | 55.55 | -27.94 | 44.17 | -12.51 | 5.11 | -1.92 | -1.30 | -0.80 | -0.51 | -0.41 |
| Debt / Assets | 0.43 | 0.38 | 0.36 | 0.35 | 0.33 | 0.32 | 0.28 | 0.28 | 0.26 | 0.26 |
| Debt / EBITDA | - | - | - | - | - | - | 13.82 | 22.28 | 27.58 | - |
| Interest coverage | -0.8x | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 129.04 | -74.20 | 122.56 | -36.17 | 15.50 | -5.94 | -4.62 | -2.87 | -1.96 | -1.58 |
| Liabilities / Assets | 0.52 | 0.48 | 0.47 | 0.48 | 0.48 | 0.47 | 0.43 | 0.42 | 0.40 | 0.39 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.09 | 0.09 | 0.10 | - | 0.10 | 0.09 | 0.09 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 212d | - | 136d | 132d | 132d | - | 172d | 125d | 128d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 44.0x | 80.7x | - | - | 40.6x | - | - | - |
| P / B | 8.7x | - | 8.7x | - | 0.9x | - | - | - | - | - |
| P / S | 1.0x | - | 0.8x | 0.9x | 0.6x | - | 1.2x | 1.6x | - | - |
| EV / EBITDA | - | - | - | - | - | - | 18.6x | 31.9x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -14.1% | - | -0.8% | 13.4% | 31.5% | - | 18.2% | 33.3% | 51.2% | - |
| Revenue CAGR (3y) | 19.5% | - | 8.5% | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -149.4% | - | -70.9% | - | - | - | 557.2% | - | - | - |
| Net income growth (YoY) | -1024.3% | - | -38.6% | - | 25.6% | - | - | - | 80.0% | - |
| EPS growth (YoY) | -800.0% | - | -44.4% | - | 0.0% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 62.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -85.6% | 91.3% | - | 90.8% | - | 69.0% | 78.9% | 64.1% | 53.3% | 40.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$348.98M totalFuel Station Services Segment$214.55M · 61.5%
Renewable Natural Gas Fuel Supply Segment$101.66M · 29.1%
Renewable Power Segment$32.77M · 9.4%
Product / service
$290.08M totalEnvironmental Attributes$86.31M · 29.8%
Construction$49.04M · 16.9%
RNGMarketing$43.95M · 15.2%
Third Party Station Service And Maintenance$27.98M · 9.6%
Electricity Sales$21.96M · 7.6%
Lease Revenues$21.33M · 7.4%
OPALOwned Stations$20.96M · 7.2%
Brown Gas Sales$13.65M · 4.7%
Capacity Renewable Power$3.21M · 1.1%
Other$1.69M · 0.6%
Peer comparison
Same SIC group: Gas & Other Services Combined
Comparing OPAL Fuels Inc. against the 5 most active filers in the same SIC group.