OPAL Fuels Inc.
OPAL Nasdaq Gas & Other Services Combined Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$349M
16.3%
vs prior year
Operating margin
Operating income as a share of revenue.
2.1%
5.0 pts
Net income
Profit after all expenses, interest and tax.
$36.4M
154.2%
Free cash flow
Cash from operations minus capital spending.
−$34.2M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.8%
13.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.01 EPS (TTM)
What OPAL Fuels Inc. does
No business description yet.
- Legal name
- OPAL Fuels Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0001628280-26-017908
0001842279
Revenue and margins
OPAL Fuels Inc. had $349M of revenue in fiscal 2025, up 16.3% on the year before.
FY21
Revenue $166M
FY22
Revenue $236M
FY23
Revenue $256M
FY24
Revenue $300M
FY25
Revenue $349M
Q3 '23
Revenue $71.1M
Q4 '23
Revenue $87.0M
Q1 '24
Revenue $65.0M
Q2 '24
Revenue $71.0M
Q3 '24
Revenue $84.0M
Q4 '24
Revenue $80.0M
Q1 '25
Revenue $85.4M
Q2 '25
Revenue $80.5M
Q3 '25
Revenue $83.4M
Q4 '25
Revenue $99.8M
Q1 '26
Revenue $73.4M
Q2 '26
Revenue $83.4M
FY21
Gross —
Operating −3.0%
Net 24.5%
FCF −55.1%
FY22
Gross —
Operating 3.2%
Net 13.8%
FCF −56.4%
FY23
Gross —
Operating 2.7%
Net 49.6%
FCF −29.5%
FY24
Gross —
Operating 7.1%
Net 4.8%
FCF −32.0%
FY25
Gross —
Operating 2.1%
Net 10.4%
FCF −9.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 5.1%
Net 0.3%
FCF −32.6%
Q4 '23
Gross —
Operating 24.6%
Net 23.1%
FCF 13.6%
Q1 '24
Gross —
Operating 5.5%
Net 1.0%
FCF −20.1%
Q2 '24
Gross —
Operating 8.0%
Net 2.7%
FCF −31.7%
Q3 '24
Gross —
Operating 14.6%
Net 20.4%
FCF −6.4%
Q4 '24
Gross —
Operating −0.4%
Net −6.7%
FCF −68.7%
Q1 '25
Gross —
Operating −2.3%
Net 1.5%
FCF 21.2%
Q2 '25
Gross —
Operating −1.0%
Net 9.4%
FCF −36.9%
Q3 '25
Gross —
Operating 4.3%
Net 13.7%
FCF −11.1%
Q4 '25
Gross —
Operating 6.6%
Net 16.2%
FCF −13.4%
Q1 '26
Gross —
Operating −6.6%
Net −7.6%
FCF −15.6%
Q2 '26
Gross —
Operating −3.6%
Net −5.0%
FCF −21.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $40.8M
FY22
Net income $32.6M
FY23
Net income $127M
FY24
Net income $14.3M
FY25
Net income $36.4M
Q3 '23
Net income $0.2M
Q4 '23
Net income $20.1M
Q1 '24
Net income $0.7M
Q2 '24
Net income $1.9M
Q3 '24
Net income $17.1M
Q4 '24
Net income −$5.4M
Q1 '25
Net income $1.3M
Q2 '25
Net income $7.6M
Q3 '25
Net income $11.4M
Q4 '25
Net income $16.2M
Q1 '26
Net income −$5.6M
Q2 '26
Net income −$4.1M
FY21
Diluted EPS $0.00
FY22
Diluted EPS $0.12
FY23
Diluted EPS $0.69
FY24
Diluted EPS $0.02
FY25
Diluted EPS $0.15
Q3 '23
Diluted EPS −$0.01
Q4 '23
Diluted EPS $0.10
Q1 '24
Diluted EPS −$0.01
Q2 '24
Diluted EPS −$0.01
Q3 '24
Diluted EPS $0.09
Q4 '24
Diluted EPS −$0.05
Q1 '25
Diluted EPS −$0.01
Q2 '25
Diluted EPS $0.03
Q3 '25
Diluted EPS $0.05
Q4 '25
Diluted EPS $0.08
Q1 '26
Diluted EPS −$0.09
Q2 '26
Diluted EPS −$0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital −5.2%
Return on equity 291,207.1%
Return on assets 10.7%
FY22
Return on capital —
Return on equity —
Return on assets 6.4%
FY23
Return on capital —
Return on equity —
Return on assets 18.2%
FY24
Return on capital 15.8%
Return on equity —
Return on assets 1.8%
FY25
Return on capital 1.8%
Return on equity —
Return on assets 4.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$34.2M in fiscal 2025, −9.8% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow −$91.6M
FY22
Free cash flow −$133M
FY23
Free cash flow −$75.6M
FY24
Free cash flow −$95.9M
FY25
Free cash flow −$34.2M
Q3 '23
Free cash flow −$23.2M
Q4 '23
Free cash flow $11.9M
Q1 '24
Free cash flow −$13.0M
Q2 '24
Free cash flow −$22.5M
Q3 '24
Free cash flow −$5.4M
Q4 '24
Free cash flow −$55.0M
Q1 '25
Free cash flow $18.1M
Q2 '25
Free cash flow −$29.7M
Q3 '25
Free cash flow −$9.3M
Q4 '25
Free cash flow −$13.4M
Q1 '26
Free cash flow −$11.5M
Q2 '26
Free cash flow −$17.6M
FY21
Cash from operations −$1.9M
Capital spending $89.6M
FY22
Cash from operations −$1.4M
Capital spending $131M
FY23
Cash from operations $38.3M
Capital spending $114M
FY24
Cash from operations $31.4M
Capital spending $127M
FY25
Cash from operations $36.5M
Capital spending $70.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$3.0M
Capital spending $20.2M
Q4 '23
Cash from operations $33.4M
Capital spending $21.6M
Q1 '24
Cash from operations $13.7M
Capital spending $26.8M
Q2 '24
Cash from operations $0.5M
Capital spending $23.0M
Q3 '24
Cash from operations $17.7M
Capital spending $23.1M
Q4 '24
Cash from operations −$0.5M
Capital spending $54.4M
Q1 '25
Cash from operations $29.7M
Capital spending $11.6M
Q2 '25
Cash from operations −$7.9M
Capital spending $21.8M
Q3 '25
Cash from operations $18.2M
Capital spending $27.5M
Q4 '25
Cash from operations −$3.5M
Capital spending $9.8M
Q1 '26
Cash from operations $12.9M
Capital spending $24.4M
Q2 '26
Cash from operations $10.8M
Capital spending $28.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
OPAL Fuels Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.6%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably OPAL Fuels Inc. can carry it.
FY21
Cash $39.3M
Debt $135M
FY22
Cash $105M
Debt $172M
FY23
Cash $48.2M
Debt $209M
FY24
Cash $24.3M
Debt $307M
FY25
Cash $24.4M
Debt $364M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $39.3M | $105M | $48.2M | $24.3M | $24.4M |
| Debt incl. finance leases | $135M | $172M | $209M | $307M | $364M |
| Net debt / EBITDA | 16.7x | 3.2x | 7.4x | 7.2x | 11.4x |
| Debt / equity | 9,577.4x | — | — | — | — |
| Interest coverage | — | — | — | 1.0x | 0.3x |
| Current ratio | 0.6x | 1.4x | 1.7x | 1.1x | 1.2x |
| Quick ratio | 0.6x | 1.4x | 1.7x | 1.1x | 1.2x |
| Total assets | $381M | $645M | $755M | $881M | $959M |
| Total liabilities | $286M | $267M | $297M | $416M | $462M |
| Shareholders' equity | $0.0M | −$801M | −$479M | −$148M | −$12.9M |
| Net debt (− = net cash) | $95.5M | $66.3M | $161M | $283M | $340M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 3 / 8 | 4 / 8 | 4 / 8 | 6 / 8 |
| Accruals ratio | 11.2% | 6.6% | 12.7% | −2.1% | −0.0% |
| Altman Z'' | −1.04 | −6.52 | −3.18 | −0.62 | 0.14 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $166M | $236M | $256M | $300M | $349M |
| Provision for credit losses | — | $0.5M | $0.5M | $0.1M | — |
| Research and development | — | $6.4M | $4.9M | $19.1M | $14.9M |
| Operating income | −$4.9M | $7.6M | $7.0M | $21.2M | $7.4M |
| Interest expense | — | — | — | $21.5M | $27.5M |
| Pretax income | $40.8M | $32.6M | $127M | $5.4M | −$16.3M |
| Income tax | $0.0M | $0.0M | $0.0M | −$8.9M | −$52.7M |
| Net income | $40.8M | $32.6M | $127M | $14.3M | $36.4M |
| Net income to common | $0.0M | $3.4M | $18.9M | $0.6M | $4.3M |
| Diluted EPS | $0.00 | $0.12 | $0.69 | $0.02 | $0.15 |
| Diluted shares | 0.00B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | |||||
| Cash from operations | −$1.9M | −$1.4M | $38.3M | $31.4M | $36.5M |
| Capital expenditure | $89.6M | $131M | $114M | $127M | $70.7M |
| Free cash flow | −$91.6M | −$133M | −$75.6M | −$95.9M | −$34.2M |
| Depreciation and amortization | $10.7M | $13.1M | $14.6M | $17.9M | $22.5M |
| Stock-based compensation | $0.6M | $1.5M | $5.9M | $6.5M | $6.5M |
| Balance sheet | |||||
| Cash and short-term investments | $39.3M | $105M | $48.2M | $24.3M | $24.4M |
| Total debt | $134M | $170M | $209M | $307M | $361M |
| Finance lease liabilities | $0.8M | $1.3M | — | — | $2.8M |
| Current assets | $87.0M | $212M | $128M | $117M | $123M |
| Current liabilities | $142M | $153M | $74.3M | $104M | $104M |
| Property and equipment, net | $170M | — | — | — | — |
| Goodwill | $54.6M | $54.6M | $54.6M | $54.6M | $54.6M |
| Intangible assets | $2.9M | $2.2M | $1.6M | $1.3M | — |
| Total assets | $381M | $645M | $755M | $881M | $959M |
| Total liabilities | $286M | $267M | $297M | $416M | $462M |
| Preferred stock | $0.0M | — | — | — | — |
| Shareholders' equity | $0.0M | −$801M | −$479M | −$148M | −$12.9M |
| Margins | |||||
| Operating margin | −3.0% | 3.2% | 2.7% | 7.1% | 2.1% |
| EBITDA margin | 3.4% | 8.8% | 8.4% | 13.0% | 8.6% |
| Net margin | 24.5% | 13.8% | 49.6% | 4.8% | 10.4% |
| FCF margin | −55.1% | −56.4% | −29.5% | −32.0% | −9.8% |
| Returns | |||||
| Return on capital | −5.2% | — | — | 15.8% | 1.8% |
| Return on capital employed | −2.1% | 1.5% | 1.0% | 2.7% | 0.9% |
| Return on equity | 291,207.1% | — | — | — | — |
| Return on assets | 10.7% | 6.4% | 18.2% | 1.8% | 4.0% |
| Growth | |||||
| Revenue growth | — | 41.8% | 8.7% | 17.1% | 16.3% |
| Net income growth | — | −20.1% | 289.9% | −88.7% | 154.2% |
| EPS growth | — | — | 475.0% | −97.1% | 650.0% |
| Share count change | — | — | 5.5% | 0.7% | 5.6% |
| Financial health | |||||
| Net debt / EBITDA | 16.7x | 3.2x | 7.4x | 7.2x | 11.4x |
| Debt / equity | 9,577.4x | — | — | — | — |
| Interest coverage | — | — | — | 1.0x | 0.3x |
| Current ratio | 0.6x | 1.4x | 1.7x | 1.1x | 1.2x |
| Quick ratio | 0.6x | 1.4x | 1.7x | 1.1x | 1.2x |
| Capital allocation | |||||
| Capex / revenue | 54.0% | 55.8% | 44.4% | 42.4% | 20.3% |
| Stock comp / revenue | 0.4% | 0.6% | 2.3% | 2.2% | 1.9% |
| Quality scores | |||||
| Piotroski F-score | — | 3.0 | 4.0 | 4.0 | 6.0 |
| Altman Z'' | −1.0 | −6.5 | −3.2 | −0.6 | 0.1 |
| Accruals ratio | 11.2% | 6.6% | 12.7% | −2.1% | −0.0% |
Source: SEC EDGAR XBRL filings (CIK 0001842279). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.