OPAL Fuels Inc. OPAL

Utilities SIC 4932 - Gas & Other Services Combined NAICS Utilities › Natural Gas Distribution derived Nasdaq

OPAL Fuels Inc. (including its subsidiaries, the "Company," "OPAL," "we," "us" or "our") is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years.

Last close 1.51 2026-10-23
Market cap $44.8M estimated share count
52-week range 1.46 - 2.87

Valuation FY2025 figures against the last close

P/S0.1x
P/E10.1x
P/FCF—
EV/EBITDA12.8x
Dividend yield—
Diluted EPS0.15

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $326.7M$290.9M$251.1M$230.7M$162.0M—
R&D $14.9M$19.1M$4.9M$6.4M——
SG&A $64.0M$53.1M$51.3M$51.4M$29.4M—
Total operating expenses $341.6M$278.8M$249.1M$228.0M$155.1M—
Operating income $7.4M$21.2M$7.0M$7.6M$11.0M—
Interest expense $27.5M$21.5M————
Pre-tax income -$16.3M$5.4M$127.0M$32.6M$40.8M—
Income tax $52.7M$8.9M$0$0$0—
Net income $36.4M$14.3M$127.0M$32.6M$40.8M—
EPS, basic 0.150.020.700.130.00—
EPS, diluted 0.150.020.690.120.00—
Shares, diluted (wtd. avg.) 29.3M27.7M27.5M26.1M0—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $24.4M$24.3M$47.2M$77.2M$42.1M$15.4M
Short-term investments —$0$9.9M$65.0M$0—
Receivables $61.8M$46.5M$27.6M$31.1M$25.4M—
Total current assets $122.7M$116.8M$128.1M$212.0M$87.0M—
Goodwill $54.6M$54.6M$54.6M$54.6M$54.6M—
Other intangibles —$1.3M$1.6M$2.2M$2.9M—
Total assets $959.5M$881.1M$754.6M$644.9M$380.8M—
Accounts payable ————$18.8K—
Total current liabilities $104.2M$103.6M$74.3M$152.9M$142.1M—
Long-term debt $361.3M$285.0M$196.5M$88.3M$134.1M—
Total liabilities $461.7M$416.0M$297.1M$267.0M$285.9M—
Retained earnings -$1.3M-$137.0M-$467.2M-$800.8M$0—
Total equity -$12.9M-$148.4M-$477.9M-$774.2M$1.2M$6.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $36.5M$31.4M$38.3M-$1.4M$18.9M—
Depreciation and amortisation $22.5M$17.9M$14.6M$13.1M$10.7M—
Stock-based compensation $6.5M$6.5M$5.9M$1.5M$639.0K—
Capital expenditure $70.7M$127.2M$113.8M$131.4M$89.6M—
Investing cash flow -$77.3M-$134.6M-$74.1M-$184.0M-$117.2M—
Financing cash flow $41.6M$83.5M$5.9M$220.6M$125.0M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-017908.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M 400M Revenue, FY2021: 162M Net income, FY2021: 40.8M Revenue, FY2022: 230.7M Net income, FY2022: 32.6M Revenue, FY2023: 251.1M Net income, FY2023: 127M Revenue, FY2024: 290.9M Net income, FY2024: 14.3M Revenue, FY2025: 326.7M Net income, FY2025: 36.4M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $162.0M $230.7M $251.1M $290.9M $326.7M
Gross profit — — — — — —
Net income — $40.8M $32.6M $127.0M $14.3M $36.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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