NASDAQ : OPAL
OPAL Fuels Inc. — Financial statements
Utilities · Utilities - Regulated Gas · United States
Last price 1.53 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 267.38M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
OPAL Fuels Inc. (OPAL) reported revenue of 339.89M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 339.89M | 348.98M | 299.97M | 256.11M | 235.53M | 166.12M |
| Cost of Revenue | 250.39M | 257.74M | 218.96M | 187.68M | 169.23M | 115.06M |
| Gross Profit | 89.50M | 91.24M | 81.01M | 68.43M | 66.30M | 51.06M |
| Selling, General & Admin | 60.01M | 63.98M | 53.12M | 52.35M | 51.39M | 29.38M |
| Operating Expenses | 82.06M | 86.45M | 71.01M | 66.91M | 64.52M | 40.03M |
| Operating Income | 7.44M | 4.79M | 10.00M | 1.51M | 1.78M | 11.03M |
| Interest Expense | -29.73M | -27.52M | -21.53M | -12.24M | -7.90M | -6.94M |
| Interest & Investment Income | 3.45M | 1.25M | 1.92M | 2.93M | 3.28M | 1.27M |
| Earnings From Equity Investments | -967.00K | 2.63M | 13.23M | 5.53M | 5.78M | 2.27M |
| Other Non Operating Income (Expenses) | -299.00K | 1.93M | 3.81M | 131.82M | 33.01M | -1.69M |
| EBT Excluding Unusual Items | -20.10M | -16.93M | 7.43M | 129.55M | 35.95M | 5.93M |
| Gain (Loss) on Sale of Investments | 15.03M | |||||
| Gain (Loss) on Sale of Assets | -338.00K | -3.37M | ||||
| Asset Writedown | -4.14M | -2.02M | ||||
| Other Unusual Items | 600.00K | 600.00K | -2.19M | 19.82M | ||
| Pretax Income | -23.64M | -16.34M | 5.42M | 127.02M | 32.58M | 40.77M |
| Income Tax Expense | -41.47M | -52.75M | -8.91M | |||
| Earnings From Continuing Operations | 17.83M | 36.41M | 14.32M | 127.02M | 32.58M | 40.77M |
| Minority Interest in Earnings | 869.00K | -21.66M | -3.29M | -97.08M | -21.26M | 804.00K |
| Net Income | 18.70M | 14.75M | 11.03M | 29.95M | 11.32M | 41.57M |
| Preferred Dividends & Other Adjustments | 19.12M | 10.47M | 10.47M | 11.01M | 7.93M | |
| Net Income to Common | -425.00K | 4.28M | 561.00K | 18.94M | 3.39M | 41.57M |
| Shares Outstanding (Basic) | 28.62M | 28.14M | 27.62M | 27.15M | 25.77M | |
| Shares Outstanding (Diluted) | 28.62M | 29.25M | 27.69M | 27.49M | 26.06M | |
| EPS (Basic) | -0.01 | 0.15 | 0.02 | 0.70 | 0.13 | |
| EPS (Diluted) | -0.01 | 0.15 | 0.02 | 0.69 | 0.12 | |
| Free Cash Flow | -51.64M | -34.24M | -95.85M | -75.56M | -132.76M | -70.79M |
| Free Cash Flow Per Share | -1.80 | -1.17 | -3.46 | -2.75 | -5.09 | |
| Gross Margin | 26.33% | 26.15% | 27.01% | 26.72% | 28.15% | 30.73% |
| Operating Margin | 2.19% | 1.37% | 3.33% | 0.59% | 0.76% | 6.64% |
| Profit Margin | -0.12% | 1.23% | 0.19% | 7.39% | 1.44% | 25.02% |
| Free Cash Flow Margin | -15.19% | -9.81% | -31.95% | -29.50% | -56.37% | -42.61% |
| EBITDA | 25.26M | 23.03M | 24.37M | 16.08M | 14.91M | 21.68M |
| EBITDA Margin | 7.43% | 6.60% | 8.12% | 6.28% | 6.33% | 13.05% |
| D&A For EBITDA | 17.82M | 18.25M | 14.37M | 14.56M | 13.14M | 10.65M |
| EBIT | 7.44M | 4.79M | 10.00M | 1.51M | 1.78M | 11.03M |
| EBIT Margin | 2.19% | 1.37% | 3.33% | 0.59% | 0.76% | 6.64% |
| Revenue as Reported | 339.89M | 348.98M | 299.97M | 256.11M | 235.53M | 166.12M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 91.36M | 24.41M | 24.31M | 38.35M | 40.39M | 39.31M |
| Short-Term Investments | 9.88M | 64.98M | ||||
| Cash & Short-Term Investments | 92.48M | 24.41M | 24.31M | 48.22M | 105.37M | 39.31M |
| Accounts Receivable | 44.16M | 70.08M | 57.61M | 53.11M | 53.27M | 33.88M |
| Other Receivables | 3.26M | 5.64M | 5.34M | 4.14M | 2.39M | |
| Receivables | 44.16M | 73.35M | 63.25M | 58.45M | 57.42M | 36.27M |
| Inventory | 12.58M | 10.96M | 10.29M | 10.19M | 7.31M | 5.14M |
| Prepaid Expenses | 11.10M | 3.77M | 4.00M | 6.00M | 7.62M | 5.48M |
| Restricted Cash | 915.00K | 1.21M | 972.00K | 4.39M | 32.40M | |
| Other Current Assets | 2.12M | 8.99M | 13.94M | 805.00K | 1.86M | 768.00K |
| Total Current Assets | 163.35M | 122.68M | 116.77M | 128.07M | 211.98M | 86.97M |
| Property, Plant & Equipment | 525.77M | 508.69M | 470.99M | 351.79M | 309.07M | 169.77M |
| Long-Term Investments | 235.43M | 239.45M | 223.59M | 207.10M | 52.72M | 47.15M |
| Goodwill | 54.61M | 54.61M | 54.61M | 54.61M | 54.61M | 54.61M |
| Other Intangible Assets | 1.60M | 2.17M | 2.86M | |||
| Long-Term Deferred Charges | 3.01M | 2.37M | ||||
| Other Long-Term Assets | 50.48M | 34.04M | 15.12M | 9.13M | 9.36M | 6.25M |
| Total Assets | 1.04B | 959.47M | 881.08M | 754.61M | 644.86M | 380.84M |
| Accounts Payable | 10.39M | 18.50M | 16.12M | 20.09M | 23.18M | 12.58M |
| Accrued Expenses | 43.18M | 58.19M | 61.05M | 42.39M | 34.19M | 22.37M |
| Current Portion of Long-Term Debt | 18.88M | 15.06M | 12.62M | 1.61M | 79.47M | 96.01M |
| Current Portion of Leases | 2.01M | 3.36M | 2.04M | 1.08M | ||
| Current Unearned Revenue | 3.05M | 6.30M | 9.28M | 6.31M | 8.01M | 9.79M |
| Other Current Liabilities | 14.38M | 4.15M | 1.16M | 1.90M | 6.98M | 1.37M |
| Total Current Liabilities | 89.88M | 104.22M | 103.60M | 74.34M | 152.91M | 142.12M |
| Long-Term Debt | 412.81M | 337.06M | 285.00M | 196.54M | 88.31M | 134.08M |
| Long-Term Leases | 14.10M | 19.71M | 19.21M | 12.07M | ||
| Other Long-Term Liabilities | 21.20M | 6.33M | 7.73M | 7.03M | 13.75M | 9.69M |
| Total Liabilities | 523.89M | 461.71M | 416.05M | 297.12M | 267.04M | 285.89M |
| Common Stock | 17.00K | 17.00K | 17.00K | 17.00K | 17.00K | 14.00K |
| Retained Earnings | 37.53M | -1.31M | -137.00M | -467.19M | -800.81M | |
| Treasury Stock | -11.61M | -11.61M | -11.61M | -11.61M | ||
| Comprehensive Income & Other | 416.00K | -26.00K | 152.00K | -15.00K | 195.00K | |
| Total Common Equity | 26.35M | -12.93M | -148.45M | -478.81M | -800.60M | 14.00K |
| Minority Interest | 490.00M | 510.69M | 613.48M | 936.29M | 1.18B | 94.94M |
| Shareholders' Equity | 516.35M | 497.76M | 465.03M | 457.49M | 377.82M | 94.96M |
| Total Liabilities & Equity | 1.04B | 959.47M | 881.08M | 754.61M | 644.86M | 380.84M |
| Total Debt | 431.69M | 368.24M | 320.70M | 219.40M | 180.93M | 230.09M |
| Net Cash (Debt) | -339.21M | -343.83M | -296.39M | -171.18M | -75.56M | -190.78M |
| Net Cash Per Share | -11.85 | -11.75 | -10.70 | -6.23 | -2.90 | |
| Filing Date Shares Outstanding | 30.36M | 29.00M | 28.43M | 28.08M | 27.69M | |
| Total Common Shares Outstanding | 30.36M | 29.00M | 28.43M | 28.07M | 29.48M | |
| Working Capital | 73.47M | 18.46M | 13.17M | 53.73M | 59.08M | -55.14M |
| Book Value Per Share | 0.87 | -0.45 | -5.22 | -17.06 | -27.16 | |
| Tangible Book Value | -28.25M | -67.54M | -203.06M | -535.02M | -857.38M | -57.45M |
| Tangible Book Value Per Share | -0.93 | -2.33 | -7.14 | -19.06 | -29.09 | |
| Land | 1.30M | 1.30M | 1.30M | |||
| Buildings | 2.58M | 2.58M | 2.54M | |||
| Machinery | 324.69M | 317.93M | 260.21M | 238.73M | 191.51M | |
| Construction In Progress | 203.31M | 169.57M | 175.06M | 152.10M | 62.62M | |
| Leasehold Improvements | 815.00K | 815.00K | 815.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 18.70M | 14.75M | 11.03M | 29.95M | 11.32M | 41.57M |
| Depreciation & Amortization | 22.82M | 23.24M | 18.56M | 15.21M | 13.91M | 10.65M |
| Other Amortization | 1.94M | 1.94M | 1.09M | 1.72M | 1.94M | 1.08M |
| Loss (Gain) From Sale of Assets | -3.65M | -3.65M | -321.00K | -122.87M | -15.03M | |
| Asset Writedown & Restructuring Costs | 4.14M | 2.02M | ||||
| Loss (Gain) on Equity Investments | 4.67M | 3.02M | 1.10M | 6.72M | -5.78M | -2.27M |
| Stock-Based Compensation | 6.66M | 6.50M | 6.45M | 5.90M | 1.47M | 639.00K |
| Provision & Write-off of Bad Debts | 593.00K | 2.48M | 85.00K | 518.00K | 499.00K | |
| Other Operating Activities | -28.34M | 2.64M | 2.19M | 93.66M | -10.44M | -18.63M |
| Change in Accounts Receivable | 14.40M | -19.82M | -301.00K | -352.00K | -19.90M | -5.90M |
| Change in Inventory | 423.00K | -670.00K | -103.00K | -2.88M | -2.17M | -899.00K |
| Change in Accounts Payable | -6.58M | 1.89M | 3.43M | 7.91M | 11.32M | 1.15M |
| Change in Unearned Revenue | -1.70M | -1.77M | 5.11M | |||
| Change in Other Net Operating Assets | 2.61M | 4.17M | -13.86M | 4.48M | -1.76M | 1.38M |
| Operating Cash Flow | 38.37M | 36.50M | 31.39M | 38.27M | -1.35M | 18.86M |
| Capital Expenditures | -90.01M | -70.74M | -127.24M | -113.83M | -131.41M | -89.65M |
| Sale of Property, Plant & Equipment | 3.70M | 3.00M | 828.00K | |||
| Divestitures | -11.95M | -21.21M | ||||
| Investment in Securities | -12.72M | -10.96M | -7.39M | 51.63M | -63.47M | 405.00K |
| Other Investing Activities | -717.00K | 1.38M | -750.00K | 10.86M | -6.75M | |
| Investing Cash Flow | -99.75M | -77.32M | -134.55M | -74.15M | -184.03M | -117.20M |
| Long-Term Debt Issued | 70.00M | 100.00M | 196.92M | 44.59M | 90.68M | |
| Long-Term Debt Repaid | -18.17M | -1.62M | -160.56M | -77.72M | -20.28M | |
| Net Debt Issued (Repaid) | 106.56M | 51.83M | 98.38M | 36.36M | -33.12M | 70.40M |
| Issuance of Common Stock | 170.00K | 366.00K | 7.53M | |||
| Repurchase of Common Stock | -1.43M | -391.00K | -627.00K | -17.29M | ||
| Preferred Dividends Paid | -12.52M | -10.47M | -13.09M | |||
| Common Dividends Paid | -3.69M | |||||
| Dividends Paid | -12.52M | -10.47M | -13.09M | -3.69M | ||
| Other Financing Activities | 32.11M | 591.00K | -1.33M | -13.54M | 153.67M | 50.78M |
| Financing Cash Flow | 124.72M | 41.56M | 83.50M | 5.90M | 220.55M | 125.01M |
| Net Cash Flow | 63.34M | 738.00K | -19.66M | -29.98M | 35.17M | 26.67M |
| Free Cash Flow | -51.64M | -34.24M | -95.85M | -75.56M | -132.76M | -70.79M |
| Free Cash Flow Margin | -15.19% | -9.81% | -31.95% | -29.50% | -56.37% | -42.61% |
| Free Cash Flow Per Share | -1.80 | -1.17 | -3.46 | -2.75 | -5.09 | |
| Levered Free Cash Flow | -66.77M | -59.55M | -104.03M | -72.60M | -150.61M | -68.53M |
| Unlevered Free Cash Flow | -50.13M | -44.29M | -91.67M | -66.67M | -147.62M | -65.27M |
| Cash Interest Paid | 29.19M | 27.80M | 22.91M | 6.93M | 7.01M | 4.34M |
| Change in Working Capital | 10.85M | -14.43M | -10.83M | 7.46M | -14.28M | 832.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 261.26M | 68.29M | 96.38M | 154.42M | 210.99M | |
| Enterprise Value | 600.47M | 868.03M | 980.99M | 1.60B | 1.65B | |
| Last Close Price | 1.50 | 2.35 | 3.39 | 5.52 | 7.28 | 9.98 |
| PE Ratio | 15.94 | 171.79 | 8.15 | 62.22 | ||
| Forward PE | 0.82 | 2.17 | 1.42 | 3.40 | 13.49 | |
| PS Ratio | 0.77 | 0.20 | 0.32 | 0.60 | 0.90 | |
| PB Ratio | 1.72 | 0.14 | 0.21 | 0.34 | 0.56 | |
| P/OCF Ratio | 6.81 | 1.87 | 3.07 | 4.04 | ||
| PEG Ratio | 0.03 | 0.14 | ||||
| EV/Sales Ratio | 1.77 | 2.49 | 3.27 | 6.25 | 6.99 | |
| EV/EBITDA Ratio | 23.77 | 37.69 | 40.25 | 99.58 | 110.30 | |
| EV/EBIT Ratio | 80.73 | 181.33 | 98.07 | 1,056.91 | 924.75 | |
| Debt / Equity Ratio | 0.84 | 0.74 | 0.69 | 0.48 | 0.48 | 2.42 |
| Debt / EBITDA Ratio | 17.09 | 15.50 | 12.79 | 12.30 | 11.66 | 10.61 |
| Net Debt / Equity Ratio | 0.66 | 0.69 | 0.64 | 0.37 | 0.20 | 2.01 |
| Net Debt / EBITDA Ratio | 13.43 | 14.93 | 12.16 | 10.64 | 5.07 | 8.80 |
| Net Debt / FCF Ratio | -6.57 | -10.04 | -3.09 | -2.27 | -0.57 | -2.69 |
| Asset Turnover | 0.35 | 0.38 | 0.37 | 0.37 | 0.46 | 0.60 |
| Inventory Turnover | 19.57 | 24.25 | 21.38 | 21.45 | 27.18 | 24.52 |
| Quick Ratio | 1.52 | 0.94 | 0.84 | 1.44 | 1.06 | 0.53 |
| Current Ratio | 1.82 | 1.18 | 1.13 | 1.72 | 1.39 | 0.61 |
| Return on Equity (ROE) | 3.60% | 7.56% | 3.11% | 30.41% | 13.78% | 65.01% |
| Return on Assets (ROA) | 0.48% | 0.33% | 0.76% | 0.14% | 0.22% | 2.50% |
| Return on Capital Employed (ROCE) | 0.80% | 0.60% | 1.30% | 0.20% | 0.40% | 4.60% |
| Earnings Yield | -0.99% | 21.60% | 11.45% | 19.39% | 5.37% | |
| FCF Yield | -19.77% | -50.14% | -99.46% | -48.93% | -62.93% | |
| Payout Ratio | 70.97% | 118.63% | 8.89% | |||
| Buyback Yield / Dilution | -1.23% | -5.62% | -0.73% | -5.49% |