Opal Fuels IncOpal Fuels Inc
Opal Fuels Inc

Opal Fuels Inc

OPAL
Utilities·Gas Utilities

OPAL Fuels, Inc. engages in the production and distribution of low-carbon intensity renewable natural gas. It operates as a vertical waste-to-energy model that combines the upstream production and downstream marketing and distribution of RNG. The company operates under the following segments: RNG Fuel, Fuel Station Services, Renewable Power, and Corporate. The RNG Fuel segment relates to all RNG supply and dispensing activities directly related to the generation and sale of brown gas. The Fuel Station Services provides construction and maintenance services to third-party owners of vehicle fueling stations. The Renewable Power segment generates renewable power which is then sold to public utilities. The Corporate segment consists of activities managed and maintained at the company corporate level. The company was founded in 1998 and is headquartered in White Plains, NY.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
$349M+16.3% YoY
Net income
$36.4M+154.2% YoY
Free cash flow
$-34.2M+63.7% YoY

Market

Listed stock
OPALPriceNasdaq
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Financial performance

Revenue
$349M+16.3% YoY
Operating income
$7.4M−65.1% YoY
Net income
$36.4M+154.2% YoY
Free cash flow
$-34.2M+63.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $166.1M, 2022 $235.5M, 2023 $256.1M, 2024 $300M, 2025 $349M. Operating income: 2021 $11M, 2022 $1.8M, 2023 $7M, 2024 $21.2M, 2025 $7.4M. Net income: 2021 $210K, 2022 $32.6M, 2023 $127M, 2024 $14.3M, 2025 $36.4M. Free cash flow: 2021 $-1.9M, 2022 $-132.8M, 2023 $-75.6M, 2024 $-94.2M, 2025 $-34.2M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
16.3%−79 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $11M, 2022-12-31 $1.8M, 2023-12-31 $7M, 2024-12-31 $21.2M, 2025-12-31 $7.4M. Net income: 2021-12-31 $210K, 2022-12-31 $32.6M, 2023-12-31 $127M, 2024-12-31 $14.3M, 2025-12-31 $36.4M. Free cash flow: 2021-12-31 $-1.9M, 2022-12-31 $-132.8M, 2023-12-31 $-75.6M, 2024-12-31 $-94.2M, 2025-12-31 $-34.2M

Growth heatmap

2022202320242025CAGR
Revenue
+41.8%
+8.7%
+17.1%
+16.3%
+20.4%
Gross profit
+352.1%
+7.6%
+17.7%
+19.4%
+61.7%
Operating income
-83.9%
+295.7%
+201.4%
-65.1%
-9.4%
Free cash flow
-6727.3%
+43.1%
-24.7%
+63.7%
No data

Earnings quality

Operating cash flow
$36.5M+10.5% YoY
Net income
$36.4M+154.2% YoY
Free cash flow
$-34.2M+63.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 100%, 2024-12-31 231%, 2023-12-31 30%, 2022-12-31 -4%, 2021-12-31 -926%. Free cash flow: 2025-12-31 -94%, 2024-12-31 -658%, 2023-12-31 -59%, 2022-12-31 -408%, 2021-12-31 -926%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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