OPAL Fuels Inc.
OPAL · Gas & Other Services Combined · 25.2M shares · EDGAR filings ↗
Grade
B71Profitable, fast-growing RNG/gas franchise with above-median returns and margins but thin liquidity and negative free cash flow.
Strengths
- Net margin 11% (74th pct) and ROA 3.8% (72nd pct) above sector median, with net income growth +154% (89th pct)
- Revenue growth 12% (63rd pct) and positive operating cash margin (57th pct)
Risks
- Negative FCF (-$34M) and only ~2.9 quarters of cash runway (34th pct) signal funding pressure
- Negative ROE is a negative-equity artifact (D/E -27.9) but underscores a thin capital base
Notable findings
- Negative equityNegative book equity (debt/equity -27.94)
- Cash burnNegative free cash flow (-34.2M)
- Revenue declineRevenue -26.4% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
2.1%
Net margin
10.4%
Return on equity
-281.6%
Return on assets
3.8%
ROIC
1.7%
Revenue growth (QoQ)
-26.4%
Net-income growth
154.2%
Debt / equity
-27.9×
Net debt / EBITDA
11.3×
Current ratio
1.2×
Free cash flow
-$34M
EBITDA
$30M
Tangible book value
-$68M
Cash & investments
$24M
Cash runway
3q
Stock comp / revenue
1.9%
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-17 | 0001628280-26-044625 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0001628280-26-040255 ↗ |
| 8-K | 2026-05-20 | 2026-05-18 | 0001628280-26-036906 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001628280-26-033091 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001628280-26-033124 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001628280-26-028015 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001628280-26-017908 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001628280-26-017893 ↗ |
| 8-K | 2026-03-09 | 2026-03-06 | 0001628280-26-016131 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001628280-25-050643 ↗ |
| 8-K | 2025-11-07 | 2025-11-06 | 0001628280-25-050443 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001628280-25-046759 ↗ |