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Nasdaq · Utilities

OPAL Fuels Inc. (OPAL)

As-reported financials and SEC filings for OPAL Fuels Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About OPAL Fuels Inc.

OPAL Fuels Inc. produces renewable natural gas (RNG) by capturing and converting biogas from sources like landfills and dairy manure. The company designs, builds, operates, and services fueling stations that dispense RNG and natural gas for heavy-duty trucking fleets and other industrial sectors. OPAL Fuels also markets RNG and manages environmental attributes associated with its renewable energy projects.

Snapshot

Revenue
$326.7M
Revenue growth (YoY)
12.3%
Net income
$36.4M
Diluted EPS
$0.15
Gross margin
—
Operating margin
2.3%
Net margin
11.1%
FCF margin
-10.5%
ROE
—
net income / fiscal-year-end equity
P/E
11.2×
trailing when available, otherwise FY EPS
Market cap
$293.5M
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at OPAL Fuels

  • Revenue grew 12.3% to $327M in FY2025, slower than the 15.8% the year before.
  • Operating margin is 2.3% in FY2025, -4.5 pp against 6.8% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $80M, up 2.9% from Q2 FY2025.
  • Free cash flow was negative $34M in FY2025.
  • Net income rose 154.2% to $36M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where OPAL Fuels’s fundamentals sit among the 86 Utilities companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin2.3%
9th percentile of 77
Net margin11.1%
41st percentile of 80
FCF margin-10.5%
38th percentile of 66
Revenue growth (YoY)+12.3%
69th percentile of 82
P/E11.2×
10th percentile of 74
Short interest5.51d
68th percentile of 86

OPAL Fuels’s operating margin of 2.3% ranks in the 9th percentile of the 77 Utilities companies reporting it. OPAL Fuels’s P/E of 11.2 ranks in the 10th percentile of the 74 peers with a meaningful P/E.

4 reported insider purchases (code P) totaling $177,000 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 quant / multi-strat book among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+1 quant / multi-strat
Initiated / added
1
0 new, 1 added
Reduced / exited
2
0 trimmed, 2 exited
Combined position
$426,361
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$426,361193.8KAdded

No longer held by: Citadel Advisors (as of Q2 2026), Renaissance Technologies (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
4
2 insiders
Bought (90d)
$177K
code P value
Sells (90d)
0
—
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-09-03
filed 2026-09-08
Adam ComoraCo-Chief Executive OfficerBuy20.0K$2.08$42K
2026-09-01
filed 2026-09-02
Adam ComoraCo-Chief Executive OfficerBuy50.0K$1.93$97K
2026-09-01
filed 2026-09-02
Nadeem NisarDirectorBuy10.0K$1.91$19K
2026-08-31
filed 2026-09-02
Nadeem NisarDirectorBuy10.0K$1.98$20K
2026-06-11
filed 2026-06-15
Scott McDougald SuttonDirectorBuy50.0K$1.95$98K
2026-06-03
filed 2026-06-04
Nadeem NisarDirectorBuy5.0K$2.25$11K
2026-06-02
filed 2026-06-04
Nadeem NisarDirectorBuy10.0K$2.32$23K
2026-05-21
Scott V. DolsDirectorBuy7.9K$2.00$16K
2026-05-20
filed 2026-05-21
Scott V. DolsDirectorBuy4.3K$2.06$9K
2026-05-19
filed 2026-05-20
Scott V. DolsDirectorBuy25.1K$2.05$51K
2026-05-18
filed 2026-05-20
Scott V. DolsDirectorBuy12.6K$2.02$25K
2026-05-18
filed 2026-05-20
Nadeem NisarDirectorBuy5.0K$2.02$10K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.5M
settled 2026-09-30
Change vs prior
-7.0%
vs previous settlement
Days to cover
5.51
at avg daily volume
Avg daily volume
456.4K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-302.5M-7.0%5.51
2026-09-152.7M+5.4%10.17
2026-08-312.6M+1.0%18.41
2026-08-142.5M-5.1%12.16
2026-07-312.7M+3.1%13.54
2026-07-152.6M+20.3%10.26
2026-06-302.2M+34.2%4.21
2026-06-151.6M-6.3%6.71

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$326.7M$290.9M$251.1M$230.7M$162.0M
Gross profit—————
Operating income$7.4M$21.2M$7.0M$7.6M$11.0M
Net income$36.4M$14.3M$127.0M$32.6M$40.8M
Diluted EPS$0.15$0.02$0.69$0.12$0.00

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$36.5M$31.4M$38.3M$-1.4M$18.9M
Capital expenditure$70.7M$127.2M$113.8M$131.4M$89.6M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$79.7M2.9%$-4.1M$-0.05
Q1 FY2026$67.4M-18.7%$-5.6M$-0.09
Q4 FY202518.7%—
Q3 FY2025$77.9M-5.7%$11.4M—
Q2 FY2025$77.4M10.9%$7.6M—
Q1 FY2025$83.0M29.7%$1.3M—
Q4 FY2024-12.4%—
Q3 FY2024$82.6M18.1%$17.1M—

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorUtilities
SIC industryGas & Other Services Combined
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2021
SEC CIK1842279

Selected SEC filings

10-K2026-03-16
View on EDGAR →
10-Q2026-08-10
View on EDGAR →
10-Q2026-05-11
View on EDGAR →
10-Q2025-11-07
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-28
View on EDGAR →
8-K2026-06-22
View on EDGAR →
8-K2026-06-03
View on EDGAR →

Largest Utilities peers

All Utilities companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.