OPAL Fuels Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data OPAL Fuels Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	166	236	256	300	349
Research and development		6.44	4.87	19.1	14.9
Selling, general and administrative	29.4	51.4	51.3	53.1	64
General and administrative	4.94
Operating income	11	7.56	7.04	21.2	7.41
Interest expense	7.47	6.64		21.5	27.5
Other non-operating income	0	1.94	124	-15.8	-23.7
Pre-tax income	40.8	32.6	127	5.42	-16.3
Income tax	0	0	0	-8.91	-52.7
Net income	-16.2	3.39	18.9	0.56	4.28
EBITDA	21.7	20.7	21.6	39.1	29.9
EPS, basic	0.00	0.13	0.70	0.02	0.15
EPS, diluted	0.00	0.12	0.69	0.02	0.15
Shares, basic (weighted)	0	25.8	27.1	27.6	28.1
Shares, diluted (weighted)	0	26.1	27.5	27.7	29.3

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.3	40.4	38.3	24.3	24.4
Short-term investments	0	65	9.88	0
Receivables	25.4	31.1	27.6	46.5	61.8
Inventory	0
Other current assets	5.48	7.63	6.01	23.6	16
Total current assets	87	212	128	117	123
Property, plant and equipment	170	297	339	458	496
Lease right-of-use assets		11.7	12.3	12.7	13.1
Goodwill	54.6	54.6	54.6	54.6	54.6
Intangible assets	2.86	2.17	1.6	1.33
Other non-current assets	0.49	1.49	1.16	25.6	44.4
Total assets	381	645	755	881	959
Accounts payable	0.02
Accrued liabilities	0.09	8.98	9.02	9.58
Deferred revenue	9.79	8.01	6.31	9.28	6.3
Total current liabilities	142	153	74.3	104	104
Long-term debt	134	88.3	197	285
Lease liabilities		11.2	11.8	12.2	12.5
Other non-current liabilities	4.78	0.83	7.6	27.4	20.4
Total liabilities	286	267	297	416	462
Total debt	134	170	209	307	361
Paid-in capital	0	0	0	0
Retained earnings	0	-801	-467	-137	-1.31
Treasury stock		0	-11.6	-11.6	-11.6
Other comprehensive income	0	0.2	-0.02	0.15	-0.03
Shareholders' equity	0.01	-801	-479	-148	-12.9
Minority interests	1.19	26.4	0.96	0.62	2.79
Total equity	1.2	-774	-478	-148	-10.1
Total liabilities and equity	381	645	755	881	959

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	40.8	32.6	127	14.3	36.4
Depreciation and amortization	10.7	13.1	14.6	17.9	22.5
Stock-based compensation	0.64	1.47	5.9	6.45	6.5
Deferred income tax				0	-16.5
Change in receivables	-2.94	-6.19	2.94	-0.3	-19.8
Change in payables	-0.18
Cash from operations	18.9	-1.36	38.3	31.4	36.5
Capital expenditures	-89.6	-131	-114	-127	-70.7
Purchases of investments	0	-0.6	-8.31	-21.6
Cash from investing	-117	-184	-74.1	-135	-77.3
Stock issued		0	0.37	0.17	0
Cash from financing	125	221	5.9	83.5	41.6
Net change in cash	26.7	35.2	-30	-18	0.74
Free cash flow	-70.8	-133	-75.6	-95.9	-34.2
Interest paid	4.34	7.01	6.93	22.9	27.8
Income taxes paid			0	0.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	7.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.0%	Pre-tax income / revenue.
Net margin	-0.1%	Net income / revenue.
FCF margin	-15.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.3%	Cash from operations / revenue.
Return on equity (ROE)	-1.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.0%	Net income / average total assets.
Return on invested capital (ROIC)	0.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.1%	Research and development expense / revenue.
SG&A / revenue	17.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	26.5%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-65.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-23.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	663.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	650.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	8.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Quick ratio	1.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	16.7x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.3%	Total debt / total assets.
Liabilities / assets	50.4%	Total liabilities / total assets.
Net debt	$348.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	14.3x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$73.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$28.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	0.65x	Revenue / average property, plant and equipment.
Receivables turnover	9.06x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Capex / operating cash flow	234.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.47	Revenue / diluted weighted shares.
FCF per share	-$1.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.29	Cash from operations / diluted weighted shares.
Book value per share	$0.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.95	Tangible book value / shares outstanding.
Cash per share	$3.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$323.3M	Share price x shares outstanding.
Enterprise value	$672.0M	Market cap + total debt - cash - short-term investments.
P/S	0.95x	Market cap / revenue.
P/B	12.3x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	8.43x	Market cap / cash from operations, when positive.
EV/Sales	1.98x	Enterprise value / revenue.
EV/EBIT	289x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-16.0%	Free cash flow / market cap.
Earnings yield	-0.1%	Net income / market cap (the inverse of P/E).

What was OPAL Fuels Inc.'s revenue in fiscal 2025?

OPAL Fuels Inc. reported revenue of $349.0M for fiscal 2025, 16.3% higher than the year before.

Was OPAL Fuels Inc. profitable in fiscal 2025?

Yes. Net income was $4.3M, a net margin of 1.2%.

How much free cash flow did OPAL Fuels Inc. generate in fiscal 2025?

Cash from operations of $36.5M minus capital expenditures of $70.7M left free cash flow of -$34.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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