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Clean Energy Fuels vs OPAL Fuels: revenue, profit, margins and growth compared

Clean Energy Fuels brought in $424.8M of revenue in fiscal 2025, OPAL Fuels $349M in fiscal 2025. Revenue changed by +2.2% at Clean Energy Fuels and +16.3% at OPAL Fuels on the year before, so OPAL Fuels grew faster. Clean Energy Fuels kept -52.3% of its revenue as net profit, OPAL Fuels 1.2%. Free cash flow was $59.9M at Clean Energy Fuels and -$34.2M at OPAL Fuels.

Side by side, latest fiscal year

CLNEOPAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$424.8M$349M
Revenue growth+2.2%+16.3%
Net income-$222M$4.3M
Net margin-52.3%1.2%
Free cash flow$59.9M-$34.2M
Free cash flow margin14.1%-9.8%
Earnings per share (diluted)-$1.01$0.15
Cash$155.6M$24.4M
Debt$226.8M$361.3M
Price to earningsn/a12.3
Market value$352.7M$323.3M
Dividend yieldn/an/a
Rank by revenue in sector#91 of 109 · Utilities#92 of 109 · Utilities

Over the years

Revenue
CLNE FY2018: $346.4MCLNE FY2019: $344.1MCLNE FY2020: $291.7MCLNE FY2021: $255.6MCLNE FY2022: $420.2MCLNE FY2023: $425.2MCLNE FY2024: $415.9MCLNE FY2025: $424.8MOPAL FY2021: $166.1MOPAL FY2022: $235.5MOPAL FY2023: $256.1MOPAL FY2024: $300MOPAL FY2025: $349MFY18FY19FY20FY21FY22FY23FY24FY25
CLNE $424.8MOPAL $349M
Net income
CLNE FY2018: -$3.8MCLNE FY2019: $20.4MCLNE FY2020: -$9.9MCLNE FY2021: -$93.1MCLNE FY2022: -$58.7MCLNE FY2023: -$99.5MCLNE FY2024: -$83.1MCLNE FY2025: -$222MOPAL FY2021: -$16.2MOPAL FY2022: $3.4MOPAL FY2023: $18.9MOPAL FY2024: $561KOPAL FY2025: $4.3MFY18FY19FY20FY21FY22FY23FY24FY25
CLNE -$222MOPAL $4.3M
Net margin
CLNE FY2018: -1.1%CLNE FY2019: 5.9%CLNE FY2020: -3.4%CLNE FY2021: -36.4%CLNE FY2022: -14.0%CLNE FY2023: -23.4%CLNE FY2024: -20.0%CLNE FY2025: -52.3%OPAL FY2021: -9.7%OPAL FY2022: 1.4%OPAL FY2023: 7.4%OPAL FY2024: 0.2%OPAL FY2025: 1.2%FY18FY19FY20FY21FY22FY23FY24FY25
CLNE -52.3%OPAL 1.2%
Revenue growth
CLNE FY2019: -0.7%CLNE FY2020: -15.2%CLNE FY2021: -12.4%CLNE FY2022: +64.4%CLNE FY2023: +1.2%CLNE FY2024: -2.2%CLNE FY2025: +2.2%OPAL FY2022: +41.8%OPAL FY2023: +8.7%OPAL FY2024: +17.1%OPAL FY2025: +16.3%FY19FY20FY21FY22FY23FY24FY25
CLNE +2.2%OPAL +16.3%
Free cash flow
CLNE FY2018: $12.7MCLNE FY2019: -$14.8MCLNE FY2020: $47.8MCLNE FY2021: $18.2MCLNE FY2022: $22.2MCLNE FY2023: -$57.2MCLNE FY2024: -$418KCLNE FY2025: $59.9MOPAL FY2021: -$70.8MOPAL FY2022: -$132.8MOPAL FY2023: -$75.6MOPAL FY2024: -$95.9MOPAL FY2025: -$34.2MFY18FY19FY20FY21FY22FY23FY24FY25
CLNE $59.9MOPAL -$34.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Clean Energy Fuels and OPAL Fuels

Which is bigger by revenue, Clean Energy Fuels or OPAL Fuels?

Clean Energy Fuels is bigger by revenue: $424.8M in fiscal 2025, against $349M for OPAL Fuels in fiscal 2025.

Which keeps more of its revenue as profit, Clean Energy Fuels or OPAL Fuels?

Clean Energy Fuels had a net margin of -52.3% in fiscal 2025; OPAL Fuels had 1.2% in fiscal 2025.

Which grew revenue faster, Clean Energy Fuels or OPAL Fuels?

In their latest fiscal years revenue changed by +2.2% at Clean Energy Fuels and +16.3% at OPAL Fuels.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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