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Montauk Renewables vs OPAL Fuels: revenue, profit, margins and growth compared

Montauk Renewables brought in $176.4M of revenue in fiscal 2025, OPAL Fuels $349M in fiscal 2025. Revenue changed by +0.4% at Montauk Renewables and +16.3% at OPAL Fuels on the year before, so OPAL Fuels grew faster. Montauk Renewables kept 1.0% of its revenue as net profit, OPAL Fuels 1.2%. Free cash flow was -$86.2M at Montauk Renewables and -$34.2M at OPAL Fuels.

Side by side, latest fiscal year

MNTKOPAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$176.4M$349M
Revenue growth+0.4%+16.3%
Net income$1.7M$4.3M
Net margin1.0%1.2%
Free cash flow-$86.2M-$34.2M
Free cash flow margin-48.9%-9.8%
Earnings per share (diluted)$0.01$0.15
Cash$23.8M$24.4M
Debt$126M$361.3M
Price to earnings293.012.3
Market value$417.1M$323.3M
Dividend yieldn/an/a
Rank by revenue in sector#94 of 109 · Utilities#92 of 109 · Utilities

Over the years

Revenue
MNTK FY2019: $105.7MMNTK FY2021: $100.4MMNTK FY2021: $148.1MMNTK FY2022: $213.4MMNTK FY2023: $174.9MMNTK FY2024: $175.7MMNTK FY2025: $176.4MOPAL FY2021: $166.1MOPAL FY2022: $235.5MOPAL FY2023: $256.1MOPAL FY2024: $300MOPAL FY2025: $349MFY19FY21FY22FY23FY24FY25
MNTK $176.4MOPAL $349M
Net income
MNTK FY2019: $5.8MMNTK FY2021: $4.6MMNTK FY2021: -$4.5MMNTK FY2022: $35.2MMNTK FY2023: $14.9MMNTK FY2024: $9.7MMNTK FY2025: $1.7MOPAL FY2021: -$16.2MOPAL FY2022: $3.4MOPAL FY2023: $18.9MOPAL FY2024: $561KOPAL FY2025: $4.3MFY19FY21FY22FY23FY24FY25
MNTK $1.7MOPAL $4.3M
Net margin
MNTK FY2019: 5.5%MNTK FY2021: 4.6%MNTK FY2021: -3.1%MNTK FY2022: 16.5%MNTK FY2023: 8.5%MNTK FY2024: 5.5%MNTK FY2025: 1.0%OPAL FY2021: -9.7%OPAL FY2022: 1.4%OPAL FY2023: 7.4%OPAL FY2024: 0.2%OPAL FY2025: 1.2%FY19FY21FY22FY23FY24FY25
MNTK 1.0%OPAL 1.2%
Revenue growth
MNTK FY2021: -5.0%MNTK FY2021: +47.6%MNTK FY2022: +44.1%MNTK FY2023: -18.0%MNTK FY2024: +0.5%MNTK FY2025: +0.4%OPAL FY2022: +41.8%OPAL FY2023: +8.7%OPAL FY2024: +17.1%OPAL FY2025: +16.3%FY21FY22FY23FY24FY25
MNTK +0.4%OPAL +16.3%
Free cash flow
MNTK FY2019: -$17.8MMNTK FY2021: $11MMNTK FY2021: $32.9MMNTK FY2022: $58.8MMNTK FY2023: -$22MMNTK FY2024: -$18.5MMNTK FY2025: -$86.2MOPAL FY2021: -$70.8MOPAL FY2022: -$132.8MOPAL FY2023: -$75.6MOPAL FY2024: -$95.9MOPAL FY2025: -$34.2MFY19FY21FY22FY23FY24FY25
MNTK -$86.2MOPAL -$34.2M

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

Questions about Montauk Renewables and OPAL Fuels

Which is bigger by revenue, Montauk Renewables or OPAL Fuels?

OPAL Fuels is bigger by revenue: $349M in fiscal 2025, against $176.4M for Montauk Renewables in fiscal 2025.

Which keeps more of its revenue as profit, Montauk Renewables or OPAL Fuels?

Montauk Renewables had a net margin of 1.0% in fiscal 2025; OPAL Fuels had 1.2% in fiscal 2025.

Which grew revenue faster, Montauk Renewables or OPAL Fuels?

In their latest fiscal years revenue changed by +0.4% at Montauk Renewables 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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