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OPAL Fuels vs Ugi: revenue, profit, margins and growth compared

OPAL Fuels brought in $349M of revenue in fiscal 2025, Ugi $7.3B in fiscal 2025. Revenue changed by +16.3% at OPAL Fuels and +1.1% at Ugi on the year before, so OPAL Fuels grew faster. OPAL Fuels kept 1.2% of its revenue as net profit, Ugi 9.3%. Free cash flow was -$34.2M at OPAL Fuels and $390M at Ugi.

Side by side, latest fiscal year

OPALUGI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$349M$7.3B
Revenue growth+16.3%+1.1%
Net income$4.3M$678M
Net margin1.2%9.3%
Free cash flow-$34.2M$390M
Free cash flow margin-9.8%5.4%
Earnings per share (diluted)$0.15$3.09
Cash$24.4M$335M
Debt$361.3M$6.6B
Price to earnings12.311.8
Market value$323.3M$7.8B
Dividend yieldn/a4.11%
Rank by revenue in sector#92 of 109 · Utilities#35 of 109 · Utilities

Over the years

Revenue
OPAL FY2021: $166.1MOPAL FY2022: $235.5MOPAL FY2023: $256.1MOPAL FY2024: $300MOPAL FY2025: $349MUGI FY2018: $7.7BUGI FY2019: $7.3BUGI FY2020: $6.6BUGI FY2021: $7.4BUGI FY2022: $10.1BUGI FY2023: $8.9BUGI FY2024: $7.2BUGI FY2025: $7.3BFY18FY19FY20FY21FY22FY23FY24FY25
OPAL $349MUGI $7.3B
Net income
OPAL FY2021: -$16.2MOPAL FY2022: $3.4MOPAL FY2023: $18.9MOPAL FY2024: $561KOPAL FY2025: $4.3MUGI FY2018: $719MUGI FY2019: $256MUGI FY2020: $532MUGI FY2021: $1.5BUGI FY2022: $1.1BUGI FY2023: -$1.5BUGI FY2024: $269MUGI FY2025: $678MFY18FY19FY20FY21FY22FY23FY24FY25
OPAL $4.3MUGI $678M
Net margin
OPAL FY2021: -9.7%OPAL FY2022: 1.4%OPAL FY2023: 7.4%OPAL FY2024: 0.2%OPAL FY2025: 1.2%UGI FY2018: 9.4%UGI FY2019: 3.5%UGI FY2020: 8.1%UGI FY2021: 19.7%UGI FY2022: 10.6%UGI FY2023: -16.8%UGI FY2024: 3.7%UGI FY2025: 9.3%FY18FY19FY20FY21FY22FY23FY24FY25
OPAL 1.2%UGI 9.3%
Revenue growth
OPAL FY2022: +41.8%OPAL FY2023: +8.7%OPAL FY2024: +17.1%OPAL FY2025: +16.3%UGI FY2019: -4.3%UGI FY2020: -10.4%UGI FY2021: +13.5%UGI FY2022: +35.7%UGI FY2023: -11.7%UGI FY2024: -19.2%UGI FY2025: +1.1%FY19FY20FY21FY22FY23FY24FY25
OPAL +16.3%UGI +1.1%
Free cash flow
OPAL FY2021: -$70.8MOPAL FY2022: -$132.8MOPAL FY2023: -$75.6MOPAL FY2024: -$95.9MOPAL FY2025: -$34.2MUGI FY2018: $511MUGI FY2019: $373MUGI FY2020: $447MUGI FY2021: $791MUGI FY2022: -$88MUGI FY2023: $133MUGI FY2024: $386MUGI FY2025: $390MFY18FY19FY20FY21FY22FY23FY24FY25
OPAL -$34.2MUGI $390M

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

Questions about OPAL Fuels and Ugi

Which is bigger by revenue, OPAL Fuels or Ugi?

Ugi is bigger by revenue: $7.3B in fiscal 2025, against $349M for OPAL Fuels in fiscal 2025.

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

OPAL Fuels had a net margin of 1.2% in fiscal 2025; Ugi had 9.3% in fiscal 2025.

Which grew revenue faster, OPAL Fuels or Ugi?

In their latest fiscal years revenue changed by +16.3% at OPAL Fuels and +1.1% at Ugi.

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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