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MARKETS / NASDAQ / OPAL
NASDAQ · GAS & OTHER SERVICES COMBINED · MID CAP

Opal Fuels Inc. OPAL

5 fiscal years on record · USD · FY2025 reported · SEC filings only
$326.7M
▲ 12.3% YoY
$36.4M
▲ 154.2% YoY
$-34.2M
In brief

What this company does

OPAL Fuels Inc. captures and converts biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power, and markets and distributes RNG to heavy duty trucking and other hard-to-decarbonize industrial sectors. As of December 31, 2025, the company owned and operated 27 projects, 12 of which are RNG projects and 15 of which are Renewable Power projects, with its RNG projects in operation having a design capacity of 9.1 million MMBtus per year and its Renewable Power projects in operation having a nameplate capacity of 105.8 MW per hour. As of December 31, 2025, the company employed 331 individuals, consisting of 330 full-time employees and one part-time employee. The company generates revenue principally from the sale of Environmental Attributes generated from dispensing RNG as transportation fuel for heavy and medium-duty trucking fleets at Fueling Stations, as well as from the sale of Renewable Power, the design, development, construction and service of Fueling Stations, and sales of RNG produced by OPAL and third parties as pipeline quality natural gas. The company also designs, develops, constructs, operates and services Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. OPAL Fuels Inc. was previously named ArcLight Clean Transition Corp. II, a blank check company incorporated as a Cayman Islands exempt company, prior to the closing of the Business Combination.

Written from the business description in OPAL FUELS INC.'s annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth
USD 326.7M
Revenue, FY2025 · full 5-year series below
Revenue $M Net income $M
FY2025 · Revenue 326.7 · Net income 36.4
200M20212022202320242025
Compound annual growth
+12.3%
+3.8%
+7.7%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.3% · Net 11.1%
20%40%20212022202320242025
ROE

Not applicable: equity was negative in this period, so return on equity has no meaning.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -34.2
-50M-100M20212022202320242025

Total assetsUSD 959.5M
EquityUSD -12.9M
CashUSD 24.4M
Gross debtUSD 361.3M
Net debtUSD 336.9M
Current ratio1.18×

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021
Revenue $B0.30.30.30.20.2
Operating income $B0.00.00.00.00.0
EBITDA $B0.00.00.00.00.0
Income tax $B−0.1−0.00.00.00.0
Net income $B0.00.00.10.00.0
Free cash flow $B−0.0−0.1−0.1−0.1−0.1
EPS, diluted $0.150.020.690.120.00
Dividend / sh $·····
Payout %·····
ROE %····−115676.2

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 19 reconciliationsAUDITED

Reconciled in 5 of 19 fiscal years. 57 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityGas & Other Services Combined
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2021

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