A Business at a Glance
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OPAL Fuels Inc. (including its subsidiaries, the “Company,” “OPAL,” “we,” “us” or “our”) is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years. Biogas is generated by microbes as they break down organic matter in the absence of oxygen.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 329M | 349M | 300M | 256M | 236M | 166M |
| Net Income | 3.3M | 4.3M | 561K | 19M | 3.4M | -16M |
| EPS | $0.02 | $0.15 | $0.02 | $0.69 | $0.12 | $-0.11 |
| Free Cash Flow | -74M | -34M | -96M | -76M | -133M | -71M |
| ROIC | 0.9% | 3.8% | 20.6% | 0.9% | 1.2% | 33.2% |
| Gross Margin | - | 52.2% | 57.1% | 55.0% | 58.0% | 74.2% |
| Debt/Equity | 41.89 | -27.33 | -2.02 | -0.39 | -0.17 | 5,179.64 |
| Dividends/Share | $0.36 | $0.37 | $0.47 | $0.60 | $0.00 | - |
| Operating Income | 473K | 7.4M | 21M | 7.0M | 7.6M | 11M |
| Operating Margin | 0.1% | 2.1% | 7.1% | 2.7% | 3.2% | 6.6% |
| ROE | 43.7% | -5.3% | -0.4% | -4.0% | -0.4% | -115676.2% |
| Shares Outstanding | 29M | 29M | 28M | 27M | 28M | 144M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 166M | 236M | 256M | 300M | 349M | 329M |
| Gross Margin | 74.2% | 58.0% | 55.0% | 57.1% | 52.2% | N/A |
| R&D | N/A | 6.4M | 4.9M | 19M | 15M | 15M |
| SG&A | 29M | 51M | 51M | 53M | 64M | 64M |
| EBIT | 11M | 7.6M | 7.0M | 21M | 7.4M | 473K |
| Op. Margin | 6.6% | 3.2% | 2.7% | 7.1% | 2.1% | 0.1% |
| Net Income | -16M | 3.4M | 19M | 561K | 4.3M | 3.3M |
| Net Margin | -9.7% | 1.4% | 7.4% | 0.2% | 1.2% | 1.0% |
| Non-Recurring | 0 | 0 | 0 | 2.0M | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 33.2% | 1.2% | 0.9% | 20.6% | 3.8% | 0.9% |
| ROE | -115676.2% | -0.4% | -4.0% | -0.4% | -5.3% | 43.7% |
| ROA | -4.3% | 0.5% | 2.5% | 0.1% | 0.5% | 0.4% |
| Cash Flow | ||||||
| Op. Cash Flow | 19M | -1.4M | 38M | 31M | 36M | 41M |
| Free Cash Flow | -71M | -133M | -76M | -96M | -34M | -74M |
| Owner Earnings | 8.1M | -16M | 18M | 7.0M | 7.5M | 12M |
| CapEx | 90M | 131M | 114M | 127M | 71M | 115M |
| Maint. CapEx | 10M | 13M | 14M | 18M | 22M | 22M |
| Growth CapEx | 80M | 118M | 100M | 109M | 48M | 93M |
| D&A | 10M | 13M | 14M | 18M | 22M | 22M |
| CapEx/OCF | 475.4% | N/A | 297.4% | 405.4% | 193.8% | 280.4% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 17M | 13M | 10M | 10M |
| Dividend Yield | N/A | N/A | 8.7% | 11.0% | 14.9% | 14.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 639K | 1.5M | 5.9M | 6.5M | 6.5M | 6.5M |
| Debt Repayment | 4.9M | 0 | 30M | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 33M | 29M | 141M | 252M | 305M | 283M |
| Cash & Equiv. | 39M | 40M | 38M | 24M | 24M | 30M |
| Long-Term Debt | 59M | 67M | 177M | 285M | 337M | 337M |
| Debt/Equity | 5179.64 | -0.17 | -0.39 | -2.02 | -27.33 | 41.89 |
| Interest Coverage | 1.5 | 1.1 | 3.2 | 1.0 | 0.3 | 0.3 |
| Equity | 14K | -801M | -479M | -148M | -13M | 7.5M |
| Total Assets | 381M | 645M | 755M | 881M | 959M | 917M |
| Total Liabilities | 286M | 267M | 297M | 416M | 462M | 434M |
| Intangibles | 2.9M | 2.2M | 1.6M | 1.3M | N/A | N/A |
| Retained Earnings | 0 | -801M | -467M | -137M | -1.3M | -1.3M |
| Working Capital | -55M | 59M | 54M | 13M | 18M | 18M |
| Current Assets | 87M | 212M | 128M | 117M | 123M | 123M |
| Current Liabilities | 142M | 153M | 74M | 104M | 104M | 104M |
| Per Share Data | ||||||
| EPS | -0.11 | 0.12 | 0.69 | 0.02 | 0.15 | 0.02 |
| Owner EPS | 0.06 | -0.56 | 0.67 | 0.25 | 0.26 | 0.42 |
| Book Value | 0.00 | -28.33 | -17.45 | -5.29 | -0.45 | 0.26 |
| Cash Flow/Share | 0.13 | -0.05 | 1.39 | 1.12 | 1.28 | 0.89 |
| Dividends/Share | N/A | 0.00 | 0.60 | 0.47 | 0.37 | 0.36 |
| Shares Out. | 144.4M | 28.3M | 27.4M | 28.1M | 28.6M | 29.0M |
| Valuation | ||||||
| P/E Ratio | N/A | 57.5 | 8.2 | 165.5 | 17.9 | 121.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 133.3 | 29.7 | 42.1 | 16.2 | 51.4 | 747.5 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 9.4 |
| Price/Sales | 8.5 | 1.1 | 0.7 | 0.4 | 0.2 | 0.2 |
| FCF Yield | -4.9% | -68.1% | -48.6% | -103.2% | -44.6% | -105.7% |
| Market Cap | 1.4B | 195M | 156M | 93M | 77M | 70M |
| Avg. Price | 9.81 | 9.42 | 6.95 | 4.26 | 2.46 | 2.42 |
| Year-End Price | 9.95 | 6.90 | 5.67 | 3.31 | 2.69 | 2.42 |
OPAL Fuels Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
OPAL Fuels Inc. trades at 16.1x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 11.9% with a gross margin of 59.3%. Total shareholder yield (dividends) is 14.9%. At current prices, the estimated annualized return to fair value is +51.4%.
OPAL Fuels Inc. (OPAL) has a current P/E ratio of 16.1, compared to its historical median P/E of 17.9. The stock is currently considered Fair based on its historical valuation range.
OPAL Fuels Inc. (OPAL) has a 5-year average return on invested capital (ROIC) of 11.9%. This indicates solid capital allocation.
OPAL Fuels Inc. (OPAL) has a market capitalization of $70M. It is classified as a small-cap stock.
Yes, OPAL Fuels Inc. (OPAL) pays a dividend with a trailing twelve-month yield of 14.92%.
Based on historical P/E analysis, OPAL Fuels Inc. (OPAL) appears fair. The current P/E of 16.1 is 10% below its historical median of 17.9. The estimated fair value CAGR (P/E method) is 51.4%.
OPAL Fuels Inc. (OPAL) operates in the Gas & Other Services Combined industry, within the Utilities sector.
OPAL Fuels Inc. (OPAL) reported annual revenue of $349 million in its most recent fiscal year, based on SEC EDGAR filings.
OPAL Fuels Inc. (OPAL) has a net profit margin of 1.2%. This is a modest margin.
OPAL Fuels Inc. (OPAL) generated $-34 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
OPAL Fuels Inc. (OPAL) reported earnings per share (EPS) of $0.15 in its most recent fiscal year.
OPAL Fuels Inc. (OPAL) has a return on equity (ROE) of -5.3%. A negative ROE may indicate losses or negative equity.
OPAL Fuels Inc. (OPAL) has a 5-year average gross margin of 59.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for OPAL Fuels Inc. (OPAL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OPAL Fuels Inc. (OPAL) has a book value per share of $-0.45, based on its most recent annual SEC filing.