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Opal Fuels Inc. (OPAL) stock

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NASDAQ: OPAL Nasdaq Gas Utilities Next results ~November 9, 2026

E Fundamentals grade

Opal Fuels Inc. is a US-listed company in the gas utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Opal Fuels Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Opal Fuels Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling14 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds43 adding, 25 cuttingOf 10 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Opal Fuels files

Where Opal Fuels stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $340m, up 3.0% on a year earlier, slower than the 5.2% growth a quarter earlier. That puts it 9 of 11 for growth among the gas utilities companies we cover. Free-cash-flow margin rose to -15.2% from -21.8% a year earlier. Operating margin narrowed to 0.7% from 2.8%. The diluted share count is up 4.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 6 financial-health checks.

Our model value for Opal Fuels is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Opal Fuels Inc.'s trailing-twelve-month revenue grew 3.0% year on year, with a free-cash-flow margin of -15.2%. Where it lags: change in share count of 4.7% ranks 10 of 10 gas utilities companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 149% in the quarter to 2026-06-30, the 2nd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 889.5% over 90 days.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -15.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 2.1 against the S&P 500.
  • Growth easing. The growth rate is 2.1 points lower than a quarter earlier.
  • Below peers: operating margin. Operating margin of 0.7% ranks 11 of 12 gas utilities companies we cover (median 21.6%).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.47 against an average estimate of $0.19: beat by 149.2%
Revenue
$83m, up 3.7% on a year earlier
Share reaction
+5.4% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.45

Opal Fuels' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.3%
  • 1 week-2.3%
  • 1 month-14.1%
  • This year-36.5%
  • 1 year-38.0%
  • 5 years-84.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$340M
Operating margin
0.7%
Net margin
-0.1%
EPS (TTM, diluted)
$-0.01

Growth

Revenue growth
+3.0%
Change in growth rate
−2.1 pts
Share count change
+4.7%

Cash

Free cash flow (TTM)
-$51.6M
FCF margin
-15.2%
Stock pay % of revenue
2.0%

Earnings

Last results
August 10, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Results
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Opal Fuels Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Opal Fuels Inc. as an utility or power producer, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.1 ~$0.0–$0.2 Left out: out of range vs price (0.05x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Opal Fuels Inc. with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$7.28$5.52$3.39$2.35$1.50
Market value$190m$152m$94m$69m$44m
+ Net debt (− = net cash)$130m$171m$283m$337m$349m
Enterprise value$320m$322m$377m$406m$393m
Multiples
Price / sales 0.8x0.6x0.3x0.2x0.1x
Price / earnings 56.0x8.0x167.4x16.1x—
Price / free cash flow —————
EV / EBITDA 15.4x14.9x9.6x13.6x16.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

0 /100

Weak moat

How hard Opal Fuels's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.2% of total assets over 5 years.

  • Durability 0 / 20

    Operating margin has been a median 2.8%; its worst year was -5.1%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -21.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $95m and EPS of $0.45 (range $0.45 to $0.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.74 −11% $361m +4%
Next $1.88 +8% $409m +13%

Next year's EPS estimate has moved +889.5% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2075.0% on 90 days ago. In the last 30 days, 0 analysts raised Opal Fuels Inc.'s forecast and 0 cut it.

Consensus EPS forecast Opal Fuels Inc., last 90 days
$0.00 $1.00 $2.00 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.08 Current fiscal year, 60 days ago: $1.02 Current fiscal year, 30 days ago: $1.02 Current fiscal year, 7 days ago: $1.83 Current fiscal year, Now: $1.74 $1.74 Next fiscal year, 90 days ago: $0.19 Next fiscal year, 60 days ago: $1.17 Next fiscal year, 30 days ago: $1.17 Next fiscal year, 7 days ago: $2.04 Next fiscal year, Now: $1.88 $1.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.08$0.19
60 days ago $1.02$1.17
30 days ago $1.02$1.17
7 days ago $1.83$2.04
Now $1.74$1.88

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.19 $0.47 +149.2%
Mar 2026 $0.05 $0.15 +209.4%
Dec 2025 $0.38 $0.20 −47.9%
Sept 2025 $0.14 −$0.10 −167.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

5 analysts, Oct 2026
Buy240%
Hold240%
Sell120%

Monthly trend

  1. Oct 20262215
  2. Sep 20262215
  3. Aug 20262215
  4. Jul 20262215

Counts of recommendations published by analysts covering Opal Fuels Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.2%
of tradable shares
Days to cover
8.04
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
60%
of shares
Held by insiders
26.5%
of shares
Employees
330
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −38.0%

$2.41 on October 31, 2025 to $1.50

ThenNowEffect
Revenue (last 12 months) $330m $340m +3.0%
P/S multiple 0.2x 0.1x −36.9%
Share count 28m 30m −4.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −75.0%

$5.98 on November 3, 2023 to $1.50

ThenNowEffect
Revenue (last 12 months) $231m $340m +47.0%
P/S multiple 0.5x 0.1x −75.1%
Share count 20m 30m −31.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
OPAL−27%−24%−39%−31%−37%
Industry peers (median)+2%−7%+13%+16%+11%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
OPAL58%58%50%17%27%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
OPAL−48%−38%−46%−62%−45%
S&P 500−25%−10%−8%−19%−9%

Worst fall since May 24, 2021: 89% from August 9, 2022 to April 14, 2025. Getting back needed a 785% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.50 – $2.73
From 52-week high
−45.2%
vs 50-day average
−16.3%
vs 200-day average
−29.7%
Volatility (1 year)
75%
Beta vs S&P 500
2.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.7%
After a week
1 up, 11 down
typical move ±6.1%
After a month
3 up, 9 down
typical move ±18.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +5.4% −0.3% −5.6% −20.6%
May 11, 2026 −8.4% +0.1% −12.8% −14.5%
March 16, 2026 +14.0% +1.3% −2.8% +15.0%
November 7, 2025 +12.9% +1.7% +17.8% +27.2%
August 7, 2025 −6.4% +0.7% −1.3% −10.2%
May 8, 2025 −6.4% +0.6% −5.5% +35.3%
March 14, 2025 −3.2% +2.9% −12.4% −40.1%
February 28, 2025 −5.1% −0.2% −7.5% −27.6%
November 7, 2024 0.0% +1.2% −3.6% −6.0%
August 8, 2024 −2.7% +2.8% −0.5% −10.7%
July 25, 2024 +1.8% +0.6% −1.2% −5.2%
May 9, 2024 +2.4% +0.7% −1.7% −8.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Opal Fuels Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Opal Fuels Inc.
$200M $250M $300M $350M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $235.8M Revenue (TTM), FY23 Q4: $256.1M Revenue (TTM), FY24 Q1: $278.1M Revenue (TTM), FY24 Q2: $294M Revenue (TTM), FY24 Q3: $307M Revenue (TTM), FY24 Q4: $300M Revenue (TTM), FY25 Q1: $320.4M Revenue (TTM), FY25 Q2: $329.9M Revenue (TTM), FY25 Q3: $329.2M Revenue (TTM), FY25 Q4: $349M Revenue (TTM), FY26 Q1: $336.9M Revenue (TTM), FY26 Q2: $339.9M $339.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $235.8M
FY23 Q4 $256.1M
FY24 Q1 $278.1M
FY24 Q2 $294M
FY24 Q3 $307M
FY24 Q4 $300M
FY25 Q1 $320.4M
FY25 Q2 $329.9M
FY25 Q3 $329.2M
FY25 Q4 $349M
FY26 Q1 $336.9M
FY26 Q2 $339.9M
Revenue growth, TTM YoY Opal Fuels Inc.
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.5% Revenue growth, TTM YoY, FY23 Q4: 8.7% Revenue growth, TTM YoY, FY24 Q1: 21.2% Revenue growth, TTM YoY, FY24 Q2: 27.1% Revenue growth, TTM YoY, FY24 Q3: 30.2% Revenue growth, TTM YoY, FY24 Q4: 17.1% Revenue growth, TTM YoY, FY25 Q1: 15.2% Revenue growth, TTM YoY, FY25 Q2: 12.2% Revenue growth, TTM YoY, FY25 Q3: 7.3% Revenue growth, TTM YoY, FY25 Q4: 16.3% Revenue growth, TTM YoY, FY26 Q1: 5.2% Revenue growth, TTM YoY, FY26 Q2: 3.0% 3.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.5%
FY23 Q4 8.7%
FY24 Q1 21.2%
FY24 Q2 27.1%
FY24 Q3 30.2%
FY24 Q4 17.1%
FY25 Q1 15.2%
FY25 Q2 12.2%
FY25 Q3 7.3%
FY25 Q4 16.3%
FY26 Q1 5.2%
FY26 Q2 3.0%
Operating margin (TTM) Opal Fuels Inc.
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -2.6% Operating margin (TTM), FY23 Q4: 2.7% Operating margin (TTM), FY24 Q1: 7.6% Operating margin (TTM), FY24 Q2: 11.6% Operating margin (TTM), FY24 Q3: 14.0% Operating margin (TTM), FY24 Q4: 7.1% Operating margin (TTM), FY25 Q1: 4.9% Operating margin (TTM), FY25 Q2: 2.8% Operating margin (TTM), FY25 Q3: 0.1% Operating margin (TTM), FY25 Q4: 2.1% Operating margin (TTM), FY26 Q1: 1.3% Operating margin (TTM), FY26 Q2: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -2.6%
FY23 Q4 2.7%
FY24 Q1 7.6%
FY24 Q2 11.6%
FY24 Q3 14.0%
FY24 Q4 7.1%
FY25 Q1 4.9%
FY25 Q2 2.8%
FY25 Q3 0.1%
FY25 Q4 2.1%
FY26 Q1 1.3%
FY26 Q2 0.7%
FCF margin (TTM) Opal Fuels Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -47.9% FCF margin (TTM), FY23 Q4: -29.5% FCF margin (TTM), FY24 Q1: -19.4% FCF margin (TTM), FY24 Q2: -15.9% FCF margin (TTM), FY24 Q3: -9.5% FCF margin (TTM), FY24 Q4: -32.0% FCF margin (TTM), FY25 Q1: -20.2% FCF margin (TTM), FY25 Q2: -21.8% FCF margin (TTM), FY25 Q3: -23.0% FCF margin (TTM), FY25 Q4: -9.8% FCF margin (TTM), FY26 Q1: -18.9% FCF margin (TTM), FY26 Q2: -15.2% -15.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -47.9%
FY23 Q4 -29.5%
FY24 Q1 -19.4%
FY24 Q2 -15.9%
FY24 Q3 -9.5%
FY24 Q4 -32.0%
FY25 Q1 -20.2%
FY25 Q2 -21.8%
FY25 Q3 -23.0%
FY25 Q4 -9.8%
FY26 Q1 -18.9%
FY26 Q2 -15.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Opal Fuels took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $349M
  2. Research and development $14.9M · 4.3%
  3. Selling, general and admin $64M · 18.3%
  4. Other operating costs $263M · 75.3%
  5. Operating income $7.4M · 2.1%
  6. Interest and other $3.1M · 0.9%
  7. Net income $4.3M · 1.2%

Shares of revenue. Source: Opal Fuels's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 166 236 256 300 349 340
EBITDA 22 21 22 39 30 24
Operating income 11 8 7 21 7 2
Net income 0 3 19 1 4 −0
Diluted EPS $0.00 $0.12 $0.69 $0.02 $0.15 −$0.01
Growth (year on year)
Revenue — +41.8% +8.7% +17.1% +16.3% +3.0%
EBITDA — −4.5% +4.4% +81.0% −23.6% −19.6%
Operating income — −31.4% −6.9% +201.4% −65.1% −74.7%
Net income — — — −97.0% — —
Diluted EPS — — — −97.1% — —
Margins
EBITDA margin 13.0% 8.8% 8.4% 13.0% 8.6% 7.2%
Operating margin 6.6% 3.2% 2.7% 7.1% 2.1% 0.7%
Net margin 0.0% 1.4% 7.4% 0.2% 1.2% −0.1%
Free-cash-flow margin −42.6% −56.4% −29.5% −32.0% −9.8% −15.2%
Cash flow
Cash from operations 19 −1 38 31 36 38
Capital spending 90 131 114 127 71 90
Free cash flow −71 −133 −76 −96 −34 −52
Stock-based pay 1 1 6 6 6 7
Free cash flow after stock pay −71 −134 −81 −102 −41 −58
Balance sheet
Cash 39 40 38 24 24 91
Total debt 134 170 209 307 361 440
Net debt (negative = net cash) 95 130 171 283 337 349
Diluted shares — 26m 27m 28m 29m 30m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $163mLonger-term assets $877m
What it owes, and who funded it · $550m
Short-term liabilities $90mLonger-term liabilities $434mShareholders' equity $26m
  • Short-term assets cover short-term liabilities $163m of assets due within a year against $90m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $163m short-term assets against $434m of longer-dated liabilities.
  • More cash than debt $91m of cash against $440m of debt.
  • Debt below 40% of shareholders' equity Debt is 1670% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 957736% to 1670% over five years.
  • A year's operating cash flow covers at least 20% of debt $38m of operating cash flow against $440m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Opal Fuels Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.7%
year over year
R&D spending
3.1%
of revenue
Sales & admin spending
17.7%
of revenue
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated OPAL CLNE CPK RGCO NWN SPH Median
Revenue, last 12 months $340m $442m $994m $107m $1.3bn $1.4bn $1.7bn
Revenue growth, last 12 months 3.0% 5.2% 14.6% 13.8% 4.4% −2.5% 6.4%
Revenue growth, 3-year average 13.7% −1.4% 13.9% 2.6% 2.7% −1.1% 0.8%
Revenue growth, latest quarter 3.7% 3.7% 4.7% −0.9% 3.1% 0.5% 3.7%
Gross margin — — — 50.0% — 63.1% 56.6%
Operating margin 0.7% −7.3% 27.3% 17.3% 22.8% 15.1% 19.4%
Operating margin, 3-year average 5.0% −18.4% 27.1% 19.5% 19.6% 14.6% 19.6%
Net margin −0.1% −21.3% 15.1% 13.1% 9.7% 9.4% 11.4%
Cash from operations / revenue 11.3% 10.5% 31.0% 21.5% 16.5% 13.0% 19.0%
Free-cash-flow margin −15.2% 5.2% −20.9% 1.9% −20.6% 7.3% 2.2%
Free-cash-flow margin, 3-year average −17.6% 4.8% −16.4% 1.1% −16.2% 8.1% 2.6%
Stock pay / revenue 2.0% 2.0% 0.8% 0.7% — — 0.8%
Change in share count 4.7% −1.4% −65.7% 1.0% 4.3% 1.2% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 3.0% 6.5% 10 of 12
Change in growth rate Growth -2.1pp -1.1pp 8 of 12
Operating margin Profitability 0.7% 21.6% 11 of 12
Net margin Profitability -0.1% 13.1% 11 of 12
Free-cash-flow margin Cash generation -15.2% 2.6% 9 of 12
Stock pay as % of revenue Cash generation 2.0% 0.8% 5 of 6
Long-term debt as % of assets Balance sheet 42.3% 39.9% 9 of 12
Change in share count Balance sheet 4.7% 2.0% 10 of 10
Days sales outstanding Balance sheet 40 days 35 days 7 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Fuel Station Services $215M 61.5% ▲ 28.6%
Renewable Natural Gas Fuel Supply $102M 29.1% ▲ 15.0%
Renewable Power $32.8M 9.4% ▼ 26.7%

From Opal Fuels Inc.'s 10-K filed March 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$37.8M
Institutions reporting
78
Shares held vs prior quarter
▲ 8.5%
Positions opened / closed
12 / 10

Top buyers and sellers, Q2 2026: 43 institutions bought and 25 sold ; the biggest buyer was Invesco Ltd (+866K shares) and the biggest seller Citadel Advisors LLC (−164K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Invesco Ltd. $9M 4.1M 23.8% ▲ 27.0%
Ares Management LLC $6.7M 3.1M 17.8% 0.0%
Electron Capital Partners, LLC $4M 1.8M 10.5% 0.0%
Blackrock, Inc. $3.1M 1.4M 8.2% ▲ 12.4%
Vanguard Capital Management LLC $2.2M 1.0M 5.9% ▼ 0.1%
Yaupon Capital Management LP $1.8M 810K 4.7% ▲ 3.8%
UBS Group AG $1.3M 596K 3.5% ▲ 23.7%
Geode Capital Management, LLC $1.2M 547K 3.2% ▲ 4.7%
Rockefeller Capital Management L.P. $997,990 454K 2.6% 0.0%
Sir Capital Management, L.P. $822,468 374K 2.2% 0.0%
Goldman Sachs Group Inc $773,441 352K 2.0% ▲ 36.6%
Inspire Investing, LLC $681,531 310K 1.8% ▲ 40.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Opal Fuels Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $460,718 14 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $460,718 net buying
Insider Date Trade Shares Price Value
Comora Adam Co-Chief Executive Officer September 3, 2026 Buy 20,000 $2.08 $41,600
Nisar Nadeem Director September 1, 2026 Buy 10,000 $1.91 $19,100
Comora Adam Co-Chief Executive Officer September 1, 2026 Buy 50,000 $1.93 $96,500
Nisar Nadeem Director August 31, 2026 Buy 10,000 $1.98 $19,800
Sutton Scott Mcdougald Director June 11, 2026 Buy 50,000 $1.95 $97,500
Nisar Nadeem Director June 3, 2026 Buy 5,000 $2.25 $11,250
Nisar Nadeem Director June 2, 2026 Buy 10,000 $2.32 $23,200
Dols Scott V. Director May 21, 2026 Buy 7,946 $2.00 $15,892
Dols Scott V. Director May 20, 2026 Buy 4,346 $2.06 $8,953
Dols Scott V. Director May 19, 2026 Buy 25,105 $2.05 $51,465
Nisar Nadeem Director May 18, 2026 Buy 5,000 $2.02 $10,100
Dols Scott V. Director May 18, 2026 Buy 12,603 $2.02 $25,458

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • March 16, 2026
  • November 7, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Opal Fuels Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Opal Fuels Inc. in brief

What does Opal Fuels Inc. do?
Opal Fuels Inc. is a US-listed company in the gas utilities industry. Its financial year ends in December.
What is Opal Fuels Inc.'s stock ticker?
Opal Fuels Inc. trades under the ticker OPAL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Opal Fuels Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Opal Fuels Inc. reported revenue of $340M, 3.0% higher than a year earlier, according to its SEC filings.
What is Opal Fuels Inc.'s free cash flow?
Opal Fuels Inc.'s free-cash-flow margin is -15.2% of revenue over the trailing twelve months, ranking 9 of the 12 gas utilities companies we cover.
Who are Opal Fuels Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Invesco Ltd., Ares Management LLC and Electron Capital Partners, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Opal Fuels Inc.'s market cap?
On November 2, 2026, Opal Fuels Inc.'s market capitalisation was about $44.1M and net debt of $349M. Market figures come from third-party market data and may be delayed.
How much debt does Opal Fuels Inc. have?
Opal Fuels Inc.'s debt-to-equity ratio is 1670.0%, from its latest balance sheet (957735.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Opal Fuels Inc.'s competitors?
In our Gas Utilities peer group, the companies closest to Opal Fuels Inc. are Clean Energy Fuels Corp., Chesapeake Utilities Corp, RGC Resources Inc, Northwest Natural Holding Co and Suburban Propane Partners LP. The side-by-side comparison below sets their revenue, margins and growth against Opal Fuels Inc.'s.
Are insiders buying or selling Opal Fuels Inc. stock?
Over the last 12 months, Opal Fuels Inc.'s directors and officers reported 14 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Opal Fuels Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Opal Fuels Inc. announces its own schedule.