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Opal Fuels Inc. key statistics and ratios

In fiscal 2025, Opal Fuels Inc. had an operating margin of 2.1% and a current ratio of 1.18. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin6.6%3.2%2.7%7.1%2.1%0.7%
Net margin0.0%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%
Return on equity0.0%————−6.3%
Return on assets0.0%0.7%2.7%0.1%0.5%−0.0%
Asset turnover0.440.460.370.370.380.34
Current ratio0.611.391.721.131.181.82
Debt to equity>999%————>999%
Interest cover (operating income ÷ interest)———1.0x0.3x—
Effective tax rate0.0%0.0%0.0%———
R&D as % of revenue—2.7%1.9%6.4%4.3%3.1%
SG&A as % of revenue17.7%21.8%20.0%17.7%18.3%17.7%
Capital spending as % of revenue54.0%55.8%44.4%42.4%20.3%26.5%
Free cash flow ÷ net income—<−999%−399.0%<−999%−799.5%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CLNE vs OPALCPK vs OPALOPAL vs RGCO

More: Gas Utilities stocks compared, Utilities sector, rankings of US companies

Figures from Opal Fuels Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Opal Fuels Inc.