OPAL Industrials

OPAL Fuels Inc.

$1.46-2.34%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Engineering & Construction
Country: United States
Market cap: 255.0M USD
Enterprise value: 621.3M USD
Full-time employees: 330

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: more debt relative to equity (16.70× vs a peer median of 0.40×)higher risk: more debt vs equity (16.70× vs peers 0.40×)
About average: growth and valuation

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
OPAL Fuels reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Much more borrowing than peers. Debt is 16.7× equity vs a peer median of 0.4×.Debt is 16.7× equity vs peers 0.4×.
Debt is 16.7× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 16.7× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Borrowing rising faster than profit. Since 2022: debt +112%, operating profit −2.0%.
OPAL Fuels's debt grew 112% since 2022 while operating profit changed −2.0%.
Valuation signals disagree. Cheaper than 76% of peers on earnings, but only 0% on free cash flow.
Relative to its earnings, OPAL Fuels looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

31/ 100

Oct 5 30 → Nov 4 31 (+1)

Valuation

Is the price right?

41/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 40 → 41

Share price -5.2%+2
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield7.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.09Sector median: 0.0377 · MAD: 0.0294

EBITDA yield4.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.69Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-20.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield10.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-14.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.87Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth13.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.52Sector median: 0.0421 · MAD: 0.0625

Revenue growth3.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.18Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin0.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.39Sector median: 0.0773 · MAD: 0.0507

Return on assets1.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.58Sector median: 0.0311 · MAD: 0.0241

Return on invested capital0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.19Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin26.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity67.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.79

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.52Sector median: 0.6440 · MAD: 0.2745

Current ratio1.82×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.37Sector median: 1.6180 · MAD: 0.5360

Debt / equity16.70×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about OPAL Fuels

Is OPAL Fuels getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is OPAL Fuels valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 2,459 industrials peers. Earnings yield 7.0% vs a peer median of 3.8% (stronger than 76% of peers).Earnings yield 7.0% vs peers 3.8% (stronger than 76% of peers). Free cash flow yield -20.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -20.2% vs peers 3.7% (weaker than 100% of peers).
Is OPAL Fuels growing?: At about the same pace as its peers. Growth scores 53/100 against 2,459 industrials peers. 3-year revenue growth 13.7% vs a peer median of 4.2% (stronger than 82% of peers).3-year revenue growth 13.7% vs peers 4.2% (stronger than 82% of peers). Earnings per share growth -14.6% vs a peer median of 7.1% (weaker than 72% of peers).Earnings per share growth -14.6% vs peers 7.1% (weaker than 72% of peers).
How profitable is OPAL Fuels?: Less profitable than most of its peers. Profitability scores 21/100 against 2,459 industrials peers. Operating margin 0.7% vs a peer median of 7.7% (weaker than 84% of peers).Operating margin 0.7% vs peers 7.7% (weaker than 84% of peers).
How risky is OPAL Fuels?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 16.70× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 16.70× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	336.9M USD	339.9M USD	+0.9%
Net income (12 months)	29.5M USD	17.8M USD	−39.6%
Operating margin	1.3%	0.7%	−0.7 pts
Free cash flow (12 months)	−63.8M USD	−51.6M USD	−19.1%
Debt	456.6M USD	440.1M USD	−3.6%
Cash	133.2M USD	91.4M USD	−31.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Engineering & Construction companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	6.6%	3.2%	2.7%	7.1%	2.1%	▼ 5.0 pts
Net margin	-9.7%	13.8%	49.6%	4.8%	10.4%	▲ 5.7 pts
Return on assets (ROA)	-4.3%	5.1%	16.8%	1.6%	3.8%	▲ 2.2 pts
Free cash flow margin	-42.6%	-56.4%	-29.5%	-32.0%	-9.8%	▲ 22 pts
Current ratio	0.61×	1.39×	1.72×	1.13×	1.18×	▲ 4.4%
Interest coverage	—	—	—	0.99×	0.27×	▼ 73%

OPAL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: more debt relative to equity (16.70× vs a peer median of 0.40×)higher risk: more debt vs equity (16.70× vs peers 0.40×)

About average: growth and valuation

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

OPAL Fuels reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Much more borrowing than peers. Debt is 16.7× equity vs a peer median of 0.4×.Debt is 16.7× equity vs peers 0.4×.

Debt is 16.7× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 16.7× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Borrowing rising faster than profit. Since 2022: debt +112%, operating profit −2.0%.

OPAL Fuels's debt grew 112% since 2022 while operating profit changed −2.0%.

Valuation signals disagree. Cheaper than 76% of peers on earnings, but only 0% on free cash flow.

Relative to its earnings, OPAL Fuels looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about OPAL Fuels

Is OPAL Fuels getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is OPAL Fuels valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 2,459 industrials peers. Earnings yield 7.0% vs a peer median of 3.8% (stronger than 76% of peers).Earnings yield 7.0% vs peers 3.8% (stronger than 76% of peers). Free cash flow yield -20.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -20.2% vs peers 3.7% (weaker than 100% of peers).

Is OPAL Fuels growing?

At about the same pace as its peers. Growth scores 53/100 against 2,459 industrials peers. 3-year revenue growth 13.7% vs a peer median of 4.2% (stronger than 82% of peers).3-year revenue growth 13.7% vs peers 4.2% (stronger than 82% of peers). Earnings per share growth -14.6% vs a peer median of 7.1% (weaker than 72% of peers).Earnings per share growth -14.6% vs peers 7.1% (weaker than 72% of peers).

How profitable is OPAL Fuels?

Less profitable than most of its peers. Profitability scores 21/100 against 2,459 industrials peers. Operating margin 0.7% vs a peer median of 7.7% (weaker than 84% of peers).Operating margin 0.7% vs peers 7.7% (weaker than 84% of peers).

How risky is OPAL Fuels?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 16.70× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 16.70× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

336.9M USD

339.9M USD

+0.9%

Net income (12 months)

29.5M USD

17.8M USD

−39.6%

Operating margin

1.3%

0.7%

−0.7 pts

Free cash flow (12 months)

−63.8M USD

−51.6M USD

−19.1%

Debt

456.6M USD

440.1M USD

−3.6%

Cash

133.2M USD

91.4M USD

−31.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

6.6%

3.2%

2.7%

7.1%

2.1%

▼ 5.0 pts

Net margin

-9.7%

13.8%

49.6%

4.8%

10.4%

▲ 5.7 pts

Return on assets (ROA)

-4.3%

5.1%

16.8%

1.6%

3.8%

▲ 2.2 pts

Free cash flow margin

-42.6%

-56.4%

-29.5%

-32.0%

-9.8%

▲ 22 pts

Current ratio

0.61×

1.39×

1.72×

1.13×

1.18×

▲ 4.4%

Interest coverage

—

0.99×

0.27×

▼ 73%