OPAL Class A OPAL Fuels Inc. - Class A Common Stock
NASDAQ · Energy · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$1.74
· of 52w range
· above low
· to high
$1.6552w low
$2.8752w high
P/E (TTM)
-174.0
EPS (TTM)
$-0.01
Revenue (TTM)
$340M
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52W Range
$2–$3
Analyst Rating
BUY
Price Target
$3
P/E
-174.0
ROE
2707.4%
Net Profit Margin
5.2%
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OPAL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.74
P/E (TTM)
-174.0
EPS (TTM)
$-0.01
Revenue (TTM)
$340M
ROE (TTM)
2707.4%
52W Range
$2–$3
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$349M2021-12-31 → 2025-12-31
EPS$0.152021-12-31 → 2025-12-31
Free Cash Flow$-34M2022-12-31 → 2025-12-31
Net margin5.2%2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | OPAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -174.05Y avg ≈63.5 | ≈63.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | OPAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 0.69%5Y avg ≈3.2% | ≈3.2% | 4.0% | Below avg | |
| EBITDA Margin (TTM) | 7.2%5Y avg ≈9.1% | ≈9.1% | 5.2% | Weak | |
| Pretax Margin (TTM) | -7.0%5Y avg ≈15.1% | ≈15.1% | 12.7% | Weak | |
| Net Profit Margin (TTM) | 5.2%5Y avg ≈19.7% | ≈19.7% | 8.4% | Weak | |
| ROA (TTM) | 1.8%5Y avg ≈7.7% | ≈7.7% | -5.2% | Top tier | |
| ROE (TTM) | 2707.4%5Y avg ≈-19.3% | ≈-19.3% | -14.9% | Weak | |
| ROIC | 127.8%5Y avg ≈41.5% | ≈41.5% | -3.7% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | OPAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.85Y avg ≈1.3 | ≈1.3 | 2.5 | Low liquidity | |
| Quick Ratio | 0.85Y avg ≈0.7 | ≈0.7 | 1.8 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | OPAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 16.3%5Y avg ≈21.0% | ≈21.0% | · | · | |
| Revenue CAGR 3Y | 14.0% | · | · | · | |
| EPS YoY | 650.0%5Y avg ≈342.6% | ≈342.6% | · | · | |
| Net Income YoY | 154.2%5Y avg ≈83.8% | ≈83.8% | · | · | |
| EPS CAGR 3Y | 7.7% | · | · | · | |
| Net Income CAGR 3Y | 3.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | OPAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.4 | ≈0.4 | 0.4 | Weak | |
| Receivables Turnover | 6.45Y avg ≈7.8 | ≈7.8 | 13.0 | Weak | |
| Revenue / Employee | ≈$1.1M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-134.1%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $0.09 | $0.11 | -19.8% |
| March 31, 2026 | May 7, 2026 | $-0.09 | $0.02 | -629.4% |
| Dec. 31, 2025 | $0.08 | $0.15 | -44.9% | |
| Sept. 30, 2025 | $0.05 | $0.21 | -76.7% | |
| June 30, 2025 | $0.03 | $0.29 | -89.6% | |
| March 31, 2025 | $0.09 | $0.06 | 55.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $349M | $300M | $256M | $236M | $166M | |
| R&D Expense | $15M | $19M | $5M | $6M | · | |
| SG&A Expense | $64M | $53M | $51M | $51M | $29M | |
| Operating Expenses | $342M | $279M | $249M | $228M | $155M | |
| Operating Income | $7M | $21M | $7M | $8M | $11M | |
| Other Non-op | $-24M | $-16M | $124M | $2M | $0 | |
| Pretax Income | $-16M | $5M | $127M | $33M | $41M | |
| Income Tax | $-53M | $-9M | $0 | $0 | $0 | |
| Net Income | $36M | $14M | $127M | $33M | $41M | |
| EPS (Basic) | $0.15 | $0.02 | $0.70 | $0.13 | $0.00 | |
| EPS (Diluted) | $0.15 | $0.02 | $0.69 | $0.12 | $0.00 | |
| Shares (Basic) | 28,138,140 | 27,617,335 | 27,148,538 | 25,774,312 | 0 | |
| Shares (Diluted) | 29,252,330 | 27,694,650 | 27,494,016 | 26,062,398 | 0 | |
| EBITDA | $30M | $39M | $22M | $15M | $-5M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $24M | $24M | $38M | $40M | $39M | |
| Short-term Investments | · | $0 | $10M | $65M | $0 | |
| Receivables | $62M | $47M | $28M | $31M | $25M | |
| Prepaid Expense | $16M | $24M | $6M | $8M | $5M | |
| Current Assets | $123M | $117M | $128M | $212M | $87M | |
| PP&E (Net) | · | · | · | · | $170M | |
| PP&E (Gross) | · | · | · | · | $259M | |
| Accum. Depreciation | · | · | · | · | $90M | |
| Goodwill | $55M | $55M | $55M | $55M | $55M | |
| Intangibles | · | $1M | $2M | $2M | $3M | |
| Other Non-current Assets | $44M | $26M | $1M | $1M | $489.0K | |
| Total Assets | $959M | $881M | $755M | $645M | $381M | |
| Accounts Payable | · | · | · | · | $18.8K | |
| Accrued Liabilities | · | · | · | · | $94.5K | |
| Current Liabilities | $104M | $104M | $74M | $153M | $142M | |
| Capital Leases | $13M | $12M | $12M | $11M | · | |
| Other Non-current Liabilities | $20M | $27M | $8M | $825.0K | $5M | |
| Total Liabilities | $462M | $416M | $297M | $267M | $286M | |
| Long-term Debt | $361M | $307M | $209M | $170M | · | |
| Total Debt | · | $285M | $197M | $88M | · | |
| Paid-in Capital | · | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-1M | $-137M | $-467M | $-801M | $0 | |
| Treasury Stock | $12M | $12M | $12M | $0 | · | |
| AOCI | $-26.0K | $152.0K | $-15.0K | $195.0K | $0 | |
| Stockholders' Equity | $-13M | $-148M | $-479M | $-801M | $14.0K | |
| Liabilities + Equity | $959M | $881M | $755M | $645M | $381M |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $22M | $18M | $15M | $13M | $11M | |
| Stock-based Comp | $6M | $6M | $6M | $1M | $639.0K | |
| Deferred Tax | $-16M | $0 | · | · | · | |
| Amort. of Intangibles | · | $274.0K | $563.0K | $694.0K | $346.0K | |
| Other Non-cash | $-12M | $-6M | $-109M | $-49M | · | |
| Operating Cash Flow | $36M | $31M | $38M | $-1M | $19M | |
| CapEx | $71M | $127M | $114M | $131M | $90M | |
| Investing Cash Flow | $-77M | $-135M | $-74M | $-184M | $-117M | |
| Stock Issued | $0 | $170.0K | $366.0K | $0 | · | |
| Net Stock Activity | $0 | $170.0K | $366.0K | · | · | |
| Financing Cash Flow | $42M | $84M | $6M | $221M | $125M | |
| Net Change in Cash | · | $-18M | $-30M | $35M | $27M | |
| Taxes Paid | · | $20.0K | $0 | · | · | |
| Free Cash Flow | $-34M | $-94M | $-76M | $-133M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | 2.1% | 7.1% | 2.8% | 0.76% | · | |
| Net Margin | 10.4% | 4.8% | 49.6% | 13.8% | · | |
| Pretax Margin | -4.7% | 1.8% | 49.6% | 13.8% | · | |
| EBITDA Margin | 8.6% | 13.0% | 8.4% | 6.3% | · | |
| ROA | 4.0% | 1.8% | 18.7% | 6.3% | -5.2% | |
| ROE | -45.1% | -4.6% | -19.9% | -7.8% | 43.8% | |
| ROIC | 127.8% | 41.1% | -2.5% | -0.25% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.1 | 1.7 | 1.4 | 13.4 | |
| Quick Ratio | 0.8 | 0.2 | 1.0 | 0.9 | 7.2 | |
| Debt / Equity | · | -1.9 | -0.4 | -0.1 | · | |
| LT Debt / Equity | · | -1.9 | -0.4 | -0.1 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.5 | · | |
| Receivables Turnover | 6.4 | · | 8.7 | 8.3 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue / Share | $11.93 | $10.83 | $9.31 | $9.04 | · | |
| Cash Flow / Share | $1.25 | $1.19 | $1.39 | $-0.05 | · | |
| EPS (TTM) | $0.15 | $0.02 | $0.69 | $0.12 | $0.00 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 16.3% | 17.1% | 8.7% | 41.8% | · | |
| Revenue CAGR 3Y | 14.0% | 21.8% | · | · | · | |
| EPS YoY | 650.0% | -97.1% | 475.0% | · | · | |
| EPS CAGR 3Y | 7.7% | · | · | · | · | |
| Net Income YoY | 154.2% | -88.7% | 289.9% | -20.1% | · | |
| Net Income CAGR 3Y | 3.8% | -29.4% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $349M | $300M | $256M | $236M | $166M | |
| Net Income TTM | $36M | $14M | $127M | $33M | $41M | |
| P/E | 15.7 | 169.5 | 8.0 | 60.7 | · | |
| Earnings Yield | 6.4% | 0.59% | 12.5% | 1.7% | 0.00% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $83M | $73M | $100M | $83M | $80M | $85M | $80M | $84M | $71M | $65M | $87M | $71M | $55M | $43M | $67M | $67M | |
| R&D Expense | $3M | $2M | $3M | $3M | $3M | $6M | $9M | $7M | $3M | $785.0K | $894.0K | $974.0K | $1M | $2M | · | · | |
| SG&A Expense | $14M | $15M | $16M | $14M | $17M | $16M | $14M | $13M | $14M | $13M | $11M | $13M | $13M | $14M | $17M | $16M | |
| Operating Expenses | $86M | $78M | $93M | $80M | $81M | $87M | $80M | $72M | $65M | $61M | $66M | $68M | $62M | $54M | $59M | $68M | |
| Operating Income | $-3M | $-5M | $7M | $4M | $-827.0K | $-2M | $-346.0K | $12M | $6M | $4M | $21M | $4M | $-7M | $-11M | $8M | $-2M | |
| Other Non-op | $672.0K | $-575.0K | $-7M | $-7M | $1M | $1M | $-5M | $-4M | $-4M | $-3M | $827.0K | $604.0K | $123M | $-68.0K | $-4M | $6M | |
| Pretax Income | $-9M | $-11M | $-274.0K | $-3M | $-6M | $-7M | $-5M | $8M | $2M | $677.0K | $20M | $227.0K | $114M | $-7M | $32M | $5M | |
| Income Tax | $-5M | $-6M | · | · | $-14M | $-8M | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-4M | $-6M | $16M | $11M | $8M | $1M | $-5M | $17M | $2M | $677.0K | $20M | $227.0K | $114M | $-7M | $32M | $5M | |
| EPS (Basic) | $-0.05 | $-0.09 | $0.08 | $0.05 | $0.03 | $-0.01 | $-0.05 | $0.09 | $-0.01 | $-0.01 | $0.11 | $-0.01 | $0.66 | $-0.06 | $0.17 | $-0.04 | |
| EPS (Diluted) | $-0.05 | $-0.09 | $0.08 | $0.05 | $0.03 | $-0.01 | $-0.05 | $0.09 | $-0.01 | $-0.01 | $0.10 | $-0.01 | $0.66 | $-0.06 | $0.18 | $-0.06 | |
| Shares (Basic) | 29,641,216 | 28,298,861 | · | 28,279,527 | 28,265,710 | 27,718,912 | · | 27,709,203 | 27,674,567 | 27,368,204 | · | 26,978,969 | 26,977,682 | 27,383,562 | · | 25,671,390 | |
| Shares (Diluted) | 29,641,216 | 28,298,861 | · | 29,592,822 | 29,229,245 | 27,718,912 | · | 27,743,417 | 27,674,567 | 27,368,204 | · | 26,978,969 | 27,248,639 | 27,383,562 | · | 25,823,772 | |
| EBITDA | $2M | $770.0K | · | $9M | $4M | $4M | · | $17M | $10M | $7M | · | $6M | $-3M | $-8M | · | $1M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $91M | $133M | $24M | $30M | $29M | $40M | $24M | $20M | $19M | $28M | $38M | $15M | $22M | $33M | $40M | $25M | |
| Short-term Investments | · | · | · | · | · | · | · | $11M | $9M | $6M | $10M | $18M | $17M | $37M | $65M | $147M | |
| Receivables | $38M | $43M | $62M | $31M | $29M | $31M | $47M | $40M | $24M | $23M | · | $31M | $27M | $30M | $31M | $37M | |
| Prepaid Expense | $14M | $18M | $16M | $11M | $12M | $10M | $24M | $5M | $6M | $6M | $6M | $5M | $4M | $7M | $8M | $7M | |
| Current Assets | $163M | $213M | $123M | $123M | $123M | $116M | $117M | $123M | $105M | $106M | $128M | $106M | $101M | $135M | $212M | $286M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $250M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $348M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $97M | |
| Goodwill | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | $55M | |
| Intangibles | · | · | · | · | · | · | · | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-current Assets | $49M | $42M | $44M | $24M | $23M | $23M | $26M | $2M | $2M | $2M | $1M | $2M | $1M | $1M | $1M | $489.0K | |
| Total Assets | $1.04B | $1.06B | $959M | $917M | $906M | $885M | $881M | $831M | $782M | $750M | $755M | $690M | $672M | $607M | $645M | $656M | |
| Current Liabilities | $90M | $97M | $104M | $83M | $98M | $102M | $104M | $98M | $81M | $75M | $74M | $57M | $115M | $131M | $153M | $188M | |
| Capital Leases | · | · | $13M | $12M | $12M | $12M | $12M | $12M | $13M | $12M | $12M | $12M | $11M | $11M | $11M | · | |
| Other Non-current Liabilities | $21M | $24M | $20M | $8M | $9M | $15M | $27M | $10M | $10M | $9M | $8M | $1M | $856.0K | $740.0K | $825.0K | $597.0K | |
| Total Liabilities | $524M | $549M | $462M | $434M | $432M | $420M | $416M | $361M | $328M | $297M | $297M | $254M | $221M | $243M | $267M | $337M | |
| Long-term Debt | $440M | $457M | $361M | $351M | $332M | $307M | · | $253M | $233M | $209M | · | $187M | $145M | $151M | · | $220M | |
| Total Debt | · | · | · | $330M | $313M | $292M | · | $235M | $218M | $195M | · | $174M | $84M | $91M | · | $83M | |
| Paid-in Capital | · | · | · | · | $0 | $0 | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $38M | $20M | $-1M | $19M | $-13M | $69M | $-137M | $-168M | $-262M | $-371M | $-467M | $-841M | $-750M | $-808M | $-801M | $-1.07B | |
| Treasury Stock | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $0 | · | |
| AOCI | $416.0K | $184.0K | $-26.0K | $-12.0K | $2.0K | $58.0K | $152.0K | $-25.0K | $70.0K | $42.0K | $-15.0K | $70.0K | $4.0K | $137.0K | $195.0K | $178.0K | |
| Stockholders' Equity | $26M | $8M | $-13M | $7M | $-25M | $57M | $-148M | $-180M | $-273M | $-382M | $-479M | $-853M | $-762M | $-819M | $-801M | $-1.07B | |
| Liabilities + Equity | $1.04B | $1.06B | $959M | $917M | $906M | $885M | $881M | $831M | $782M | $750M | $755M | $690M | $672M | $607M | $645M | $656M |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $6M | $6M | $6M | $5M | $6M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | |
| Stock-based Comp | $2M | $2M | $2M | $902.0K | $2M | $2M | $2M | $1M | $2M | $1M | $1M | $2M | $2M | $971.0K | $990.0K | $159.0K | |
| Deferred Tax | $-5M | $-6M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | · | · | · | · | $69.0K | $71.0K | $67.0K | $96.0K | $154.0K | $153.0K | $160.0K | $99.0K | $197.0K | |
| Other Non-cash | · | $17M | · | · | · | $21M | · | · | · | $8M | · | · | · | $7M | · | · | |
| Operating Cash Flow | $11M | $13M | $-4M | $18M | $-8M | $30M | $-532.0K | $18M | $533.0K | $14M | $33M | $-3M | $4M | $4M | $21M | $-21M | |
| CapEx | $28M | $24M | $10M | $27M | $22M | $12M | $54M | $23M | $23M | $27M | $22M | $20M | $33M | $39M | $46M | $30M | |
| Investing Cash Flow | $-39M | $-19M | $-7M | $-34M | $-27M | $-9M | $-48M | $-32M | $-32M | $-22M | $-29M | $-17M | $-19M | $-9M | $35M | $-219M | |
| Stock Issued | · | · | $-58.0K | $0 | $58.0K | $0 | $0 | $0 | $73.0K | $97.0K | $366.0K | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $97.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $-13M | $115M | $7M | $16M | $23M | $-5M | $52M | $17M | $22M | $-7M | $21M | $14M | $3M | $-33M | $-50M | $271M | |
| Net Change in Cash | · | · | · | · | $-11M | $16M | · | $2M | $-10M | $-15M | $26M | $-6M | $-13M | $-37M | $6M | $30M | |
| Taxes Paid | · | · | · | $15M | $14M | $8M | · | $9M | $0 | $0 | · | · | · | · | · | · | |
| Free Cash Flow | · | $-11M | · | · | · | $18M | · | · | · | $-13M | · | · | · | $-35M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3.6% | -6.6% | · | 4.3% | -1.0% | -2.3% | · | 14.6% | 8.0% | 5.5% | · | 2.6% | -11.6% | -26.2% | · | -2.9% | |
| Net Margin | -5.0% | -7.6% | · | 13.7% | 9.4% | 1.5% | · | 20.3% | 2.7% | 1.0% | · | 0.32% | 207.2% | -17.1% | · | · | |
| Pretax Margin | -10.7% | -15.4% | · | -3.8% | -7.6% | -7.9% | · | 9.8% | 2.7% | 1.0% | · | 0.32% | 207.2% | -17.1% | · | 8.1% | |
| EBITDA Margin | 2.6% | 1.1% | · | 11.0% | 5.5% | 4.7% | · | 20.2% | 14.0% | 11.2% | · | 7.9% | -5.0% | -17.9% | · | 2.0% | |
| ROA | -0.43% | -0.57% | · | 1.3% | 0.90% | 0.16% | · | 2.2% | 0.26% | 0.10% | · | 0.03% | 23.2% | -1.6% | · | · | |
| ROE | -629.8% | -17.1% | · | -13.2% | -5.1% | -0.79% | · | -3.3% | -0.37% | -0.11% | · | -0.02% | -29.1% | 1.7% | · | · | |
| ROIC | -5.3% | -29.2% | · | · | · | · | · | · | -10.2% | -1.9% | · | -0.28% | 0.94% | 1.6% | · | 0.20% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.8 | 2.2 | · | 1.5 | 1.3 | 1.1 | · | 1.3 | 1.3 | 1.4 | · | 1.9 | 0.9 | 1.0 | · | 1.5 | |
| Quick Ratio | 1.4 | 1.8 | · | 0.7 | 0.6 | 0.7 | · | 0.7 | 0.6 | 0.8 | · | 1.1 | 0.6 | 0.8 | · | 1.1 | |
| Debt / Equity | · | · | · | 44.2 | -12.5 | 5.1 | · | -1.3 | -0.8 | -0.5 | · | -0.2 | -0.1 | -0.1 | · | -0.1 | |
| LT Debt / Equity | · | · | · | 44.2 | -12.5 | 5.1 | · | -1.3 | -0.8 | -0.5 | · | -0.2 | -0.1 | -0.1 | · | -0.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.5 | 2.0 | · | 2.4 | 3.0 | 3.2 | · | 2.4 | 2.8 | 2.5 | · | 2.1 | 4.1 | 2.9 | · | 3.6 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $2.81 | $2.59 | · | $2.82 | $2.75 | $3.08 | · | $3.03 | $2.56 | $2.37 | · | $2.64 | $2.02 | $1.57 | · | $2.58 | |
| Cash Flow / Share | · | $0.46 | · | · | · | $1.07 | · | · | · | $0.50 | · | · | · | $0.15 | · | · | |
| EPS (TTM) | $-0.01 | $0.07 | · | $0.02 | $0.06 | $0.02 | · | $0.17 | $0.07 | $0.74 | · | $0.77 | $0.72 | $0.06 | · | $-0.06 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $340M | $337M | · | $329M | $330M | $320M | · | $307M | $294M | $278M | · | $236M | $231M | $229M | · | $230M | |
| Net Income TTM | $18M | $30M | · | $15M | $21M | $15M | · | $40M | $23M | $135M | · | $139M | $144M | $30M | · | $52M | |
| P/E | -220.0 | 36.0 | · | 110.0 | 40.3 | 92.0 | · | 21.5 | 58.4 | 6.8 | · | 10.6 | 10.4 | 116.2 | · | -138.0 | |
| Earnings Yield | -0.45% | 2.8% | · | 0.91% | 2.5% | 1.1% | · | 4.7% | 1.7% | 14.7% | · | 9.4% | 9.7% | 0.86% | · | -0.72% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-03-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | $349M | $300M | $256M | · | $236M |
| Operating Margin % | 2.1% | 7.1% | 2.8% | · | 0.76% |
| Net Income | $36M | $14M | $127M | · | $33M |
| Diluted EPS | $0.15 | $0.02 | $0.69 | · | $0.12 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-03-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | -1.9 | -0.4 | · | -0.1 |
| Current Ratio | 1.2 | 1.1 | 1.7 | · | 1.4 |
| Quick Ratio | 0.8 | 0.2 | 1.0 | · | 0.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-03-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-34M | $-94M | $-76M | · | $-133M |
Institutional owners (13F) 82 filers · $40.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
82
Value held
$40.8M
New positions
11
Exited positions
9
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 11 (-10 vs prior Q) | 9 (+1 vs prior Q) | 30 (+13 vs prior Q) | 17 (-9 vs prior Q) | +4.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Invesco Ltd. | $8,971,780 | 4,078,082 | 22.01% | Shares |
| ARES MANAGEMENT LLC | $6,730,973 | 3,059,533 | 16.52% | Shares |
| Electron Capital Partners, LLC | $3,960,000 | 1,800,000 | 9.72% | Shares |
| BlackRock, Inc. | $3,092,654 | 1,405,752 | 7.59% | Shares |
| VANGUARD GROUP INC | $3,017,508 | 1,281,320 | 7.40% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,211,755 | 1,005,343 | 5.43% | Shares |
| Yaupon Capital Management LP | $1,782,403 | 810,183 | 4.37% | Shares |
| UBS Group AG | $1,311,551 | 596,160 | 3.22% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,202,671 | 546,611 | 2.95% | Shares |
| Rockefeller Capital Management L.P. | $997,990 | 453,632 | 2.45% | Shares |
| SIR Capital Management, L.P. | $822,468 | 373,849 | 2.02% | Shares |
| GOLDMAN SACHS GROUP INC | $773,441 | 351,564 | 1.90% | Shares |
| MARSHALL WACE, LLP | $567,876 | 258,126 | 1.39% | Shares |
| Inspire Investing, LLC | $554,463 | 220,025 | 1.36% | Shares |
| J. Derek Lewis & Associates Inc. | $546,700 | 248,500 | 1.34% | Shares |
| STATE STREET CORP | $525,109 | 238,686 | 1.29% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $426,361 | 193,801 | 1.05% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $367,963 | 167,256 | 0.90% | Shares |
| NORTHERN TRUST CORP | $358,338 | 162,881 | 0.88% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $331,085 | 150,493 | 0.81% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $253,000 | 115,000 | 0.62% | Shares |
| WINTON GROUP Ltd | $149,116 | 67,780 | 0.37% | Shares |
| MORGAN STANLEY | $141,692 | 64,406 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $125,985 | 57,266 | 0.31% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $118,884 | 54,038 | 0.29% | Shares |
| Shay Capital LLC | $93,784 | 42,629 | 0.23% | Shares |
| Bank of New York Mellon Corp | $91,598 | 41,636 | 0.22% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $88,966 | 40,439 | 0.22% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $84,480 | 38,400 | 0.21% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $80,529 | 36,604 | 0.20% | Shares |
| SCS Capital Management LLC | $72,871 | 33,123 | 0.18% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $67,382 | 30,628 | 0.17% | Shares |
| Nuveen, LLC | $62,597 | 28,453 | 0.15% | Shares |
| IEQ CAPITAL, LLC | $52,153 | 23,706 | 0.13% | Shares |
| DEUTSCHE BANK AG\ | $46,631 | 21,196 | 0.11% | Shares |
| JANE STREET GROUP, LLC | $46,200 | 21,000 | 0.11% | Call option |
| G.F.W. Energy XII, L.P. | $44,000 | 20,000 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $43,593 | 19,815 | 0.11% | Shares |
| ROYAL BANK OF CANADA | $42,000 | 19,486 | 0.10% | Shares |
| FMR LLC | $36,654 | 16,661 | 0.09% | Shares |
| Abel Hall, LLC | $36,544 | 16,611 | 0.09% | Shares |
| CITIGROUP INC | $34,043 | 15,474 | 0.08% | Shares |
| RHUMBLINE ADVISERS | $33,740 | 15,338 | 0.08% | Shares |
| JPMORGAN CHASE & CO | $31,712 | 13,728 | 0.08% | Shares |
| Mariner, LLC | $31,268 | 14,210 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $30,744 | 12,200 | 0.08% | Shares |
| Baird Financial Group, Inc. | $29,148 | 13,249 | 0.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $27,199 | 12,363 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $26,180 | 11,900 | 0.06% | Call option |
| Vanguard Global Advisers, LLC | $25,335 | 11,516 | 0.06% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Mark Comora, OPAL HoldCo LLC, Hillman RNG Investments, LLC, Fortistar LLC ×3 filings | April 23, 2025 | 84.20% | Amendment | · | SEC |
| ArcLight CTC Holdings II, L.P., Daniel R. Revers ×5 filings | Dec. 19, 2023 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 27 insiders · 10 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adam Comora | Co-Chief Executive Officer | Sept. 3, 2026 P | 509,626 | 2 | 0 | $138,100 |
| Jonathan Gilbert Maurer | Co-Chief Executive Officer | March 31, 2026 A | 361,825 | 0 | 0 | $0 |
| Kazi Hasan | Chief Financial Officer | March 31, 2026 A | 140,847 | 0 | 0 | $0 |
| Ann T Anthony | Chief Financial Officer | Oct. 3, 2023 M | 22,831 | 0 | 0 | $0 |
| Anthony Falbo | Chief Operating Officer | May 21, 2024 S | 0 | 0 | 0 | $0 |
| Darrell Birck | Executive Vice President | March 31, 2026 A | 27,770 | 0 | 0 | $0 |
| David C Unger | Executive Vice President | March 31, 2026 A | 230,861 | 0 | 0 | $0 |
| John Coghlin | General Counsel | March 31, 2026 A | 146,897 | 0 | 0 | $0 |
| Scott Edelbach | Executive Vice President | April 8, 2025 A | 22,065 | 0 | 0 | $0 |
| Hugh Donnell | Senior Vice President | Oct. 4, 2022 A | · | 0 | 0 | $0 |
| Nadeem Nisar | Director | Sept. 1, 2026 P | 267,785 | 7 | 0 | $123,350 |
| Scott Mcdougald Sutton | Director | June 11, 2026 P | 50,000 | 1 | 0 | $97,500 |
| Scott V. Dols | Director | May 21, 2026 P | 245,672 | 4 | 0 | $101,768 |
| Betsy L. Battle | Director | March 31, 2026 A | 122,785 | 0 | 0 | $0 |
| Lance D Moll | Director | March 31, 2026 A | · | 0 | 0 | $0 |
| Mark Comora | Director | March 31, 2026 A | 122,785 | 0 | 0 | $0 |
| Ashok Vemuri | Director | March 31, 2026 A | 122,785 | 0 | 0 | $0 |
| James J Martell | Director | March 31, 2026 A | 107,224 | 0 | 0 | $0 |
| Kevin Michael Fogarty | Director | March 31, 2025 A | 56,712 | 0 | 0 | $0 |
| Marco F. Gatti | Director | May 18, 2023 S | 342,381 | 0 | 0 | $0 |
| OPAL HoldCo LLC | 10% owner | March 12, 2024 C | 71,500,000 | 0 | 0 | $0 |
| Daniel R Revers | 10% owner | Dec. 15, 2023 S | 1,776,117 | 0 | 0 | $0 |
| ArcLight CTC Holdings II, L.P. | 10% owner | April 27, 2023 J | 2,308,310 | 0 | 0 | $0 |
| Brian Goncher | · | July 21, 2022 D | 35,000 | 0 | 0 | $0 |
| Arno Harris | · | July 21, 2022 D | 35,000 | 0 | 0 | $0 |
| Steven Berkenfeld | · | July 21, 2022 D | 35,000 | 0 | 0 | $0 |
| Ja-Chin Lee | · | July 21, 2022 D | 35,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 14 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PBW · Invesco Exchange-Traded Fund Trust | 1.37% | 2,629,167 SH | Oct. 2, 2026 | Daily |
| CCSO · Tidal Trust II | 0.05% | 8,902 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.01% | 71,389 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.00% | 213,576 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.00% | 10,380 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.00% | 592,461 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 4,869 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 9,817 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 246,318 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 728,296 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 125,559 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 22,973 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,961 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 4,744 NS | July 31, 2026 | N-PORT |
OPAL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$3.00
+72.4%
3 25.0%
Strong Buy
5 41.7%
Buy
3 25.0%
Hold
1 8.3%
Sell
0 0.0%
Strong Sell
12-Month Price Target
5 analysts · 2026-10-01Mean target $3.19 +83.3%
← Below all targets
Current price $1.74
Low$2.20
Mean$3.19
High$4.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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Source: SEC 10-Q filed Aug 10, 2026