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Friday 6 November 2026
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OPAL Fuels Inc.
OPAL Industrials Engineering & Construction
OPAL Fuels Inc.’s revenue for fiscal 2025 (year ended December 2025) was $349.0 million, up 16.3% from fiscal 2024.
- Revenue
- +3.66%
- EPS
- −266.7%
- Free cash flow
- +43.3%
- Total debt
- +34.3%
Quarter to June 2026, against a year earlier
1.38
0.10
−6.76%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 166 | 236 | 256 | 300 | 349 | 340 | +20.4% | 361 | 409 | 435 | +7.6% | |
| Gross margin, % | — | — | — | — | — | 30.74 | 30.88 | 28.19 | 33.38 | 30.43 | 29.42 | (0.3) pt | ||||||
| EBT | — | — | — | — | — | 41 | 33 | 127 | 5 | (16) | (24) | n/m | ||||||
| EBT margin, % | — | — | — | — | — | 24.54 | 13.83 | 49.60 | 1.81 | (4.68) | (6.96) | (29.2) pt | ||||||
| Net income | — | 0 | — | — | — | 41 | 33 | 127 | 14 | 36 | 18 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 1.15 | 9.14 | 9.43 | 10.86 | 12.40 | 11.47 | +81.2% | |||||
| Earnings | — | — | — | — | — | (0.65) | 0.13 | 0.70 | 0.02 | 0.15 | (0.01) | n/m | ||||||
| Cash flow | — | — | — | — | — | 0.13 | (0.05) | 1.41 | 1.14 | 1.30 | 1.29 | +77.5% | ||||||
| Capex | — | — | — | — | — | (0.62) | (5.10) | (4.19) | (4.58) | (2.41) | (2.91) | +40.3% | ||||||
| Free cash flow | — | — | — | — | — | (0.49) | (5.15) | (2.78) | (3.44) | (1.11) | (1.62) | +22.7% | ||||||
| Book value | — | — | — | — | — | 0.01 | (30.04) | (17.60) | (5.35) | (0.36) | 1.28 | n/m | ||||||
| Shares, m | — | — | — | — | — | 144 | 26 | 27 | 28 | 28 | 29 | (33.6%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 21.53 | 7.64 | 169.50 | 15.73 | 0.00 | 42.9 | |||||
| P/S | — | — | — | — | — | 0.00 | 0.75 | 0.57 | 0.31 | 0.19 | 0.12 | 0.4 | ||||||
| P/B | — | — | — | — | — | 63.20 | 0.00 | 0.00 | 0.00 | 0.00 | 1.08 | 12.6 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | 0.88 | 1.14 | 1.22 | 1.13 | 1.12 | 0.9 | ||||||
| EV/FCF | — | — | — | — | — | 14.09 | (1.56) | (3.85) | (3.85) | (12.58) | (7.93) | (1.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 19 | (1) | 38 | 31 | 36 | 38 | +18.0% | |||||
| Capex | — | — | — | — | — | (90) | (131) | (114) | (126) | (68) | (86) | (6.8%) | ||||||
| Free cash flow | — | — | — | — | — | (71) | (133) | (76) | (95) | (31) | (48) | (18.5%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | (55) | 59 | 54 | 13 | 18 | 73 | n/m | |||||
| Net debt | — | — | — | — | — | 190 | 30 | 146 | 272 | 327 | 339 | +14.5% | ||||||
| Shareholders’ equity | — | — | — | — | — | 1 | (774) | (478) | (148) | (10) | 38 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 0.66 | 2.71 | 0.07 | 0.47 | (0.04) | +0.5 pt | |||||
| ROIC | — | — | — | — | — | 3.61 | 0.00 | 0.00 | 10.65 | 1.46 | 0.39 | (2.1) pt | ||||||
| ROE | — | — | — | — | — | 0.00 | (0.88) | (3.02) | (0.18) | (5.42) | (5.45) | (5.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
OPAL Fuels Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CDNL Cardinal Infrastructure Group Inc. | $597.5M | — | — | — | — | −728.05% (below 0%: shrinking) | 15.88% | 6.82% | Compare |
| ITG ITG Inc. | $525.2M | — | — | — | — | — | 17.81% | 5.58% | Compare |
| BBCP CONCRETE PUMPING HOLDINGS, INC. | $479.8M | 56.4× | 51.2× | +12.63% (above 0%: growing) | +28.57% (above 0%: growing) | −28.85% (below 0%: shrinking) | 38.74% | 12.92% | Compare |
| PHOE Phoenix Asia Holdings Limited | $396.2M | — | — | — | — | −1,148.32% (below 0%: shrinking) | — | — | Compare |
| ORN Orion Group Holdings, Inc. | $280.1M | 45.9× | 35.0× | +13.80% (above 0%: growing) | +68.88% (above 0%: growing) | −141.07% (below 0%: shrinking) | 12.94% | 3.33% | Compare |
| MTRX Matrix Service Company | $243.9M | 33.0× | 15.7× | +3.55% (above 0%: growing) | n/m | −35.06% (below 0%: shrinking) | 8.23% | 2.04% | Compare |
| OPAL OPAL Fuels Inc. | $239.3M | — (loss-making) | 5.8× | +3.66% (above 0%: growing) | n/m | +43.29% (above 0%: growing) | 29.34% | (3.61%) | |
| MAGH Magnitude International Ltd | $236.6M | — | — | — | — | — | — | — | Compare |
| SHIM Shimmick Corporation | $94.7M | — (loss-making) | — (loss-making) | −16.97% (below 0%: shrinking) | n/m | −257.50% (below 0%: shrinking) | 11.68% | (2.49%) | Compare |
| Median of peers | $338.2M | 45.9× | 35.0× | +8.09% | — | −199.29% | 14.41% | 4.46% |
Pay and ownership Proxy statement filed 23 April 2026
Ownership
Directors and executive officers, together
90.60% of the votes
Mark Comora, Chairman
89.50% of the votes
Invesco Ltd
1.20% of the votes
Ares Management Corporation
1.10% of the votes
Daniel R. Revers
less than 1% of the votes
Mendocino Capital LLC
less than 1% of the votes
Entities affiliated with Electron Capital Partners LLC
less than 1% of the votes
Barclays Bank PLC
less than 1% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement