stockrowOPAL 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
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OPAL Fuels Inc. (OPAL) Beneish M-score
OPAL Fuels Inc.'s Beneish M-score for fiscal 2025 is −2.18; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.18 | 0.61 |
| FY2024 | −2.79 | (1.35) |
| FY2023 | −1.44 | 0.23 |
| FY2022 | −1.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.14 | — | 1.05 | |
| Gross margin index | 1.10 | — | 0.58 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | 0.00 | — | −0.00 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Elevated | −2.18 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SHIM Shimmick Corporation compare | −3.6× |
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | −2.9× |
| MTRX Matrix Service Company compare | −2.6× |
| ORN Orion Group Holdings, Inc. compare | −2.4× |
| OPAL OPAL Fuels Inc. | −2.2× |
| ITG ITG Inc. compare | −2.1× |
| MAGH Magnitude International Ltd compare | −1.4× |
| CDNL Cardinal Infrastructure Group Inc. compare | −1.4× |
| PHOE Phoenix Asia Holdings Limited compare | 5.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI