OPAL Fuels Inc.
- Open
- 2.18
- Day high
- 2.38
- Day low
- 2.15
- Prev close
- 2.12
- Volume
- 1.9M
- Mkt cap
- $66M
- P/E (TTM)
- 33.4
- EPS (TTM)
- $0.07
- P/B
- 8.1
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $264K over the last 3 months (9 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
OPAL Fuels Inc. (OPAL) is a Utilities company listed on NASDAQ. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 9 open-market buys and 0 sales (SEC Form 4).
OPAL Fuels Inc. (OPAL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OPAL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.07 | $-0.09 | -228.6% | $73M | -21.8% |
| Mar 16, 2026 | $0.09 | $0.08 | -13.8% | $100M | +3.6% |
| Nov 6, 2025 | $0.38 | $0.05 | -86.8% | $83M | -15.6% |
| Aug 7, 2025 | $0.13 | $0.03 | -76.9% | $78M | -8.8% |
| May 8, 2025 | $0.06 | $-0.01 | -116.7% | $85M | +3.9% |
| Mar 13, 2025 | $0.44 | $-0.05 | -111.4% | $80M | -12.0% |
| Nov 8, 2024 | $0.15 | $0.09 | -40.0% | $84M | -5.8% |
| May 9, 2024 | $-0.00 | $-0.01 | -142.7% | $65M | -20.6% |
| Mar 13, 2024 | $0.17 | $0.11 | -35.3% | $87M | -2.5% |
| Nov 13, 2023 | $-0.00 | $-0.01 | -109.2% | $71M | -8.9% |
| Nov 14, 2022 | $0.05 | $-0.06 | -220.0% | $67M | -17.8% |
| Aug 10, 2022 | $0.02 | $0.08 | +300.0% | $53M | -19.4% |
OPAL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Sutton Scott McDougalddirector | Buy | 50,000 | $1.95 |
| Jun 4, 2026 | Nisar Nadeemdirector | Buy | 10,000 | $2.32 |
| Jun 4, 2026 | Nisar Nadeemdirector | Buy | 5,000 | $2.25 |
| May 21, 2026 | Dols Scott V.director | Buy | 4,346 | $2.06 |
| May 21, 2026 | Dols Scott V.director | Buy | 7,946 | $2.00 |
| May 20, 2026 | Dols Scott V.director | Buy | 12,603 | $2.02 |
| May 20, 2026 | Nisar Nadeemdirector | Buy | 5,000 | $2.02 |
| May 20, 2026 | Dols Scott V.director | Buy | 25,105 | $2.05 |
| May 18, 2026 | Nisar Nadeemdirector | Buy | 10,000 | $2.05 |
| Apr 2, 2026 | Birck Darrellofficer: Executive Vice President | Tax | 8,938 | $2.52 |
| Apr 2, 2026 | Birck Darrellofficer: Executive Vice President | Option | 36,708 | — |
| Apr 2, 2026 | Unger David Cofficer: Executive Vice President | Grant | 56,660 | $2.52 |
| Apr 2, 2026 | Unger David Cofficer: Executive Vice President | Grant | 101,433 | — |
| Apr 2, 2026 | Unger David Cofficer: Executive Vice President | Tax | 2,095 | $2.52 |
| Apr 2, 2026 | Unger David Cofficer: Executive Vice President | Option | 5,811 | — |
Source: OPAL SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full OPAL insider & 13F page →OPAL Fuels Inc. company profile
Overview
OPAL Fuels Inc. (NASDAQ:OPAL) is a renewable energy company founded in 1998 and based in White Plains, New York. The company went public in May 2021 and has emerged as a vertically integrated player in the renewable natural gas (RNG) industry. OPAL operates across the entire value chain from biogas capture and RNG production to fuel distribution and station services, primarily serving heavy and medium-duty trucking fleets seeking to replace diesel fuel with cleaner alternatives.
Business
OPAL Fuels operates in the renewable natural gas industry, which involves capturing methane emissions from organic waste sources and converting them into pipeline-quality natural gas for use as vehicle fuel. The company's business is built around three complementary segments that work together in a vertically integrated model. The RNG Fuel Production segment represents the core of OPAL's operations, generating approximately 35-40% of total revenue. This business involves developing, constructing, and operating biogas projects primarily at landfills, where methane gas that would otherwise escape into the atmosphere is captured and processed into renewable natural gas. The RNG is then sold as transportation fuel, earning valuable Renewable Identification Numbers (RINs) - tradeable credits under the EPA's Renewable Fuel Standard that provide significant economic incentives for renewable fuel production. As of 2024, OPAL operates 11 RNG facilities with a combined annual design capacity of 8.8 million MMBtus. The Fuel Station Services segment accounts for roughly 50-55% of revenue and encompasses the design, development, construction, and operation of natural gas fueling stations for trucking fleets. This includes both OPAL-owned stations and third-party stations where OPAL provides tolling services, maintenance, and fuel supply. The company also offers hydrogen fueling station development services as the market for alternative fuels expands beyond natural gas. The Renewable Power segment, contributing about 10-15% of revenue, involves generating electricity from biogas at various sites and selling this renewable power to utilities under long-term power purchase agreements. This segment represents 17 electric projects with 112.5 megawatts of nameplate capacity and provides a steady revenue stream while OPAL explores potential benefits from eRINs - a new EPA pathway that could allow renewable electricity to generate additional tradeable credits.
Revenue model
OPAL Fuels generates revenue through multiple complementary streams that leverage its vertically integrated business model. The primary revenue source is product sales of renewable natural gas to transportation fuel markets, where the company benefits from both the commodity value of the gas and the significantly more valuable RIN credits that can trade for $2-4 per gallon equivalent. The RIN credits are essential to the economics, often representing 60-80% of the total revenue per unit of RNG sold. The company's service-based revenue comes from fuel station operations, including dispensing fees, maintenance contracts, and tolling arrangements with fleet customers. These typically involve 10-year service agreements that provide predictable cash flows. Additionally, OPAL earns subscription-like revenue from long-term power purchase agreements for its renewable electricity generation. Several factors significantly impact OPAL's margins and profitability. RIN pricing is the most critical variable, as these credits are subject to EPA policy changes and market supply-demand dynamics. Current assumptions of $2.60 per RIN underpin financial projections, but prices have historically been volatile. Natural gas commodity prices also affect margins, though RINs typically provide the majority of value. Regulatory policy represents both opportunity and risk - supportive policies like the Inflation Reduction Act's investment tax credits can boost returns, while changes to the Renewable Fuel Standard could impact RIN values. Feedstock availability and costs influence project economics, as securing rights to landfill gas or other organic waste sources is essential for expansion. Finally, construction and equipment costs affect project returns, with recent inflationary pressures impacting both RNG facility development and fuel station construction costs.
Competitive moat
OPAL Fuels operates in a niche market with several modest competitive advantages, though its moat is not particularly deep or durable. The company's primary competitive advantage lies in its vertical integration, controlling the entire value chain from biogas capture through fuel distribution. This integration allows OPAL to capture more value per molecule of RNG compared to companies operating only in production or only in distribution. The company has developed operational expertise in landfill RNG project development, construction, and optimization, which creates some barriers to entry given the technical complexity and regulatory requirements involved in these projects. OPAL's relationships with landfill operators and municipal waste authorities provide some protection, as securing gas rights often involves long-term exclusive agreements. However, the competitive moat faces several challenges. The regulatory dependency on RIN credits and other government incentives creates vulnerability to policy changes that could significantly impact economics. Large energy companies and utilities are increasingly entering the RNG space with greater financial resources and established customer relationships. Technology evolution in areas like battery electric vehicles for heavy-duty trucking, hydrogen fuel cells, and other alternative fuels could reduce demand for RNG over time. Additionally, the feedstock competition is intensifying as more players seek to secure rights to organic waste sources, potentially driving up costs and reducing available opportunities. The company's moat is best characterized as moderate and dependent on execution excellence rather than structural competitive advantages. Success will likely depend on OPAL's ability to continue securing attractive projects, optimizing operations, and adapting to evolving market and regulatory conditions.
Risks & safety
OPAL Fuels presents a moderate margin of safety with some financial flexibility but notable risks around cash flow timing and regulatory dependencies. • Liquidity position: $40 million cash plus $200 million credit facility provides $240 million total liquidity, offering reasonable buffer for operations and growth investments • Debt levels: Very low debt-to-equity ratio of 0.003, indicating minimal financial leverage and solvency risk • Cash flow profile: Positive operating cash flow of $30 million in Q1 2025, but negative free cash flow of -$94 million in 2024 due to heavy capital investments in RNG projects • Valuation metrics: Trading at attractive multiples with P/E of 5.4x, EV/EBITDA of 0.7x, and price-to-book of 0.06x, suggesting potential undervaluation • Revenue visibility: Mix of long-term contracts (fuel station services, power sales) and commodity-exposed RNG sales creates moderate revenue predictability • Regulatory risk: Heavy dependence on RIN credits and ITC benefits creates vulnerability to policy changes • Capital intensity: Ongoing need for significant capital investments in RNG projects may pressure cash flows and require external financing
Recent development
Over the past few years, OPAL Fuels has executed an aggressive expansion strategy focused on scaling its RNG production capacity and fuel station network. The company has dramatically increased its operational footprint, growing from 2 operating RNG facilities in 2022 to 11 facilities by the end of 2024, with annual design capacity expanding to 8.8 million MMBtus. Key project completions include the Prince William, Emerald, Sapphire, and Polk County facilities, with the Atlantic project expected to commence operations in Q3 2025. The company has also been actively expanding its development pipeline, placing approximately 2 million MMBtus of new capacity into construction annually and securing new gas rights agreements, including projects in Illinois and Florida. OPAL has maintained its vertically integrated strategy while exploring adjacent opportunities, including hydrogen fueling station development services and potential expansion into agricultural waste, wastewater, and food waste feedstocks beyond its current landfill focus. On the fuel station services side, OPAL has grown from operating and servicing a smaller network to having 47 stations in construction as of late 2024, with 20 being OPAL-owned facilities. The company has been positioning itself to benefit from the adoption of new natural gas engine technologies, particularly Cummins' 15-liter natural gas engine for heavy-duty trucking applications. Additionally, OPAL has been exploring the potential for eRINs (electricity-based RINs) which could provide additional revenue streams from its renewable power generation assets, potentially worth $50-80 million in EBITDA if regulations are finalized favorably.
OPAL company profile · for informational purposes only — not investment advice.
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