OPAL Fuels Inc. (OPAL)

Nasdaq: OPAL · Gas & Other Services Combined · Boston, MA · filing with the SEC since 2021

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Grade4.0

◀ Past 3.7● Present 3.9▶ Future 4.4

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of OPAL Fuels Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.0/10

◀ Past3.725% of the headline

● Present3.945% of the headline

▶ Future4.430% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.7/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed

1.6/10

Has it survived what it has been through?

4 warning events since 2021; the latest 2025-05-13.

weight 45% of this tense · 16th percentile among 19 sector filers · read for itself

From the record

OPAL Fuels Inc.'s filings since 2021 show 4 warning events of 3 kinds: a warning not to rely on past financial statements (8-K item 4.02, the latest 2021-11-26); an auditor change (8-K item 4.01, the latest 2022-07-27); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2025-05-13) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

8.9/10

What has it actually done, year after year?

+20.4% a year over 5 filed years; profitable in 5 of 5.

weight 22% of this tense · 89th percentile among 17 sector filers · read for its customers

From the record

OPAL Fuels Inc.'s 5 filed years say what it did: revenue went from $166 million in fiscal 2021 to $349 million in fiscal 2025, up 20.4% a year; it rose in 4 of 4 years; it never fell from a peak; net income was positive in 5 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span20.4%top 9% of its family
the share of years revenue rosetop 9% of its family
the share of filed years with a profittop 12% of its family
the deepest fall from a revenue peak0.0%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

3.0/10

How has it treated the people who own it?

Share count grew 3.9% a year. 0% of cash flow returned. Insiders: 0 sales, 14 purchases.

weight 33% of this tense · 30th percentile among 14 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, OPAL Fuels Inc.'s diluted share count grew about 3.9% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 14 purchases of their own stock on the open market in the year to 2026-09-30, buying about $461 thousand (their Form 4 filings).

What it rests on

the share count over the yearsbottom 44% of its family
cash returned against operating cash flowbottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

3.9/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

1.8/10

Is it financially healthy right now?

Leverage 101%: owes 101¢ per asset dollar.

weight 45% of this tense · 17th percentile among 19 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, OPAL Fuels Inc.'s shareholders' equity was below zero, so the profit on it is not read. Leverage: it owed about 101 cents per dollar of assets, and net share issuance: its share count grew 5.6% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 3% of its family
the share count against the year beforebottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.9/10

How strong is its position in its industry?

top 41% of 16 in its family; net margin 10.4%.

weight 33% of this tense · 59th percentile among 16 sector filers · read for its customers

From the record

OPAL Fuels Inc.'s standing among 16 graded names in its industry family: revenue of $349 million in fiscal 2025 ranks in the bottom 34% by size; a net margin of 10.4% ranks in the top 28%; revenue growth of 14% a year over the last 3 filed years ranks in the top 28% (its annual reports).

What it rests on

revenue against the family$349Mbottom 34% of its family
net margin10.4%top 28% of its family
three-year revenue growth14.0%top 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 53rd percentile among 16 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 47% of 16 in its family; the record of its people begins on 2022-07-21 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.3 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2022-07-21 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.3 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 16 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: OPAL Fuels Inc.'s leadership is put at 5.3 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 47% of 16 in its family; the record of its people begins on 2022-07-21 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.3 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.4/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.4/10

How much room does it have to grow?

top 46% of 15 in its family for room to expand.

weight 22% of this tense · 54th percentile among 15 sector filers · read for itself

From the record

OPAL Fuels Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $24 million against debt of $361 million leaves -35.1% of its assets as net cash, bottom 31% of its family; cash from operations less capital spending is -9.8% of revenue (bottom 43%); research spending of 4.3% of revenue (top 12%) (its annual report).

What it rests on

cash less debt against assets-35.1%bottom 31% of its family
cash from operations less capital spending against revenue-9.8%bottom 43% of its family
research spending against revenue4.3%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.4/10

What could actually drive growth from here?

bottom 44% of 17 in its family for growth drivers.

weight 45% of this tense · 44th percentile among 17 sector filers · read for its customers

From the record

OPAL Fuels Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 14% a year over the last three filed years against 20.4% over all 5, slowing (bottom 28% of its family); the newest year grew 16.3% (top 16%); research spending grew 32.4% a year (top 50%); capital spending grew -18.6% a year (bottom 15%) (its annual reports). OPAL Fuels Inc. reported 3 lines of business in fiscal 2025: Fuel Station Services at $215 million (62%), Renewable Natural Gas Fuel Supply at $102 million (29%), Renewable Power at $33 million (9%); 2 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-6.4 points a yearbottom 28% of its family
the newest year's revenue growth16.3%top 16% of its family
three-year growth of research spending32.4%top 50% of its family
three-year growth of capital spending-18.6%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.8/10

Did its newest year beat what its own record pointed to?

bottom 38% of 16 in its family for expectations against reality.

weight 33% of this tense · 38th percentile among 16 sector filers · read for its shareholders

From the record

OPAL Fuels Inc.'s newest year against its own record: revenue of $349 million in fiscal 2025 came in 3.1% above the $339 million its prior three years' pace pointed to (bottom 47% of its family); net income of $36 million against a prior three-year average of $58 million (bottom 38%); a net margin of 10.4% against 22.7% before (bottom 28%) (its annual reports).

What it rests on

revenue against the prior three years' pace3.1%bottom 47% of its family
net income against the prior three years' average-37%bottom 38% of its family
net margin against its prior average-12.3 pointsbottom 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton OPAL · research, not advice