OPAL Fuels

OPAL

Regulated Gas · Utilities

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Good

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

OPAL Fuels collects methane gas from landfills and farms, then cleans it up and turns it into fuel for trucks and buses. This fuel is called renewable natural gas, or RNG, and it is sold mainly to fleet operators — companies that run large numbers of heavy-duty vehicles. OPAL operates in the United States and sits within the growing market for low-carbon transportation fuels.

The company makes money by selling RNG directly and by dispensing it through fueling stations it owns and operates. It also earns revenue from environmental credits called RINs, which are required by US clean fuel regulations and add a meaningful chunk to its income. OPAL is a small company with a market cap around $100 million and thin operating margins, which leaves little room for error. The biggest risk it faces is that RIN prices are set by government policy and can drop sharply if regulations change, making cash flows unpredictable.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-14.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-998.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

40.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

$372M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$372M cash & investments at current burn rate

Revenue declining

OPAL Fuels's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.6%

Modest — 26.6% gross margin

Profit after running costs

Operating Margin

-4.2%

Losing money on operations — -4.2%

Return on the money invested

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.2%

Slow sales growth (+5.2% YoY)

Profit growth

EPS YoY

+168.4%

Earnings growing fast (+168.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

129%

Turns 129% of profit into real cash

Spare cash per sale

FCF Margin

-17.4%

Burning cash (-17.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

54.41

Heavy debt load (54.41)

Covers its interest

Interest Cover

0.10x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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