OPAL Fuels Inc. (OPAL) Balance Sheet
OPAL balance sheet, 2025
December 31, 2025 · U.S. dollars$959.5M assets = $461.7M liabilities + $497.8M equity
Both columns are drawn to the same scale: what OPAL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OPAL financial health
Descriptive bands, not a rating. Fiscal 2025.
OPAL balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $165.7M2019 | $959.5M2025 | +34.0%/yr | |
| Total liabilities | $145.9M2019 | $461.7M2025 | +21.2%/yr | |
| Shareholders’ equity | $19.8M2019 | −$12.9M2025 | — | |
| Cash & short-term investments | $10.9M2019 | $24.4M2025 | +14.5%/yr | |
| Total debt | $114.8M2019 | $365.4M2025 | +21.3%/yr | |
| Net cash (debt) | −$103.9M2019 | −$341.0M2025 | −$237.1M | |
| Working capital | −$4.2M2019 | $18.5M2025 | +$22.7M | |
| Book value per share | $0.792019 | −$0.442025 | — | |
| Current ratio | 0.922019 | 1.182025 | +0.26 | |
| Debt / equity | 5.802019 | 16,364.502021 | +16358.70 | |
| Shares outstanding | 25.2M2019 | 29.3M2025 | +2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OPAL assets
OPAL liabilities and equity
OPAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OPAL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $24.4M | $24.3M | $48.2M | $105.4M | $39.3M | $12.8M | $10.9M |
| Cash & equivalents | $24.4M | $24.3M | $38.3M | $40.4M | $39.3M | $12.8M | $10.9M |
| Short-term investments | — | $0 | $9.9M | $65.0M | $0 | — | — |
| Receivables | $73.3M | $64.0M | $58.5M | $57.4M | $36.3M | $27.5M | $26.3M |
| Inventory | $11.0M | $10.3M | $10.2M | $7.3M | $5.1M | $4.2M | $3.8M |
| Other current assets | $14.0M | $18.6M | $11.2M | $41.9M | $6.2M | $6.6M | $7.0M |
| Total current assets | $122.7M | $117.2M | $128.1M | $212.0M | $87.0M | $51.2M | $48.0M |
| Property, plant & equipment (net) | $495.6M | $471.0M | $346.9M | $309.1M | $169.8M | $79.5M | $76.9M |
| Goodwill & intangible assets | $54.6M | $55.9M | $61.1M | $56.8M | $57.5M | $6.9M | $8.0M |
| Long-term investments | $231.2M | $223.6M | $207.1M | $51.8M | $47.1M | $25.6M | $0 |
| Other non-current assets | $55.3M | $13.4M | $11.4M | $15.3M | $19.5M | $6.3M | $32.9M |
| Total assets | $959.5M | $881.1M | $754.6M | $644.9M | $380.8M | $169.5M | $165.7M |
| Liabilities | |||||||
| Accounts payable | $10.1M | $16.4M | $13.9M | $17.6M | $12.6M | $8.7M | $7.9M |
| Short-term debt | $15.8M | $13.4M | $2.2M | $80.1M | $95.0M | $12.2M | $25.7M |
| Deferred revenue | $6.3M | $9.3M | $6.3M | $8.0M | $9.8M | $4.7M | $2.0M |
| Total current liabilities | $104.2M | $103.6M | $74.3M | $152.9M | $142.1M | $42.9M | $52.2M |
| Long-term debt | $337.1M | $285.0M | $196.5M | $88.3M | $134.1M | $90.5M | $0 |
| Lease obligations | — | $12.9M | $12.5M | $11.9M | $0 | — | — |
| Other long-term liabilities | $20.4M | $27.4M | $26.2M | $25.8M | $9.7M | $5.6M | $93.7M |
| Total liabilities | $461.7M | $416.0M | $297.1M | $267.0M | $285.9M | $139.0M | $145.9M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $17,000 | $17,000 | $17,000 | $17,000 | $14,000 | $49.2M | $22.6M |
| Retained earnings (deficit) | −$1.3M | −$137.0M | −$467.2M | −$800.8M | $16.0M | −$25.4M | −$2.7M |
| Accumulated other comprehensive income | −$26,000 | $152,000 | −$15,000 | $195,000 | — | — | $0 |
| Minority interest | $510.7M | $613.5M | $936.3M | $1.18B | — | — | — |
| Total shareholders' equity | −$12.9M | −$148.4M | −$478.8M | −$800.6M | $14,000 | $23.8M | $19.8M |
| Key figures | |||||||
| Total debt | $365.4M | $310.6M | $210.6M | $179.7M | $229.1M | $103.8M | $114.8M |
| Net cash (debt) | −$341.0M | −$286.2M | −$162.4M | −$74.3M | −$189.8M | −$91.0M | −$103.9M |
| Working capital | $18.5M | $13.6M | $53.7M | $59.1M | −$55.1M | $8.3M | −$4.2M |
| Tangible book value | −$67.5M | −$204.4M | −$539.9M | −$857.4M | −$57.5M | $16.9M | $11.8M |
| Book value per share | −$0.44 | −$5.36 | −$17.41 | −$30.72 | $0.00 | $0.94 | $0.79 |
| Shares outstanding | 29.3M | 27.7M | 27.5M | 26.1M | 25.2M | 25.2M | 25.2M |
| Current ratio | 1.18 | 1.13 | 1.72 | 1.39 | 0.61 | 1.19 | 0.92 |
| Quick ratio | 0.94 | 0.85 | 1.43 | 1.06 | 0.53 | 0.94 | 0.71 |
| Debt / equity | — | — | — | — | 16,364.50 | 4.37 | 5.80 |
| Equity / assets | −1.3% | −16.8% | −63.5% | −124.2% | 0.0% | 14.0% | 12.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $91.4M | $134.2M | $24.4M | $29.9M | $29.3M | $40.1M | $24.3M | $31.0M | $27.6M | $34.2M | $48.2M | $33.0M |
| Cash & equivalents | $91.4M | $134.2M | $24.4M | $29.9M | $29.3M | $40.1M | $24.3M | $20.3M | $19.0M | $28.2M | $38.3M | $15.0M |
| Short-term investments | — | — | — | — | — | — | $0 | $10.7M | $8.6M | $6.0M | $9.9M | $18.0M |
| Receivables | $44.2M | $49.4M | $73.3M | $68.7M | $68.4M | $52.8M | $64.0M | $71.1M | $57.1M | $50.9M | $58.5M | $49.8M |
| Inventory | $12.6M | $12.2M | $11.0M | $12.1M | $13.0M | $12.9M | $10.3M | $10.5M | $10.6M | $11.1M | $10.2M | $11.9M |
| Other current assets | $15.2M | $17.6M | $14.0M | $12.1M | $12.8M | $10.7M | $18.6M | $10.0M | $9.4M | $9.5M | $11.2M | $11.1M |
| Total current assets | $163.3M | $213.4M | $122.7M | $122.8M | $123.5M | $116.4M | $117.2M | $122.6M | $104.7M | $105.7M | $128.1M | $105.8M |
| Property, plant & equipment (net) | $525.8M | $512.5M | $495.6M | $484.4M | $477.1M | $467.7M | $471.0M | $423.2M | $393.9M | $366.7M | $346.9M | $316.1M |
| Goodwill & intangible assets | $54.6M | $54.6M | $54.6M | $54.6M | $54.6M | $54.6M | $55.9M | $56.0M | $60.8M | $61.0M | $61.1M | $56.3M |
| Long-term investments | $234.3M | $224.3M | $231.2M | $227.5M | $224.6M | $219.5M | $223.6M | $217.5M | $212.6M | $206.0M | $207.1M | $199.5M |
| Other non-current assets | $62.2M | $55.8M | $55.3M | $27.5M | $25.8M | $26.8M | $13.4M | $11.8M | $10.3M | $11.1M | $11.4M | $12.8M |
| Total assets | $1.04B | $1.06B | $959.5M | $916.7M | $905.5M | $884.9M | $881.1M | $831.1M | $782.3M | $750.5M | $754.6M | $690.5M |
| Liabilities | ||||||||||||
| Accounts payable | $13.1M | $9.6M | $10.1M | $15.3M | $19.6M | $23.3M | $16.4M | $13.1M | $13.1M | $10.8M | $13.9M | $11.3M |
| Short-term debt | $18.9M | $19.5M | $15.1M | $11.2M | $8.1M | $4.5M | $13.4M | $9.4M | $6.6M | $4.2M | $2.2M | $2.4M |
| Deferred revenue | — | $5.1M | $6.3M | $8.4M | $8.6M | $10.2M | $9.3M | $6.1M | $6.3M | $7.8M | $6.3M | $7.4M |
| Total current liabilities | $89.9M | $97.1M | $104.2M | $83.5M | $98.2M | $101.6M | $103.6M | $97.8M | $81.1M | $75.4M | $74.3M | $56.9M |
| Long-term debt | $412.8M | $427.7M | $337.1M | $330.4M | $313.3M | $291.9M | $285.0M | $234.5M | $217.5M | $194.8M | $196.5M | $174.0M |
| Lease obligations | — | — | — | $11.9M | $12.0M | $12.1M | $12.9M | $13.2M | $13.4M | $12.3M | $12.5M | $12.5M |
| Other long-term liabilities | $21.2M | $23.9M | $20.4M | $20.1M | $20.8M | $27.0M | $27.4M | $28.9M | $29.1M | $26.8M | $26.2M | $22.6M |
| Total liabilities | $523.9M | $548.7M | $461.7M | $434.0M | $432.3M | $420.5M | $416.0M | $361.2M | $327.8M | $297.0M | $297.1M | $253.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 |
| Retained earnings (deficit) | $37.5M | $19.6M | −$1.3M | $19.1M | −$13.4M | $68.6M | −$137.0M | −$168.5M | −$261.5M | −$370.8M | −$467.2M | −$841.4M |
| Accumulated other comprehensive income | $416,000 | $184,000 | −$26,000 | −$12,000 | $2,000 | $58,000 | $152,000 | −$25,000 | $70,000 | $42,000 | −$15,000 | $70,000 |
| Minority interest | $490.0M | $503.7M | $510.7M | $475.3M | $498.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $26.4M | $8.2M | −$12.9M | $7.5M | −$25.0M | $57.1M | −$148.4M | −$180.1M | −$273.0M | −$382.4M | −$478.8M | −$852.9M |
| Key figures | ||||||||||||
| Total debt | $431.7M | $447.2M | $352.1M | $353.5M | $333.3M | $308.4M | $310.6M | $256.4M | $236.8M | $210.6M | $210.6M | $188.3M |
| Net cash (debt) | −$340.3M | −$313.0M | −$327.7M | −$323.6M | −$304.1M | −$268.4M | −$286.2M | −$225.4M | −$209.2M | −$176.4M | −$162.4M | −$155.3M |
| Working capital | $73.5M | $116.3M | $18.5M | $39.3M | $25.3M | $14.8M | $13.6M | $24.8M | $23.6M | $30.3M | $53.7M | $48.9M |
| Tangible book value | −$28.3M | −$46.4M | −$67.5M | −$47.1M | −$79.6M | $2.5M | −$204.4M | −$236.1M | −$333.9M | −$443.4M | −$539.9M | −$909.3M |
| Book value per share | $0.89 | $0.29 | −$0.44 | $0.25 | −$0.86 | $2.06 | −$5.22 | −$6.49 | −$9.87 | −$13.97 | −$17.06 | −$31.62 |
| Shares outstanding | 29.6M | 28.3M | 29.3M | 29.6M | 29.2M | 27.7M | 28.4M | 27.7M | 27.7M | 27.4M | 28.1M | 27.0M |
| Current ratio | 1.82 | 2.20 | 1.18 | 1.47 | 1.26 | 1.15 | 1.13 | 1.25 | 1.29 | 1.40 | 1.72 | 1.86 |
| Quick ratio | 1.51 | 1.89 | 0.94 | 1.18 | 0.99 | 0.91 | 0.85 | 1.04 | 1.04 | 1.13 | 1.43 | 1.45 |
| Debt / equity | 16.38 | 54.41 | — | 47.27 | — | 5.40 | — | — | — | — | — | — |
| Equity / assets | 2.5% | 0.8% | −1.3% | 0.8% | −2.8% | 6.5% | −16.8% | −21.7% | −34.9% | −51.0% | −63.5% | −123.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
OPAL financial position
At the end of fiscal 2025 (December 31, 2025), OPAL Fuels had total assets of $959.5 million (up 8.9% from a year earlier), total liabilities of $461.7 million and shareholders' equity of -$12.9 million. It held $24.4 million in cash and short-term investments against $365.4 million of debt, net debt of $341.0 million. Its current ratio was 1.18. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity $26.4 million.
Related: OPAL income statement, OPAL cash flow statement, OPAL key metrics. See the OPAL stock overview for the latest quote and news.
OPAL balance sheet FAQ
What are OPAL Fuels's total assets?
OPAL Fuels reported total assets of $959.5 million at the end of fiscal 2025 (December 31, 2025), compared with $881.1 million a year earlier.
How much debt does OPAL Fuels have?
OPAL Fuels had $365.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does OPAL Fuels have?
OPAL Fuels held $24.4 million in cash and short-term investments at the end of fiscal 2025; with $365.4 million of debt that is net debt of $341.0 million.
What is OPAL Fuels's book value?
OPAL Fuels's shareholders' equity (book value) was -$12.9 million at the end of fiscal 2025, or −$0.44 per share.
What is OPAL Fuels's current ratio?
OPAL Fuels had current assets of $122.7 million and current liabilities of $104.2 million, a current ratio of 1.18 (it can cover its short-term obligations).
How much goodwill does OPAL Fuels have?
OPAL Fuels carried $54.6 million of goodwill and intangible assets, 5.7% of total assets, at the end of fiscal 2025.