Sector Alpha Week of 2026-08-05
Sector Alpha — machine-written from the numbers · Data as of 2026-08-05

OPAL Fuels Inc.

OPAL
Utilities · Utilities - Regulated Gas

OPAL Fuels Inc.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: annual EPS moved +650.0% against a +6.2% price move — the market has not yet caught up with the delivery.

The price is between stages. Underneath, the last four quarters read mixed, and 61% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
$2.4
+6.2% 1Y
P/E
36.2×
of its own 1-year range
Revenue (Mar 26)
$0.1 B
−22.2% YoY
Profit (Mar 26)
$−0.0 B
Operating margin
0.0%
flat YoY
ROE
6%
FY25
ROIC
0.2%
vs WACC 6.6% → −6.4 pp
Cash conversion
61%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

OPAL Fuels Inc. trades at $2.4, between stages. That is +4.8% against its own 200-day average. It sits at 64% of a 52-week range of $2 to $3. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is between stages. At $2.4 it trades +4.8% versus its 200-day average and sits at 64% of its 52-week range ($2–$3).

Aug 26: $2.4 Weekly closing price ($) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 1-year window.
+4.8% versus the 200-day line, week — of stage —
Price50-day avg200-day avg
$2.8$2.5$2.3$2.0$1.8$$2$2Jul 25Oct 25Jan 26May 26Aug 26
$2.8$2.5$2.3$2.0$1.8$$2$2Jul 25Jan 26Aug 26
Beating or trailing, week by week since 2025 Each cell is one week from 2025 to now (57 weeks): the stock's trailing 13-week return minus the S&P 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the S&P 500 reading is not held.
trailing 13-week return vs the S&P 500
Jul 25Aug 26

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved −4% while the S&P 500 moved +24% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

OPAL Fuels Inc. trades at 36.2× P/E, against too little history to rank. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 36.2× is against too little history to rank. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 36.2× vs a null× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly step line (right axis). 1.1-year window; loss-period spikes above 253× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
against too little history to rank
P/EEPS (TTM) (quarterly)
271.4×$0.10204.7×$0.07137.9×$0.0571.2×$0.024.5×$0.00×$240.00×$0Jul 25Oct 25Jan 26May 26Aug 26
271.4×$0.10204.7×$0.07137.9×$0.0571.2×$0.024.5×$0.00×$240.00×$0Jul 25Jan 26Aug 26
PEG 0.03 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 9 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.8×0.5×0.3×0.0××0.03×Mar 24Sep 24Mar 25Sep 25Mar 26
1.1×0.8×0.5×0.3×0.0××0.03×Mar 24Mar 25Mar 26
P/E
36.2×
too little history to rank
PEG
n/m
3-year earnings growth is negative

Why the multiple sits where it does: over the past year annual EPS moved +650.0% against a +6.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

OPAL Fuels Inc. reads as turning around on its fundamental arc. Turning around — profit growth swung from −91.7% at the trough to +200.0% off a 4-quarter-old trough, ROCE holding at 1.1%. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +16.7% in FY25, profit +300.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
44%332%34%216%25%100%15%−16%5.7%−132%%%16.7%300%FY21FY23FY25
44%332%34%216%25%100%15%−16%5.7%−132%%%16.7%300%FY21FY23FY25
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue rolling over, profit accelerating
RevenueProfitEPS
27%332%20%216%14%100%7.7%−16%1.3%−132%%%3.1%200%−50%Jun 23Sep 24Mar 26
27%332%20%216%14%100%7.7%−16%1.3%−132%%%3.1%200%−50%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
6.4%4.7%3.0%1.2%−0.5%%1.1%Jun 23Dec 23Sep 24Jun 25Mar 26
6.4%4.7%3.0%1.2%−0.5%%1.1%Jun 23Sep 24Mar 26
Revenue growth
Rolling over
latest +3.1% · span +3.1% to +25.0%
Profit growth
Rising
latest +200.0% · span −92.3% to +600.0%
EPS growth
Flat
latest −50.0% · span −100.0% to +435.7%
ROCE
Stuck low
latest 1.1% · span 0.0%–5.9%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; stock price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+16.7%+13.4%
Profit+300.0%+10.1%
EPS+650.0%+7.7%
Stock price+6.2%
Revenue YoY (Mar 26)
−22.2%
latest quarter vs a year ago
Revenue 10y
19.8%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

40.0/100 — rank 14 of 16 in Utilities - Regulated Gas · 69% evidence confidence

OPAL Fuels Inc. scores 40.0 out of 100 against the 16 companies it is compared with in Utilities - Regulated Gas, ranking 14. Price leads the evidence: RS versus the benchmark is -6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 13.7 + 4.4 + 8.5 + 13.4 = 40. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

OPAL Fuels Inc. reported $0.1 B of revenue in the Mar 26 quarter, −22.2% year on year. Over 4 years it has compounded at 19.8% a year. The last full year, FY25, came in at $0.3 B. The last four reported quarters add to $0.3 B.

FY25 revenue came in at $0.3 B (+16.7% on the year), capping 4 years at 19.8% compound. The latest quarter (Mar 26) printed $0.1 B, −22.2% year on year.

FY25 revenue $0.3 B (+16.7% YoY) Revenue bars, $ B (left); YoY growth-% line (right). 5-year window. A bar is red when it is lower than the year before.
19.8% a year over 4 years
RevenueYoY growth
0.444%0.334%0.225%0.115%0.05.7%$ B%$0B16.7%FY21FY23FY25
0.444%0.334%0.225%0.115%0.05.7%$ B%$0B16.7%FY21FY23FY25
Mar 26: $0.1 B (−22.2% YoY) Quarterly revenue bars, $ B (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
0.1156%0.0835%0.0514%0.03−7.0%0.00−28%$ B%$0B−22.2%Jun 23Sep 24Mar 26
0.1156%0.0835%0.0514%0.03−7.0%0.00−28%$ B%$0B−22.2%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +4.3% growth against the decade's 19.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +3.1% over the last 4 quarters against +8.6%/yr over the last 8 — rolling over; TTM profit +200.0% vs −52.0%/yr — accelerating.

06 · Operating margin

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

OPAL Fuels Inc.'s operating margin is 0.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 2.9% to 6.7%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 0.0%, +0.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 2.9%–6.7%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went −4.7 pp — the gain came mostly from the gross line: input costs and pricing.

FY25: 2.9% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 5-year window.
within a 2.9–6.7% band over 5 years
operating marginYoY change (pp)
7.0%3.4%5.9%1.5%4.8%−0.4%3.7%−2.4%2.6%−4.3%%%2.9%−3.8%FY21FY23FY25
7.0%3.4%5.9%1.5%4.8%−0.4%3.7%−2.4%2.6%−4.3%%%2.9%−3.8%FY21FY23FY25
Mar 26: 0.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
25%35%14%20%2.8%4.4%−8.5%−11%−20%−26%%%0%0%Jun 23Sep 24Mar 26
25%35%14%20%2.8%4.4%−8.5%−11%−20%−26%%%0%0%Jun 23Sep 24Mar 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

OPAL Fuels Inc. posted a net loss of $0.01 B in the Mar 26 quarter. Full-year FY25 profit was $0.0 B. The 4-year compound rate is 0.0%. That loss is 14.3% of the quarter's revenue. The same quarter a year earlier earned $0.0 B. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was $−0.0 B, null year on year. On the full year, FY25 printed $0.0 B (+300.0%), and the 4-year compound rate is 0.0%.

FY25 profit $0.0 B (+300.0% YoY) Net profit bars, $ B (left); YoY growth-% line (right). 5-year window. A bar is red when it is lower than the year before.
0.0% a year over 4 years
Net profitYoY growth
0.14367%0.11244%0.07121%0.040.0%0.00−126%$ B%$0B300%FY21FY23FY25
0.14367%0.11244%0.07121%0.040.0%0.00−126%$ B%$0B300%FY21FY23FY25
Mar 26: $−0.0 B (null YoY) Quarterly net profit bars, $ B (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
0.12−24%0.08−58%0.05−92%0.02−125%−0.02−159%$ B%$0B−50%Jun 23Sep 24Mar 26
0.12−24%0.08−58%0.05−92%0.02−125%−0.02−159%$ B%$0B−50%Jun 23Sep 24Mar 26
08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 61% of OPAL Fuels Inc.'s reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was $0.0 B of operating cash against $0.0 B of profit. After $0.1 B of capital spending, $−0.0 B was left as free cash.

FY25: operating cash of $0.0 B against reported profit of $0.0 B, leaving free cash of $−0.0 B after $0.1 B of capital spending. Across the last 3 fiscal years the conversion rate is 61% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO $0.0 B vs profit $0.0 B Operating cash flow and net profit by fiscal year, $ B; the line is free cash flow (CFO minus capital spending). 5-year window, annual resolution. FY22/FY24 reflects an acquisition year — point shown clipped.
61% of 3-year profit arrived as cash
Operating cashNet profitFree cash
0.150.090.03−0.04−0.10$ B$0B$0B$0BFY21FY23FY25
0.150.090.03−0.04−0.10$ B$0B$0B$0BFY21FY23FY25
Mar 26: operating cash $0.0 B Operating cash per quarter, $ B (bars); conversion = operating cash as % of net profit (line, right). Last 12 quarters. Dashed line = 100%.
Operating cash (quarterly)Conversion100%
0.03224%0.02137%0.0150%0.00−37%−0.01−124%$ B%$0B0%Jun 23Sep 24Mar 26
0.03224%0.02137%0.0150%0.00−37%−0.01−124%$ B%$0B0%Jun 23Sep 24Mar 26

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

OPAL Fuels Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Averaged over those years that is 0.0% of FY25 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

FY25: capex $0.1 B Capital spending per fiscal year, $ B (bars).
steady investment
Capex
0.140.110.070.040.00$ B$0BFY21FY23FY25
0.140.110.070.040.00$ B$0BFY21FY23FY25
Mar 26: capex $0.0 B in the quarter Capital spending per quarter, $ B (bars, left); free cash flow, $ B (line, right). Last 12 quarters.
Capex (quarterly)Free cash
0.050.030.040.010.03−0.020.01−0.040.00−0.06$ B$ B$0B$0BJun 23Sep 24Mar 26
0.050.030.040.010.03−0.020.01−0.040.00−0.06$ B$ B$0B$0BJun 23Sep 24Mar 26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

10 · Return on equity

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

OPAL Fuels Inc. earns a ROE of 8% in FY25. That is up from a trough of 2% in FY24. Return on invested capital clears the cost of that capital by −6.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 11.4% net margin on 0.36× asset turns.

FY25 ROE is 8%, recovered from a FY24 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): 11.4% net margin × 0.36× asset turns × 1.92× balance-sheet leverage ≈ 7.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 0.2% − 6.6% = a −6.4 pp spread. The 6.6% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY25: ROE 8% Return on equity by fiscal year, % (line); ROIC by fiscal year, % (line). 4-year window, dips included. Dashed line = the 6.6% cost of capital used on this page.
the climb back from FY24's 2%
ROEROIC (annual)WACC
31%22%13%4.3%−4.5%%8%−2.1%FY22FY23FY25
31%22%13%4.3%−4.5%%8%−2.1%FY22FY23FY25
Mar 26: ROIC −0.3% (TTM) vs WACC 6.6% Trailing-twelve-month ROIC and ROE, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROIC (TTM)ROE (TTM)WACC
41%17%−6.6%−30%−54%%−0.3%6.2%Jun 23Sep 24Mar 26
41%17%−6.6%−30%−54%%−0.3%6.2%Jun 23Sep 24Mar 26
11 · Dividend

Dividend

OPAL Fuels Inc. pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

OPAL Fuels Inc. does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

OPAL Fuels Inc. carries total debt of $0.5 B against shareholder equity of $0.5 B as of Mar 26, a debt-to-equity of 0.88. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of $0.5 B against shareholder equity of $0.5 B — a debt-to-equity of 0.88. Read the returns on this page with that leverage in mind.

FY25: debt $0.3 B at 0.70× equity Total debt by fiscal year, $ B (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
0.40.72×0.30.65×0.20.58×0.10.51×0.00.44×$ B×$0B0.70×FY21FY23FY25
0.40.72×0.30.65×0.20.58×0.10.51×0.00.44×$ B×$0B0.70×FY21FY23FY25
Mar 26: debt $0.5 B, debt-to-equity 0.88 Total debt per quarter, $ B (bars); debt-to-equity, × (line). Last 12 quarters.
Total debt (quarterly)Debt-to-equity
0.50.9×0.40.7×0.20.5×0.10.3×0.00.1×$ B×$1B0.88×Jun 23Sep 24Mar 26
0.50.9×0.40.7×0.20.5×0.10.3×0.00.1×$ B×$1B0.88×Jun 23Sep 24Mar 26
13 · Ownership

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

15.3% of OPAL Fuels Inc.'s tradable float is currently sold short — a large bloc is positioned against it. At typical trading volumes those positions would take about 6.8 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 15.3% of the float is sold short, and at typical trading volumes it would take about 6.8 days to buy those positions back. A large bloc is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Short interest
15.3%
of the tradable float
Days to cover
6.8
at typical volumes

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

OPAL Fuels Inc.: the Z-score reads 0.56. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of 0.56 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads 0.56.

15 · Related companies · Utilities - Regulated Gas
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1UGI CorporationUGI 60.8/100Mixed-positive evidence85% evidence TURNING 20.2/35 Revenue 0.6% · PAT 20.3% · OPM change 2 pp 95% evidence 12.7/25 ROCE 5.2% · OPM 26.8% 76% evidence 14.9/20 P/E 12.6× · PEG 0.75 65% evidence 13.0/20 RS sector -0.1% · RS bench -9.6% · 1Y 3.2%1 of 12 weeks ahead 100% evidence
Exact sum: 20.2 + 12.7 + 14.9 + 13 = 60.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Southwest Gas Holdings, Inc.SWX 59.4/100Mixed-positive evidence85% evidence BASING 22.6/35 Revenue -11.9% · PAT 100% · OPM change 8.9 pp 95% evidence 10.3/25 ROCE 2.2% · OPM 37.5% 76% evidence 11.1/20 P/E 12.6× · PEG 1.47 65% evidence 15.4/20 RS sector 4.2% · RS bench -5.7% · 1Y 13.5%0 of 12 weeks ahead 100% evidence
Exact sum: 22.6 + 10.3 + 11.1 + 15.4 = 59.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Chesapeake Utilities CorporationCPK 58.7/100Mixed-positive evidence85% evidence TURNING 20.6/35 Revenue 17.3% · PAT 19.4% · OPM change -0.9 pp 95% evidence 13.2/25 ROCE 2.9% · OPM 28.2% 76% evidence 10.3/20 P/E 20.3× · PEG 1.32 65% evidence 14.6/20 RS sector 2.1% · RS bench -7.5% · 1Y 7.8%0 of 12 weeks ahead 100% evidence
Exact sum: 20.6 + 13.2 + 10.3 + 14.6 = 58.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4New Jersey Resources CorporationNJR 57.0/100Mixed-positive evidence85% evidence ASLEEP 11.7/35 Revenue 5.1% · PAT -17.6% · OPM change 1.3 pp 95% evidence 14.3/25 ROCE 4.4% · OPM 32% 76% evidence 12.8/20 P/E 16.3× · PEG 1.06 65% evidence 18.2/20 RS sector 10.5% · RS bench 0.1% · 1Y 22.2%0 of 12 weeks ahead 100% evidence
Exact sum: 11.7 + 14.3 + 12.8 + 18.2 = 57 · Decision use: Price leads the evidence: RS versus the benchmark is 0.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5Atmos Energy CorporationATO 53.1/100Mixed-positive evidence85% evidence BASING 24.1/35 Revenue 8.8% · PAT 18.3% · OPM change 6.8 pp 95% evidence 13.7/25 ROCE 2.8% · OPM 39% 76% evidence 8.1/20 P/E 22.7× · PEG 1.7 65% evidence 7.2/20 RS sector -2.1% · RS bench -11.4% · 1Y 5.1%0 of 12 weeks ahead 100% evidence
Exact sum: 24.1 + 13.7 + 8.1 + 7.2 = 53.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Northwest Natural Holding CompanyNWN 50.2/100Mixed-positive evidence85% evidence ASLEEP 16.1/35 Revenue 5.8% · PAT 18.4% · OPM change 2 pp 95% evidence 12.2/25 ROCE 3% · OPM 33.2% 76% evidence 11.8/20 P/E 18.2× · PEG 1.12 65% evidence 10.1/20 RS sector 0.1% · RS bench -9.5% · 1Y 21.9%0 of 12 weeks ahead 100% evidence
Exact sum: 16.1 + 12.2 + 11.8 + 10.1 = 50.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Suburban Propane Partners, L.P.SPH 48.9/100Mixed-negative evidence79% evidence BASING 14.7/35 Revenue -2.3% · PAT 42.5% · OPM change 1.6 pp 95% evidence 12.8/25 ROCE 7.3% · OPM 28.6% 76% evidence 16.0/20 P/E 10.2× · PEG 0.27 65% evidence 5.4/20 RS sector -5% · RS bench -14% · 1Y 2.1%0 of 12 weeks ahead 70% evidence
Exact sum: 14.7 + 12.8 + 16 + 5.4 = 48.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8Black Hills CorporationBKH 48.6/100Mixed-negative evidence72% evidence ASLEEP 14.4/35 Revenue — · PAT 3.1% · OPM change 0.4 pp 57% evidence 10.3/25 ROCE 2.2% · OPM 25.9% 76% evidence 12.8/20 P/E 18.2× · PEG 0.96 65% evidence 11.1/20 RS sector 2.6% · RS bench -7.1% · 1Y 18.7%0 of 12 weeks ahead 100% evidence
Exact sum: 14.4 + 10.3 + 12.8 + 11.1 = 48.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Spire Inc.SR 47.7/100Mixed-negative evidence85% evidence BASING 18.6/35 Revenue 7.9% · PAT 27.3% · OPM change 1.3 pp 95% evidence 11.0/25 ROCE 2.9% · OPM 29.8% 76% evidence 15.0/20 P/E 15.9× · PEG 0.4 65% evidence 3.1/20 RS sector -6.6% · RS bench -15.6% · 1Y 4.6%0 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 11 + 15 + 3.1 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Brookfield Infrastructure CorporationBIPC 45.8/100Thin evidence · provisional56% evidence BASING 14.4/35 Revenue -1.9% · PAT — · OPM change — 52% evidence 13.9/25 ROCE 13.5% · OPM — 61% evidence 11.5/20 P/E -31.4× · PEG — 15% evidence 6.0/20 RS sector -7% · RS bench -15.9% · 1Y 1.6%1 of 12 weeks ahead 100% evidence
Exact sum: 14.4 + 13.9 + 11.5 + 6 = 45.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11RGC Resources, Inc.RGCO 45.0/100Mixed-negative evidence79% evidence ASLEEP 18.4/35 Revenue 17.8% · PAT 15.4% · OPM change -3.7 pp 95% evidence 12.2/25 ROCE 3.9% · OPM 24.8% 76% evidence 5.6/20 P/E 16.5× · PEG 2.87 65% evidence 8.8/20 RS sector -0.9% · RS bench -10.1% · 1Y 4.7%0 of 12 weeks ahead 70% evidence
Exact sum: 18.4 + 12.2 + 5.6 + 8.8 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12MDU Resources Group, Inc.MDU 43.8/100Mixed-negative evidence85% evidence ASLEEP 14.2/35 Revenue -2.1% · PAT 0.5% · OPM change 2.4 pp 95% evidence 9.0/25 ROCE 1.7% · OPM 19.1% 76% evidence 14.3/20 P/E 22.5× · PEG 0.23 65% evidence 6.3/20 RS sector -0.8% · RS bench -10.2% · 1Y 21.6%0 of 12 weeks ahead 100% evidence
Exact sum: 14.2 + 9 + 14.3 + 6.3 = 43.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13NiSource Inc.NI 41.1/100Mixed-negative evidence85% evidence BASING 15.5/35 Revenue 15% · PAT 7.3% · OPM change -0.1 pp 95% evidence 12.8/25 ROCE 2.7% · OPM 34.7% 76% evidence 5.2/20 P/E 23.2× · PEG 2.68 65% evidence 7.6/20 RS sector -1.2% · RS bench -10.5% · 1Y 5.3%0 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 12.8 + 5.2 + 7.6 = 41.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14OPAL Fuels Inc.this pageOPAL 40.0/100Mixed-negative evidence69% evidence TURNING 13.7/35 Revenue 5% · PAT 93.3% · OPM change -4.3 pp 95% evidence 4.4/25 ROCE -0.6% · OPM -6.6% 76% evidence 8.5/20 P/E 252× · PEG — 15% evidence 13.4/20 RS sector 3% · RS bench -6.6% · 1Y 8.6%0 of 12 weeks ahead 70% evidence
Exact sum: 13.7 + 4.4 + 8.5 + 13.4 = 40 · Decision use: Price leads the evidence: RS versus the benchmark is -6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15ONE Gas, Inc.OGS 36.3/100Mixed-negative evidence85% evidence BASING 17.4/35 Revenue 2.8% · PAT 12.8% · OPM change 3.5 pp 95% evidence 10.7/25 ROCE 2.6% · OPM 22.8% 76% evidence 5.5/20 P/E 19.4× · PEG 2.78 65% evidence 2.7/20 RS sector -5.4% · RS bench -14.5% · 1Y 2.8%0 of 12 weeks ahead 100% evidence
Exact sum: 17.4 + 10.7 + 5.5 + 2.7 = 36.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Centuri Holdings, Inc.CTRI 36.0/100Mixed-negative evidence67% evidence ASLEEP 23.1/35 Revenue 18.7% · PAT — · OPM change 1.6 pp 71% evidence 4.2/25 ROCE -0.3% · OPM -0.7% 76% evidence 8.7/20 P/E 86.4× · PEG — 15% evidence 0.0/20 RS sector -18.5% · RS bench -26.4% · 1Y 9.5%0 of 12 weeks ahead 100% evidence
Exact sum: 23.1 + 4.2 + 8.7 + 0 = 36 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is 9.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led S&P 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is OPAL Fuels Inc.'s stock price today?

OPAL Fuels Inc. trades at $2.4, +6.2% over the past year. The company is valued at $0.0 B. The stock sits at 64% of its 52-week range of $2–$3, +4.8% versus its 200-day average. Against the S&P 500 it has been ahead on a trailing-13-week view for 2 weeks. — as of 5 August 2026.

What were OPAL Fuels Inc.'s latest quarterly results?

OPAL Fuels Inc. reported revenue of $0.1 B and a net loss of $0.0 B for the Mar 26 quarter. Earnings per share were $−0.09. The operating margin was 0.0%, 0.0 pp higher than a year earlier. — as of 5 August 2026.

What is OPAL Fuels Inc.'s revenue?

OPAL Fuels Inc. reported revenue of $0.1 B in the Mar 26 quarter, −22.2% year on year. For the full FY25 fiscal year, revenue was $0.3 B (+16.7%). Over the last 4 years revenue compounded at 19.8% a year. — as of 5 August 2026.

What is OPAL Fuels Inc.'s profit?

OPAL Fuels Inc. earned $−0.0 B of net profit in the Mar 26 quarter. Full-year FY25 profit was $0.0 B. The operating margin ran 0.0% in the latest quarter. — as of 5 August 2026.

What is OPAL Fuels Inc.'s market cap?

OPAL Fuels Inc.'s market capitalisation is $0.0 B at a stock price of $2.4. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 5 August 2026.

Does OPAL Fuels Inc. pay a dividend?

No — OPAL Fuels Inc. has declared no dividend per share in any of its last 12 reported quarters, so there is no payout history and no yield to quote. That is a reading of the filed statements, not an estimate. — as of 5 August 2026.

How is OPAL Fuels Inc. performing?

OPAL Fuels Inc.'s latest readings are below. Against the S&P 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 5 August 2026.

What stage is OPAL Fuels Inc. in?

Turning around — profit growth swung from −91.7% at the trough to +200.0% off a 4-quarter-old trough, ROCE holding at 1.1%. The read comes from the last 12 quarters of growth (revenue growth +3.1% latest, profit growth +200.0% latest, eps growth −50.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 5 August 2026.

Is OPAL Fuels Inc. beating the market?

On recent form, yes — OPAL Fuels Inc. has been ahead of the S&P 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.1 years the stock moved −4% against the S&P 500's +24% — behind the index over the full window. — as of 5 August 2026.

Will OPAL Fuels Inc.'s stock price go up?

This page publishes no price forecast for OPAL Fuels Inc. What it measures instead: the stock price is $2.4. Direction is not something this site claims to know. — as of 5 August 2026.

Is the market betting against OPAL Fuels Inc.?

Yes — short interest is 15.3% of OPAL Fuels Inc.'s tradable float, about 6.8 days to cover at typical volumes. A crowded short: a large bloc is positioned against it. With no quarter-by-quarter holder register here, short interest is the cleanest crowd read we hold — as of 5 August 2026.

Does OPAL Fuels Inc. have too much debt?

It is moderate — OPAL Fuels Inc.'s debt-to-equity is 0.87. A year-by-year borrowings ladder is not in our numbers for this stock, so the latest reading is the cleanest hold. Read the returns on this page with that leverage in mind — as of 5 August 2026.

What is OPAL Fuels Inc.'s capex?

OPAL Fuels Inc. spent $0.0 B on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was $0.1 B. — as of 5 August 2026.

What is OPAL Fuels Inc.'s cash flow?

OPAL Fuels Inc. generated $0.0 B of operating cash flow in FY25 and $−0.0 B of free cash flow after $0.1 B of capital spending. Reported profit that year was $0.0 B, so operating cash ran ahead of profit. — as of 5 August 2026.

Is OPAL Fuels Inc.'s profit real cash?

Mostly — over the last 3 fiscal years, 61% of OPAL Fuels Inc.'s reported profit arrived as operating cash. In FY25, operating cash was $0.0 B against reported profit of $0.0 B. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 5 August 2026.

How financially safe is OPAL Fuels Inc.?

On the balance sheet, the Z-score reads 0.56 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That is inside the danger band — a real balance-sheet risk. — as of 5 August 2026.

Where is OPAL Fuels Inc. in its business cycle?

OPAL Fuels Inc.'s FY25 operating margin was 2.9%, against a 5-year band of 2.9%–6.7%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 0.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 5 August 2026.

What could break the OPAL Fuels Inc. story?

The sharpest disagreement: annual EPS moved +650.0% against a +6.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 5 August 2026.

Is OPAL Fuels Inc. a stock worth studying right now?

This is not investment advice. The machine read: OPAL Fuels Inc.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 5 August 2026.

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