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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $73.3M, roughly 1.2× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 18.3%, a 21.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 4.0%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
ARI vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $88.4M |
| Net Profit | $29.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | 7.5% |
| Net Margin | 39.9% | 18.3% |
| Revenue YoY | 4.0% | 18.7% |
| Net Profit YoY | -28.2% | 401.5% |
| EPS (diluted) | $0.19 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $88.4M | ||
| Q3 25 | $61.6M | $77.9M | ||
| Q2 25 | $70.9M | $77.4M | ||
| Q1 25 | $65.8M | $83.0M | ||
| Q4 24 | $70.5M | $74.5M | ||
| Q3 24 | $71.6M | $82.6M | ||
| Q2 24 | $81.1M | $69.8M | ||
| Q1 24 | $80.5M | $64.0M |
| Q4 25 | $29.2M | $16.2M | ||
| Q3 25 | $50.8M | $11.4M | ||
| Q2 25 | $20.7M | $7.6M | ||
| Q1 25 | $26.0M | $1.3M | ||
| Q4 24 | $40.7M | $-5.4M | ||
| Q3 24 | $-91.5M | $17.1M | ||
| Q2 24 | $35.8M | $1.9M | ||
| Q1 24 | $-104.5M | $677.0K |
| Q4 25 | 39.7% | 7.5% | ||
| Q3 25 | 82.8% | 4.6% | ||
| Q2 25 | 29.4% | -1.1% | ||
| Q1 25 | 39.7% | -2.3% | ||
| Q4 24 | 57.9% | -0.5% | ||
| Q3 24 | -127.8% | 14.9% | ||
| Q2 24 | 44.2% | 8.1% | ||
| Q1 24 | -129.6% | 5.6% |
| Q4 25 | 39.9% | 18.3% | ||
| Q3 25 | 82.4% | 14.6% | ||
| Q2 25 | 29.3% | 9.8% | ||
| Q1 25 | 39.5% | 1.5% | ||
| Q4 24 | 57.7% | -7.2% | ||
| Q3 24 | -127.9% | 20.7% | ||
| Q2 24 | 44.1% | 2.7% | ||
| Q1 24 | -129.8% | 1.1% |
| Q4 25 | $0.19 | $0.08 | ||
| Q3 25 | $0.34 | $0.05 | ||
| Q2 25 | $0.12 | $0.03 | ||
| Q1 25 | $0.16 | $-0.01 | ||
| Q4 24 | $0.25 | $-0.05 | ||
| Q3 24 | $-0.69 | $0.09 | ||
| Q2 24 | $0.23 | $-0.01 | ||
| Q1 24 | $-0.76 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $1.9B | $-12.9M |
| Total Assets | $9.9B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $24.4M | ||
| Q3 25 | $245.9M | $29.9M | ||
| Q2 25 | $177.6M | $29.3M | ||
| Q1 25 | $166.4M | $40.1M | ||
| Q4 24 | $317.4M | $24.3M | ||
| Q3 24 | $194.3M | $31.0M | ||
| Q2 24 | $174.7M | $27.6M | ||
| Q1 24 | $161.2M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $1.9B | $-12.9M | ||
| Q3 25 | $1.9B | $7.5M | ||
| Q2 25 | $1.8B | $-25.0M | ||
| Q1 25 | $1.9B | $57.1M | ||
| Q4 24 | $1.9B | $-148.4M | ||
| Q3 24 | $1.9B | $-180.1M | ||
| Q2 24 | $2.0B | $-273.0M | ||
| Q1 24 | $2.0B | $-382.4M |
| Q4 25 | $9.9B | $959.5M | ||
| Q3 25 | $9.5B | $916.7M | ||
| Q2 25 | $9.8B | $905.5M | ||
| Q1 25 | $8.8B | $884.9M | ||
| Q4 24 | $8.4B | $881.1M | ||
| Q3 24 | $9.1B | $831.1M | ||
| Q2 24 | $9.3B | $782.3M | ||
| Q1 24 | $9.2B | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | 4.88× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-3.5M | ||
| Q3 25 | $31.7M | $18.2M | ||
| Q2 25 | $63.2M | $-7.9M | ||
| Q1 25 | $39.3M | $29.7M | ||
| Q4 24 | $200.3M | $-532.0K | ||
| Q3 24 | $47.2M | $17.7M | ||
| Q2 24 | $50.2M | $533.0K | ||
| Q1 24 | $52.8M | $13.7M |
| Q4 25 | — | $-13.4M | ||
| Q3 25 | — | $-9.3M | ||
| Q2 25 | — | $-29.7M | ||
| Q1 25 | — | $18.1M | ||
| Q4 24 | — | $-55.0M | ||
| Q3 24 | — | $-5.4M | ||
| Q2 24 | — | $-22.5M | ||
| Q1 24 | — | $-13.0M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | — | -11.9% | ||
| Q2 25 | — | -38.4% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | — | -73.8% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | -32.2% | ||
| Q1 24 | — | -20.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 28.2% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | — | 73.1% | ||
| Q3 24 | — | 27.9% | ||
| Q2 24 | — | 32.9% | ||
| Q1 24 | — | 41.8% |
| Q4 25 | 4.88× | -0.22× | ||
| Q3 25 | 0.62× | 1.60× | ||
| Q2 25 | 3.05× | -1.04× | ||
| Q1 25 | 1.51× | 23.11× | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 1.40× | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
