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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) 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 $79.8M, roughly 1.1× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs 18.3%, a 250.2% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -16.0%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-450.8M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -33.3%).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
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.
CORZ vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $88.4M |
| Net Profit | $214.2M | $16.2M |
| Gross Margin | 26.0% | — |
| Operating Margin | -149.5% | 7.5% |
| Net Margin | 268.5% | 18.3% |
| Revenue YoY | -16.0% | 18.7% |
| Net Profit YoY | 180.6% | 401.5% |
| EPS (diluted) | $-1.63 | $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 | $79.8M | $88.4M | ||
| Q3 25 | $81.1M | $77.9M | ||
| Q2 25 | $78.6M | $77.4M | ||
| Q1 25 | $79.5M | $83.0M | ||
| Q4 24 | $94.9M | $74.5M | ||
| Q3 24 | $95.4M | $82.6M | ||
| Q2 24 | $141.1M | $69.8M | ||
| Q1 24 | $179.3M | $64.0M |
| Q4 25 | $214.2M | $16.2M | ||
| Q3 25 | $-144.0M | $11.4M | ||
| Q2 25 | $-936.8M | $7.6M | ||
| Q1 25 | $576.3M | $1.3M | ||
| Q4 24 | $-265.5M | $-5.4M | ||
| Q3 24 | $-455.3M | $17.1M | ||
| Q2 24 | $-902.2M | $1.9M | ||
| Q1 24 | $210.7M | $677.0K |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 27.5% | — | ||
| Q1 24 | 43.3% | — |
| Q4 25 | -149.5% | 7.5% | ||
| Q3 25 | -67.6% | 4.6% | ||
| Q2 25 | -33.4% | -1.1% | ||
| Q1 25 | -59.1% | -2.3% | ||
| Q4 24 | -41.9% | -0.5% | ||
| Q3 24 | -43.2% | 14.9% | ||
| Q2 24 | -64.3% | 8.1% | ||
| Q1 24 | 30.8% | 5.6% |
| Q4 25 | 268.5% | 18.3% | ||
| Q3 25 | -177.6% | 14.6% | ||
| Q2 25 | -1191.4% | 9.8% | ||
| Q1 25 | 724.6% | 1.5% | ||
| Q4 24 | -279.7% | -7.2% | ||
| Q3 24 | -477.4% | 20.7% | ||
| Q2 24 | -639.4% | 2.7% | ||
| Q1 24 | 117.5% | 1.1% |
| Q4 25 | $-1.63 | $0.08 | ||
| Q3 25 | $-0.45 | $0.05 | ||
| Q2 25 | $-0.04 | $0.03 | ||
| Q1 25 | $1.24 | $-0.01 | ||
| Q4 24 | $0.51 | $-0.05 | ||
| Q3 24 | $-1.17 | $0.09 | ||
| Q2 24 | $-5.05 | $-0.01 | ||
| Q1 24 | $0.78 | $-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 | $311.4M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $-962.7M | $-12.9M |
| Total Assets | $2.3B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $24.4M | ||
| Q3 25 | $453.4M | $29.9M | ||
| Q2 25 | $581.3M | $29.3M | ||
| Q1 25 | $697.9M | $40.1M | ||
| Q4 24 | $836.2M | $24.3M | ||
| Q3 24 | $253.0M | $31.0M | ||
| Q2 24 | $96.1M | $27.6M | ||
| Q1 24 | $98.1M | $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 | $-962.7M | $-12.9M | ||
| Q3 25 | $-1.3B | $7.5M | ||
| Q2 25 | $-1.2B | $-25.0M | ||
| Q1 25 | $-308.8M | $57.1M | ||
| Q4 24 | $-943.0M | $-148.4M | ||
| Q3 24 | $-826.7M | $-180.1M | ||
| Q2 24 | $-1.2B | $-273.0M | ||
| Q1 24 | $-318.5M | $-382.4M |
| Q4 25 | $2.3B | $959.5M | ||
| Q3 25 | $2.2B | $916.7M | ||
| Q2 25 | $1.9B | $905.5M | ||
| Q1 25 | $1.5B | $884.9M | ||
| Q4 24 | $1.5B | $881.1M | ||
| Q3 24 | $824.6M | $831.1M | ||
| Q2 24 | $664.2M | $782.3M | ||
| Q1 24 | $814.0M | $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 | $278.3M | $-3.5M |
| Free Cash FlowOCF − Capex | $-450.8M | $-13.4M |
| FCF MarginFCF / Revenue | -565.1% | -15.1% |
| Capex IntensityCapex / Revenue | 914.0% | 11.1% |
| Cash ConversionOCF / Net Profit | 1.30× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $-3.5M | ||
| Q3 25 | $131.8M | $18.2M | ||
| Q2 25 | $34.0M | $-7.9M | ||
| Q1 25 | $-45.0M | $29.7M | ||
| Q4 24 | $42.9M | $-532.0K | ||
| Q3 24 | $5.7M | $17.7M | ||
| Q2 24 | $1.2M | $533.0K | ||
| Q1 24 | $22.2M | $13.7M |
| Q4 25 | $-450.8M | $-13.4M | ||
| Q3 25 | $-112.7M | $-9.3M | ||
| Q2 25 | $-87.3M | $-29.7M | ||
| Q1 25 | $-129.0M | $18.1M | ||
| Q4 24 | $-52.1M | $-55.0M | ||
| Q3 24 | $-25.5M | $-5.4M | ||
| Q2 24 | $-1.9M | $-22.5M | ||
| Q1 24 | $-9.7M | $-13.0M |
| Q4 25 | -565.1% | -15.1% | ||
| Q3 25 | -139.0% | -11.9% | ||
| Q2 25 | -111.0% | -38.4% | ||
| Q1 25 | -162.2% | 21.8% | ||
| Q4 24 | -54.8% | -73.8% | ||
| Q3 24 | -26.7% | -6.5% | ||
| Q2 24 | -1.4% | -32.2% | ||
| Q1 24 | -5.4% | -20.4% |
| Q4 25 | 914.0% | 11.1% | ||
| Q3 25 | 301.5% | 35.3% | ||
| Q2 25 | 154.2% | 28.2% | ||
| Q1 25 | 105.6% | 13.9% | ||
| Q4 24 | 100.0% | 73.1% | ||
| Q3 24 | 32.7% | 27.9% | ||
| Q2 24 | 2.2% | 32.9% | ||
| Q1 24 | 17.8% | 41.8% |
| Q4 25 | 1.30× | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | -0.08× | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | 0.11× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
