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Side-by-side financial comparison of Ellington Financial Inc. (EFC) 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 $78.2M, roughly 1.1× Ellington Financial Inc.). Ellington Financial Inc. runs the higher net margin — 28.9% vs 18.3%, a 10.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 8.7%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 1.8%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
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.
EFC vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $88.4M |
| Net Profit | $22.6M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 7.4% | 7.5% |
| Net Margin | 28.9% | 18.3% |
| Revenue YoY | 8.7% | 18.7% |
| Net Profit YoY | -26.2% | 401.5% |
| EPS (diluted) | $0.10 | $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 | $78.2M | $88.4M | ||
| Q3 25 | $82.8M | $77.9M | ||
| Q2 25 | $92.5M | $77.4M | ||
| Q1 25 | $82.9M | $83.0M | ||
| Q4 24 | $72.0M | $74.5M | ||
| Q3 24 | $67.0M | $82.6M | ||
| Q2 24 | $91.2M | $69.8M | ||
| Q1 24 | $75.5M | $64.0M |
| Q4 25 | $22.6M | $16.2M | ||
| Q3 25 | $29.5M | $11.4M | ||
| Q2 25 | $42.9M | $7.6M | ||
| Q1 25 | $31.6M | $1.3M | ||
| Q4 24 | $30.7M | $-5.4M | ||
| Q3 24 | $16.2M | $17.1M | ||
| Q2 24 | $52.3M | $1.9M | ||
| Q1 24 | $26.9M | $677.0K |
| Q4 25 | 7.4% | 7.5% | ||
| Q3 25 | 31.1% | 4.6% | ||
| Q2 25 | 38.3% | -1.1% | ||
| Q1 25 | 37.3% | -2.3% | ||
| Q4 24 | 28.0% | -0.5% | ||
| Q3 24 | 24.0% | 14.9% | ||
| Q2 24 | 52.8% | 8.1% | ||
| Q1 24 | 42.2% | 5.6% |
| Q4 25 | 28.9% | 18.3% | ||
| Q3 25 | 35.7% | 14.6% | ||
| Q2 25 | 46.4% | 9.8% | ||
| Q1 25 | 38.2% | 1.5% | ||
| Q4 24 | 42.6% | -7.2% | ||
| Q3 24 | 24.1% | 20.7% | ||
| Q2 24 | 57.4% | 2.7% | ||
| Q1 24 | 35.6% | 1.1% |
| Q4 25 | $0.10 | $0.08 | ||
| Q3 25 | $0.29 | $0.05 | ||
| Q2 25 | $0.45 | $0.03 | ||
| Q1 25 | $0.35 | $-0.01 | ||
| Q4 24 | $0.23 | $-0.05 | ||
| Q3 24 | $0.19 | $0.09 | ||
| Q2 24 | $0.62 | $-0.01 | ||
| Q1 24 | $0.32 | $-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 | $201.9M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $1.8B | $-12.9M |
| Total Assets | $19.4B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $201.9M | $24.4M | ||
| Q3 25 | $184.8M | $29.9M | ||
| Q2 25 | $211.0M | $29.3M | ||
| Q1 25 | $203.3M | $40.1M | ||
| Q4 24 | $192.4M | $24.3M | ||
| Q3 24 | $217.7M | $31.0M | ||
| Q2 24 | $198.5M | $27.6M | ||
| Q1 24 | $187.5M | $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 | $1.8B | $-12.9M | ||
| Q3 25 | $1.8B | $7.5M | ||
| Q2 25 | $1.7B | $-25.0M | ||
| Q1 25 | $1.6B | $57.1M | ||
| Q4 24 | $1.6B | $-148.4M | ||
| Q3 24 | $1.6B | $-180.1M | ||
| Q2 24 | $1.6B | $-273.0M | ||
| Q1 24 | $1.5B | $-382.4M |
| Q4 25 | $19.4B | $959.5M | ||
| Q3 25 | $17.8B | $916.7M | ||
| Q2 25 | $17.1B | $905.5M | ||
| Q1 25 | $16.6B | $884.9M | ||
| Q4 24 | $16.3B | $881.1M | ||
| Q3 24 | $16.0B | $831.1M | ||
| Q2 24 | $15.1B | $782.3M | ||
| Q1 24 | $15.1B | $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 | $-925.5M | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | 0.0% | 11.1% |
| Cash ConversionOCF / Net Profit | -40.92× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-925.5M | $-3.5M | ||
| Q3 25 | $-290.4M | $18.2M | ||
| Q2 25 | $-210.5M | $-7.9M | ||
| Q1 25 | $-126.4M | $29.7M | ||
| Q4 24 | $-430.5M | $-532.0K | ||
| Q3 24 | $-141.7M | $17.7M | ||
| Q2 24 | $-88.6M | $533.0K | ||
| Q1 24 | $-59.5M | $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 | 0.0% | 11.1% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 28.2% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | 0.0% | 73.1% | ||
| Q3 24 | 0.0% | 27.9% | ||
| Q2 24 | 0.0% | 32.9% | ||
| Q1 24 | 0.0% | 41.8% |
| Q4 25 | -40.92× | -0.22× | ||
| Q3 25 | -9.84× | 1.60× | ||
| Q2 25 | -4.90× | -1.04× | ||
| Q1 25 | -3.99× | 23.11× | ||
| Q4 24 | -14.04× | — | ||
| Q3 24 | -8.76× | 1.03× | ||
| Q2 24 | -1.69× | 0.28× | ||
| Q1 24 | -2.21× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EFC
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% |
