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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) 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 $55.0M, roughly 1.6× FUELCELL ENERGY INC). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -54.3%, a 72.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 11.5%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 17.6%).
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
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.
FCEL vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $88.4M |
| Net Profit | $-29.9M | $16.2M |
| Gross Margin | -12.1% | — |
| Operating Margin | -51.5% | 7.5% |
| Net Margin | -54.3% | 18.3% |
| Revenue YoY | 11.5% | 18.7% |
| Net Profit YoY | 27.9% | 401.5% |
| EPS (diluted) | $-0.43 | $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 | $55.0M | $88.4M | ||
| Q3 25 | $46.7M | $77.9M | ||
| Q2 25 | $37.4M | $77.4M | ||
| Q1 25 | $19.0M | $83.0M | ||
| Q4 24 | $49.3M | $74.5M | ||
| Q3 24 | $23.7M | $82.6M | ||
| Q2 24 | $22.4M | $69.8M | ||
| Q1 24 | $16.7M | $64.0M |
| Q4 25 | $-29.9M | $16.2M | ||
| Q3 25 | $-91.7M | $11.4M | ||
| Q2 25 | $-38.0M | $7.6M | ||
| Q1 25 | $-28.3M | $1.3M | ||
| Q4 24 | $-41.4M | $-5.4M | ||
| Q3 24 | $-32.7M | $17.1M | ||
| Q2 24 | $-32.1M | $1.9M | ||
| Q1 24 | $-19.8M | $677.0K |
| Q4 25 | -12.1% | — | ||
| Q3 25 | -11.0% | — | ||
| Q2 25 | -25.2% | — | ||
| Q1 25 | -27.4% | — | ||
| Q4 24 | -22.1% | — | ||
| Q3 24 | -26.2% | — | ||
| Q2 24 | -31.6% | — | ||
| Q1 24 | -70.2% | — |
| Q4 25 | -51.5% | 7.5% | ||
| Q3 25 | -204.0% | 4.6% | ||
| Q2 25 | -95.7% | -1.1% | ||
| Q1 25 | -172.9% | -2.3% | ||
| Q4 24 | -83.2% | -0.5% | ||
| Q3 24 | -141.9% | 14.9% | ||
| Q2 24 | -184.5% | 8.1% | ||
| Q1 24 | -254.5% | 5.6% |
| Q4 25 | -54.3% | 18.3% | ||
| Q3 25 | -196.1% | 14.6% | ||
| Q2 25 | -101.7% | 9.8% | ||
| Q1 25 | -149.1% | 1.5% | ||
| Q4 24 | -84.0% | -7.2% | ||
| Q3 24 | -137.8% | 20.7% | ||
| Q2 24 | -143.4% | 2.7% | ||
| Q1 24 | -118.6% | 1.1% |
| Q4 25 | $-0.43 | $0.08 | ||
| Q3 25 | $-3.78 | $0.05 | ||
| Q2 25 | $-1.79 | $0.03 | ||
| Q1 25 | $-1.42 | $-0.01 | ||
| Q4 24 | $-2.29 | $-0.05 | ||
| Q3 24 | $-1.99 | $0.09 | ||
| Q2 24 | $-2.18 | $-0.01 | ||
| Q1 24 | $-1.37 | $-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 | $278.1M | $24.4M |
| Total DebtLower is stronger | $103.8M | $361.3M |
| Stockholders' EquityBook value | $662.2M | $-12.9M |
| Total Assets | $932.1M | $959.5M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $24.4M | ||
| Q3 25 | $174.7M | $29.9M | ||
| Q2 25 | $177.0M | $29.3M | ||
| Q1 25 | $208.4M | $40.1M | ||
| Q4 24 | $257.3M | $24.3M | ||
| Q3 24 | $267.2M | $31.0M | ||
| Q2 24 | $260.1M | $27.6M | ||
| Q1 24 | $297.5M | $34.2M |
| Q4 25 | $103.8M | $361.3M | ||
| Q3 25 | $106.4M | $351.2M | ||
| Q2 25 | $109.4M | $331.6M | ||
| Q1 25 | $112.3M | $307.0M | ||
| Q4 24 | $115.7M | $307.5M | ||
| Q3 24 | $112.7M | $252.9M | ||
| Q2 24 | $116.2M | $233.3M | ||
| Q1 24 | $107.2M | $208.7M |
| Q4 25 | $662.2M | $-12.9M | ||
| Q3 25 | $556.2M | $7.5M | ||
| Q2 25 | $609.2M | $-25.0M | ||
| Q1 25 | $635.2M | $57.1M | ||
| Q4 24 | $656.9M | $-148.4M | ||
| Q3 24 | $675.8M | $-180.1M | ||
| Q2 24 | $639.8M | $-273.0M | ||
| Q1 24 | $663.9M | $-382.4M |
| Q4 25 | $932.1M | $959.5M | ||
| Q3 25 | $830.5M | $916.7M | ||
| Q2 25 | $883.8M | $905.5M | ||
| Q1 25 | $907.5M | $884.9M | ||
| Q4 24 | $944.1M | $881.1M | ||
| Q3 24 | $948.9M | $831.1M | ||
| Q2 24 | $916.8M | $782.3M | ||
| Q1 24 | $923.2M | $750.5M |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.19× | 46.95× | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | 5.38× | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.17× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 0.16× | — |
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 | $-22.9M | $-3.5M |
| Free Cash FlowOCF − Capex | $-23.9M | $-13.4M |
| FCF MarginFCF / Revenue | -43.4% | -15.1% |
| Capex IntensityCapex / Revenue | 1.8% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-3.5M | ||
| Q3 25 | $-26.8M | $18.2M | ||
| Q2 25 | $-29.9M | $-7.9M | ||
| Q1 25 | $-45.7M | $29.7M | ||
| Q4 24 | $5.8M | $-532.0K | ||
| Q3 24 | $-63.4M | $17.7M | ||
| Q2 24 | $-37.1M | $533.0K | ||
| Q1 24 | $-58.3M | $13.7M |
| Q4 25 | $-23.9M | $-13.4M | ||
| Q3 25 | $-32.1M | $-9.3M | ||
| Q2 25 | $-35.2M | $-29.7M | ||
| Q1 25 | $-52.8M | $18.1M | ||
| Q4 24 | $-4.7M | $-55.0M | ||
| Q3 24 | $-76.8M | $-5.4M | ||
| Q2 24 | $-50.3M | $-22.5M | ||
| Q1 24 | $-68.8M | $-13.0M |
| Q4 25 | -43.4% | -15.1% | ||
| Q3 25 | -68.6% | -11.9% | ||
| Q2 25 | -94.0% | -38.4% | ||
| Q1 25 | -277.8% | 21.8% | ||
| Q4 24 | -9.5% | -73.8% | ||
| Q3 24 | -324.0% | -6.5% | ||
| Q2 24 | -224.5% | -32.2% | ||
| Q1 24 | -412.4% | -20.4% |
| Q4 25 | 1.8% | 11.1% | ||
| Q3 25 | 11.2% | 35.3% | ||
| Q2 25 | 14.1% | 28.2% | ||
| Q1 25 | 37.2% | 13.9% | ||
| Q4 24 | 21.4% | 73.1% | ||
| Q3 24 | 56.6% | 27.9% | ||
| Q2 24 | 58.9% | 32.9% | ||
| Q1 24 | 63.3% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
