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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $88.4M, roughly 1.3× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -46.8%, a 65.1% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 13.3%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $88.4M |
| Net Profit | $-53.8M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -57.4% | 7.5% |
| Net Margin | -46.8% | 18.3% |
| Revenue YoY | 13.3% | 18.7% |
| Net Profit YoY | -176.7% | 401.5% |
| EPS (diluted) | $-0.38 | $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 | $114.8M | $88.4M | ||
| Q3 25 | $103.1M | $77.9M | ||
| Q2 25 | $85.7M | $77.4M | ||
| Q1 25 | $96.9M | $83.0M | ||
| Q4 24 | $101.3M | $74.5M | ||
| Q3 24 | $82.0M | $82.6M | ||
| Q2 24 | $94.5M | $69.8M | ||
| Q1 24 | $105.8M | $64.0M |
| Q4 25 | $-53.8M | $16.2M | ||
| Q3 25 | $83.3M | $11.4M | ||
| Q2 25 | $98.4M | $7.6M | ||
| Q1 25 | $56.6M | $1.3M | ||
| Q4 24 | $70.1M | $-5.4M | ||
| Q3 24 | $-19.6M | $17.1M | ||
| Q2 24 | $26.5M | $1.9M | ||
| Q1 24 | $123.0M | $677.0K |
| Q4 25 | -57.4% | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | 84.7% | -2.3% | ||
| Q4 24 | 90.9% | -0.5% | ||
| Q3 24 | -32.1% | 14.9% | ||
| Q2 24 | 39.5% | 8.1% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | -46.8% | 18.3% | ||
| Q3 25 | 80.8% | 14.6% | ||
| Q2 25 | 114.9% | 9.8% | ||
| Q1 25 | 58.4% | 1.5% | ||
| Q4 24 | 69.2% | -7.2% | ||
| Q3 24 | -23.9% | 20.7% | ||
| Q2 24 | 28.1% | 2.7% | ||
| Q1 24 | 116.3% | 1.1% |
| Q4 25 | $-0.38 | $0.08 | ||
| Q3 25 | $0.61 | $0.05 | ||
| Q2 25 | $0.74 | $0.03 | ||
| Q1 25 | $0.44 | $-0.01 | ||
| Q4 24 | $0.58 | $-0.05 | ||
| Q3 24 | $-0.17 | $0.09 | ||
| Q2 24 | $0.23 | $-0.01 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $2.7B | $-12.9M |
| Total Assets | $8.2B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $24.4M | ||
| Q3 25 | $301.8M | $29.9M | ||
| Q2 25 | $86.5M | $29.3M | ||
| Q1 25 | $67.4M | $40.1M | ||
| Q4 24 | $129.8M | $24.3M | ||
| Q3 24 | $44.1M | $31.0M | ||
| Q2 24 | $145.7M | $27.6M | ||
| Q1 24 | $61.4M | $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 | $2.7B | $-12.9M | ||
| Q3 25 | $2.7B | $7.5M | ||
| Q2 25 | $2.6B | $-25.0M | ||
| Q1 25 | $2.5B | $57.1M | ||
| Q4 24 | $2.4B | $-148.4M | ||
| Q3 24 | $2.3B | $-180.1M | ||
| Q2 24 | $2.3B | $-273.0M | ||
| Q1 24 | $2.3B | $-382.4M |
| Q4 25 | $8.2B | $959.5M | ||
| Q3 25 | $8.2B | $916.7M | ||
| Q2 25 | $7.6B | $905.5M | ||
| Q1 25 | $7.5B | $884.9M | ||
| Q4 24 | $7.1B | $881.1M | ||
| Q3 24 | $6.7B | $831.1M | ||
| Q2 24 | $6.7B | $782.3M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $-3.5M | ||
| Q3 25 | $-121.8M | $18.2M | ||
| Q2 25 | $79.6M | $-7.9M | ||
| Q1 25 | $-37.1M | $29.7M | ||
| Q4 24 | $5.9M | $-532.0K | ||
| Q3 24 | $21.9M | $17.7M | ||
| Q2 24 | $-24.8M | $533.0K | ||
| Q1 24 | $20.9M | $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 | — | -0.22× | ||
| Q3 25 | -1.46× | 1.60× | ||
| Q2 25 | 0.81× | -1.04× | ||
| Q1 25 | -0.66× | 23.11× | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | -0.94× | 0.28× | ||
| Q1 24 | 0.17× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
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% |
