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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) 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 $58.0M, roughly 1.5× indie Semiconductor, Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -53.8%, a 72.1% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -0.0%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-16.1M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 5.3%).
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
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.
INDI vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $88.4M |
| Net Profit | $-31.2M | $16.2M |
| Gross Margin | 37.3% | — |
| Operating Margin | -58.5% | 7.5% |
| Net Margin | -53.8% | 18.3% |
| Revenue YoY | -0.0% | 18.7% |
| Net Profit YoY | 9.1% | 401.5% |
| EPS (diluted) | $-0.16 | $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 | $58.0M | $88.4M | ||
| Q3 25 | $53.7M | $77.9M | ||
| Q2 25 | $51.6M | $77.4M | ||
| Q1 25 | $54.1M | $83.0M | ||
| Q4 24 | $58.0M | $74.5M | ||
| Q3 24 | $54.0M | $82.6M | ||
| Q2 24 | $52.4M | $69.8M | ||
| Q1 24 | $52.4M | $64.0M |
| Q4 25 | $-31.2M | $16.2M | ||
| Q3 25 | $-38.3M | $11.4M | ||
| Q2 25 | $-39.0M | $7.6M | ||
| Q1 25 | $-34.5M | $1.3M | ||
| Q4 24 | $-34.4M | $-5.4M | ||
| Q3 24 | $-49.7M | $17.1M | ||
| Q2 24 | $-19.2M | $1.9M | ||
| Q1 24 | $-31.2M | $677.0K |
| Q4 25 | 37.3% | — | ||
| Q3 25 | 40.1% | — | ||
| Q2 25 | 40.6% | — | ||
| Q1 25 | 41.7% | — | ||
| Q4 24 | 42.6% | — | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 42.2% | — | ||
| Q1 24 | 42.5% | — |
| Q4 25 | -58.5% | 7.5% | ||
| Q3 25 | -71.4% | 4.6% | ||
| Q2 25 | -83.3% | -1.1% | ||
| Q1 25 | -72.0% | -2.3% | ||
| Q4 24 | -58.4% | -0.5% | ||
| Q3 24 | -92.5% | 14.9% | ||
| Q2 24 | -70.0% | 8.1% | ||
| Q1 24 | -94.8% | 5.6% |
| Q4 25 | -53.8% | 18.3% | ||
| Q3 25 | -71.3% | 14.6% | ||
| Q2 25 | -75.6% | 9.8% | ||
| Q1 25 | -63.9% | 1.5% | ||
| Q4 24 | -59.2% | -7.2% | ||
| Q3 24 | -92.1% | 20.7% | ||
| Q2 24 | -36.6% | 2.7% | ||
| Q1 24 | -59.6% | 1.1% |
| Q4 25 | $-0.16 | $0.08 | ||
| Q3 25 | $-0.19 | $0.05 | ||
| Q2 25 | $-0.20 | $0.03 | ||
| Q1 25 | $-0.18 | $-0.01 | ||
| Q4 24 | $-0.18 | $-0.05 | ||
| Q3 24 | $-0.28 | $0.09 | ||
| Q2 24 | $-0.11 | $-0.01 | ||
| Q1 24 | $-0.19 | $-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 | $145.5M | $24.4M |
| Total DebtLower is stronger | $353.4M | $361.3M |
| Stockholders' EquityBook value | $358.0M | $-12.9M |
| Total Assets | $840.8M | $959.5M |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $24.4M | ||
| Q3 25 | $160.9M | $29.9M | ||
| Q2 25 | $192.6M | $29.3M | ||
| Q1 25 | $236.6M | $40.1M | ||
| Q4 24 | $274.2M | $24.3M | ||
| Q3 24 | $96.9M | $31.0M | ||
| Q2 24 | $112.3M | $27.6M | ||
| Q1 24 | $138.2M | $34.2M |
| Q4 25 | $353.4M | $361.3M | ||
| Q3 25 | $353.5M | $351.2M | ||
| Q2 25 | $352.5M | $331.6M | ||
| Q1 25 | $379.0M | $307.0M | ||
| Q4 24 | $381.3M | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $358.0M | $-12.9M | ||
| Q3 25 | $369.2M | $7.5M | ||
| Q2 25 | $390.4M | $-25.0M | ||
| Q1 25 | $405.6M | $57.1M | ||
| Q4 24 | $417.9M | $-148.4M | ||
| Q3 24 | $458.6M | $-180.1M | ||
| Q2 24 | $470.7M | $-273.0M | ||
| Q1 24 | $432.9M | $-382.4M |
| Q4 25 | $840.8M | $959.5M | ||
| Q3 25 | $855.1M | $916.7M | ||
| Q2 25 | $867.6M | $905.5M | ||
| Q1 25 | $909.0M | $884.9M | ||
| Q4 24 | $941.4M | $881.1M | ||
| Q3 24 | $797.5M | $831.1M | ||
| Q2 24 | $797.3M | $782.3M | ||
| Q1 24 | $803.6M | $750.5M |
| Q4 25 | 0.99× | — | ||
| Q3 25 | 0.96× | 46.95× | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.93× | 5.38× | ||
| Q4 24 | 0.91× | — | ||
| 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 | $-14.4M | $-3.5M |
| Free Cash FlowOCF − Capex | $-16.1M | $-13.4M |
| FCF MarginFCF / Revenue | -27.8% | -15.1% |
| Capex IntensityCapex / Revenue | 3.0% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $-3.5M | ||
| Q3 25 | $-6.2M | $18.2M | ||
| Q2 25 | $-7.6M | $-7.9M | ||
| Q1 25 | $-29.0M | $29.7M | ||
| Q4 24 | $-6.7M | $-532.0K | ||
| Q3 24 | $-22.8M | $17.7M | ||
| Q2 24 | $-19.7M | $533.0K | ||
| Q1 24 | $-9.3M | $13.7M |
| Q4 25 | $-16.1M | $-13.4M | ||
| Q3 25 | $-10.3M | $-9.3M | ||
| Q2 25 | $-13.6M | $-29.7M | ||
| Q1 25 | $-31.4M | $18.1M | ||
| Q4 24 | $-8.6M | $-55.0M | ||
| Q3 24 | $-29.3M | $-5.4M | ||
| Q2 24 | $-23.4M | $-22.5M | ||
| Q1 24 | $-11.7M | $-13.0M |
| Q4 25 | -27.8% | -15.1% | ||
| Q3 25 | -19.2% | -11.9% | ||
| Q2 25 | -26.4% | -38.4% | ||
| Q1 25 | -58.0% | 21.8% | ||
| Q4 24 | -14.8% | -73.8% | ||
| Q3 24 | -54.3% | -6.5% | ||
| Q2 24 | -44.7% | -32.2% | ||
| Q1 24 | -22.3% | -20.4% |
| Q4 25 | 3.0% | 11.1% | ||
| Q3 25 | 7.8% | 35.3% | ||
| Q2 25 | 11.6% | 28.2% | ||
| Q1 25 | 4.4% | 13.9% | ||
| Q4 24 | 3.2% | 73.1% | ||
| Q3 24 | 12.1% | 27.9% | ||
| Q2 24 | 7.0% | 32.9% | ||
| Q1 24 | 4.4% | 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
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
