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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $88.4M, roughly 1.9× OPAL Fuels Inc.). On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 2.5%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 2.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs OPAL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $88.4M |
| Net Profit | — | $16.2M |
| Gross Margin | — | — |
| Operating Margin | — | 7.5% |
| Net Margin | — | 18.3% |
| Revenue YoY | 2.5% | 18.7% |
| Net Profit YoY | — | 401.5% |
| EPS (diluted) | $0.00 | $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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $88.4M | ||
| Q3 25 | $167.1M | $77.9M | ||
| Q2 25 | $162.2M | $77.4M | ||
| Q1 25 | $161.2M | $83.0M | ||
| Q4 24 | $161.0M | $74.5M | ||
| Q3 24 | $160.1M | $82.6M | ||
| Q2 24 | $158.4M | $69.8M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $16.2M | ||
| Q3 25 | $6.9M | $11.4M | ||
| Q2 25 | $8.0M | $7.6M | ||
| Q1 25 | $8.4M | $1.3M | ||
| Q4 24 | $-1.0M | $-5.4M | ||
| Q3 24 | $12.4M | $17.1M | ||
| Q2 24 | $10.4M | $1.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 8.1% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 18.3% | ||
| Q3 25 | 4.1% | 14.6% | ||
| Q2 25 | 5.0% | 9.8% | ||
| Q1 25 | 5.2% | 1.5% | ||
| Q4 24 | -0.6% | -7.2% | ||
| Q3 24 | 7.7% | 20.7% | ||
| Q2 24 | 6.5% | 2.7% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.08 | ||
| Q3 25 | $0.03 | $0.05 | ||
| Q2 25 | $0.03 | $0.03 | ||
| Q1 25 | $0.04 | $-0.01 | ||
| Q4 24 | $-0.01 | $-0.05 | ||
| Q3 24 | $0.05 | $0.09 | ||
| Q2 24 | $0.05 | $-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 | $23.3M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $3.4B | $-12.9M |
| Total Assets | $6.1B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $24.4M | ||
| Q3 25 | $23.3M | $29.9M | ||
| Q2 25 | $19.5M | $29.3M | ||
| Q1 25 | $29.1M | $40.1M | ||
| Q4 24 | $21.2M | $24.3M | ||
| Q3 24 | $17.6M | $31.0M | ||
| Q2 24 | $21.0M | $27.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $361.3M | ||
| Q3 25 | $2.3B | $351.2M | ||
| Q2 25 | $2.2B | $331.6M | ||
| Q1 25 | $2.3B | $307.0M | ||
| Q4 24 | $2.3B | $307.5M | ||
| Q3 24 | $2.3B | $252.9M | ||
| Q2 24 | $2.3B | $233.3M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $-12.9M | ||
| Q3 25 | $3.5B | $7.5M | ||
| Q2 25 | $3.4B | $-25.0M | ||
| Q1 25 | $3.5B | $57.1M | ||
| Q4 24 | $3.4B | $-148.4M | ||
| Q3 24 | $3.4B | $-180.1M | ||
| Q2 24 | $3.4B | $-273.0M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $959.5M | ||
| Q3 25 | $6.1B | $916.7M | ||
| Q2 25 | $6.0B | $905.5M | ||
| Q1 25 | $6.0B | $884.9M | ||
| Q4 24 | $6.1B | $881.1M | ||
| Q3 24 | $5.9B | $831.1M | ||
| Q2 24 | $5.9B | $782.3M |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | 46.95× | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | 5.38× | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $-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.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $-3.5M | ||
| Q3 25 | $79.3M | $18.2M | ||
| Q2 25 | $82.2M | $-7.9M | ||
| Q1 25 | $60.4M | $29.7M | ||
| Q4 24 | $259.8M | $-532.0K | ||
| Q3 24 | $69.2M | $17.7M | ||
| Q2 24 | $83.0M | $533.0K |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 8.48× | -0.22× | ||
| Q3 25 | 11.51× | 1.60× | ||
| Q2 25 | 10.22× | -1.04× | ||
| Q1 25 | 7.23× | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | 1.03× | ||
| Q2 24 | 8.02× | 0.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
