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Side-by-side financial comparison of LandBridge Co LLC (LB) 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 $51.0M, roughly 1.7× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 35.0% vs 18.3%, a 16.7% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 16.0%). LandBridge Co LLC produced more free cash flow last quarter ($40.9M vs $-13.4M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs 17.6%).
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.
LB vs OPAL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.0M | $88.4M |
| Net Profit | $17.9M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 57.2% | 7.5% |
| Net Margin | 35.0% | 18.3% |
| Revenue YoY | 16.0% | 18.7% |
| Net Profit YoY | 15.6% | 401.5% |
| EPS (diluted) | — | $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 | $51.0M | — | ||
| Q4 25 | $56.8M | $88.4M | ||
| Q3 25 | $50.8M | $77.9M | ||
| Q2 25 | $47.5M | $77.4M | ||
| Q1 25 | $44.0M | $83.0M | ||
| Q4 24 | $36.5M | $74.5M | ||
| Q3 24 | $28.5M | $82.6M | ||
| Q2 24 | $26.0M | $69.8M |
| Q1 26 | $17.9M | — | ||
| Q4 25 | $8.1M | $16.2M | ||
| Q3 25 | $8.1M | $11.4M | ||
| Q2 25 | $7.5M | $7.6M | ||
| Q1 25 | $6.5M | $1.3M | ||
| Q4 24 | $49.3M | $-5.4M | ||
| Q3 24 | $2.7M | $17.1M | ||
| Q2 24 | $-57.7M | $1.9M |
| Q1 26 | 57.2% | — | ||
| Q4 25 | 60.0% | 7.5% | ||
| Q3 25 | 60.8% | 4.6% | ||
| Q2 25 | 60.0% | -1.1% | ||
| Q1 25 | 57.0% | -2.3% | ||
| Q4 24 | 49.4% | -0.5% | ||
| Q3 24 | 11.2% | 14.9% | ||
| Q2 24 | -197.4% | 8.1% |
| Q1 26 | 35.0% | — | ||
| Q4 25 | 14.2% | 18.3% | ||
| Q3 25 | 15.9% | 14.6% | ||
| Q2 25 | 15.8% | 9.8% | ||
| Q1 25 | 14.7% | 1.5% | ||
| Q4 24 | 135.2% | -7.2% | ||
| Q3 24 | 9.3% | 20.7% | ||
| Q2 24 | -222.1% | 2.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.08 | ||
| Q3 25 | $0.26 | $0.05 | ||
| Q2 25 | $0.24 | $0.03 | ||
| Q1 25 | $0.20 | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-0.04 | $0.09 | ||
| Q2 24 | — | $-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 | $29.7M | $24.4M |
| Total DebtLower is stronger | $433.0K | $361.3M |
| Stockholders' EquityBook value | — | $-12.9M |
| Total Assets | $1.4B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.7M | — | ||
| Q4 25 | $30.7M | $24.4M | ||
| Q3 25 | $28.3M | $29.9M | ||
| Q2 25 | $20.3M | $29.3M | ||
| Q1 25 | $14.9M | $40.1M | ||
| Q4 24 | $37.0M | $24.3M | ||
| Q3 24 | $14.4M | $31.0M | ||
| Q2 24 | $24.6M | $27.6M |
| Q1 26 | $433.0K | — | ||
| Q4 25 | $570.7M | $361.3M | ||
| Q3 25 | $366.1M | $351.2M | ||
| Q2 25 | $370.9M | $331.6M | ||
| Q1 25 | $375.5M | $307.0M | ||
| Q4 24 | $385.5M | $307.5M | ||
| Q3 24 | $242.4M | $252.9M | ||
| Q2 24 | $360.8M | $233.3M |
| Q1 26 | — | — | ||
| Q4 25 | $340.3M | $-12.9M | ||
| Q3 25 | $272.0M | $7.5M | ||
| Q2 25 | $266.4M | $-25.0M | ||
| Q1 25 | $217.0M | $57.1M | ||
| Q4 24 | $211.8M | $-148.4M | ||
| Q3 24 | $97.2M | $-180.1M | ||
| Q2 24 | $296.4M | $-273.0M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $959.5M | ||
| Q3 25 | $1.1B | $916.7M | ||
| Q2 25 | $1.1B | $905.5M | ||
| Q1 25 | $1.0B | $884.9M | ||
| Q4 24 | $1.0B | $881.1M | ||
| Q3 24 | $689.9M | $831.1M | ||
| Q2 24 | $710.5M | $782.3M |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.35× | 46.95× | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.73× | 5.38× | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 2.49× | — | ||
| Q2 24 | 1.22× | — |
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 | $41.1M | $-3.5M |
| Free Cash FlowOCF − Capex | $40.9M | $-13.4M |
| FCF MarginFCF / Revenue | 80.3% | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | 2.30× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $232.8M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $41.1M | — | ||
| Q4 25 | $126.3M | $-3.5M | ||
| Q3 25 | $34.9M | $18.2M | ||
| Q2 25 | $37.3M | $-7.9M | ||
| Q1 25 | $15.9M | $29.7M | ||
| Q4 24 | $67.6M | $-532.0K | ||
| Q3 24 | $7.5M | $17.7M | ||
| Q2 24 | $16.0M | $533.0K |
| Q1 26 | $40.9M | — | ||
| Q4 25 | $122.0M | $-13.4M | ||
| Q3 25 | $33.7M | $-9.3M | ||
| Q2 25 | $36.1M | $-29.7M | ||
| Q1 25 | $15.8M | $18.1M | ||
| Q4 24 | $66.7M | $-55.0M | ||
| Q3 24 | $7.1M | $-5.4M | ||
| Q2 24 | $15.7M | $-22.5M |
| Q1 26 | 80.3% | — | ||
| Q4 25 | 214.9% | -15.1% | ||
| Q3 25 | 66.3% | -11.9% | ||
| Q2 25 | 75.9% | -38.4% | ||
| Q1 25 | 36.0% | 21.8% | ||
| Q4 24 | 182.6% | -73.8% | ||
| Q3 24 | 25.1% | -6.5% | ||
| Q2 24 | 60.4% | -32.2% |
| Q1 26 | — | — | ||
| Q4 25 | 7.5% | 11.1% | ||
| Q3 25 | 2.3% | 35.3% | ||
| Q2 25 | 2.6% | 28.2% | ||
| Q1 25 | 0.2% | 13.9% | ||
| Q4 24 | 2.7% | 73.1% | ||
| Q3 24 | 1.1% | 27.9% | ||
| Q2 24 | 1.4% | 32.9% |
| Q1 26 | 2.30× | — | ||
| Q4 25 | 15.68× | -0.22× | ||
| Q3 25 | 4.31× | 1.60× | ||
| Q2 25 | 4.98× | -1.04× | ||
| Q1 25 | 2.46× | 23.11× | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 2.80× | 1.03× | ||
| Q2 24 | — | 0.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
