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Side-by-side financial comparison of MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI) 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 $49.9M, roughly 1.8× MARAVAI LIFESCIENCES HOLDINGS, INC.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -71.6%, a 89.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -11.8%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-24.9M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -11.9%).
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
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.
MRVI vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $49.9M | $88.4M |
| Net Profit | $-35.7M | $16.2M |
| Gross Margin | 25.8% | — |
| Operating Margin | -117.9% | 7.5% |
| Net Margin | -71.6% | 18.3% |
| Revenue YoY | -11.8% | 18.7% |
| Net Profit YoY | -37.7% | 401.5% |
| EPS (diluted) | $-0.24 | $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 | $49.9M | $88.4M | ||
| Q3 25 | $41.6M | $77.9M | ||
| Q2 25 | $47.4M | $77.4M | ||
| Q1 25 | $46.9M | $83.0M | ||
| Q4 24 | $56.6M | $74.5M | ||
| Q3 24 | $69.0M | $82.6M | ||
| Q2 24 | $69.4M | $69.8M | ||
| Q1 24 | $64.2M | $64.0M |
| Q4 25 | $-35.7M | $16.2M | ||
| Q3 25 | $-25.6M | $11.4M | ||
| Q2 25 | $-39.6M | $7.6M | ||
| Q1 25 | $-29.9M | $1.3M | ||
| Q4 24 | $-25.9M | $-5.4M | ||
| Q3 24 | $-97.1M | $17.1M | ||
| Q2 24 | $-9.8M | $1.9M | ||
| Q1 24 | $-12.1M | $677.0K |
| Q4 25 | 25.8% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 16.4% | — | ||
| Q1 25 | 16.5% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 46.7% | — | ||
| Q2 24 | 44.4% | — | ||
| Q1 24 | 40.3% | — |
| Q4 25 | -117.9% | 7.5% | ||
| Q3 25 | -98.6% | 4.6% | ||
| Q2 25 | -139.8% | -1.1% | ||
| Q1 25 | -104.9% | -2.3% | ||
| Q4 24 | -66.7% | -0.5% | ||
| Q3 24 | -239.9% | 14.9% | ||
| Q2 24 | -19.4% | 8.1% | ||
| Q1 24 | -29.4% | 5.6% |
| Q4 25 | -71.6% | 18.3% | ||
| Q3 25 | -61.4% | 14.6% | ||
| Q2 25 | -83.5% | 9.8% | ||
| Q1 25 | -63.9% | 1.5% | ||
| Q4 24 | -45.8% | -7.2% | ||
| Q3 24 | -140.6% | 20.7% | ||
| Q2 24 | -14.1% | 2.7% | ||
| Q1 24 | -18.8% | 1.1% |
| Q4 25 | $-0.24 | $0.08 | ||
| Q3 25 | $-0.18 | $0.05 | ||
| Q2 25 | $-0.27 | $0.03 | ||
| Q1 25 | $-0.21 | $-0.01 | ||
| Q4 24 | $-0.21 | $-0.05 | ||
| Q3 24 | $-0.68 | $0.09 | ||
| Q2 24 | $-0.07 | $-0.01 | ||
| Q1 24 | $-0.09 | $-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 | $216.9M | $24.4M |
| Total DebtLower is stronger | $291.8M | $361.3M |
| Stockholders' EquityBook value | $212.4M | $-12.9M |
| Total Assets | $770.6M | $959.5M |
| Debt / EquityLower = less leverage | 1.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $216.9M | $24.4M | ||
| Q3 25 | $243.6M | $29.9M | ||
| Q2 25 | $269.9M | $29.3M | ||
| Q1 25 | $285.1M | $40.1M | ||
| Q4 24 | $322.4M | $24.3M | ||
| Q3 24 | $578.2M | $31.0M | ||
| Q2 24 | $573.2M | $27.6M | ||
| Q1 24 | $561.7M | $34.2M |
| Q4 25 | $291.8M | $361.3M | ||
| Q3 25 | $292.8M | $351.2M | ||
| Q2 25 | $293.9M | $331.6M | ||
| Q1 25 | $294.9M | $307.0M | ||
| Q4 24 | $295.9M | $307.5M | ||
| Q3 24 | $521.7M | $252.9M | ||
| Q2 24 | $522.5M | $233.3M | ||
| Q1 24 | $523.3M | $208.7M |
| Q4 25 | $212.4M | $-12.9M | ||
| Q3 25 | $245.4M | $7.5M | ||
| Q2 25 | $265.9M | $-25.0M | ||
| Q1 25 | $300.6M | $57.1M | ||
| Q4 24 | $325.3M | $-148.4M | ||
| Q3 24 | $344.9M | $-180.1M | ||
| Q2 24 | $434.7M | $-273.0M | ||
| Q1 24 | $410.7M | $-382.4M |
| Q4 25 | $770.6M | $959.5M | ||
| Q3 25 | $849.2M | $916.7M | ||
| Q2 25 | $897.0M | $905.5M | ||
| Q1 25 | $959.8M | $884.9M | ||
| Q4 24 | $1.0B | $881.1M | ||
| Q3 24 | $1.3B | $831.1M | ||
| Q2 24 | $1.4B | $782.3M | ||
| Q1 24 | $1.4B | $750.5M |
| Q4 25 | 1.37× | — | ||
| Q3 25 | 1.19× | 46.95× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 0.98× | 5.38× | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 1.20× | — | ||
| Q1 24 | 1.27× | — |
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 | $-22.8M | $-3.5M |
| Free Cash FlowOCF − Capex | $-24.9M | $-13.4M |
| FCF MarginFCF / Revenue | -49.9% | -15.1% |
| Capex IntensityCapex / Revenue | 4.2% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-70.7M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.8M | $-3.5M | ||
| Q3 25 | $-15.2M | $18.2M | ||
| Q2 25 | $-10.3M | $-7.9M | ||
| Q1 25 | $-9.4M | $29.7M | ||
| Q4 24 | $-14.6M | $-532.0K | ||
| Q3 24 | $13.1M | $17.7M | ||
| Q2 24 | $17.4M | $533.0K | ||
| Q1 24 | $-8.5M | $13.7M |
| Q4 25 | $-24.9M | $-13.4M | ||
| Q3 25 | $-18.1M | $-9.3M | ||
| Q2 25 | $-13.1M | $-29.7M | ||
| Q1 25 | $-14.6M | $18.1M | ||
| Q4 24 | $-20.5M | $-55.0M | ||
| Q3 24 | $4.5M | $-5.4M | ||
| Q2 24 | $7.9M | $-22.5M | ||
| Q1 24 | $-14.1M | $-13.0M |
| Q4 25 | -49.9% | -15.1% | ||
| Q3 25 | -43.4% | -11.9% | ||
| Q2 25 | -27.7% | -38.4% | ||
| Q1 25 | -31.2% | 21.8% | ||
| Q4 24 | -36.2% | -73.8% | ||
| Q3 24 | 6.6% | -6.5% | ||
| Q2 24 | 11.4% | -32.2% | ||
| Q1 24 | -22.0% | -20.4% |
| Q4 25 | 4.2% | 11.1% | ||
| Q3 25 | 7.0% | 35.3% | ||
| Q2 25 | 6.1% | 28.2% | ||
| Q1 25 | 11.2% | 13.9% | ||
| Q4 24 | 10.3% | 73.1% | ||
| Q3 24 | 12.4% | 27.9% | ||
| Q2 24 | 13.8% | 32.9% | ||
| Q1 24 | 8.8% | 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
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
