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Side-by-side financial comparison of NATURAL RESOURCE PARTNERS LP (NRP) 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 $51.3M, roughly 1.7× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 18.3%, a 60.2% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -21.8%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -8.3%).
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
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.
NRP vs OPAL — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.3M | $88.4M |
| Net Profit | $40.3M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 83.7% | 7.5% |
| Net Margin | 78.5% | 18.3% |
| Revenue YoY | -21.8% | 18.7% |
| Net Profit YoY | -28.4% | 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.
| Q4 25 | — | $88.4M | ||
| Q3 25 | — | $77.9M | ||
| Q2 25 | — | $77.4M | ||
| Q1 25 | $51.3M | $83.0M | ||
| Q4 24 | $61.8M | $74.5M | ||
| Q3 24 | $50.4M | $82.6M | ||
| Q2 24 | $54.6M | $69.8M | ||
| Q1 24 | $65.6M | $64.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | $40.3M | $1.3M | ||
| Q4 24 | $42.8M | $-5.4M | ||
| Q3 24 | $38.6M | $17.1M | ||
| Q2 24 | $46.1M | $1.9M | ||
| Q1 24 | $56.2M | $677.0K |
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | 83.7% | -2.3% | ||
| Q4 24 | 74.9% | -0.5% | ||
| Q3 24 | 84.9% | 14.9% | ||
| Q2 24 | 92.3% | 8.1% | ||
| Q1 24 | 91.0% | 5.6% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | — | 14.6% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | 78.5% | 1.5% | ||
| Q4 24 | 69.2% | -7.2% | ||
| Q3 24 | 76.6% | 20.7% | ||
| Q2 24 | 84.4% | 2.7% | ||
| Q1 24 | 85.7% | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 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 | $30.9M | $24.4M |
| Total DebtLower is stronger | $138.8M | $361.3M |
| Stockholders' EquityBook value | — | $-12.9M |
| Total Assets | $772.5M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.4M | ||
| Q3 25 | — | $29.9M | ||
| Q2 25 | — | $29.3M | ||
| Q1 25 | $30.9M | $40.1M | ||
| Q4 24 | $30.4M | $24.3M | ||
| Q3 24 | $30.9M | $31.0M | ||
| Q2 24 | $32.3M | $27.6M | ||
| Q1 24 | $11.0M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | $138.8M | $307.0M | ||
| Q4 24 | $142.1M | $307.5M | ||
| Q3 24 | $197.4M | $252.9M | ||
| Q2 24 | $210.3M | $233.3M | ||
| Q1 24 | $188.8M | $208.7M |
| Q4 25 | — | $-12.9M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-25.0M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | — | $-148.4M | ||
| Q3 24 | — | $-180.1M | ||
| Q2 24 | — | $-273.0M | ||
| Q1 24 | — | $-382.4M |
| Q4 25 | — | $959.5M | ||
| Q3 25 | — | $916.7M | ||
| Q2 25 | — | $905.5M | ||
| Q1 25 | $772.5M | $884.9M | ||
| Q4 24 | $772.9M | $881.1M | ||
| Q3 24 | $772.9M | $831.1M | ||
| Q2 24 | $789.6M | $782.3M | ||
| Q1 24 | $772.9M | $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 | $34.4M | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | 0.86× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.5M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | — | $-7.9M | ||
| Q1 25 | $34.4M | $29.7M | ||
| Q4 24 | $66.2M | $-532.0K | ||
| Q3 24 | $54.1M | $17.7M | ||
| Q2 24 | $56.6M | $533.0K | ||
| Q1 24 | $71.5M | $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 | 0.0% | 73.1% | ||
| Q3 24 | 0.0% | 27.9% | ||
| Q2 24 | 0.0% | 32.9% | ||
| Q1 24 | 0.0% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | 0.86× | 23.11× | ||
| Q4 24 | 1.55× | — | ||
| Q3 24 | 1.40× | 1.03× | ||
| Q2 24 | 1.23× | 0.28× | ||
| Q1 24 | 1.27× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
