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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $88.4M, roughly 1.1× OPAL Fuels Inc.). On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 2.3%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 13.7%).
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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
OPAL vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $93.7M |
| Net Profit | $16.2M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | 7.5% | -1.0% |
| Net Margin | 18.3% | — |
| Revenue YoY | 18.7% | 2.3% |
| Net Profit YoY | 401.5% | — |
| EPS (diluted) | $0.08 | $-0.11 |
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 | $93.7M | ||
| Q3 25 | $77.9M | $83.6M | ||
| Q2 25 | $77.4M | $77.8M | ||
| Q1 25 | $83.0M | $77.6M | ||
| Q4 24 | $74.5M | $91.6M | ||
| Q3 24 | $82.6M | $78.6M | ||
| Q2 24 | $69.8M | $72.8M | ||
| Q1 24 | $64.0M | $72.5M |
| Q4 25 | $16.2M | — | ||
| Q3 25 | $11.4M | $-10.4M | ||
| Q2 25 | $7.6M | $-7.5M | ||
| Q1 25 | $1.3M | $-10.9M | ||
| Q4 24 | $-5.4M | — | ||
| Q3 24 | $17.1M | $-8.1M | ||
| Q2 24 | $1.9M | $5.5M | ||
| Q1 24 | $677.0K | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | 7.5% | -1.0% | ||
| Q3 25 | 4.6% | -6.8% | ||
| Q2 25 | -1.1% | -12.5% | ||
| Q1 25 | -2.3% | -10.3% | ||
| Q4 24 | -0.5% | 1.5% | ||
| Q3 24 | 14.9% | -5.3% | ||
| Q2 24 | 8.1% | -7.1% | ||
| Q1 24 | 5.6% | -6.6% |
| Q4 25 | 18.3% | — | ||
| Q3 25 | 14.6% | -12.4% | ||
| Q2 25 | 9.8% | -9.6% | ||
| Q1 25 | 1.5% | -14.0% | ||
| Q4 24 | -7.2% | — | ||
| Q3 24 | 20.7% | -10.3% | ||
| Q2 24 | 2.7% | 7.6% | ||
| Q1 24 | 1.1% | -11.2% |
| Q4 25 | $0.08 | $-0.11 | ||
| Q3 25 | $0.05 | $-0.12 | ||
| Q2 25 | $0.03 | $-0.09 | ||
| Q1 25 | $-0.01 | $-0.13 | ||
| Q4 24 | $-0.05 | $-0.13 | ||
| Q3 24 | $0.09 | $-0.10 | ||
| Q2 24 | $-0.01 | $0.07 | ||
| Q1 24 | $-0.01 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.4M | $63.0M |
| Total DebtLower is stronger | $361.3M | $401.9M |
| Stockholders' EquityBook value | $-12.9M | $534.9M |
| Total Assets | $959.5M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $63.0M | ||
| Q3 25 | $29.9M | $49.9M | ||
| Q2 25 | $29.3M | $49.2M | ||
| Q1 25 | $40.1M | $65.5M | ||
| Q4 24 | $24.3M | $76.1M | ||
| Q3 24 | $31.0M | $69.5M | ||
| Q2 24 | $27.6M | $65.1M | ||
| Q1 24 | $34.2M | $55.1M |
| Q4 25 | $361.3M | $401.9M | ||
| Q3 25 | $351.2M | $403.1M | ||
| Q2 25 | $331.6M | $403.1M | ||
| Q1 25 | $307.0M | $405.2M | ||
| Q4 24 | $307.5M | $406.4M | ||
| Q3 24 | $252.9M | $403.2M | ||
| Q2 24 | $233.3M | $396.1M | ||
| Q1 24 | $208.7M | $396.7M |
| Q4 25 | $-12.9M | $534.9M | ||
| Q3 25 | $7.5M | $537.8M | ||
| Q2 25 | $-25.0M | $539.0M | ||
| Q1 25 | $57.1M | $544.1M | ||
| Q4 24 | $-148.4M | $548.1M | ||
| Q3 24 | $-180.1M | $564.3M | ||
| Q2 24 | $-273.0M | $566.2M | ||
| Q1 24 | $-382.4M | $560.0M |
| Q4 25 | $959.5M | $1.1B | ||
| Q3 25 | $916.7M | $1.1B | ||
| Q2 25 | $905.5M | $1.1B | ||
| Q1 25 | $884.9M | $1.1B | ||
| Q4 24 | $881.1M | $1.1B | ||
| Q3 24 | $831.1M | $1.1B | ||
| Q2 24 | $782.3M | $1.1B | ||
| Q1 24 | $750.5M | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | 46.95× | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | 5.38× | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| 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.
| Q4 25 | $-3.5M | $19.5M | ||
| Q3 25 | $18.2M | $8.5M | ||
| Q2 25 | $-7.9M | $-3.6M | ||
| Q1 25 | $29.7M | $-1.3M | ||
| Q4 24 | $-532.0K | $6.5M | ||
| Q3 24 | $17.7M | $10.1M | ||
| Q2 24 | $533.0K | $19.6M | ||
| Q1 24 | $13.7M | $5.2M |
| 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 | 73.1% | — | ||
| Q3 24 | 27.9% | — | ||
| Q2 24 | 32.9% | — | ||
| Q1 24 | 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× | 3.56× | ||
| Q1 24 | 20.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
