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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $57.6M, roughly 1.5× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
OPAL vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $57.6M |
| Net Profit | $16.2M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 7.5% | — |
| Net Margin | 18.3% | — |
| Revenue YoY | 18.7% | 94.1% |
| Net Profit YoY | 401.5% | 71.6% |
| 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 | $57.6M | ||
| Q3 25 | $77.9M | $49.5M | ||
| Q2 25 | $77.4M | $39.5M | ||
| Q1 25 | $83.0M | $28.5M | ||
| Q4 24 | $74.5M | $29.7M | ||
| Q3 24 | $82.6M | $16.4M | ||
| Q2 24 | $69.8M | $7.3M | ||
| Q1 24 | $64.0M | — |
| Q4 25 | $16.2M | — | ||
| Q3 25 | $11.4M | $-30.0M | ||
| Q2 25 | $7.6M | $-75.8M | ||
| Q1 25 | $1.3M | $-94.3M | ||
| Q4 24 | $-5.4M | — | ||
| Q3 24 | $17.1M | $-85.6M | ||
| Q2 24 | $1.9M | $-91.4M | ||
| Q1 24 | $677.0K | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | 4.6% | -30.8% | ||
| Q2 25 | -1.1% | -151.7% | ||
| Q1 25 | -2.3% | -276.5% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | 14.9% | -433.0% | ||
| Q2 24 | 8.1% | -1055.4% | ||
| Q1 24 | 5.6% | — |
| Q4 25 | 18.3% | — | ||
| Q3 25 | 14.6% | -60.5% | ||
| Q2 25 | 9.8% | -191.9% | ||
| Q1 25 | 1.5% | -330.7% | ||
| Q4 24 | -7.2% | — | ||
| Q3 24 | 20.7% | -523.3% | ||
| Q2 24 | 2.7% | -1248.6% | ||
| Q1 24 | 1.1% | — |
| Q4 25 | $0.08 | — | ||
| Q3 25 | $0.05 | $-0.41 | ||
| Q2 25 | $0.03 | $-1.05 | ||
| Q1 25 | $-0.01 | $-1.31 | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $0.09 | $-1.32 | ||
| Q2 24 | $-0.01 | $-1.56 | ||
| 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 | $24.4M | $130.0M |
| Total DebtLower is stronger | $361.3M | $209.1M |
| Stockholders' EquityBook value | $-12.9M | $-438.2M |
| Total Assets | $959.5M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $130.0M | ||
| Q3 25 | $29.9M | $135.2M | ||
| Q2 25 | $29.3M | $149.6M | ||
| Q1 25 | $40.1M | $212.3M | ||
| Q4 24 | $24.3M | $297.3M | ||
| Q3 24 | $31.0M | $334.7M | ||
| Q2 24 | $27.6M | $276.2M | ||
| Q1 24 | $34.2M | — |
| Q4 25 | $361.3M | $209.1M | ||
| Q3 25 | $351.2M | $207.1M | ||
| Q2 25 | $331.6M | $205.1M | ||
| Q1 25 | $307.0M | $203.2M | ||
| Q4 24 | $307.5M | $201.4M | ||
| Q3 24 | $252.9M | $175.7M | ||
| Q2 24 | $233.3M | $174.4M | ||
| Q1 24 | $208.7M | — |
| Q4 25 | $-12.9M | $-438.2M | ||
| Q3 25 | $7.5M | $-422.5M | ||
| Q2 25 | $-25.0M | $-405.8M | ||
| Q1 25 | $57.1M | $-338.4M | ||
| Q4 24 | $-148.4M | $-253.6M | ||
| Q3 24 | $-180.1M | $-187.1M | ||
| Q2 24 | $-273.0M | $-233.8M | ||
| Q1 24 | $-382.4M | — |
| Q4 25 | $959.5M | $259.1M | ||
| Q3 25 | $916.7M | $240.3M | ||
| Q2 25 | $905.5M | $250.2M | ||
| Q1 25 | $884.9M | $294.2M | ||
| Q4 24 | $881.1M | $378.3M | ||
| Q3 24 | $831.1M | $387.0M | ||
| Q2 24 | $782.3M | $319.4M | ||
| Q1 24 | $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 | $-3.5M | $-166.8M |
| Free Cash FlowOCF − Capex | $-13.4M | $-167.0M |
| FCF MarginFCF / Revenue | -15.1% | -290.0% |
| Capex IntensityCapex / Revenue | 11.1% | 0.4% |
| Cash ConversionOCF / Net Profit | -0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $-166.8M | ||
| Q3 25 | $18.2M | $-14.1M | ||
| Q2 25 | $-7.9M | $-62.7M | ||
| Q1 25 | $29.7M | $-84.9M | ||
| Q4 24 | $-532.0K | $-266.8M | ||
| Q3 24 | $17.7M | $-63.6M | ||
| Q2 24 | $533.0K | $-70.7M | ||
| Q1 24 | $13.7M | — |
| Q4 25 | $-13.4M | $-167.0M | ||
| Q3 25 | $-9.3M | $-14.1M | ||
| Q2 25 | $-29.7M | $-62.8M | ||
| Q1 25 | $18.1M | $-84.9M | ||
| Q4 24 | $-55.0M | $-266.9M | ||
| Q3 24 | $-5.4M | $-63.6M | ||
| Q2 24 | $-22.5M | $-70.8M | ||
| Q1 24 | $-13.0M | — |
| Q4 25 | -15.1% | -290.0% | ||
| Q3 25 | -11.9% | -28.6% | ||
| Q2 25 | -38.4% | -159.0% | ||
| Q1 25 | 21.8% | -297.9% | ||
| Q4 24 | -73.8% | -899.8% | ||
| Q3 24 | -6.5% | -389.0% | ||
| Q2 24 | -32.2% | -966.2% | ||
| Q1 24 | -20.4% | — |
| Q4 25 | 11.1% | 0.4% | ||
| Q3 25 | 35.3% | 0.1% | ||
| Q2 25 | 28.2% | 0.2% | ||
| Q1 25 | 13.9% | 0.1% | ||
| Q4 24 | 73.1% | 0.5% | ||
| Q3 24 | 27.9% | 0.3% | ||
| Q2 24 | 32.9% | 0.6% | ||
| 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× | — | ||
| 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% |
PHAT
Segment breakdown not available.
