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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and P10, Inc. (PX). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $81.0M, roughly 1.1× P10, Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 11.7%, a 6.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
OPAL vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $81.0M |
| Net Profit | $16.2M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | 7.5% | 31.9% |
| Net Margin | 18.3% | 11.7% |
| Revenue YoY | 18.7% | -4.7% |
| Net Profit YoY | 401.5% | 79.0% |
| EPS (diluted) | $0.08 | $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 | $81.0M | ||
| Q3 25 | $77.9M | $75.9M | ||
| Q2 25 | $77.4M | $72.7M | ||
| Q1 25 | $83.0M | $67.7M | ||
| Q4 24 | $74.5M | $85.0M | ||
| Q3 24 | $82.6M | $74.2M | ||
| Q2 24 | $69.8M | $71.1M | ||
| Q1 24 | $64.0M | $66.1M |
| Q4 25 | $16.2M | $9.5M | ||
| Q3 25 | $11.4M | $2.1M | ||
| Q2 25 | $7.6M | $3.4M | ||
| Q1 25 | $1.3M | $4.5M | ||
| Q4 24 | $-5.4M | $5.3M | ||
| Q3 24 | $17.1M | $1.4M | ||
| Q2 24 | $1.9M | $7.0M | ||
| Q1 24 | $677.0K | $5.0M |
| Q4 25 | 7.5% | 31.9% | ||
| Q3 25 | 4.6% | 14.1% | ||
| Q2 25 | -1.1% | 24.4% | ||
| Q1 25 | -2.3% | 16.6% | ||
| Q4 24 | -0.5% | 26.9% | ||
| Q3 24 | 14.9% | 11.9% | ||
| Q2 24 | 8.1% | 23.7% | ||
| Q1 24 | 5.6% | 18.3% |
| Q4 25 | 18.3% | 11.7% | ||
| Q3 25 | 14.6% | 2.8% | ||
| Q2 25 | 9.8% | 4.7% | ||
| Q1 25 | 1.5% | 6.7% | ||
| Q4 24 | -7.2% | 6.2% | ||
| Q3 24 | 20.7% | 1.9% | ||
| Q2 24 | 2.7% | 9.8% | ||
| Q1 24 | 1.1% | 7.6% |
| Q4 25 | $0.08 | $0.08 | ||
| Q3 25 | $0.05 | $0.02 | ||
| Q2 25 | $0.03 | $0.03 | ||
| Q1 25 | $-0.01 | $0.04 | ||
| Q4 24 | $-0.05 | $0.05 | ||
| Q3 24 | $0.09 | $0.01 | ||
| Q2 24 | $-0.01 | $0.06 | ||
| Q1 24 | $-0.01 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $361.3M | $373.2M |
| Stockholders' EquityBook value | $-12.9M | $403.5M |
| Total Assets | $959.5M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $28.2M | ||
| Q3 25 | $29.9M | $40.0M | ||
| Q2 25 | $29.3M | $33.4M | ||
| Q1 25 | $40.1M | $74.4M | ||
| Q4 24 | $24.3M | $67.5M | ||
| Q3 24 | $31.0M | $61.5M | ||
| Q2 24 | $27.6M | $31.2M | ||
| Q1 24 | $34.2M | $29.0M |
| Q4 25 | $361.3M | $373.2M | ||
| Q3 25 | $351.2M | $393.4M | ||
| Q2 25 | $331.6M | $373.0M | ||
| Q1 25 | $307.0M | $357.2M | ||
| Q4 24 | $307.5M | $319.8M | ||
| Q3 24 | $252.9M | $319.4M | ||
| Q2 24 | $233.3M | $300.6M | ||
| Q1 24 | $208.7M | $314.0M |
| Q4 25 | $-12.9M | $403.5M | ||
| Q3 25 | $7.5M | $396.8M | ||
| Q2 25 | $-25.0M | $388.9M | ||
| Q1 25 | $57.1M | $374.3M | ||
| Q4 24 | $-148.4M | $386.9M | ||
| Q3 24 | $-180.1M | $394.1M | ||
| Q2 24 | $-273.0M | $396.9M | ||
| Q1 24 | $-382.4M | $400.1M |
| Q4 25 | $959.5M | $928.3M | ||
| Q3 25 | $916.7M | $936.0M | ||
| Q2 25 | $905.5M | $932.2M | ||
| Q1 25 | $884.9M | $877.4M | ||
| Q4 24 | $881.1M | $869.3M | ||
| Q3 24 | $831.1M | $857.0M | ||
| Q2 24 | $782.3M | $823.2M | ||
| Q1 24 | $750.5M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | 46.95× | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | 5.38× | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-13.4M | $18.1M |
| FCF MarginFCF / Revenue | -15.1% | 22.3% |
| Capex IntensityCapex / Revenue | 11.1% | 6.0% |
| Cash ConversionOCF / Net Profit | -0.22× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $23.0M | ||
| Q3 25 | $18.2M | $-8.6M | ||
| Q2 25 | $-7.9M | $13.4M | ||
| Q1 25 | $29.7M | $-4.7M | ||
| Q4 24 | $-532.0K | $101.0M | ||
| Q3 24 | $17.7M | $27.5M | ||
| Q2 24 | $533.0K | $34.8M | ||
| Q1 24 | $13.7M | $11.0M |
| Q4 25 | $-13.4M | $18.1M | ||
| Q3 25 | $-9.3M | $-9.5M | ||
| Q2 25 | $-29.7M | $11.6M | ||
| Q1 25 | $18.1M | $-6.0M | ||
| Q4 24 | $-55.0M | $96.6M | ||
| Q3 24 | $-5.4M | $25.2M | ||
| Q2 24 | $-22.5M | $33.9M | ||
| Q1 24 | $-13.0M | $10.7M |
| Q4 25 | -15.1% | 22.3% | ||
| Q3 25 | -11.9% | -12.6% | ||
| Q2 25 | -38.4% | 15.9% | ||
| Q1 25 | 21.8% | -8.9% | ||
| Q4 24 | -73.8% | 113.6% | ||
| Q3 24 | -6.5% | 34.0% | ||
| Q2 24 | -32.2% | 47.7% | ||
| Q1 24 | -20.4% | 16.2% |
| Q4 25 | 11.1% | 6.0% | ||
| Q3 25 | 35.3% | 1.2% | ||
| Q2 25 | 28.2% | 2.5% | ||
| Q1 25 | 13.9% | 1.9% | ||
| Q4 24 | 73.1% | 5.2% | ||
| Q3 24 | 27.9% | 3.0% | ||
| Q2 24 | 32.9% | 1.3% | ||
| Q1 24 | 41.8% | 0.4% |
| Q4 25 | -0.22× | 2.43× | ||
| Q3 25 | 1.60× | -4.01× | ||
| Q2 25 | -1.04× | 3.96× | ||
| Q1 25 | 23.11× | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | 1.03× | 19.54× | ||
| Q2 24 | 0.28× | 4.98× | ||
| Q1 24 | 20.26× | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
