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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $88.4M, roughly 1.7× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -452.0%, a 470.3% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 7.2%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 17.6%).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
OPAL vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $152.8M |
| Net Profit | $16.2M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 7.5% | -447.9% |
| Net Margin | 18.3% | -452.0% |
| Revenue YoY | 18.7% | 7.2% |
| Net Profit YoY | 401.5% | -606.3% |
| EPS (diluted) | $0.08 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $77.9M | $180.2M | ||
| Q2 25 | $77.4M | $153.0M | ||
| Q1 25 | $83.0M | $161.4M | ||
| Q4 24 | $74.5M | $142.6M | ||
| Q3 24 | $82.6M | $84.8M | ||
| Q2 24 | $69.8M | $70.0M | ||
| Q1 24 | $64.0M | $79.3M |
| Q4 25 | $16.2M | $-690.7M | ||
| Q3 25 | $11.4M | $104.5M | ||
| Q2 25 | $7.6M | $219.5M | ||
| Q1 25 | $1.3M | $-296.4M | ||
| Q4 24 | $-5.4M | $136.4M | ||
| Q3 24 | $17.1M | $-154.4M | ||
| Q2 24 | $1.9M | $-84.4M | ||
| Q1 24 | $677.0K | $211.8M |
| Q4 25 | 7.5% | -447.9% | ||
| Q3 25 | 4.6% | 44.4% | ||
| Q2 25 | -1.1% | — | ||
| Q1 25 | -2.3% | -144.9% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | 14.9% | -143.3% | ||
| Q2 24 | 8.1% | -167.2% | ||
| Q1 24 | 5.6% | — |
| Q4 25 | 18.3% | -452.0% | ||
| Q3 25 | 14.6% | 58.0% | ||
| Q2 25 | 9.8% | 143.4% | ||
| Q1 25 | 1.5% | -183.6% | ||
| Q4 24 | -7.2% | 95.7% | ||
| Q3 24 | 20.7% | -182.1% | ||
| Q2 24 | 2.7% | -120.6% | ||
| Q1 24 | 1.1% | 267.1% |
| Q4 25 | $0.08 | $-1.89 | ||
| Q3 25 | $0.05 | $0.26 | ||
| Q2 25 | $0.03 | $0.58 | ||
| Q1 25 | $-0.01 | $-0.90 | ||
| Q4 24 | $-0.05 | $0.39 | ||
| Q3 24 | $0.09 | $-0.54 | ||
| Q2 24 | $-0.01 | $-0.32 | ||
| Q1 24 | $-0.01 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | $361.3M | $840.8M |
| Stockholders' EquityBook value | $-12.9M | $2.9B |
| Total Assets | $959.5M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $233.5M | ||
| Q3 25 | $29.9M | $330.7M | ||
| Q2 25 | $29.3M | $255.4M | ||
| Q1 25 | $40.1M | $163.7M | ||
| Q4 24 | $24.3M | $277.9M | ||
| Q3 24 | $31.0M | $355.7M | ||
| Q2 24 | $27.6M | $481.2M | ||
| Q1 24 | $34.2M | $688.5M |
| Q4 25 | $361.3M | $840.8M | ||
| Q3 25 | $351.2M | $5.3M | ||
| Q2 25 | $331.6M | $5.3M | ||
| Q1 25 | $307.0M | $5.3M | ||
| Q4 24 | $307.5M | $584.6M | ||
| Q3 24 | $252.9M | $5.7M | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $208.7M | — |
| Q4 25 | $-12.9M | $2.9B | ||
| Q3 25 | $7.5M | $3.5B | ||
| Q2 25 | $-25.0M | $3.3B | ||
| Q1 25 | $57.1M | $2.9B | ||
| Q4 24 | $-148.4M | $3.1B | ||
| Q3 24 | $-180.1M | $2.7B | ||
| Q2 24 | $-273.0M | $2.6B | ||
| Q1 24 | $-382.4M | $2.5B |
| Q4 25 | $959.5M | $3.9B | ||
| Q3 25 | $916.7M | $4.5B | ||
| Q2 25 | $905.5M | $4.3B | ||
| Q1 25 | $884.9M | $3.7B | ||
| Q4 24 | $881.1M | $3.9B | ||
| Q3 24 | $831.1M | $2.9B | ||
| Q2 24 | $782.3M | $2.7B | ||
| Q1 24 | $750.5M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | 46.95× | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | 5.38× | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| Free Cash FlowOCF − Capex | $-13.4M | $-774.3M |
| FCF MarginFCF / Revenue | -15.1% | -506.6% |
| Capex IntensityCapex / Revenue | 11.1% | 131.8% |
| Cash ConversionOCF / Net Profit | -0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $-572.9M | ||
| Q3 25 | $18.2M | $-114.0M | ||
| Q2 25 | $-7.9M | $-231.3M | ||
| Q1 25 | $29.7M | $-122.1M | ||
| Q4 24 | $-532.0K | $-255.1M | ||
| Q3 24 | $17.7M | $-56.3M | ||
| Q2 24 | $533.0K | $-42.5M | ||
| Q1 24 | $13.7M | $-57.9M |
| Q4 25 | $-13.4M | $-774.3M | ||
| Q3 25 | $-9.3M | $-139.7M | ||
| Q2 25 | $-29.7M | $-291.7M | ||
| Q1 25 | $18.1M | $-154.9M | ||
| Q4 24 | $-55.0M | $-495.4M | ||
| Q3 24 | $-5.4M | $-127.6M | ||
| Q2 24 | $-22.5M | $-96.1M | ||
| Q1 24 | $-13.0M | $-115.2M |
| Q4 25 | -15.1% | -506.6% | ||
| Q3 25 | -11.9% | -77.5% | ||
| Q2 25 | -38.4% | -190.7% | ||
| Q1 25 | 21.8% | -96.0% | ||
| Q4 24 | -73.8% | -347.5% | ||
| Q3 24 | -6.5% | -150.5% | ||
| Q2 24 | -32.2% | -137.2% | ||
| Q1 24 | -20.4% | -145.2% |
| Q4 25 | 11.1% | 131.8% | ||
| Q3 25 | 35.3% | 14.3% | ||
| Q2 25 | 28.2% | 39.5% | ||
| Q1 25 | 13.9% | 20.4% | ||
| Q4 24 | 73.1% | 168.6% | ||
| Q3 24 | 27.9% | 84.1% | ||
| Q2 24 | 32.9% | 76.5% | ||
| Q1 24 | 41.8% | 72.3% |
| Q4 25 | -0.22× | — | ||
| Q3 25 | 1.60× | -1.09× | ||
| Q2 25 | -1.04× | -1.05× | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 20.26× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
