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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $88.4M, roughly 1.7× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 5.5%, a 12.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 18.7%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-13.4M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
OPAL vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $148.3M |
| Net Profit | $16.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 7.5% | 11.7% |
| Net Margin | 18.3% | 5.5% |
| Revenue YoY | 18.7% | 38.6% |
| Net Profit YoY | 401.5% | 3.9% |
| EPS (diluted) | $0.08 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $77.9M | $135.8M | ||
| Q2 25 | $77.4M | $110.8M | ||
| Q1 25 | $83.0M | $80.4M | ||
| Q4 24 | $74.5M | $107.0M | ||
| Q3 24 | $82.6M | $102.2M | ||
| Q2 24 | $69.8M | $99.2M | ||
| Q1 24 | $64.0M | $90.8M |
| Q4 25 | $16.2M | $8.1M | ||
| Q3 25 | $11.4M | $11.9M | ||
| Q2 25 | $7.6M | $13.9M | ||
| Q1 25 | $1.3M | $-282.0K | ||
| Q4 24 | $-5.4M | $7.8M | ||
| Q3 24 | $17.1M | $-267.0K | ||
| Q2 24 | $1.9M | $11.8M | ||
| Q1 24 | $677.0K | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 7.5% | 11.7% | ||
| Q3 25 | 4.6% | 13.7% | ||
| Q2 25 | -1.1% | 14.4% | ||
| Q1 25 | -2.3% | 5.4% | ||
| Q4 24 | -0.5% | 15.4% | ||
| Q3 24 | 14.9% | 4.4% | ||
| Q2 24 | 8.1% | 18.7% | ||
| Q1 24 | 5.6% | 12.8% |
| Q4 25 | 18.3% | 5.5% | ||
| Q3 25 | 14.6% | 8.7% | ||
| Q2 25 | 9.8% | 12.5% | ||
| Q1 25 | 1.5% | -0.4% | ||
| Q4 24 | -7.2% | 7.3% | ||
| Q3 24 | 20.7% | -0.3% | ||
| Q2 24 | 2.7% | 11.9% | ||
| Q1 24 | 1.1% | 5.3% |
| Q4 25 | $0.08 | $0.05 | ||
| Q3 25 | $0.05 | $0.07 | ||
| Q2 25 | $0.03 | $0.08 | ||
| Q1 25 | $-0.01 | $0.00 | ||
| Q4 24 | $-0.05 | $0.04 | ||
| Q3 24 | $0.09 | $0.00 | ||
| Q2 24 | $-0.01 | $0.07 | ||
| Q1 24 | $-0.01 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $600.0M |
| Total Assets | $959.5M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $7.3M | ||
| Q3 25 | $29.9M | $8.6M | ||
| Q2 25 | $29.3M | $4.7M | ||
| Q1 25 | $40.1M | $35.6M | ||
| Q4 24 | $24.3M | $23.5M | ||
| Q3 24 | $31.0M | $11.1M | ||
| Q2 24 | $27.6M | $3.2M | ||
| Q1 24 | $34.2M | $15.2M |
| Q4 25 | $361.3M | — | ||
| Q3 25 | $351.2M | — | ||
| Q2 25 | $331.6M | — | ||
| Q1 25 | $307.0M | $141.8M | ||
| Q4 24 | $307.5M | $141.8M | ||
| Q3 24 | $252.9M | $141.8M | ||
| Q2 24 | $233.3M | $146.8M | ||
| Q1 24 | $208.7M | $168.8M |
| Q4 25 | $-12.9M | $600.0M | ||
| Q3 25 | $7.5M | $589.6M | ||
| Q2 25 | $-25.0M | $575.4M | ||
| Q1 25 | $57.1M | $558.9M | ||
| Q4 24 | $-148.4M | $556.8M | ||
| Q3 24 | $-180.1M | $545.2M | ||
| Q2 24 | $-273.0M | $544.6M | ||
| Q1 24 | $-382.4M | $554.0M |
| Q4 25 | $959.5M | $904.1M | ||
| Q3 25 | $916.7M | $851.8M | ||
| Q2 25 | $905.5M | $795.0M | ||
| Q1 25 | $884.9M | $788.4M | ||
| Q4 24 | $881.1M | $793.1M | ||
| Q3 24 | $831.1M | $801.3M | ||
| Q2 24 | $782.3M | $788.4M | ||
| Q1 24 | $750.5M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | 46.95× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.38× | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-13.4M | $-11.3M |
| FCF MarginFCF / Revenue | -15.1% | -7.6% |
| Capex IntensityCapex / Revenue | 11.1% | 4.8% |
| Cash ConversionOCF / Net Profit | -0.22× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $-4.1M | ||
| Q3 25 | $18.2M | $19.4M | ||
| Q2 25 | $-7.9M | $-13.8M | ||
| Q1 25 | $29.7M | $15.6M | ||
| Q4 24 | $-532.0K | $14.0M | ||
| Q3 24 | $17.7M | $15.7M | ||
| Q2 24 | $533.0K | $37.8M | ||
| Q1 24 | $13.7M | $12.9M |
| Q4 25 | $-13.4M | $-11.3M | ||
| Q3 25 | $-9.3M | $9.0M | ||
| Q2 25 | $-29.7M | $-26.0M | ||
| Q1 25 | $18.1M | $12.3M | ||
| Q4 24 | $-55.0M | $12.5M | ||
| Q3 24 | $-5.4M | $13.3M | ||
| Q2 24 | $-22.5M | $35.8M | ||
| Q1 24 | $-13.0M | $10.4M |
| Q4 25 | -15.1% | -7.6% | ||
| Q3 25 | -11.9% | 6.6% | ||
| Q2 25 | -38.4% | -23.5% | ||
| Q1 25 | 21.8% | 15.4% | ||
| Q4 24 | -73.8% | 11.6% | ||
| Q3 24 | -6.5% | 13.0% | ||
| Q2 24 | -32.2% | 36.1% | ||
| Q1 24 | -20.4% | 11.4% |
| Q4 25 | 11.1% | 4.8% | ||
| Q3 25 | 35.3% | 7.7% | ||
| Q2 25 | 28.2% | 11.0% | ||
| Q1 25 | 13.9% | 4.0% | ||
| Q4 24 | 73.1% | 1.4% | ||
| Q3 24 | 27.9% | 2.3% | ||
| Q2 24 | 32.9% | 2.0% | ||
| Q1 24 | 41.8% | 2.7% |
| Q4 25 | -0.22× | -0.50× | ||
| Q3 25 | 1.60× | 1.63× | ||
| Q2 25 | -1.04× | -1.00× | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.28× | 3.21× | ||
| Q1 24 | 20.26× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
