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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and STEM, INC. (STEM). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $47.1M, roughly 1.9× STEM, INC.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -33.9%, a 52.2% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
OPAL vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $47.1M |
| Net Profit | $16.2M | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | 7.5% | -17.7% |
| Net Margin | 18.3% | -33.9% |
| Revenue YoY | 18.7% | -15.6% |
| Net Profit YoY | 401.5% | 68.8% |
| EPS (diluted) | $0.08 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $77.9M | $38.2M | ||
| Q2 25 | $77.4M | $38.4M | ||
| Q1 25 | $83.0M | $32.5M | ||
| Q4 24 | $74.5M | $55.8M | ||
| Q3 24 | $82.6M | $29.3M | ||
| Q2 24 | $69.8M | $34.0M | ||
| Q1 24 | $64.0M | $25.5M |
| Q4 25 | $16.2M | $-16.0M | ||
| Q3 25 | $11.4M | $-23.8M | ||
| Q2 25 | $7.6M | $202.5M | ||
| Q1 25 | $1.3M | $-25.0M | ||
| Q4 24 | $-5.4M | $-51.1M | ||
| Q3 24 | $17.1M | $-148.3M | ||
| Q2 24 | $1.9M | $-582.3M | ||
| Q1 24 | $677.0K | $-72.3M |
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | 7.5% | -17.7% | ||
| Q3 25 | 4.6% | -33.6% | ||
| Q2 25 | -1.1% | -34.8% | ||
| Q1 25 | -2.3% | -65.0% | ||
| Q4 24 | -0.5% | -84.4% | ||
| Q3 24 | 14.9% | -493.2% | ||
| Q2 24 | 8.1% | -1705.5% | ||
| Q1 24 | 5.6% | -267.0% |
| Q4 25 | 18.3% | -33.9% | ||
| Q3 25 | 14.6% | -62.2% | ||
| Q2 25 | 9.8% | 527.8% | ||
| Q1 25 | 1.5% | -76.9% | ||
| Q4 24 | -7.2% | -91.6% | ||
| Q3 24 | 20.7% | -506.3% | ||
| Q2 24 | 2.7% | -1712.6% | ||
| Q1 24 | 1.1% | -283.9% |
| Q4 25 | $0.08 | $-4.40 | ||
| Q3 25 | $0.05 | $-2.84 | ||
| Q2 25 | $0.03 | $-1.79 | ||
| Q1 25 | $-0.01 | $-0.15 | ||
| Q4 24 | $-0.05 | $-15.29 | ||
| Q3 24 | $0.09 | $-18.24 | ||
| Q2 24 | $-0.01 | $-71.81 | ||
| Q1 24 | $-0.01 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $-249.4M |
| Total Assets | $959.5M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $48.9M | ||
| Q3 25 | $29.9M | $43.1M | ||
| Q2 25 | $29.3M | $40.8M | ||
| Q1 25 | $40.1M | $58.6M | ||
| Q4 24 | $24.3M | $56.3M | ||
| Q3 24 | $31.0M | $75.4M | ||
| Q2 24 | $27.6M | $89.6M | ||
| Q1 24 | $34.2M | $112.8M |
| Q4 25 | $361.3M | — | ||
| Q3 25 | $351.2M | — | ||
| Q2 25 | $331.6M | — | ||
| Q1 25 | $307.0M | — | ||
| Q4 24 | $307.5M | — | ||
| Q3 24 | $252.9M | — | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $208.7M | — |
| Q4 25 | $-12.9M | $-249.4M | ||
| Q3 25 | $7.5M | $-235.7M | ||
| Q2 25 | $-25.0M | $-214.1M | ||
| Q1 25 | $57.1M | $-417.5M | ||
| Q4 24 | $-148.4M | $-398.4M | ||
| Q3 24 | $-180.1M | $-344.1M | ||
| Q2 24 | $-273.0M | $-203.2M | ||
| Q1 24 | $-382.4M | $371.6M |
| Q4 25 | $959.5M | $308.9M | ||
| Q3 25 | $916.7M | $362.6M | ||
| Q2 25 | $905.5M | $379.2M | ||
| Q1 25 | $884.9M | $405.1M | ||
| Q4 24 | $881.1M | $437.4M | ||
| Q3 24 | $831.1M | $537.8M | ||
| Q2 24 | $782.3M | $691.5M | ||
| Q1 24 | $750.5M | $1.3B |
| 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 | $8.2M |
| 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 | $8.2M | ||
| Q3 25 | $18.2M | $11.4M | ||
| Q2 25 | $-7.9M | $-21.3M | ||
| Q1 25 | $29.7M | $8.5M | ||
| Q4 24 | $-532.0K | $-14.7M | ||
| Q3 24 | $17.7M | $-9.4M | ||
| Q2 24 | $533.0K | $-11.9M | ||
| Q1 24 | $13.7M | $-621.0K |
| 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× | -0.11× | ||
| 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% |
STEM
Segment breakdown not available.
