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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $88.4M, roughly 1.1× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -7.0%, a 25.3% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
OPAL vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $100.0M |
| Net Profit | $16.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 7.5% | -10.7% |
| Net Margin | 18.3% | -7.0% |
| Revenue YoY | 18.7% | 14.5% |
| Net Profit YoY | 401.5% | 76.0% |
| EPS (diluted) | $0.08 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $77.9M | $161.9M | ||
| Q2 25 | $77.4M | $172.6M | ||
| Q1 25 | $83.0M | $111.4M | ||
| Q4 24 | $74.5M | $87.3M | ||
| Q3 24 | $82.6M | $150.5M | ||
| Q2 24 | $69.8M | $160.1M | ||
| Q1 24 | $64.0M | $110.6M |
| Q4 25 | $16.2M | $-7.0M | ||
| Q3 25 | $11.4M | $8.1M | ||
| Q2 25 | $7.6M | $16.0M | ||
| Q1 25 | $1.3M | $-6.0M | ||
| Q4 24 | $-5.4M | $-29.2M | ||
| Q3 24 | $17.1M | $5.9M | ||
| Q2 24 | $1.9M | $13.3M | ||
| Q1 24 | $677.0K | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 7.5% | -10.7% | ||
| Q3 25 | 4.6% | 13.3% | ||
| Q2 25 | -1.1% | 14.3% | ||
| Q1 25 | -2.3% | -4.4% | ||
| Q4 24 | -0.5% | -14.9% | ||
| Q3 24 | 14.9% | 8.9% | ||
| Q2 24 | 8.1% | 12.5% | ||
| Q1 24 | 5.6% | -1.9% |
| Q4 25 | 18.3% | -7.0% | ||
| Q3 25 | 14.6% | 5.0% | ||
| Q2 25 | 9.8% | 9.3% | ||
| Q1 25 | 1.5% | -5.4% | ||
| Q4 24 | -7.2% | -33.4% | ||
| Q3 24 | 20.7% | 3.9% | ||
| Q2 24 | 2.7% | 8.3% | ||
| Q1 24 | 1.1% | -7.1% |
| Q4 25 | $0.08 | $-0.06 | ||
| Q3 25 | $0.05 | $0.07 | ||
| Q2 25 | $0.03 | $0.13 | ||
| Q1 25 | $-0.01 | $-0.05 | ||
| Q4 24 | $-0.05 | $-0.24 | ||
| Q3 24 | $0.09 | $0.05 | ||
| Q2 24 | $-0.01 | $0.11 | ||
| Q1 24 | $-0.01 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $361.3M | $279.8M |
| Stockholders' EquityBook value | $-12.9M | $405.9M |
| Total Assets | $959.5M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | — | ||
| Q3 25 | $29.9M | — | ||
| Q2 25 | $29.3M | — | ||
| Q1 25 | $40.1M | — | ||
| Q4 24 | $24.3M | — | ||
| Q3 24 | $31.0M | — | ||
| Q2 24 | $27.6M | — | ||
| Q1 24 | $34.2M | — |
| Q4 25 | $361.3M | $279.8M | ||
| Q3 25 | $351.2M | $281.1M | ||
| Q2 25 | $331.6M | $281.5M | ||
| Q1 25 | $307.0M | $306.9M | ||
| Q4 24 | $307.5M | $281.5M | ||
| Q3 24 | $252.9M | $282.8M | ||
| Q2 24 | $233.3M | $282.4M | ||
| Q1 24 | $208.7M | $282.8M |
| Q4 25 | $-12.9M | $405.9M | ||
| Q3 25 | $7.5M | $408.4M | ||
| Q2 25 | $-25.0M | $398.4M | ||
| Q1 25 | $57.1M | $381.1M | ||
| Q4 24 | $-148.4M | $387.2M | ||
| Q3 24 | $-180.1M | $416.6M | ||
| Q2 24 | $-273.0M | $408.1M | ||
| Q1 24 | $-382.4M | $391.8M |
| Q4 25 | $959.5M | $823.2M | ||
| Q3 25 | $916.7M | $844.4M | ||
| Q2 25 | $905.5M | $822.1M | ||
| Q1 25 | $884.9M | $824.6M | ||
| Q4 24 | $881.1M | $794.2M | ||
| Q3 24 | $831.1M | $853.4M | ||
| Q2 24 | $782.3M | $830.0M | ||
| Q1 24 | $750.5M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | 46.95× | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | 5.38× | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-13.4M | $14.1M |
| FCF MarginFCF / Revenue | -15.1% | 14.1% |
| Capex IntensityCapex / Revenue | 11.1% | 9.2% |
| Cash ConversionOCF / Net Profit | -0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $23.3M | ||
| Q3 25 | $18.2M | $51.0M | ||
| Q2 25 | $-7.9M | $36.0M | ||
| Q1 25 | $29.7M | $-46.9M | ||
| Q4 24 | $-532.0K | $6.2M | ||
| Q3 24 | $17.7M | $37.2M | ||
| Q2 24 | $533.0K | $52.4M | ||
| Q1 24 | $13.7M | $-34.5M |
| Q4 25 | $-13.4M | $14.1M | ||
| Q3 25 | $-9.3M | $45.2M | ||
| Q2 25 | $-29.7M | $29.1M | ||
| Q1 25 | $18.1M | $-50.3M | ||
| Q4 24 | $-55.0M | $-98.0K | ||
| Q3 24 | $-5.4M | $33.2M | ||
| Q2 24 | $-22.5M | $47.9M | ||
| Q1 24 | $-13.0M | $-39.9M |
| Q4 25 | -15.1% | 14.1% | ||
| Q3 25 | -11.9% | 27.9% | ||
| Q2 25 | -38.4% | 16.8% | ||
| Q1 25 | 21.8% | -45.2% | ||
| Q4 24 | -73.8% | -0.1% | ||
| Q3 24 | -6.5% | 22.1% | ||
| Q2 24 | -32.2% | 29.9% | ||
| Q1 24 | -20.4% | -36.0% |
| Q4 25 | 11.1% | 9.2% | ||
| Q3 25 | 35.3% | 3.6% | ||
| Q2 25 | 28.2% | 4.0% | ||
| Q1 25 | 13.9% | 3.1% | ||
| Q4 24 | 73.1% | 7.2% | ||
| Q3 24 | 27.9% | 2.7% | ||
| Q2 24 | 32.9% | 2.8% | ||
| Q1 24 | 41.8% | 4.8% |
| Q4 25 | -0.22× | — | ||
| Q3 25 | 1.60× | 6.29× | ||
| Q2 25 | -1.04× | 2.25× | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.03× | 6.32× | ||
| Q2 24 | 0.28× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
