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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and UGI CORP (UGI). Click either name above to swap in a different company.
UGI CORP is the larger business by last-quarter revenue ($2.1B vs $88.4M, roughly 23.4× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 14.4%, a 3.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 3.9%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-155.0M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -7.5%).
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.
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
OPAL vs UGI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $2.1B |
| Net Profit | $16.2M | $297.0M |
| Gross Margin | — | — |
| Operating Margin | 7.5% | 22.0% |
| Net Margin | 18.3% | 14.4% |
| Revenue YoY | 18.7% | 3.9% |
| Net Profit YoY | 401.5% | -20.8% |
| EPS (diluted) | $0.08 | $1.34 |
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 | $2.1B | ||
| Q3 25 | $77.9M | $1.2B | ||
| Q2 25 | $77.4M | $1.4B | ||
| Q1 25 | $83.0M | $2.6B | ||
| Q4 24 | $74.5M | $2.0B | ||
| Q3 24 | $82.6M | $1.2B | ||
| Q2 24 | $69.8M | $1.4B | ||
| Q1 24 | $64.0M | $2.4B |
| Q4 25 | $16.2M | $297.0M | ||
| Q3 25 | $11.4M | $-13.0M | ||
| Q2 25 | $7.6M | $-163.0M | ||
| Q1 25 | $1.3M | $479.0M | ||
| Q4 24 | $-5.4M | $375.0M | ||
| Q3 24 | $17.1M | $-273.0M | ||
| Q2 24 | $1.9M | $-48.0M | ||
| Q1 24 | $677.0K | $496.0M |
| Q4 25 | 7.5% | 22.0% | ||
| Q3 25 | 4.6% | 1.1% | ||
| Q2 25 | -1.1% | -6.8% | ||
| Q1 25 | -2.3% | 26.6% | ||
| Q4 24 | -0.5% | 24.5% | ||
| Q3 24 | 14.9% | -20.4% | ||
| Q2 24 | 8.1% | 5.0% | ||
| Q1 24 | 5.6% | 29.7% |
| Q4 25 | 18.3% | 14.4% | ||
| Q3 25 | 14.6% | -1.1% | ||
| Q2 25 | 9.8% | -12.0% | ||
| Q1 25 | 1.5% | 18.2% | ||
| Q4 24 | -7.2% | 18.9% | ||
| Q3 24 | 20.7% | -22.6% | ||
| Q2 24 | 2.7% | -3.6% | ||
| Q1 24 | 1.1% | 20.6% |
| Q4 25 | $0.08 | $1.34 | ||
| Q3 25 | $0.05 | $-0.08 | ||
| Q2 25 | $0.03 | $-0.76 | ||
| Q1 25 | $-0.01 | $2.19 | ||
| Q4 24 | $-0.05 | $1.74 | ||
| Q3 24 | $0.09 | $-1.26 | ||
| Q2 24 | $-0.01 | $-0.23 | ||
| Q1 24 | $-0.01 | $2.30 |
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 | $251.0M |
| Total DebtLower is stronger | $361.3M | $6.0B |
| Stockholders' EquityBook value | $-12.9M | $5.0B |
| Total Assets | $959.5M | $15.8B |
| Debt / EquityLower = less leverage | — | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $251.0M | ||
| Q3 25 | $29.9M | $335.0M | ||
| Q2 25 | $29.3M | $350.0M | ||
| Q1 25 | $40.1M | $426.0M | ||
| Q4 24 | $24.3M | $240.0M | ||
| Q3 24 | $31.0M | $213.0M | ||
| Q2 24 | $27.6M | $183.0M | ||
| Q1 24 | $34.2M | $263.0M |
| Q4 25 | $361.3M | $6.0B | ||
| Q3 25 | $351.2M | $6.5B | ||
| Q2 25 | $331.6M | $5.7B | ||
| Q1 25 | $307.0M | $6.6B | ||
| Q4 24 | $307.5M | $6.6B | ||
| Q3 24 | $252.9M | $6.4B | ||
| Q2 24 | $233.3M | $6.3B | ||
| Q1 24 | $208.7M | $6.7B |
| Q4 25 | $-12.9M | $5.0B | ||
| Q3 25 | $7.5M | $4.8B | ||
| Q2 25 | $-25.0M | $4.9B | ||
| Q1 25 | $57.1M | $5.0B | ||
| Q4 24 | $-148.4M | $4.6B | ||
| Q3 24 | $-180.1M | $4.3B | ||
| Q2 24 | $-273.0M | $4.7B | ||
| Q1 24 | $-382.4M | $4.8B |
| Q4 25 | $959.5M | $15.8B | ||
| Q3 25 | $916.7M | $15.5B | ||
| Q2 25 | $905.5M | $15.4B | ||
| Q1 25 | $884.9M | $15.7B | ||
| Q4 24 | $881.1M | $15.4B | ||
| Q3 24 | $831.1M | $15.1B | ||
| Q2 24 | $782.3M | $15.1B | ||
| Q1 24 | $750.5M | $15.6B |
| Q4 25 | — | 1.19× | ||
| Q3 25 | 46.95× | 1.37× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | 5.38× | 1.32× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.40× |
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 | $66.0M |
| Free Cash FlowOCF − Capex | $-13.4M | $-155.0M |
| FCF MarginFCF / Revenue | -15.1% | -7.5% |
| Capex IntensityCapex / Revenue | 11.1% | 10.7% |
| Cash ConversionOCF / Net Profit | -0.22× | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $282.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $66.0M | ||
| Q3 25 | $18.2M | $90.0M | ||
| Q2 25 | $-7.9M | $289.0M | ||
| Q1 25 | $29.7M | $684.0M | ||
| Q4 24 | $-532.0K | $164.0M | ||
| Q3 24 | $17.7M | $151.0M | ||
| Q2 24 | $533.0K | $390.0M | ||
| Q1 24 | $13.7M | $522.0M |
| Q4 25 | $-13.4M | $-155.0M | ||
| Q3 25 | $-9.3M | $-168.0M | ||
| Q2 25 | $-29.7M | $67.0M | ||
| Q1 25 | $18.1M | $538.0M | ||
| Q4 24 | $-55.0M | $-47.0M | ||
| Q3 24 | $-5.4M | $-115.0M | ||
| Q2 24 | $-22.5M | $185.0M | ||
| Q1 24 | $-13.0M | $353.0M |
| Q4 25 | -15.1% | -7.5% | ||
| Q3 25 | -11.9% | -14.4% | ||
| Q2 25 | -38.4% | 4.9% | ||
| Q1 25 | 21.8% | 20.4% | ||
| Q4 24 | -73.8% | -2.4% | ||
| Q3 24 | -6.5% | -9.5% | ||
| Q2 24 | -32.2% | 13.7% | ||
| Q1 24 | -20.4% | 14.6% |
| Q4 25 | 11.1% | 10.7% | ||
| Q3 25 | 35.3% | 22.1% | ||
| Q2 25 | 28.2% | 16.3% | ||
| Q1 25 | 13.9% | 5.5% | ||
| Q4 24 | 73.1% | 10.6% | ||
| Q3 24 | 27.9% | 22.0% | ||
| Q2 24 | 32.9% | 15.2% | ||
| Q1 24 | 41.8% | 7.0% |
| Q4 25 | -0.22× | 0.22× | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | -1.04× | — | ||
| Q1 25 | 23.11× | 1.43× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 20.26× | 1.05× |
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% |
UGI
Segment breakdown not available.
