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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $88.4M, roughly 1.1× OPAL Fuels Inc.). Vericel Corp runs the higher net margin — 25.0% vs 18.3%, a 6.7% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 18.7%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-13.4M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
OPAL vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $92.9M |
| Net Profit | $16.2M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 7.5% | 24.1% |
| Net Margin | 18.3% | 25.0% |
| Revenue YoY | 18.7% | 23.3% |
| Net Profit YoY | 401.5% | 17.3% |
| EPS (diluted) | $0.08 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $77.9M | $67.5M | ||
| Q2 25 | $77.4M | $63.2M | ||
| Q1 25 | $83.0M | $52.6M | ||
| Q4 24 | $74.5M | $75.4M | ||
| Q3 24 | $82.6M | $57.9M | ||
| Q2 24 | $69.8M | $52.7M | ||
| Q1 24 | $64.0M | $51.3M |
| Q4 25 | $16.2M | $23.2M | ||
| Q3 25 | $11.4M | $5.1M | ||
| Q2 25 | $7.6M | $-553.0K | ||
| Q1 25 | $1.3M | $-11.2M | ||
| Q4 24 | $-5.4M | $19.8M | ||
| Q3 24 | $17.1M | $-901.0K | ||
| Q2 24 | $1.9M | $-4.7M | ||
| Q1 24 | $677.0K | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 7.5% | 24.1% | ||
| Q3 25 | 4.6% | 5.1% | ||
| Q2 25 | -1.1% | -3.2% | ||
| Q1 25 | -2.3% | -24.3% | ||
| Q4 24 | -0.5% | 24.5% | ||
| Q3 24 | 14.9% | -4.3% | ||
| Q2 24 | 8.1% | -11.5% | ||
| Q1 24 | 5.6% | -10.7% |
| Q4 25 | 18.3% | 25.0% | ||
| Q3 25 | 14.6% | 7.5% | ||
| Q2 25 | 9.8% | -0.9% | ||
| Q1 25 | 1.5% | -21.4% | ||
| Q4 24 | -7.2% | 26.3% | ||
| Q3 24 | 20.7% | -1.6% | ||
| Q2 24 | 2.7% | -8.9% | ||
| Q1 24 | 1.1% | -7.5% |
| Q4 25 | $0.08 | $0.46 | ||
| Q3 25 | $0.05 | $0.10 | ||
| Q2 25 | $0.03 | $-0.01 | ||
| Q1 25 | $-0.01 | $-0.23 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $0.09 | $-0.02 | ||
| Q2 24 | $-0.01 | $-0.10 | ||
| Q1 24 | $-0.01 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $354.6M |
| Total Assets | $959.5M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $137.5M | ||
| Q3 25 | $29.9M | $135.4M | ||
| Q2 25 | $29.3M | $116.9M | ||
| Q1 25 | $40.1M | $112.9M | ||
| Q4 24 | $24.3M | $116.2M | ||
| Q3 24 | $31.0M | $101.7M | ||
| Q2 24 | $27.6M | $102.5M | ||
| Q1 24 | $34.2M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $7.5M | $321.9M | ||
| Q2 25 | $-25.0M | $306.8M | ||
| Q1 25 | $57.1M | $295.5M | ||
| Q4 24 | $-148.4M | $292.0M | ||
| Q3 24 | $-180.1M | $257.5M | ||
| Q2 24 | $-273.0M | $243.0M | ||
| Q1 24 | $-382.4M | $233.9M |
| Q4 25 | $959.5M | $488.0M | ||
| Q3 25 | $916.7M | $453.3M | ||
| Q2 25 | $905.5M | $435.6M | ||
| Q1 25 | $884.9M | $424.6M | ||
| Q4 24 | $881.1M | $432.7M | ||
| Q3 24 | $831.1M | $390.4M | ||
| Q2 24 | $782.3M | $376.8M | ||
| Q1 24 | $750.5M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-13.4M | $12.8M |
| FCF MarginFCF / Revenue | -15.1% | 13.8% |
| Capex IntensityCapex / Revenue | 11.1% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.22× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $15.0M | ||
| Q3 25 | $18.2M | $22.1M | ||
| Q2 25 | $-7.9M | $8.2M | ||
| Q1 25 | $29.7M | $6.6M | ||
| Q4 24 | $-532.0K | $22.2M | ||
| Q3 24 | $17.7M | $10.2M | ||
| Q2 24 | $533.0K | $18.5M | ||
| Q1 24 | $13.7M | $7.2M |
| Q4 25 | $-13.4M | $12.8M | ||
| Q3 25 | $-9.3M | $19.5M | ||
| Q2 25 | $-29.7M | $81.0K | ||
| Q1 25 | $18.1M | $-7.6M | ||
| Q4 24 | $-55.0M | $8.5M | ||
| Q3 24 | $-5.4M | $-9.2M | ||
| Q2 24 | $-22.5M | $1.8M | ||
| Q1 24 | $-13.0M | $-6.8M |
| Q4 25 | -15.1% | 13.8% | ||
| Q3 25 | -11.9% | 28.8% | ||
| Q2 25 | -38.4% | 0.1% | ||
| Q1 25 | 21.8% | -14.5% | ||
| Q4 24 | -73.8% | 11.2% | ||
| Q3 24 | -6.5% | -15.9% | ||
| Q2 24 | -32.2% | 3.4% | ||
| Q1 24 | -20.4% | -13.3% |
| Q4 25 | 11.1% | 2.4% | ||
| Q3 25 | 35.3% | 3.9% | ||
| Q2 25 | 28.2% | 12.9% | ||
| Q1 25 | 13.9% | 27.0% | ||
| Q4 24 | 73.1% | 18.3% | ||
| Q3 24 | 27.9% | 33.5% | ||
| Q2 24 | 32.9% | 31.8% | ||
| Q1 24 | 41.8% | 27.3% |
| Q4 25 | -0.22× | 0.65× | ||
| Q3 25 | 1.60× | 4.35× | ||
| Q2 25 | -1.04× | — | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
