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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $51.6M, roughly 1.7× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 18.3%, a 49.0% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 18.7%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-13.4M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
OPAL vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $51.6M |
| Net Profit | $16.2M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 7.5% | 97.0% |
| Net Margin | 18.3% | 67.3% |
| Revenue YoY | 18.7% | 32.8% |
| Net Profit YoY | 401.5% | 67.0% |
| EPS (diluted) | $0.08 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $77.9M | $49.1M | ||
| Q2 25 | $77.4M | $47.6M | ||
| Q1 25 | $83.0M | $37.5M | ||
| Q4 24 | $74.5M | $38.9M | ||
| Q3 24 | $82.6M | $35.1M | ||
| Q2 24 | $69.8M | $32.4M | ||
| Q1 24 | $64.0M | $29.5M |
| Q4 25 | $16.2M | $34.8M | ||
| Q3 25 | $11.4M | $25.4M | ||
| Q2 25 | $7.6M | $26.0M | ||
| Q1 25 | $1.3M | $18.9M | ||
| Q4 24 | $-5.4M | $20.8M | ||
| Q3 24 | $17.1M | $15.8M | ||
| Q2 24 | $1.9M | $14.8M | ||
| Q1 24 | $677.0K | $17.3M |
| Q4 25 | 7.5% | 97.0% | ||
| Q3 25 | 4.6% | 72.1% | ||
| Q2 25 | -1.1% | 71.3% | ||
| Q1 25 | -2.3% | 71.7% | ||
| Q4 24 | -0.5% | 82.5% | ||
| Q3 24 | 14.9% | 60.6% | ||
| Q2 24 | 8.1% | 61.3% | ||
| Q1 24 | 5.6% | 78.8% |
| Q4 25 | 18.3% | 67.3% | ||
| Q3 25 | 14.6% | 51.7% | ||
| Q2 25 | 9.8% | 54.6% | ||
| Q1 25 | 1.5% | 50.4% | ||
| Q4 24 | -7.2% | 53.5% | ||
| Q3 24 | 20.7% | 45.1% | ||
| Q2 24 | 2.7% | 45.6% | ||
| Q1 24 | 1.1% | 58.5% |
| Q4 25 | $0.08 | $0.90 | ||
| Q3 25 | $0.05 | $0.65 | ||
| Q2 25 | $0.03 | $0.69 | ||
| Q1 25 | $-0.01 | $0.51 | ||
| Q4 24 | $-0.05 | $0.56 | ||
| Q3 24 | $0.09 | $0.44 | ||
| Q2 24 | $-0.01 | $0.42 | ||
| Q1 24 | $-0.01 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $672.5M |
| Total Assets | $959.5M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $92.1M | ||
| Q3 25 | $29.9M | $99.0M | ||
| Q2 25 | $29.3M | $79.6M | ||
| Q1 25 | $40.1M | $51.7M | ||
| Q4 24 | $24.3M | $49.9M | ||
| Q3 24 | $31.0M | $44.1M | ||
| Q2 24 | $27.6M | $47.4M | ||
| Q1 24 | $34.2M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $7.5M | $634.3M | ||
| Q2 25 | $-25.0M | $597.9M | ||
| Q1 25 | $57.1M | $563.2M | ||
| Q4 24 | $-148.4M | $516.9M | ||
| Q3 24 | $-180.1M | $484.6M | ||
| Q2 24 | $-273.0M | $471.3M | ||
| Q1 24 | $-382.4M | $452.9M |
| Q4 25 | $959.5M | $7.4B | ||
| Q3 25 | $916.7M | $7.0B | ||
| Q2 25 | $905.5M | $6.5B | ||
| Q1 25 | $884.9M | $6.0B | ||
| Q4 24 | $881.1M | $5.5B | ||
| Q3 24 | $831.1M | $5.2B | ||
| Q2 24 | $782.3M | $4.9B | ||
| Q1 24 | $750.5M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $-13.4M | $17.9M |
| FCF MarginFCF / Revenue | -15.1% | 34.6% |
| Capex IntensityCapex / Revenue | 11.1% | 0.5% |
| Cash ConversionOCF / Net Profit | -0.22× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $18.2M | ||
| Q3 25 | $18.2M | $11.5M | ||
| Q2 25 | $-7.9M | $7.7M | ||
| Q1 25 | $29.7M | $3.5M | ||
| Q4 24 | $-532.0K | $37.8M | ||
| Q3 24 | $17.7M | $-17.6M | ||
| Q2 24 | $533.0K | $11.5M | ||
| Q1 24 | $13.7M | $10.6M |
| Q4 25 | $-13.4M | $17.9M | ||
| Q3 25 | $-9.3M | $11.4M | ||
| Q2 25 | $-29.7M | $7.6M | ||
| Q1 25 | $18.1M | $3.5M | ||
| Q4 24 | $-55.0M | $37.5M | ||
| Q3 24 | $-5.4M | $-17.6M | ||
| Q2 24 | $-22.5M | $11.4M | ||
| Q1 24 | $-13.0M | $10.5M |
| Q4 25 | -15.1% | 34.6% | ||
| Q3 25 | -11.9% | 23.2% | ||
| Q2 25 | -38.4% | 15.9% | ||
| Q1 25 | 21.8% | 9.2% | ||
| Q4 24 | -73.8% | 96.4% | ||
| Q3 24 | -6.5% | -50.3% | ||
| Q2 24 | -32.2% | 35.1% | ||
| Q1 24 | -20.4% | 35.8% |
| Q4 25 | 11.1% | 0.5% | ||
| Q3 25 | 35.3% | 0.1% | ||
| Q2 25 | 28.2% | 0.2% | ||
| Q1 25 | 13.9% | 0.2% | ||
| Q4 24 | 73.1% | 0.7% | ||
| Q3 24 | 27.9% | 0.2% | ||
| Q2 24 | 32.9% | 0.3% | ||
| Q1 24 | 41.8% | 0.1% |
| Q4 25 | -0.22× | 0.52× | ||
| Q3 25 | 1.60× | 0.45× | ||
| Q2 25 | -1.04× | 0.29× | ||
| Q1 25 | 23.11× | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 1.03× | -1.11× | ||
| Q2 24 | 0.28× | 0.78× | ||
| Q1 24 | 20.26× | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
