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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $57.2M, roughly 1.5× Vanda Pharmaceuticals Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -246.8%, a 265.1% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 7.6%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-29.5M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 9.8%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
OPAL vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $57.2M |
| Net Profit | $16.2M | $-141.2M |
| Gross Margin | — | — |
| Operating Margin | 7.5% | -70.5% |
| Net Margin | 18.3% | -246.8% |
| Revenue YoY | 18.7% | 7.6% |
| Net Profit YoY | 401.5% | -2774.3% |
| EPS (diluted) | $0.08 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $77.9M | $56.3M | ||
| Q2 25 | $77.4M | $52.6M | ||
| Q1 25 | $83.0M | $50.0M | ||
| Q4 24 | $74.5M | $53.2M | ||
| Q3 24 | $82.6M | $47.7M | ||
| Q2 24 | $69.8M | $50.5M | ||
| Q1 24 | $64.0M | $47.5M |
| Q4 25 | $16.2M | $-141.2M | ||
| Q3 25 | $11.4M | $-22.6M | ||
| Q2 25 | $7.6M | $-27.2M | ||
| Q1 25 | $1.3M | $-29.5M | ||
| Q4 24 | $-5.4M | $-4.9M | ||
| Q3 24 | $17.1M | $-5.3M | ||
| Q2 24 | $1.9M | $-4.5M | ||
| Q1 24 | $677.0K | $-4.1M |
| Q4 25 | 7.5% | -70.5% | ||
| Q3 25 | 4.6% | -55.6% | ||
| Q2 25 | -1.1% | -73.2% | ||
| Q1 25 | -2.3% | -82.0% | ||
| Q4 24 | -0.5% | -19.3% | ||
| Q3 24 | 14.9% | -23.1% | ||
| Q2 24 | 8.1% | -20.1% | ||
| Q1 24 | 5.6% | -19.5% |
| Q4 25 | 18.3% | -246.8% | ||
| Q3 25 | 14.6% | -40.1% | ||
| Q2 25 | 9.8% | -51.7% | ||
| Q1 25 | 1.5% | -58.9% | ||
| Q4 24 | -7.2% | -9.2% | ||
| Q3 24 | 20.7% | -11.2% | ||
| Q2 24 | 2.7% | -9.0% | ||
| Q1 24 | 1.1% | -8.7% |
| Q4 25 | $0.08 | $-2.40 | ||
| Q3 25 | $0.05 | $-0.38 | ||
| Q2 25 | $0.03 | $-0.46 | ||
| Q1 25 | $-0.01 | $-0.50 | ||
| Q4 24 | $-0.05 | $-0.09 | ||
| Q3 24 | $0.09 | $-0.09 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| 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 | $84.9M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $327.2M |
| Total Assets | $959.5M | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.4M | $84.9M | ||
| Q3 25 | $29.9M | $70.0M | ||
| Q2 25 | $29.3M | $81.0M | ||
| Q1 25 | $40.1M | $111.8M | ||
| Q4 24 | $24.3M | $102.3M | ||
| Q3 24 | $31.0M | $100.5M | ||
| Q2 24 | $27.6M | $103.0M | ||
| Q1 24 | $34.2M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $7.5M | $466.0M | ||
| Q2 25 | $-25.0M | $486.3M | ||
| Q1 25 | $57.1M | $511.4M | ||
| Q4 24 | $-148.4M | $538.5M | ||
| Q3 24 | $-180.1M | $541.2M | ||
| Q2 24 | $-273.0M | $542.5M | ||
| Q1 24 | $-382.4M | $544.0M |
| Q4 25 | $959.5M | $488.9M | ||
| Q3 25 | $916.7M | $601.1M | ||
| Q2 25 | $905.5M | $624.7M | ||
| Q1 25 | $884.9M | $631.9M | ||
| Q4 24 | $881.1M | $656.2M | ||
| Q3 24 | $831.1M | $645.1M | ||
| Q2 24 | $782.3M | $651.4M | ||
| Q1 24 | $750.5M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | $-13.4M | $-29.5M |
| FCF MarginFCF / Revenue | -15.1% | -51.6% |
| Capex IntensityCapex / Revenue | 11.1% | 0.2% |
| Cash ConversionOCF / Net Profit | -0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.5M | $-29.4M | ||
| Q3 25 | $18.2M | $-31.6M | ||
| Q2 25 | $-7.9M | $-15.3M | ||
| Q1 25 | $29.7M | $-33.1M | ||
| Q4 24 | $-532.0K | $-1.8M | ||
| Q3 24 | $17.7M | $-14.6M | ||
| Q2 24 | $533.0K | $-6.9M | ||
| Q1 24 | $13.7M | $7.6M |
| Q4 25 | $-13.4M | $-29.5M | ||
| Q3 25 | $-9.3M | $-31.8M | ||
| Q2 25 | $-29.7M | $-15.6M | ||
| Q1 25 | $18.1M | $-33.6M | ||
| Q4 24 | $-55.0M | $-2.0M | ||
| Q3 24 | $-5.4M | $-14.7M | ||
| Q2 24 | $-22.5M | $-7.0M | ||
| Q1 24 | $-13.0M | $7.6M |
| Q4 25 | -15.1% | -51.6% | ||
| Q3 25 | -11.9% | -56.5% | ||
| Q2 25 | -38.4% | -29.6% | ||
| Q1 25 | 21.8% | -67.1% | ||
| Q4 24 | -73.8% | -3.8% | ||
| Q3 24 | -6.5% | -30.9% | ||
| Q2 24 | -32.2% | -13.9% | ||
| Q1 24 | -20.4% | 15.9% |
| Q4 25 | 11.1% | 0.2% | ||
| Q3 25 | 35.3% | 0.3% | ||
| Q2 25 | 28.2% | 0.6% | ||
| Q1 25 | 13.9% | 0.9% | ||
| Q4 24 | 73.1% | 0.4% | ||
| Q3 24 | 27.9% | 0.3% | ||
| Q2 24 | 32.9% | 0.2% | ||
| Q1 24 | 41.8% | 0.0% |
| Q4 25 | -0.22× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | -1.04× | — | ||
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
