OPAL Fuels Inc. (OPAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33898.2%

-$505.28

vs $1.50 price

Levered DCF

-$475.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.54

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.73×	167×	7.89×	56×	6.09×	-9.7×	-22.27×
P/B	-5.14×	-0.63×	-0.31×	-0.23×	17,943.61×	10.38×	12.45×
P/S	0.19×	0.31×	0.59×	0.8×	1.51×	2.1×	2.06×
EV / EBITDA	11.83×	8.35×	2.14×	6.13×	7.57×	48.52×	38.84×
Gross margin	30.4%	33.4%	28.2%	30.9%	30.7%	23.5%	24.0%
Operating margin	1.4%	3.3%	0.6%	0.8%	6.6%	-15.2%	4.1%
Net margin	4.2%	3.7%	11.7%	4.8%	0.1%	-21.5%	-4.4%
Current ratio	1.18×	1.13×	1.72×	1.39×	0.61×	1.19×	0.92×
Debt / equity	-28.26×	-2.09×	-0.44×	-0.22×	16,364.5×	4.37×	5.8×
Interest coverage	0.17×	0.46×	0.14×	0.27×	1.48×	-2.31×	0.79×
Dividend yield	15.8%	14.0%	11.0%	0.0%	1.5%	0.3%	0.2%
Payout ratio	71.0%	118.6%	55.2%	0.0%	1759.5%	-3.4%	-7.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-114.1%	-7.4%	-6.3%	-1.4%	1500.0%	-106.7%	-26.5%
Return on invested capital	-1.2%	1.3%	0.2%	0.3%	3.3%	-12.8%	3.6%
Return on assets	1.5%	1.3%	4.0%	1.8%	0.1%	-15.0%	-3.2%
Free cash flow yield	-51.6%	-100.6%	-50.4%	-70.8%	-28.2%	-9.2%	-0.5%
Earnings yield	22.2%	11.8%	20.0%	6.0%	0.1%	-10.3%	-2.1%
Enterprise value	$407.4M	$379.9M	$322.1M	$326.9M	$441M	$337.7M	$350.6M
Net debt / EBITDA	9.91×	6.29×	1.14×	2.61×	3.26×	13.08×	11.51×
Cash conversion cycle (days)	78	67	76	66	56	67	64