OPAL Fuels Inc. — Earnings Quality Grade F
OPAL · Utilities
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 12 days
AR growth 51.5% exceeds revenue growth 16.3%
Revenue 16.3%, CFFO 16.3%. Cash follows revenue
Expense Quality
Inventory 6.5% vs COGS 21.5%. Normal
CapEx growth -44.4% vs revenue 16.3%. Normal
SG&A/Gross Profit = 60.3%. Normal
Gross margin 30.4%, change -3.0pp. Stable
Cash Flow Quality
CFFO/NI = 2.47. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -2.3%. Low accruals
Cash $0.0B covers only 7% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -422% of equity. Manageable
Debt/EBITDA = 10.2x (>4x). Interest coverage = 0.2x (<2x). Financial stress
Other assets grew 69.1% vs revenue 16.3%
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -10% YoY. Normal
Manipulation Score
M-Score = -2.14 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25