OPAL
OPAL Fuels Inc.
OPAL has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
OPAL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Weak |
OPAL's revenue is currently stable, but its profitability, cash flow and balance sheet are under pressure.
SMR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SMR's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
OPAL PE Valuation
OPAL has no meaningful PE right now: it lost money over the past year.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
OPAL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect OPAL's earnings to grow and its profitability to improve, with its revenue holding steady.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
OPAL Earnings Per Share
OPAL has the edge over SMR in the latest year-over-year earnings comparison.
SMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.14 |
| Q2 2026 | -$2.46 | -$1.27 |
| Q1 2026 | -$2.46 | -$1.09 |
| Q4 2025 | -$2.43 | -$0.96 |
| Q3 2025 | -$2.86 | -$1.91 |
| Q2 2025 | -$1.19 | -$0.16 |
| Q1 2025 | -$1.37 | -$0.52 |
| Q4 2024 | -$1.47 | -$0.67 |
SMR is still losing money, but far less than before: $0.72 per share over the past year, against $2.86 at its worst in late 2025.
OPAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $79.5M | -4.6% |
| Q2 2026 | $83.4M | +3.7% |
| Q1 2026 | $73.4M | -14% |
| Q4 2025 | $99.8M | +25% |
| Q3 2025 | $83.4M | -0.8% |
| Q2 2025 | $80.5M | +13% |
| Q1 2025 | $85.4M | +31% |
| Q4 2024 | $80M | -8% |
OPAL's revenue has held roughly level: $79M last quarter, down 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +6.8 points |
| Q2 2026 | -3.6% | -2.6 points |
| Q1 2026 | -6.6% | -4.3 points |
| Q4 2025 | 6.6% | +7 points |
| Q3 2025 | 4.3% | -10 points |
| Q2 2025 | -1% | -9 points |
| Q1 2025 | -2.3% | -7.8 points |
| Q4 2024 | -0.4% | -27 points |
OPAL has the edge over SMR on profitability, with a higher operating margin.
SMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $281K | -97% |
| Q2 2026 | $75K | -99% |
| Q1 2026 | $565K | -96% |
| Q4 2025 | $1.8M | -95% |
| Q3 2025 | $8.2M | +1635% |
| Q2 2025 | $8.1M | +733% |
| Q1 2025 | $13.4M | +870% |
| Q4 2024 | $34.2M | +651% |
SMR has the edge over OPAL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -23068% | -16535 points |
| Q2 2026 | -85337% | -84802 points |
| Q1 2026 | -10181% | -9917 points |
| Q4 2025 | -4022% | -3988 points |
| Q3 2025 | -6533% | +2103 points |
| Q2 2025 | -535% | +3796 points |
| Q1 2025 | -264% | +2925 points |
| Q4 2024 | -35% | +1524 points |
SMR's operating margin was −23068% last quarter, down 16535 points from the same quarter a year ago, near the bottom of its range since 2022.
OPAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$2M | +$7.3M |
| Q2 2026 | -$17.6M | +$12.2M |
| Q1 2026 | -$11.5M | -163% |
| Q4 2025 | -$13.4M | +$40M |
| Q3 2025 | -$9.3M | -$3.9M |
| Q2 2025 | -$29.7M | -$7.3M |
| Q1 2025 | $18.1M | +$31.1M |
| Q4 2024 | -$53.3M | -549% |
OPAL has the stronger cash trend. Its trailing FCF is up 33% versus its history, compared with SMR at down 161%.
SMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$58.6M | -$25.3M |
| Q1 2026 | -$316.2M | -$293.3M |
| Q4 2025 | -$204.1M | -$177.6M |
| Q2 2025 | -$33.3M | +$2.7M |
| Q1 2025 | -$22.9M | +$10.6M |
| Q4 2024 | -$26.5M | +$46.8M |
| Q3 2024 | -$12.7M | +$15M |
| Q2 2024 | -$36M | +$4.5M |
SMR has burned cash in almost every quarter: −$608M over the past year, against −$95M the year before.
OPAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.2% | +48.4K shares |
| 3 years | +8.8% | +2.4M shares |
OPAL has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q4 2020 | — |
SMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +45.9M shares |
| 1 year | +178% | +263M shares |
| 3 years | +448% | +336M shares |
SMR has 410M diluted shares, up 178% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
OPAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 11.3x | High |
| Q2 2026 | 14.3x | High |
| Q1 2026 | 12.1x | High |
| Q4 2025 | 11.3x | High |
| Q3 2025 | 13.4x | High |
| Q2 2025 | 9.4x | High |
| Q1 2025 | 7.0x | High |
| Q4 2024 | 6.7x | High |
OPAL's net debt is about 11 years of its operating earnings (EBITDA), down from 13 years a year ago.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OPAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.9 | Oversold |
| Stochastic | 4.0 | Oversold |
OPAL's weekly RSI is 28 (oversold) and its Stochastic is 4 (oversold).
SMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.5 | Oversold |
| Stochastic | 8.6 | Oversold |
SMR's weekly RSI is 30 (oversold) and its Stochastic is 9 (oversold).
OPAL PE vs Utilities Sector
| Metric | OPAL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 20x | — |
OPAL has no meaningful PE right now: it lost money over the past year.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
OPAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.58 | 22% below |
| 20 week MA | $1.92 | 35% below |
| 50 week MA | $2.14 | 42% below |
| 100 week MA | $2.32 | 47% below |
| 200 week MA | $3.96 | 69% below |
OPAL is in a downtrend: it's below all five of its weekly moving averages, and 69% below its 200-week average.
SMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.26 | 23% below |
| 20 week MA | $7.88 | 39% below |
| 50 week MA | $11.4 | 58% below |
| 100 week MA | $20.2 | 76% below |
| 200 week MA | $14.4 | 67% below |
SMR is in a downtrend: it's below all five of its weekly moving averages, and 67% below its 200-week average.
OPAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $9.75 | $9.97 | +2.3% |
| 2022 | $9.97 | $6.87 | -31% |
| 2023 | $6.87 | $5.52 | -20% |
| 2024 | $5.52 | $3.31 | -40% |
| 2025 | $3.31 | $2.69 | -19% |
| 2026 YTD | $2.69 | $1.24 | -54% |
OPAL has the edge over SMR on returns for 2026, with the stronger performance.
SMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $10.3 | +1.2% |
| 2021 | $10.3 | $10.1 | -1.9% |
| 2022 | $10.1 | $10.1 | +0.5% |
| 2023 | $10.1 | $3.29 | -67% |
| 2024 | $3.29 | $19.5 | +493% |
| 2025 | $19.5 | $14.9 | -24% |
| 2026 YTD | $14.9 | $4.82 | -68% |
SMR's yearly returns have swung widely, from +493% in 2024 to −67% in 2023. It's down 68% so far in 2026.