Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsOperating margin changed -5.0 percentage points from the prior annual period.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Operating margin compressed
Operating margin changed -5.0 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow was negative
Latest reported free cash flow was -$34M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 2 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +12.3% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Fuel Station Services Segment$215Mshare n/a+28.6% yoy
- Renewable Natural Gas Fuel Supply Segment$102Mshare n/a+15.0% yoy
- Renewable Power Segment$32.8Mshare n/a-26.7% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Fuel Station Services Segment$44.6M60.7%-12.1% yoy
- Renewable Natural Gas Fuel Supply Segment$21.6M29.5%-21.6% yoy
- Renewable Power Segment$7.17M9.8%+0.6% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,096 US-listed filers · 117 in Utilities| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $327M | 39thof 3,301 middle third | 19thof 102 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 12.3% | 66thof 3,135 middle third | 61stof 97 middle third |
Operating margin operating income ÷ revenue | 2.3% | 48thof 2,819 middle third | 14thof 97 bottom third |
Net margin net income ÷ revenue | 11.1% | 73rdof 3,263 top third | 44thof 101 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -10.5% | 23rdof 2,679 bottom third | 33rdof 83 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 2.0% | 52ndof 2,895 middle third | 19thof 67 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 69 days | 27thof 2,398 bottom third | 11thof 84 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 9.2× | 11thof 1,547 bottom third | 2ndof 81 bottom third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 1.0× | 23rdof 2,108 bottom third | 5thof 91 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -0.0% | 18thof 3,193 bottom third | 4thof 99 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 10.9% | 38thof 2,719 middle third | 38thof 51 middle third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 18 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2021-12-31 | $812K 10-K 2022-03-09 | $39.3M 10-K 2023-03-29 | +4744.4% | first · latest · 5 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2022-03-31 | -$252K 10-Q 2022-05-16 | -$8.98M 10-Q 2023-05-15 | -3461.6% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2021-06-30 | $5M 10-Q 2021-08-05 | -$34.8M 10-Q 2022-08-10 | -796.4% | first · latest · 5 filings carry it |
| Total liabilities Liabilities | balance at 2021-12-31 | $40.8M 10-K 2022-03-09 | $286M 10-K 2023-03-29 | +601.3% | first · latest · 5 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-03-31 | $5M 10-Q 2021-05-21 | -$23.2M 10-Q 2022-08-10 | -564.1% | first · latest · 8 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$750K 10-Q 2021-11-05 | $3.15M 10-Q 2022-11-14 | +520.4% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | $1.78M 10-K 2023-03-29 | $7.56M 10-K 2024-03-15 | +325.1% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$1.73M 10-Q 2022-08-10 | $2.31M 10-Q 2023-08-14 | +233.3% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2021-12-31 | -$39.1M 10-K 2022-03-09 | $14K 10-K 2023-03-29 | +100.0% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-09-30 | $1.87M 10-Q 2023-11-14 | $3.6M 10-Q 2024-11-12 | +92.2% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2024-12-31 | $32M 10-Q 2025-05-13 | $46.5M 10-K 2026-03-16 | +45.4% | first · latest · 4 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$1.39M 10-Q 2022-05-16 | -$989K 10-Q 2023-05-15 | +28.9% | first · latest |
| Total assets Assets | balance at 2021-12-31 | $313M 10-K 2022-03-09 | $381M 10-K 2023-03-29 | +21.7% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-06-30 | -$6.37M 10-Q 2023-08-14 | -$7.37M 10-Q/A 2024-08-09 | -15.7% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2023-03-31 | -$11.3M 10-Q 2023-05-15 | -$10.6M 10-Q 2024-05-10 | +6.3% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2024-12-31 | $33M 10-K 2025-03-17 | $31.4M 10-K 2026-03-16 | -5.0% | first · latest |
| Depreciation and amortization DepreciationAmortizationAndAccretionNet | quarter 2022-09-30 | $3.26M 10-Q 2022-11-14 | $3.38M 10-Q 2023-11-14 | +3.7% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$1.95M 10-Q 2022-11-14 | -$1.94M 10-Q 2023-11-14 | +0.7% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for OPAL yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.