Montauk Renewables
Turns landfill and farm waste into renewable natural gas, electricity, and environmental credits.
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Profile
Captures methane from landfill and livestock-waste sites and converts it into renewable natural gas or renewable electricity, monetizing not just the fuel and power but the federal and state environmental credits attached to them, which make up most of its revenue. Listed on Nasdaq since 2021, having spun off from a South African parent.
Captures methane from landfill and livestock-waste sites and converts it into pipeline-quality renewable natural gas or renewable electricity, the company's two reportable segments, with RNG the larger of the two.
Most revenue comes from the environmental credits attached to that output — federal RINs, state low-carbon-fuel-standard credits, and renewable energy credits — rather than the commodity gas or power itself. A handful of refiners and marketers buy most of what is produced.
Facilities are spread across several US states, anchored by a large renewable-electricity site in California, with a swine-waste digester project in North Carolina as the next growth phase.
Began trading on Nasdaq in 2021 after separating from its South African parent, which still holds a large stake and lists the shares secondarily in Johannesburg.
Company facts
Key statistics
Year to date +6.0% · Average volume (30d) 163.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Apr 24, 2026 | UBS | Reiterate | Neutral | $6.25 | $1.60 | |
| Sep 3, 2024 | Scotiabank | Downgrade | Sector Outperform | Sector Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.00 | $0.00 | — | $49.3M | $54.0M | +9.5% | −0.58% |
| May 6, 2026Q1 FY26 | −$0.02 | — | — | $42.4M | $46.4M | +9.6% | −2.74% |
| Mar 11, 2026Q4 FY25 | $0.02 | $0.02 | +20.5% | $43.9M | $43.4M | −1.3% | +2.92% |
| Nov 5, 2025Q3 FY25 | $0.00 | $0.04 | — | $44.3M | $45.3M | +2.2% | −15.90% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $42.6M | $45.1M | $45.3M | $43.4M | $46.4M | $54.0M | |
| Gross profit | $17.5M | $14.1M | $19.3M | $14.9M | $15.2M | $16.1M | |
| Operating income | $410.0K | −$2.4M | $4.4M | −$890.0K | −$1.2M | −$75.0K | |
| Net income | −$464.0K | −$5.5M | $5.2M | $2.5M | $5.0K | $226.0K | |
| Diluted EPS | −$0.00 | −$0.04 | $0.04 | $0.02 | $0.00 | $0.00 | |
| Gross margin | 41.0% | 31.2% | 42.8% | 34.3% | 32.8% | 29.9% | |
| Operating margin | 1.0% | -5.2% | 9.8% | -2.1% | -2.5% | -0.1% |
Fiscal years (4-quarter sums)FY21 $148.1M · FY22 $205.6M · FY23 $174.9M · FY24 $175.7M · FY25 $176.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $15.8M · Total debt $157.1M · Total assets $470.7M · Shareholders' equity $264.5M
Dividends
No dividends on record.
Ownership
Shares outstanding 142.34M · Float 41.68M · 29.3% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Aktiv Investment Management (Pty) Ltd · 10 percent owner | 22.30M | 15.66% | Form 4 | Nov 10, 2025 |
| BlackRock, Inc. | 4.22M | 2.96% | 13F | May 13, 2026 |
| Vanguard Capital Management LLC | 2.69M | 1.89% | 13F | May 15, 2026 |
| Geode Capital Management, LLC | 1.76M | 1.24% | 13F | May 15, 2026 |
| Baader Bank Aktiengesellschaft | 1.61M | 1.13% | 13F | May 8, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 11, 2026 | John A. Copelyn | director | +17,506 | $1.45 |
Peers
- Clean Energy Fuels
Largest US RNG vehicle-fuel network, generating roughly 31% of US D3 RINs.
- OPAL
Vertically integrated landfill and dairy RNG producer with downstream fueling.
- WM
In-house RNG buildout at owned landfills, dwarfing the peer set on scale.
- Republic Services
Landfill-gas-to-RNG through the Lightning Renewables JV with bp and Archaea.
- Casella Waste Systems
Northeast landfill-gas-to-RNG platform scaling through Waga Energy partnerships.
- Ameresco
Owns and operates landfill-gas RNG plants across multiple US states.
- Aemetis
California dairy-digester RNG producer monetizing LCFS credits and D3 RINs.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Montauk Renewables | $1.77 | −0.56% | $251.9M | 31.9 | 32.4 | 1.3 | +19.7% |
| Clean Energy Fuels | $1.64 | +0.31% | $359.0M | — | — | 0.8 | +3.7% |
| OPAL | $2.05 | +0.14% | $58.3M | — | 2.2 | 0.2 | +7.4% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Republic Services | $225.00 | +1.32% | $68.34B | 31.5 | 29.2 | 4.0 | +4.6% |
| Casella Waste Systems | $93.68 | −0.02% | $5.87B | 1,005.2 | 71.2 | 3.0 | +16.9% |
| Ameresco | $21.99 | −0.09% | $1.17B | 42.3 | 15.5 | 0.6 | +9.1% |
| Aemetis | $1.84 | −1.34% | $130.9M | — | — | 0.6 | +20.0% |
| Median | 36.9 | 25.7 | 0.8 | +7.4% |