National Fuel Gas Company(NFG)Earnings, Financials & Key Ratios

NFG•NYSE

$81.51

$7.75B mkt cap·14.4× P/E·Price updated May 6, 2026

SectorEnergy IndustryIntegrated Oil & Gas Sub-IndustryMidstream gas and liquids processors

AboutNational Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil in California and in the Appalachian region of the United States. As of September 30, 2021, it had proved developed and undeveloped reserves of 21,537 thousand barrels of oil and 3,723,433 million cubic feet of natural gas. The Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields. This segment also transports natural gas for National Fuel Gas Distribution Corporation, as well as for other utilities, industrial companies, and power producers in New York State; and owns and operates the Empire Pipeline. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, as well as provides gathering services to Seneca Resources Company, LLC. The Utility segment sells natural gas or provides natural gas transportation services to approximately 753,000 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company markets gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2021, the company also owned approximately 95,000 acres of timber property; and managed approximately 2,500 additional acres of timber cutting rights. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.Show more

Revenue$2.28B+17.1%
EBITDA$1.27B+90.5%
Net Income$519M+568.9%
EPS (Diluted)5.68+576.2%
Gross Margin66.13%+57.3%
EBITDA Margin55.76%+62.7%
Operating Margin35.72%+231.2%
Net Margin22.77%+471.2%
ROE17.45%+554.1%
ROIC10.63%+277.6%
Debt/Equity0.92-6.2%
Interest Coverage5.45+234.8%

Technical→

NFG Key Insights

National Fuel Gas Company (NFG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Dividend Aristocrat: 31 years of consecutive increases
✓Strong Piotroski F-Score: 9/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.5%
✓Healthy 5Y average net margin of 19.1%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NFG Price & Volume

National Fuel Gas Company (NFG) stock price & volume — 10-year historical chart

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NFG Growth Metrics

National Fuel Gas Company (NFG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.61%

5 Years8.05%

3 Years1.38%

TTM20.74%

Profit CAGR

10 Years-

5 Years-

3 Years-2.88%

TTM1635.05%

EPS CAGR

10 Years-

5 Years-

3 Years-2.62%

TTM1618.6%

Return on Capital

10 Years7.06%

5 Years9.63%

3 Years8.31%

Last Year10.83%

NFG Recent Earnings

National Fuel Gas Company (NFG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 9/12 qtrs (75%)●Beat Revenue 1/12 qtrs (8%)

Q2 2026Latest

Apr 29, 2026

EPS

$2.71

Est $2.85

-4.9%

Revenue

$858M

Est $857M

+0.2%

Q1 2026

Jan 28, 2026

EPS

$2.06

Est $1.91

+7.9%

Revenue

$652M

Est $654M

-0.3%

Q4 2025

Nov 5, 2025

EPS

$1.22

Est $1.11

+9.9%

Revenue

$456M

Est $513M

-11.1%

Q3 2025

Jul 30, 2025

EPS

$1.64

Est $1.50

+9.3%

Revenue

$532M

Est $540M

-1.5%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 29, 2026	$2.71vs $2.85-4.9%	$858Mvs $857M+0.2%
Q1 2026	Jan 28, 2026	$2.06vs $1.91+7.9%	$652Mvs $654M-0.3%
Q4 2025	Nov 5, 2025	$1.22vs $1.11+9.9%	$456Mvs $513M-11.1%
Q3 2025	Jul 30, 2025	$1.64vs $1.50+9.3%	$532Mvs $540M-1.5%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
NJRNew Jersey Resources CorporationDirect Competitor	5.54B	54.86	16.47	13.94%	15.45%	18.74%	1.58
SRSpire Inc.Direct Competitor	5.09B	86.21	19.73	-4.5%	14.48%	10.44%	1.54
SWXSouthwest Gas Holdings, Inc.Direct Competitor	6.57B	90.82	14.94	-62.05%	18.55%	11.85%	0.89
NWNNorthwest Natural Holding CompanyDirect Competitor	2.05B	48.66	17.57	11.83%	9.56%	8.27%	1.87
ATOAtmos Energy CorporationDirect Competitor	30.53B	184.52	24.73	12.91%	27.58%	7.69%	0.69
OGSONE Gas, Inc.Direct Competitor	5.4B	86.00	19.68	16.5%	11.77%	8.2%	0.99
CNXCNX Resources CorporationProduct Competitor	5.19B	36.55	9.18	59.19%	50.85%	27.46%	0.57
RRCRange Resources CorporationProduct Competitor	9.7B	41.17	15.03	27.56%	28.41%	20.93%	0.29

Compare NFG vs Peers

National Fuel Gas Company (NFG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NJR

Most directly comparable listed peer for NFG.

Scale Benchmark

vs NEE

Larger-name benchmark to compare NFG against a more recognizable public peer.

Peer Set

Compare Top 5

vs NJR, SR, SWX, NWN

NFG Income Statement

National Fuel Gas Company (NFG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Sales/Revenue	1.58B	1.59B	1.69B	1.55B	1.74B	2.19B	2.17B	1.94B	2.28B	2.5B
Revenue Growth %	8.78%	0.81%	6.32%	-8.68%	12.7%	25.44%	-0.56%	-10.53%	17.11%	20.74%
Cost of Goods Sold	901.11M	988.55M	1.09B	978.6M	982.94M	1.28B	1.33B	1.13B	771.31M	1.25B
COGS % of Revenue	57.04%	62.07%	64.53%	63.29%	56.4%	58.69%	61%	57.95%	33.87%	-
Gross Profit	678.77M▲ 0%	604.12M▼ 11.0%	600.7M▼ 0.6%	567.7M▼ 5.5%	759.72M▲ 33.8%	902.96M▲ 18.9%	847.85M▼ 6.1%	817.7M▼ 3.6%	1.51B▲ 84.2%	1.25B▲ 0%
Gross Margin %	42.96%	37.93%	35.47%	36.71%	43.6%	41.31%	39%	42.05%	66.13%	50.04%
Gross Profit Growth %	10.64%	-11%	-0.57%	-5.49%	33.83%	18.85%	-6.1%	-3.56%	84.2%	-
Operating Expenses	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M	216.69M
OpEx % of Revenue	5.38%	5.3%	5.25%	34.78%	6.87%	4.05%	4.26%	31.26%	30.42%	-
Selling, General & Admin	0	0	0	0	0	0	0	0	0	0
SG&A % of Revenue	-	-	-	-	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M	4M
Operating Income	593.78M▲ 0%	519.72M▼ 12.5%	511.81M▼ 1.5%	29.86M▼ 94.2%	639.92M▲ 2043.2%	814.52M▲ 27.3%	755.15M▼ 7.3%	209.72M▼ 72.2%	813.46M▲ 287.9%	1.03B▲ 0%
Operating Margin %	37.58%	32.63%	30.23%	1.93%	36.72%	37.26%	34.74%	10.78%	35.72%	41.36%
Operating Income Growth %	242.56%	-12.47%	-1.52%	-94.17%	2043.22%	27.28%	-7.29%	-72.23%	287.87%	-
EBITDA	817.97M	760.68M	787.47M	336.02M	975.23M	1.18B	1.16B	666.75M	1.27B	1.51B
EBITDA Margin %	51.77%	47.76%	46.5%	21.73%	55.96%	54.18%	53.58%	34.28%	55.76%	60.47%
EBITDA Growth %	589.51%	-7%	3.52%	-57.33%	190.23%	21.44%	-1.65%	-42.75%	90.48%	152.44%
D&A (Non-Cash Add-back)	224.19M	240.96M	275.66M	306.16M	335.3M	369.79M	409.57M	457.03M	456.59M	477.3M
EBIT	564M	498.55M	496.27M	12.04M	624.69M	813.01M	773.28M	225.95M	849.89M	1.05B
Net Interest Income	-119.84M	-114.52M	-106.76M	-117.08M	-146.36M	-130.36M	-131.89M	-138.69M	-155.83M	-150.44M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	119.84M	114.52M	106.76M	117.08M	146.36M	130.36M	131.89M	138.69M	155.83M	150.44M
Other Income/Expense	-149.61M	-135.7M	-122.3M	-134.89M	-161.59M	-131.87M	-113.75M	-122.47M	-119.41M	-111.73M
Pretax Income	444.16M▲ 0%	384.03M▼ 13.5%	389.51M▲ 1.4%	-105.03M▼ 127.0%	478.33M▲ 555.4%	682.65M▲ 42.7%	641.4M▼ 6.0%	87.25M▼ 86.4%	694.05M▲ 695.4%	921.54M▲ 0%
Pretax Margin %	28.11%	24.11%	23%	-6.79%	27.45%	31.23%	29.51%	4.49%	30.47%	36.89%
Income Tax	160.68M	-7.49M	85.22M	18.74M	114.68M	116.63M	164.53M	9.74M	175.55M	235.07M
Effective Tax Rate %	36.18%	-1.95%	21.88%	-17.84%	23.98%	17.08%	25.65%	11.16%	25.29%	25.51%
Net Income	283.48M▲ 0%	391.52M▲ 38.1%	304.29M▼ 22.3%	-123.77M▼ 140.7%	363.65M▲ 393.8%	566.02M▲ 55.7%	476.87M▼ 15.8%	77.51M▼ 83.7%	518.5M▲ 568.9%	686.47M▲ 0%
Net Margin %	17.94%	24.58%	17.97%	-8%	20.87%	25.89%	21.94%	3.99%	22.77%	27.48%
Net Income Growth %	197.43%	38.11%	-22.28%	-140.68%	393.8%	55.65%	-15.75%	-83.75%	568.93%	1635.05%
Net Income (Continuing)	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M	686.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	3.30▲ 0%	4.53▲ 37.3%	3.51▼ 22.5%	-1.41▼ 140.2%	3.97▲ 381.6%	6.15▲ 54.9%	5.17▼ 15.9%	0.84▼ 83.8%	5.68▲ 576.2%	7.17▲ 0%
EPS Growth %	196.21%	37.27%	-22.52%	-140.17%	381.56%	54.91%	-15.93%	-83.75%	576.19%	1618.6%
EPS (Basic)	3.32	4.56	3.53	-1.41	3.99	6.19	5.20	0.84	5.73	-
Diluted Shares Outstanding	86.02M	86.44M	86.77M	87.97M	91.68M	92.11M	92.29M	92.34M	91.23M	95.69M
Basic Shares Outstanding	85.36M	85.83M	86.24M	87.97M	91.13M	91.41M	91.75M	91.79M	90.5M	95.03M
Dividend Payout Ratio	49.06%	36.59%	48.45%	-	44.85%	29.71%	36.93%	237.12%	36.34%	-

NFG Balance Sheet

National Fuel Gas Company (NFG) balance sheet — assets, liabilities & shareholders' equity

Line item	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Total Current Assets	818.28M	544.59M	362.62M	314.2M	522.45M	761.13M	414.43M	355.92M	410.73M	507.6M
Cash & Short-Term Investments	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M	26.6M
Cash Only	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M	26.6M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	144.96M	196.96M	209.68M	164.71M	238.58M	411.95M	222.14M	178.25M	225.94M	292.55M
Days Sales Outstanding	33.49	45.14	45.2	38.88	49.97	68.78	37.3	33.45	36.21	39.33
Inventory	74.24M	77.84M	79.59M	85.22M	120.36M	172.34M	81.5M	82.72M	89.78M	0
Days Inventory Outstanding	30.07	28.74	26.59	31.78	44.69	49.03	22.43	26.79	42.49	17.99
Other Current Assets	18.66M	14.97M	25.83M	16.61M	117.82M	113.03M	36.37M	38.26M	35.36M	188.45M
Total Non-Current Assets	5.29B	5.49B	6.1B	6.91B	6.94B	7.14B	7.87B	7.96B	8.31B	8.62B
Property, Plant & Equipment	4.67B	4.98B	5.51B	6.02B	6.38B	6.57B	7.3B	7.34B	7.71B	15.83B
Fixed Asset Turnover	0.34x	0.32x	0.31x	0.26x	0.27x	0.33x	0.30x	0.26x	0.30x	0.26x
Goodwill	5.48M	5.48M	5.48M	5.48M	5.48M	5.48M	5.48M	5.48M	5.48M	5.48M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	125.27M	132.54M	144.92M	240.13M	149.63M	95.03M	73.98M	81.7M	107.73M	385.69M
Other Non-Current Assets	480.23M	376.73M	167.4M	387.22M	402.99M	468.15M	486.52M	537.47M	482.52M	-5.81B
Total Assets	6.1B▲ 0%	6.04B▼ 1.1%	6.46B▲ 7.1%	7.22B▲ 11.7%	7.46B▲ 3.4%	7.9B▲ 5.8%	8.28B▲ 4.9%	8.32B▲ 0.5%	8.72B▲ 4.8%	9.13B▲ 0%
Asset Turnover	0.26x	0.26x	0.26x	0.21x	0.23x	0.28x	0.26x	0.23x	0.26x	0.28x
Asset Growth %	8.28%	-1.09%	7.05%	11.74%	3.38%	5.78%	4.86%	0.48%	4.8%	22.92%
Total Current Liabilities	646.04M	440.06M	421.91M	459.57M	1.24B	1.94B	806.31M	1.1B	925.76M	820.15M
Accounts Payable	126.44M	160.03M	132.21M	144.91M	171.66M	178.94M	152.19M	165.07M	184.05M	143.18M
Days Payables Outstanding	51.22	59.09	44.16	54.05	63.74	50.9	41.9	53.46	87.09	43.28
Short-Term Debt	300M	0	55.2M	50.61M	158.5M	609M	287.5M	590.7M	450.2M	341.3M
Deferred Revenue (Current)	0	0	0	15.32M	36.52M	50.39M	49.77M	55.64M	47.04M	63.03M
Other Current Liabilities	184.56M	237.37M	184.74M	234.11M	768.04M	978.27M	148.66M	120.3M	134.83M	335.67M
Current Ratio	1.27x	1.24x	0.86x	0.68x	0.42x	0.39x	0.51x	0.32x	0.44x	0.44x
Quick Ratio	1.15x	1.06x	0.67x	0.50x	0.33x	0.30x	0.41x	0.25x	0.35x	0.35x
Cash Conversion Cycle	12.34	14.79	27.62	16.61	30.92	66.91	17.84	6.79	-8.4	14.04
Total Non-Current Liabilities	3.75B	3.66B	3.9B	4.79B	4.44B	3.87B	4.51B	4.38B	4.7B	4.48B
Long-Term Debt	2.08B	2.13B	2.13B	2.63B	2.63B	2.08B	2.38B	2.19B	2.38B	2.08B
Capital Lease Obligations	0	0	0	14.78M	0	0	0	0	0	0
Deferred Tax Liabilities	891.29M	512.69M	653.38M	952.05M	660.42M	698.23M	1.12B	1.11B	1.23B	4.98B
Other Non-Current Liabilities	778.58M	1.02B	1.11B	1.07B	1.15B	1.09B	1B	1.08B	1.09B	4.29B
Total Liabilities	4.4B	4.1B	4.32B	5.25B	5.68B	5.82B	5.32B	5.47B	5.62B	5.3B
Total Debt	2.38B	2.13B	2.19B	2.69B	2.79B	2.69B	2.67B	2.78B	2.83B	2.43B
Net Debt	1.83B	1.9B	2.17B	2.67B	2.76B	2.65B	2.62B	2.74B	2.79B	2.4B
Debt / Equity	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x	0.92x
Debt / EBITDA	2.91x	2.80x	2.78x	8.02x	2.86x	2.27x	2.29x	4.17x	2.23x	1.61x
Net Debt / EBITDA	2.23x	2.50x	2.75x	7.96x	2.83x	2.23x	2.25x	4.11x	2.20x	2.20x
Interest Coverage	4.71x	4.35x	4.65x	0.10x	4.27x	6.24x	5.86x	1.63x	5.45x	7.01x
Total Equity	1.7B▲ 0%	1.94B▲ 13.7%	2.14B▲ 10.4%	1.97B▼ 7.8%	1.79B▼ 9.4%	2.08B▲ 16.4%	2.96B▲ 42.5%	2.85B▼ 3.9%	3.09B▲ 8.6%	3.82B▲ 0%
Equity Growth %	11.57%	13.71%	10.41%	-7.81%	-9.42%	16.44%	42.48%	-3.88%	8.65%	72.84%
Book Value per Share	19.81	22.41	24.65	22.42	19.48	22.58	32.11	30.84	33.92	39.97
Total Shareholders' Equity	1.7B	1.94B	2.14B	1.97B	1.79B	2.08B	2.96B	2.85B	3.09B	3.82B
Common Stock	85.54M	85.96M	86.31M	90.95M	91.18M	91.48M	91.82M	91.01M	90.38M	95.03M
Retained Earnings	851.67M	1.1B	1.27B	991.63M	1.19B	1.59B	1.89B	1.73B	2.01B	2.34B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-30.12M	-67.75M	-52.16M	-114.76M	-513.6M	-625.73M	-55.06M	-15.48M	-59.22M	1.11M
Minority Interest	0	0	0	0	0	0	0	0	0	0

NFG Cash Flow Statement

National Fuel Gas Company (NFG) cash flow — operating, investing & free cash flow history

Line item	Sep'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Cash from Operations	684.51M	615.3M	694.48M	740.81M	791.55M	812.52M	1.24B	1.07B	1.1B	1.1B
Operating CF Margin %	43.33%	38.63%	41.01%	47.91%	45.42%	37.17%	56.91%	54.81%	48.3%	-
Operating CF Growth %	16.22%	-10.11%	12.87%	6.67%	6.85%	2.65%	52.25%	-13.83%	3.2%	133.54%
Net Income	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M	686.47M
Depreciation & Amortization	224.19M	240.96M	275.66M	755.6M	335.3M	369.79M	409.57M	457.03M	456.59M	477.3M
Stock-Based Compensation	12.26M	15.76M	21.19M	14.93M	17.07M	19.51M	20.63M	22.08M	19.75M	19.21M
Deferred Taxes	117.97M	-18.15M	122.27M	54.31M	105.99M	104.42M	151.4M	-2.61M	121.27M	163.78M
Other Non-Cash Items	16.48M	16.13M	8.61M	6.53M	51.7M	714K	19.65M	543.54M	169.12M	24.94M
Working Capital Changes	30.12M	-30.92M	-37.53M	33.21M	-82.15M	-247.93M	158.96M	-31.59M	-185.22M	-88.27M
Change in Receivables	0	0	6.38M	0	-61.41M	-168.77M	213.58M	34.37M	-54.52M	-3.43M
Change in Inventory	0	0	0	0	-2.01M	3.11M	0	1.74M	-7.15M	-13.21M
Change in Payables	-2.35M	21.36M	-24.77M	2.11M	20.59M	12.3M	21.5M	-10.68M	12.79M	-24M
Cash from Investing	-422.56M	-528.89M	-799.17M	-1.22B	-633.22M	-518.7M	-1.11B	-933.9M	-891.7M	-964.07M
Capital Expenditures	-450.33M	-584M	-788.94M	-1.22B	-751.73M	-811.83M	-1.01B	-931.24M	-912.82M	-976.83M
CapEx % of Revenue	28.5%	36.67%	46.59%	79.05%	43.14%	37.14%	46.46%	47.88%	40.08%	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	27.77M	55.12M	-10.24M	-1.21M	118.52M	263.12M	-112.48M	-2.67M	21.12M	12.76M
Cash from Financing	163.87M	-410.64M	-101.09M	476.09M	-58.74M	-276.24M	-207M	-149.28M	-203.38M	-384.08M
Debt Issued (Net)	295.15M	-271.49M	55.2M	467.81M	108.05M	-98.5M	-24.19M	102.56M	44.14M	-517.39M
Equity Issued (Net)	7.78M	4.11M	-8.88M	161.6M	-3.7M	-9.59M	-6.71M	-68.04M	-59.09M	674.5M
Dividends Paid	-139.06M	-143.26M	-147.42M	-153.32M	-163.09M	-168.15M	-176.1M	-183.8M	-188.44M	-194.08M
Share Repurchases	0	0	-8.88M	161.6M	-3.7M	-9.59M	-6.71M	-68.04M	-59.09M	-11.01M
Other Financing	0	0	0	0	0	0	0	0	0	-347.11M
Net Change in Cash	427.3M▲ 0%	-324.22M▼ 175.9%	-205.79M▲ 36.5%	-6.72M▲ 96.7%	99.6M▲ 1582.3%	17.58M▼ 82.3%	-82.27M▼ 568.0%	-17.23M▲ 79.1%	4.94M▲ 128.7%	-64.71M▲ 0%
Free Cash Flow	234.17M▲ 0%	31.3M▼ 86.6%	-94.45M▼ 401.8%	-481.6M▼ 409.9%	39.82M▲ 108.3%	695K▼ 98.3%	227.21M▲ 32591.7%	134.72M▼ 40.7%	187.21M▲ 39.0%	306.61M▲ 0%
FCF Margin %	14.82%	1.97%	-5.58%	-31.15%	2.28%	0.03%	10.45%	6.93%	8.22%	12.27%
FCF Growth %	3063.22%	-86.63%	-401.78%	-409.87%	108.27%	-98.25%	32591.65%	-40.7%	38.95%	337.81%
FCF per Share	2.72	0.36	-1.09	-5.47	0.43	0.01	2.46	1.46	2.05	2.05
FCF Conversion (FCF/Net Income)	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x	0.45x
Interest Paid	116.89M	126.08M	0	0	135.14M	124.31M	124.44M	125.13M	0	0
Taxes Paid	34.83M	31.77M	0	0	6.37M	16.68M	38.1M	4.13M	48.88M	0

NFG Key Ratios

National Fuel Gas Company (NFG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	17.55%	21.51%	14.93%	-6.02%	19.35%	29.28%	18.91%	2.67%	17.45%	20.37%
Return on Invested Capital (ROIC)	12.7%	10.58%	9.42%	0.5%	10.45%	13.18%	10.99%	2.82%	10.63%	10.63%
Gross Margin	42.96%	37.93%	35.47%	36.71%	43.6%	41.31%	39%	42.05%	66.13%	50.04%
Net Margin	17.94%	24.58%	17.97%	-8%	20.87%	25.89%	21.94%	3.99%	22.77%	27.48%
Debt / Equity	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x	0.92x
Interest Coverage	4.71x	4.35x	4.65x	0.10x	4.27x	6.24x	5.86x	1.63x	5.45x	7.01x
FCF Conversion	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x	0.45x
Revenue Growth	8.78%	0.81%	6.32%	-8.68%	12.7%	25.44%	-0.56%	-10.53%	17.11%	20.74%

NFG SEC Filings & Documents

National Fuel Gas Company (NFG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 30, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Mar 27, 2026·SEC

10-K Annual Reports

FY 2025

Nov 21, 2025·SEC

FY 2024

Nov 22, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 30, 2026·SEC

FY 2026

Jan 29, 2026·SEC

FY 2025

Jul 31, 2025·SEC

NFG Frequently Asked Questions

National Fuel Gas Company (NFG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

National Fuel Gas Company (NFG) reported $2.50B in revenue for fiscal year 2025. This represents a 107% increase from $1.21B in 1996.

National Fuel Gas Company (NFG) grew revenue by 17.1% over the past year. This is strong growth.

Yes, National Fuel Gas Company (NFG) is profitable, generating $686.5M in net income for fiscal year 2025 (22.8% net margin).

Dividend & Returns

Yes, National Fuel Gas Company (NFG) pays a dividend with a yield of 2.53%. This makes it attractive for income-focused investors.

National Fuel Gas Company (NFG) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

National Fuel Gas Company (NFG) generated $306.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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National Fuel Gas Company(NFG)Earnings, Financials & Key Ratios

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