National Fuel Gas Company

NFG

NYSE · Pipelines & Midstream

$73.43

At close - Nov 6, 4:00 PM EST - USD

Market Cap$6.98B

P/E10.6x

52W High$97.06

Volume1.9M

VCP Research Verdict2026Q3

Integrated Gas Model Drives Margin Expansion

National Fuel Gas Company (NFG) presents a compelling investment case driven by its integrated natural gas operations, which have demonstrated accelerating revenue growth (17.1% YoY in Q3 2026) and robust operating leverage (operating income up 20.4% YoY).

Explore valuation models

MARKET ACTION

NFG price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth accelerated to 17.1% YoY in Q3 2026, with operating income up 20.4% YoY, reflecting positive operating leverage and a net margin of 25.8%.

Analyst Consensus+20.5% target

Buy(18 analysts)

9 Buy9 Hold0 Sell

The Bull Case

Upside Catalysts

Strong financial performance

National Fuel Gas reported robust Q1 2026 results with $651.51 million in revenue and $181.65 million net income, showing significant growth.

Undervalued stock potential

NFG shares are potentially undervalued by 12%, with fair value estimates ranging from $40 to $140 per share, indicating upside potential.

Positive momentum trend

NFG is identified as a top momentum stock for the long-term and has recently broken out to new highs, per technical analysis.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

NFG-8.51%

S&P 500 (^GSPC)+7.63%

1-Year Return

NFG-3.05%

S&P 500 (^GSPC)+9.69%

3-Year Return

NFG+50.95%

S&P 500 (^GSPC)+67.67%

5-Year Return

NFG+40.48%

S&P 500 (^GSPC)+55.81%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/EMedian

10.6x

Forward P/EExpansion

10.1x

EV/EBITDA40th %ile

7.4x

FCF YieldCash Flow

2.6%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

10.6x

10.8x

40th· Fair

EV/EBITDA

7.4x

7.5x

40th· Fair

Price/FCF

38.5x

41.5x

25th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$119.07+62.2%

Base (Fair)$200.74+173.4%

Bull$391.25+432.8%

$119.07 Bear$200.74 Base$391.25 Bull

Current Market Price: $73.43

Trades at a 63.4% discount to Base DCF ($200.74)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY26

$2.52B+10.4% YoY

Net income FY26

$665M+28.3% YoY

Free cash flow FY26

$181M-3.2% YoY

Operating margin FY26

39.3%+3.6 pts YoY

ROIC (FY26)10.8%

Avg ROIC 5Y9.7%

ROE (TTM)17.4%

Piotroski Score6 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate10/12 (83%)

Revenue Beat Rate1/12 (8%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 4, 2026	$1.22+17.3% vs $1.04	$468M-1.0% vs $472M
Q3 2026 Jul 29, 2026	$1.54+6.9% vs $1.44	$537M-4.8% vs $564M
Q2 2026 Apr 29, 2026	$2.71-4.9% vs $2.85	$858M+0.2% vs $857M
Q1 2026 Jan 28, 2026	$2.06+7.9% vs $1.91	$652M-0.3% vs $654M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·2d ago

National Fuel Gas Company (NFG) Q4 2026 Earnings Call Transcript

National Fuel Gas Company ( NFG ) Q4 2026 Earnings Call November 5, 2026 9:00 AM EST Company Participants Ryan Vossler - Director of Investor Relations David Bauer - President, CEO & Director Timothy Silverstein - CFO & Treasurer Justin Loweth - Senior Vice President Conference Call Participants Neil Mehta - Goldman Sachs Group, Inc., Research Division Timothy Rezvan - KeyBanc Capital Markets Inc., Research Division Sebastian Cuchi-Almodovar - Raymond James & Associates, Inc., Research Division Presentation Operator Hello, everyone. Welcome to the National Fuel Gas Company Fourth Quarter and Full Year Fiscal 2026 Earnings Call.

Zacks Investment Research·2d ago

National Fuel Gas Q4 Earnings Outpace Estimates, Revenues Increase Y/Y

NFG beats Q4 earnings estimates as revenues rise year over year despite higher operating costs and lower natural gas production.

Zacks Investment Research·3d ago

National Fuel Gas (NFG) Q4 Earnings Top Estimates

National Fuel Gas (NFG) came out with quarterly earnings of $1.22 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $1.22 per share a year ago.

GlobeNewsWire·3d ago

National Fuel Reports Fourth Quarter and Full Year Fiscal 2026 Earnings

WILLIAMSVILLE, N.Y., Nov. 04, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the fourth quarter and fiscal year ended September 30, 2026.

Filtered for National Fuel Gas CompanyMore Headlines

Compare before deciding

Benchmark NFG against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for National Fuel Gas Company (NFG)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
NFGNational Fuel Gas CompanyCurrent	$73.43	$6.98B	10.57	10.44%	26.46%	17.37%	2.91%
NJRNew Jersey Resources Corporation	$54.34	$5.48B	15.10	13.94%	16.38%	14.42%	3.29%
SRSpire Inc.	$88.81	$5.25B	9.57	-4.5%	21.62%	15.85%	3.5%
SWXSouthwest Gas Holdings, Inc.	$91.33	$6.61B	25.42	-62.05%	15.19%	6.42%	2.7%
NWNNorthwest Natural Holding Company	$51.75	$2.18B	17.29	11.83%	9.65%	8.23%	3.65%
ATOAtmos Energy Corporation	$173.22	$28.91B	20.92	12.91%	28.5%	9.67%	1.99%

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

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

NFG SEC Filings & Documents

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

8-K Announcements

Material company update

Jul 30, 2026·SEC

Material company update

Jul 29, 2026·SEC

Material company update

Jun 26, 2026·SEC

10-K Annual Reports

FY 2025

Nov 21, 2025·SEC

FY 2024

Nov 22, 2024·SEC

10-Q Quarterly Reports

FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 30, 2026·SEC

FY 2026

Jan 29, 2026·SEC

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NFG Frequently Asked Questions

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

Growth & Financials

What is National Fuel Gas Company's revenue?

National Fuel Gas Company (NFG) reported $2.52B in revenue in fiscal year 2026, which is also its trailing twelve months. That is 99% more than the $1.27B of fiscal year 1997.

How fast is National Fuel Gas Company growing?

National Fuel Gas Company (NFG) grew revenue by 10.9% over the trailing twelve months, compared with the twelve months before.

Is NFG profitable?

Yes. National Fuel Gas Company (NFG) earned $665.4M in net income over the trailing twelve months (a 26.5% net margin).

Dividend & Returns

Does NFG pay dividends?

Yes. National Fuel Gas Company (NFG) pays a dividend that yields 2.91% at the current price, a moderate yield.

What is NFG's return on equity?

National Fuel Gas Company (NFG) had a return on equity (ROE) of 17.4% over the trailing twelve months. That is above the market's typical 10-15%.

What is National Fuel Gas Company's free cash flow?

National Fuel Gas Company (NFG) generated $181.2M in free cash flow over the trailing twelve months.

What if you invested $1,000 in NFG back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 4, 2026

$1.22+17.3%

vs $1.04

$468M-1.0%

vs $472M

Q3 2026

Jul 29, 2026

$1.54+6.9%

vs $1.44

$537M-4.8%

vs $564M

Q2 2026

Apr 29, 2026

$2.71-4.9%

vs $2.85

$858M+0.2%

vs $857M

Q1 2026

Jan 28, 2026

$2.06+7.9%

vs $1.91

$652M-0.3%

vs $654M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

NFGNational Fuel Gas CompanyCurrent

$73.43

$6.98B

10.57

10.44%

26.46%

17.37%

2.91%

NJRNew Jersey Resources Corporation

$54.34

$5.48B

15.10

13.94%

16.38%

14.42%

3.29%

SRSpire Inc.

$88.81

$5.25B

9.57

-4.5%

21.62%

15.85%

3.5%

SWXSouthwest Gas Holdings, Inc.

$91.33

$6.61B

25.42

-62.05%

15.19%

6.42%

2.7%

NWNNorthwest Natural Holding Company

$51.75

$2.18B

17.29

11.83%

9.65%

8.23%

3.65%

ATOAtmos Energy Corporation

$173.22

$28.91B

20.92

12.91%

28.5%

9.67%

1.99%