National Fuel Gas Company (NFG) 10-Year Financial Performance & Capital Metrics

NFG • • Industrial / General

EnergyIntegrated Oil & GasNatural Gas FocusedGas Transportation & Distribution

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 Margin 66.13% +57.3%
EBITDA Margin 55.76% +62.7%
Operating Margin 35.72% +231.2%
Net Margin 22.77% +471.2%
ROE 17.45% +554.1%
ROIC 10.63% +277.6%
Debt/Equity 0.92 -6.2%
Interest Coverage 5.22 +245.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.61%

5Y8.05%

3Y1.38%

TTM16.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-2.88%

TTM568.93%

EPS CAGR

10Y-

5Y-

3Y-2.62%

TTM601.23%

ROCE

10Y Avg7.06%

5Y Avg9.63%

3Y Avg8.31%

Latest10.83%

Peer Comparison

Gas Transportation & Distribution

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NFGNational Fuel Gas Company	7.72B	81.29	14.31	17.11%	22.87%	16.76%	2.42%	0.92
TGSTransportadora de Gas del Sur S.A.	1.98B	28.55	0.01	26.07%	27.08%	14.63%	10.7%	0.26

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.45B	1.58B	1.59B	1.69B	1.55B	1.74B	2.19B	2.17B	1.94B	2.28B
Revenue Growth %	-0.18%	0.09%	0.01%	0.06%	-0.09%	0.13%	0.25%	-0.01%	-0.11%	0.17%
Cost of Goods Sold+	838.91M	901.11M	988.55M	1.09B	978.6M	982.94M	1.28B	1.33B	1.13B	771.31M
COGS % of Revenue	0.58%	0.57%	0.62%	0.65%	0.63%	0.56%	0.59%	0.61%	0.58%	0.34%
Gross Profit+	613.5M	678.77M	604.12M	600.7M	567.7M	759.72M	902.96M	847.85M	817.7M	1.51B
Gross Margin %	0.42%	0.43%	0.38%	0.35%	0.37%	0.44%	0.41%	0.39%	0.42%	0.66%
Gross Profit Growth %	0.01%	0.11%	-0.11%	-0.01%	-0.05%	0.34%	0.19%	-0.06%	-0.04%	0.84%
Operating Expenses+	1.03B	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M
OpEx % of Revenue	0.71%	0.05%	0.05%	0.05%	0.35%	0.07%	0.04%	0.04%	0.31%	0.3%
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	1.03B	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M
Operating Income+	-416.52M	593.78M	519.72M	511.81M	29.86M	639.92M	814.52M	755.15M	209.72M	813.46M
Operating Margin %	-0.29%	0.38%	0.33%	0.3%	0.02%	0.37%	0.37%	0.35%	0.11%	0.36%
Operating Income Growth %	0.32%	2.43%	-0.12%	-0.02%	-0.94%	20.43%	0.27%	-0.07%	-0.72%	2.88%
EBITDA+	-167.1M	817.97M	760.68M	787.47M	336.02M	975.23M	1.18B	1.16B	666.75M	1.27B
EBITDA Margin %	-0.12%	0.52%	0.48%	0.47%	0.22%	0.56%	0.54%	0.54%	0.34%	0.56%
EBITDA Growth %	0.39%	5.9%	-0.07%	0.04%	-0.57%	1.9%	0.21%	-0.02%	-0.43%	0.9%
D&A (Non-Cash Add-back)	249.42M	224.19M	240.96M	275.66M	306.16M	335.3M	369.79M	409.57M	457.03M	456.59M
EBIT	-402.46M	564M	498.55M	496.27M	12.04M	624.69M	813.01M	773.28M	225.95M	849.89M
Net Interest Income+	-116.81M	-119.84M	-114.52M	-106.76M	-117.08M	-146.36M	-130.36M	-131.89M	-138.69M	-155.83M
Interest Income	4.24M	0	0	0	0	0	0	0	0	0
Interest Expense	121.04M	119.84M	114.52M	106.76M	117.08M	146.36M	130.36M	131.89M	138.69M	155.83M
Other Income/Expense	-106.99M	-149.61M	-135.7M	-122.3M	-134.89M	-161.59M	-131.87M	-113.75M	-122.47M	-119.41M
Pretax Income+	-523.51M	444.16M	384.03M	389.51M	-105.03M	478.33M	682.65M	641.4M	87.25M	694.05M
Pretax Margin %	-0.36%	0.28%	0.24%	0.23%	-0.07%	0.27%	0.31%	0.3%	0.04%	0.3%
Income Tax+	-232.55M	160.68M	-7.49M	85.22M	18.74M	114.68M	116.63M	164.53M	9.74M	175.55M
Effective Tax Rate %	0.56%	0.64%	1.02%	0.78%	1.18%	0.76%	0.83%	0.74%	0.89%	0.75%
Net Income+	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
Net Margin %	-0.2%	0.18%	0.25%	0.18%	-0.08%	0.21%	0.26%	0.22%	0.04%	0.23%
Net Income Growth %	0.23%	1.97%	0.38%	-0.22%	-1.41%	3.94%	0.56%	-0.16%	-0.84%	5.69%
Net Income (Continuing)	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
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)+	-3.43	3.30	4.53	3.51	-1.41	3.97	6.15	5.17	0.84	5.68
EPS Growth %	0.24%	1.96%	0.37%	-0.23%	-1.4%	3.82%	0.55%	-0.16%	-0.84%	5.76%
EPS (Basic)	-3.43	3.32	4.56	3.53	-1.41	3.99	6.19	5.20	0.84	5.73
Diluted Shares Outstanding	84.85M	86.02M	86.44M	86.77M	87.97M	91.68M	92.11M	92.29M	92.34M	91.23M
Basic Shares Outstanding	84.85M	85.36M	85.83M	86.24M	87.97M	91.13M	91.41M	91.75M	91.79M	90.5M
Dividend Payout Ratio	-	0.49%	0.37%	0.48%	-	0.45%	0.3%	0.37%	2.37%	0.36%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	413.03M	818.28M	544.59M	362.62M	314.2M	522.45M	761.13M	414.43M	355.92M	410.73M
Cash & Short-Term Investments	129.97M	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M
Cash Only	129.97M	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	167.3M	144.96M	196.96M	209.68M	164.71M	238.58M	411.95M	222.14M	178.25M	197.02M
Days Sales Outstanding	42.04	33.49	45.14	45.2	38.88	49.97	68.78	37.3	33.45	31.57
Inventory	70.64M	74.24M	77.84M	79.59M	85.22M	120.36M	172.34M	81.5M	82.72M	89.78M
Days Inventory Outstanding	30.73	30.07	28.74	26.59	31.78	44.69	49.03	22.43	26.79	42.49
Other Current Assets	21.06M	18.66M	14.97M	25.83M	16.61M	117.82M	113.03M	36.37M	38.26M	80.76M
Total Non-Current Assets+	5.22B	5.29B	5.49B	6.1B	6.91B	6.94B	7.14B	7.87B	7.96B	8.31B
Property, Plant & Equipment	4.45B	4.67B	4.98B	5.51B	6.02B	6.38B	6.57B	7.3B	7.34B	7.71B
Fixed Asset Turnover	0.33x	0.34x	0.32x	0.31x	0.26x	0.27x	0.33x	0.30x	0.26x	0.30x
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	110.66M	125.27M	132.54M	144.92M	240.13M	149.63M	95.03M	73.98M	81.7M	107.73M
Other Non-Current Assets	652.73M	480.23M	376.73M	167.4M	387.22M	402.99M	468.15M	486.52M	537.47M	482.52M
Total Assets+	5.64B	6.1B	6.04B	6.46B	7.22B	7.46B	7.9B	8.28B	8.32B	8.72B
Asset Turnover	0.26x	0.26x	0.26x	0.26x	0.21x	0.23x	0.28x	0.26x	0.23x	0.26x
Asset Growth %	-0.14%	0.08%	-0.01%	0.07%	0.12%	0.03%	0.06%	0.05%	0%	0.05%
Total Current Liabilities+	303.74M	646.04M	440.06M	421.91M	459.57M	1.24B	1.94B	806.31M	1.1B	925.76M
Accounts Payable	108.06M	126.44M	160.03M	132.21M	144.91M	171.66M	178.94M	152.19M	165.07M	184.05M
Days Payables Outstanding	47.01	51.22	59.09	44.16	54.05	63.74	50.9	41.9	53.46	87.09
Short-Term Debt	0	300M	0	55.2M	50.61M	158.5M	609M	287.5M	590.7M	450.2M
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	160.78M	184.56M	237.37M	184.74M	234.11M	768.04M	978.27M	148.66M	120.3M	274.33M
Current Ratio	1.36x	1.27x	1.24x	0.86x	0.68x	0.42x	0.39x	0.51x	0.32x	0.44x
Quick Ratio	1.13x	1.15x	1.06x	0.67x	0.50x	0.33x	0.30x	0.41x	0.25x	0.35x
Cash Conversion Cycle	25.76	12.34	14.79	27.62	16.61	30.92	66.91	17.84	6.79	-13.03
Total Non-Current Liabilities+	3.81B	3.75B	3.66B	3.9B	4.79B	4.44B	3.87B	4.51B	4.38B	4.7B
Long-Term Debt	2.09B	2.08B	2.13B	2.13B	2.63B	2.63B	2.08B	2.38B	2.19B	2.38B
Capital Lease Obligations	0	0	0	0	14.78M	0	0	0	0	0
Deferred Tax Liabilities	823.79M	891.29M	512.69M	653.38M	952.05M	660.42M	698.23M	1.12B	1.11B	1.23B
Other Non-Current Liabilities	895.6M	778.58M	1.02B	1.11B	1.07B	1.15B	1.09B	1B	1.08B	1.09B
Total Liabilities	4.11B	4.4B	4.1B	4.32B	5.25B	5.68B	5.82B	5.32B	5.47B	5.62B
Total Debt+	2.09B	2.38B	2.13B	2.19B	2.69B	2.79B	2.69B	2.67B	2.78B	2.83B
Net Debt	1.96B	1.83B	1.9B	2.17B	2.67B	2.76B	2.65B	2.62B	2.74B	2.79B
Debt / Equity	1.37x	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x
Debt / EBITDA	-	2.91x	2.80x	2.78x	8.02x	2.86x	2.27x	2.29x	4.17x	2.23x
Net Debt / EBITDA	-	2.23x	2.50x	2.75x	7.96x	2.83x	2.23x	2.25x	4.11x	2.20x
Interest Coverage	-3.44x	4.95x	4.54x	4.79x	0.26x	4.37x	6.25x	5.73x	1.51x	5.22x
Total Equity+	1.53B	1.7B	1.94B	2.14B	1.97B	1.79B	2.08B	2.96B	2.85B	3.09B
Equity Growth %	-0.25%	0.12%	0.14%	0.1%	-0.08%	-0.09%	0.16%	0.42%	-0.04%	0.09%
Book Value per Share	18.00	19.81	22.41	24.65	22.42	19.48	22.58	32.11	30.84	33.92
Total Shareholders' Equity	1.53B	1.7B	1.94B	2.14B	1.97B	1.79B	2.08B	2.96B	2.85B	3.09B
Common Stock	85.12M	85.54M	85.96M	86.31M	90.95M	91.18M	91.48M	91.82M	91.01M	90.38M
Retained Earnings	676.36M	851.67M	1.1B	1.27B	991.63M	1.19B	1.59B	1.89B	1.73B	2.01B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.64M	-30.12M	-67.75M	-52.16M	-114.76M	-513.6M	-625.73M	-55.06M	-15.48M	-59.22M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	588.98M	684.51M	615.3M	694.48M	740.81M	791.55M	812.52M	1.24B	1.07B	1.1B
Operating CF Margin %	0.41%	0.43%	0.39%	0.41%	0.48%	0.45%	0.37%	0.57%	0.55%	0.48%
Operating CF Growth %	-0.31%	0.16%	-0.1%	0.13%	0.07%	0.07%	0.03%	0.52%	-0.14%	0.03%
Net Income	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
Depreciation & Amortization	249.42M	224.19M	240.96M	275.66M	755.6M	335.3M	369.79M	409.57M	457.03M	456.59M
Stock-Based Compensation	5.75M	12.26M	15.76M	21.19M	14.93M	17.07M	19.51M	20.63M	22.08M	0
Deferred Taxes	-246.79M	117.97M	-18.15M	122.27M	54.31M	105.99M	104.42M	151.4M	-2.61M	121.27M
Other Non-Cash Items	968.7M	16.48M	16.13M	8.61M	6.53M	51.7M	714K	19.65M	543.54M	188.88M
Working Capital Changes	-97.14M	30.12M	-30.92M	-37.53M	33.21M	-82.15M	-247.93M	158.96M	-31.59M	-185.22M
Change in Receivables	0	0	0	6.38M	0	-61.41M	-168.77M	213.58M	34.37M	-54.52M
Change in Inventory	0	0	0	0	0	-2.01M	3.11M	0	1.74M	-7.15M
Change in Payables	-77.91M	-2.35M	21.36M	-24.77M	2.11M	20.59M	12.3M	21.5M	-10.68M	12.79M
Cash from Investing+	-453.5M	-422.56M	-528.89M	-799.17M	-1.22B	-633.22M	-518.7M	-1.11B	-933.9M	-891.7M
Capital Expenditures	-581.58M	-450.33M	-584M	-788.94M	-1.22B	-751.73M	-811.83M	-1.01B	-931.24M	-912.82M
CapEx % of Revenue	0.4%	0.29%	0.37%	0.47%	0.79%	0.43%	0.37%	0.46%	0.48%	0.4%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	128.08M	27.77M	55.12M	-10.24M	-1.21M	118.52M	263.12M	-112.48M	-2.67M	21.12M
Cash from Financing+	-119.11M	163.87M	-410.64M	-101.09M	476.09M	-58.74M	-276.24M	-207M	-149.28M	-203.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-134.82M	-139.06M	-143.26M	-147.42M	-153.32M	-163.09M	-168.15M	-176.1M	-183.8M	-188.44M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.87M	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	7.4M	234.17M	31.3M	-94.45M	-481.6M	39.82M	695K	227.21M	134.72M	187.21M
FCF Margin %	0.01%	0.15%	0.02%	-0.06%	-0.31%	0.02%	0%	0.1%	0.07%	0.08%
FCF Growth %	1.04%	30.63%	-0.87%	-4.02%	-4.1%	1.08%	-0.98%	325.92%	-0.41%	0.39%
FCF per Share	0.09	2.72	0.36	-1.09	-5.47	0.43	0.01	2.46	1.46	2.05
FCF Conversion (FCF/Net Income)	-2.02x	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x
Interest Paid	119.56M	116.89M	126.08M	0	0	135.14M	124.31M	124.44M	125.13M	0
Taxes Paid	34.24M	34.83M	31.77M	0	0	6.37M	16.68M	38.1M	4.13M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-16.38%	17.55%	21.51%	14.93%	-6.02%	19.35%	29.28%	18.91%	2.67%	17.45%
Return on Invested Capital (ROIC)	-8.35%	12.7%	10.58%	9.42%	0.5%	10.45%	13.18%	10.99%	2.82%	10.63%
Gross Margin	42.24%	42.96%	37.93%	35.47%	36.71%	43.6%	41.31%	39%	42.05%	66.13%
Net Margin	-20.03%	17.94%	24.58%	17.97%	-8%	20.87%	25.89%	21.94%	3.99%	22.77%
Debt / Equity	1.37x	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x
Interest Coverage	-3.44x	4.95x	4.54x	4.79x	0.26x	4.37x	6.25x	5.73x	1.51x	5.22x
FCF Conversion	-2.02x	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x
Revenue Growth	-17.52%	8.78%	0.81%	6.32%	-8.68%	12.7%	25.44%	-0.56%	-10.53%	17.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Utility	531.02M	626.9M	674.73M	727.44M	652.3M	667.25M	898.22M	942.36M	697.36M	817.63M
Utility Growth	-	18.05%	7.63%	7.81%	-10.33%	2.29%	34.62%	4.91%	-26.00%	17.25%
Pipeline And Storage	215.67M	206.62M	210.34M	288.28M	309.6M	343.56M	377.04M	379.19M	412.39M	427.6M
Pipeline And Storage Growth	-	-4.20%	1.81%	37.05%	7.40%	10.97%	9.75%	0.57%	8.76%	3.69%
Intersegment Eliminations	-	-	-	-	-	-	-	-	-	151.82M
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-
Exploration And Production	607.11M	614.6M	564.55M	632.74M	607.45M	920.67M	1.01B	1.05B	961.08M	-
Exploration And Production Growth	-	1.23%	-8.14%	12.08%	-4.00%	51.56%	9.75%	3.56%	-8.16%	-
Gathering	374K	115K	41K	127.08M	142.89M	193.26M	214.84M	230.32M	244.22M	-
Gathering Growth	-	-69.25%	-64.35%	309839.02%	12.45%	35.25%	11.17%	7.20%	6.04%	-
Corporate And Intersegment Eliminations	900K	894K	660K	-231.92M	-142.82M	-299.69M	-314.7M	-336.55M	-370.25M	-
Corporate And Intersegment Eliminations Growth	-	-0.67%	-26.17%	-35238.94%	38.42%	-109.83%	-5.01%	-6.94%	-10.01%	-
Total Reportables	1.45B	1.58B	1.59B	1.78B	-	-	-	-	-	-
Total Reportables Growth	-	8.91%	0.67%	11.85%	-	-	-	-	-	-
Consolidated Entities	-	-	-	1.69B	-	-	-	-	-	-
Consolidated Entities Growth	-	-	-	-	-	-	-	-	-	-
All Other	3.75M	2.17M	4.6M	149.71M	-	-	-	-	-	-
All Other Growth	-	-42.10%	111.73%	3153.84%	-	-	-	-	-	-
Energy Marketing	93.58M	128.59M	137.75M	-	-	-	-	-	-	-
Energy Marketing Growth	-	37.41%	7.13%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
NEW YORK	-	-	-	-	-	-	-	-	-	57.3M
NEW YORK Growth	-	-	-	-	-	-	-	-	-	-
All Other	-	-	-	-	100.9M	1.22M	6K	-	-	-
All Other Growth	-	-	-	-	-	-98.79%	-99.51%	-	-	-

Frequently Asked Questions

Valuation & Price

National Fuel Gas Company (NFG) has a price-to-earnings (P/E) ratio of 14.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

National Fuel Gas Company (NFG) reported $2.27B in revenue for fiscal year 2025. This represents a 39% increase from $1.63B in 2012.

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 $518.5M 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 2.54%. 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 $187.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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National Fuel Gas Company (NFG) 10-Year Financial Performance & Capital Metrics

NFG • • Industrial / General

EnergyIntegrated Oil & GasNatural Gas FocusedGas Transportation & Distribution

Revenue $2.28B +17.1%
EBITDA $1.27B +90.5%
Net Income $519M +568.9%
EPS (Diluted) 5.68 +576.2%
Gross Margin 66.13% +57.3%
EBITDA Margin 55.76% +62.7%
Operating Margin 35.72% +231.2%
Net Margin 22.77% +471.2%
ROE 17.45% +554.1%
ROIC 10.63% +277.6%
Debt/Equity 0.92 -6.2%
Interest Coverage 5.22 +245.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 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

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.61%

5Y8.05%

3Y1.38%

TTM16.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-2.88%

TTM568.93%

EPS CAGR

10Y-

5Y-

3Y-2.62%

TTM601.23%

ROCE

10Y Avg7.06%

5Y Avg9.63%

3Y Avg8.31%

Latest10.83%

Peer Comparison

Gas Transportation & Distribution

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NFGNational Fuel Gas Company	7.72B	81.29	14.31	17.11%	22.87%	16.76%	2.42%	0.92
TGSTransportadora de Gas del Sur S.A.	1.98B	28.55	0.01	26.07%	27.08%	14.63%	10.7%	0.26

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.45B	1.58B	1.59B	1.69B	1.55B	1.74B	2.19B	2.17B	1.94B	2.28B
Revenue Growth %	-0.18%	0.09%	0.01%	0.06%	-0.09%	0.13%	0.25%	-0.01%	-0.11%	0.17%
Cost of Goods Sold+	838.91M	901.11M	988.55M	1.09B	978.6M	982.94M	1.28B	1.33B	1.13B	771.31M
COGS % of Revenue	0.58%	0.57%	0.62%	0.65%	0.63%	0.56%	0.59%	0.61%	0.58%	0.34%
Gross Profit+	613.5M	678.77M	604.12M	600.7M	567.7M	759.72M	902.96M	847.85M	817.7M	1.51B
Gross Margin %	0.42%	0.43%	0.38%	0.35%	0.37%	0.44%	0.41%	0.39%	0.42%	0.66%
Gross Profit Growth %	0.01%	0.11%	-0.11%	-0.01%	-0.05%	0.34%	0.19%	-0.06%	-0.04%	0.84%
Operating Expenses+	1.03B	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M
OpEx % of Revenue	0.71%	0.05%	0.05%	0.05%	0.35%	0.07%	0.04%	0.04%	0.31%	0.3%
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	1.03B	85M	84.39M	88.89M	537.84M	119.8M	88.45M	92.7M	607.98M	692.78M
Operating Income+	-416.52M	593.78M	519.72M	511.81M	29.86M	639.92M	814.52M	755.15M	209.72M	813.46M
Operating Margin %	-0.29%	0.38%	0.33%	0.3%	0.02%	0.37%	0.37%	0.35%	0.11%	0.36%
Operating Income Growth %	0.32%	2.43%	-0.12%	-0.02%	-0.94%	20.43%	0.27%	-0.07%	-0.72%	2.88%
EBITDA+	-167.1M	817.97M	760.68M	787.47M	336.02M	975.23M	1.18B	1.16B	666.75M	1.27B
EBITDA Margin %	-0.12%	0.52%	0.48%	0.47%	0.22%	0.56%	0.54%	0.54%	0.34%	0.56%
EBITDA Growth %	0.39%	5.9%	-0.07%	0.04%	-0.57%	1.9%	0.21%	-0.02%	-0.43%	0.9%
D&A (Non-Cash Add-back)	249.42M	224.19M	240.96M	275.66M	306.16M	335.3M	369.79M	409.57M	457.03M	456.59M
EBIT	-402.46M	564M	498.55M	496.27M	12.04M	624.69M	813.01M	773.28M	225.95M	849.89M
Net Interest Income+	-116.81M	-119.84M	-114.52M	-106.76M	-117.08M	-146.36M	-130.36M	-131.89M	-138.69M	-155.83M
Interest Income	4.24M	0	0	0	0	0	0	0	0	0
Interest Expense	121.04M	119.84M	114.52M	106.76M	117.08M	146.36M	130.36M	131.89M	138.69M	155.83M
Other Income/Expense	-106.99M	-149.61M	-135.7M	-122.3M	-134.89M	-161.59M	-131.87M	-113.75M	-122.47M	-119.41M
Pretax Income+	-523.51M	444.16M	384.03M	389.51M	-105.03M	478.33M	682.65M	641.4M	87.25M	694.05M
Pretax Margin %	-0.36%	0.28%	0.24%	0.23%	-0.07%	0.27%	0.31%	0.3%	0.04%	0.3%
Income Tax+	-232.55M	160.68M	-7.49M	85.22M	18.74M	114.68M	116.63M	164.53M	9.74M	175.55M
Effective Tax Rate %	0.56%	0.64%	1.02%	0.78%	1.18%	0.76%	0.83%	0.74%	0.89%	0.75%
Net Income+	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
Net Margin %	-0.2%	0.18%	0.25%	0.18%	-0.08%	0.21%	0.26%	0.22%	0.04%	0.23%
Net Income Growth %	0.23%	1.97%	0.38%	-0.22%	-1.41%	3.94%	0.56%	-0.16%	-0.84%	5.69%
Net Income (Continuing)	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
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)+	-3.43	3.30	4.53	3.51	-1.41	3.97	6.15	5.17	0.84	5.68
EPS Growth %	0.24%	1.96%	0.37%	-0.23%	-1.4%	3.82%	0.55%	-0.16%	-0.84%	5.76%
EPS (Basic)	-3.43	3.32	4.56	3.53	-1.41	3.99	6.19	5.20	0.84	5.73
Diluted Shares Outstanding	84.85M	86.02M	86.44M	86.77M	87.97M	91.68M	92.11M	92.29M	92.34M	91.23M
Basic Shares Outstanding	84.85M	85.36M	85.83M	86.24M	87.97M	91.13M	91.41M	91.75M	91.79M	90.5M
Dividend Payout Ratio	-	0.49%	0.37%	0.48%	-	0.45%	0.3%	0.37%	2.37%	0.36%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	413.03M	818.28M	544.59M	362.62M	314.2M	522.45M	761.13M	414.43M	355.92M	410.73M
Cash & Short-Term Investments	129.97M	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M
Cash Only	129.97M	555.53M	229.61M	20.43M	20.54M	31.53M	46.05M	55.45M	38.22M	43.17M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	167.3M	144.96M	196.96M	209.68M	164.71M	238.58M	411.95M	222.14M	178.25M	197.02M
Days Sales Outstanding	42.04	33.49	45.14	45.2	38.88	49.97	68.78	37.3	33.45	31.57
Inventory	70.64M	74.24M	77.84M	79.59M	85.22M	120.36M	172.34M	81.5M	82.72M	89.78M
Days Inventory Outstanding	30.73	30.07	28.74	26.59	31.78	44.69	49.03	22.43	26.79	42.49
Other Current Assets	21.06M	18.66M	14.97M	25.83M	16.61M	117.82M	113.03M	36.37M	38.26M	80.76M
Total Non-Current Assets+	5.22B	5.29B	5.49B	6.1B	6.91B	6.94B	7.14B	7.87B	7.96B	8.31B
Property, Plant & Equipment	4.45B	4.67B	4.98B	5.51B	6.02B	6.38B	6.57B	7.3B	7.34B	7.71B
Fixed Asset Turnover	0.33x	0.34x	0.32x	0.31x	0.26x	0.27x	0.33x	0.30x	0.26x	0.30x
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	110.66M	125.27M	132.54M	144.92M	240.13M	149.63M	95.03M	73.98M	81.7M	107.73M
Other Non-Current Assets	652.73M	480.23M	376.73M	167.4M	387.22M	402.99M	468.15M	486.52M	537.47M	482.52M
Total Assets+	5.64B	6.1B	6.04B	6.46B	7.22B	7.46B	7.9B	8.28B	8.32B	8.72B
Asset Turnover	0.26x	0.26x	0.26x	0.26x	0.21x	0.23x	0.28x	0.26x	0.23x	0.26x
Asset Growth %	-0.14%	0.08%	-0.01%	0.07%	0.12%	0.03%	0.06%	0.05%	0%	0.05%
Total Current Liabilities+	303.74M	646.04M	440.06M	421.91M	459.57M	1.24B	1.94B	806.31M	1.1B	925.76M
Accounts Payable	108.06M	126.44M	160.03M	132.21M	144.91M	171.66M	178.94M	152.19M	165.07M	184.05M
Days Payables Outstanding	47.01	51.22	59.09	44.16	54.05	63.74	50.9	41.9	53.46	87.09
Short-Term Debt	0	300M	0	55.2M	50.61M	158.5M	609M	287.5M	590.7M	450.2M
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	160.78M	184.56M	237.37M	184.74M	234.11M	768.04M	978.27M	148.66M	120.3M	274.33M
Current Ratio	1.36x	1.27x	1.24x	0.86x	0.68x	0.42x	0.39x	0.51x	0.32x	0.44x
Quick Ratio	1.13x	1.15x	1.06x	0.67x	0.50x	0.33x	0.30x	0.41x	0.25x	0.35x
Cash Conversion Cycle	25.76	12.34	14.79	27.62	16.61	30.92	66.91	17.84	6.79	-13.03
Total Non-Current Liabilities+	3.81B	3.75B	3.66B	3.9B	4.79B	4.44B	3.87B	4.51B	4.38B	4.7B
Long-Term Debt	2.09B	2.08B	2.13B	2.13B	2.63B	2.63B	2.08B	2.38B	2.19B	2.38B
Capital Lease Obligations	0	0	0	0	14.78M	0	0	0	0	0
Deferred Tax Liabilities	823.79M	891.29M	512.69M	653.38M	952.05M	660.42M	698.23M	1.12B	1.11B	1.23B
Other Non-Current Liabilities	895.6M	778.58M	1.02B	1.11B	1.07B	1.15B	1.09B	1B	1.08B	1.09B
Total Liabilities	4.11B	4.4B	4.1B	4.32B	5.25B	5.68B	5.82B	5.32B	5.47B	5.62B
Total Debt+	2.09B	2.38B	2.13B	2.19B	2.69B	2.79B	2.69B	2.67B	2.78B	2.83B
Net Debt	1.96B	1.83B	1.9B	2.17B	2.67B	2.76B	2.65B	2.62B	2.74B	2.79B
Debt / Equity	1.37x	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x
Debt / EBITDA	-	2.91x	2.80x	2.78x	8.02x	2.86x	2.27x	2.29x	4.17x	2.23x
Net Debt / EBITDA	-	2.23x	2.50x	2.75x	7.96x	2.83x	2.23x	2.25x	4.11x	2.20x
Interest Coverage	-3.44x	4.95x	4.54x	4.79x	0.26x	4.37x	6.25x	5.73x	1.51x	5.22x
Total Equity+	1.53B	1.7B	1.94B	2.14B	1.97B	1.79B	2.08B	2.96B	2.85B	3.09B
Equity Growth %	-0.25%	0.12%	0.14%	0.1%	-0.08%	-0.09%	0.16%	0.42%	-0.04%	0.09%
Book Value per Share	18.00	19.81	22.41	24.65	22.42	19.48	22.58	32.11	30.84	33.92
Total Shareholders' Equity	1.53B	1.7B	1.94B	2.14B	1.97B	1.79B	2.08B	2.96B	2.85B	3.09B
Common Stock	85.12M	85.54M	85.96M	86.31M	90.95M	91.18M	91.48M	91.82M	91.01M	90.38M
Retained Earnings	676.36M	851.67M	1.1B	1.27B	991.63M	1.19B	1.59B	1.89B	1.73B	2.01B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.64M	-30.12M	-67.75M	-52.16M	-114.76M	-513.6M	-625.73M	-55.06M	-15.48M	-59.22M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	588.98M	684.51M	615.3M	694.48M	740.81M	791.55M	812.52M	1.24B	1.07B	1.1B
Operating CF Margin %	0.41%	0.43%	0.39%	0.41%	0.48%	0.45%	0.37%	0.57%	0.55%	0.48%
Operating CF Growth %	-0.31%	0.16%	-0.1%	0.13%	0.07%	0.07%	0.03%	0.52%	-0.14%	0.03%
Net Income	-290.96M	283.48M	391.52M	304.29M	-123.77M	363.65M	566.02M	476.87M	77.51M	518.5M
Depreciation & Amortization	249.42M	224.19M	240.96M	275.66M	755.6M	335.3M	369.79M	409.57M	457.03M	456.59M
Stock-Based Compensation	5.75M	12.26M	15.76M	21.19M	14.93M	17.07M	19.51M	20.63M	22.08M	0
Deferred Taxes	-246.79M	117.97M	-18.15M	122.27M	54.31M	105.99M	104.42M	151.4M	-2.61M	121.27M
Other Non-Cash Items	968.7M	16.48M	16.13M	8.61M	6.53M	51.7M	714K	19.65M	543.54M	188.88M
Working Capital Changes	-97.14M	30.12M	-30.92M	-37.53M	33.21M	-82.15M	-247.93M	158.96M	-31.59M	-185.22M
Change in Receivables	0	0	0	6.38M	0	-61.41M	-168.77M	213.58M	34.37M	-54.52M
Change in Inventory	0	0	0	0	0	-2.01M	3.11M	0	1.74M	-7.15M
Change in Payables	-77.91M	-2.35M	21.36M	-24.77M	2.11M	20.59M	12.3M	21.5M	-10.68M	12.79M
Cash from Investing+	-453.5M	-422.56M	-528.89M	-799.17M	-1.22B	-633.22M	-518.7M	-1.11B	-933.9M	-891.7M
Capital Expenditures	-581.58M	-450.33M	-584M	-788.94M	-1.22B	-751.73M	-811.83M	-1.01B	-931.24M	-912.82M
CapEx % of Revenue	0.4%	0.29%	0.37%	0.47%	0.79%	0.43%	0.37%	0.46%	0.48%	0.4%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	128.08M	27.77M	55.12M	-10.24M	-1.21M	118.52M	263.12M	-112.48M	-2.67M	21.12M
Cash from Financing+	-119.11M	163.87M	-410.64M	-101.09M	476.09M	-58.74M	-276.24M	-207M	-149.28M	-203.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-134.82M	-139.06M	-143.26M	-147.42M	-153.32M	-163.09M	-168.15M	-176.1M	-183.8M	-188.44M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.87M	0	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	7.4M	234.17M	31.3M	-94.45M	-481.6M	39.82M	695K	227.21M	134.72M	187.21M
FCF Margin %	0.01%	0.15%	0.02%	-0.06%	-0.31%	0.02%	0%	0.1%	0.07%	0.08%
FCF Growth %	1.04%	30.63%	-0.87%	-4.02%	-4.1%	1.08%	-0.98%	325.92%	-0.41%	0.39%
FCF per Share	0.09	2.72	0.36	-1.09	-5.47	0.43	0.01	2.46	1.46	2.05
FCF Conversion (FCF/Net Income)	-2.02x	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x
Interest Paid	119.56M	116.89M	126.08M	0	0	135.14M	124.31M	124.44M	125.13M	0
Taxes Paid	34.24M	34.83M	31.77M	0	0	6.37M	16.68M	38.1M	4.13M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-16.38%	17.55%	21.51%	14.93%	-6.02%	19.35%	29.28%	18.91%	2.67%	17.45%
Return on Invested Capital (ROIC)	-8.35%	12.7%	10.58%	9.42%	0.5%	10.45%	13.18%	10.99%	2.82%	10.63%
Gross Margin	42.24%	42.96%	37.93%	35.47%	36.71%	43.6%	41.31%	39%	42.05%	66.13%
Net Margin	-20.03%	17.94%	24.58%	17.97%	-8%	20.87%	25.89%	21.94%	3.99%	22.77%
Debt / Equity	1.37x	1.40x	1.10x	1.02x	1.37x	1.56x	1.29x	0.90x	0.98x	0.92x
Interest Coverage	-3.44x	4.95x	4.54x	4.79x	0.26x	4.37x	6.25x	5.73x	1.51x	5.22x
FCF Conversion	-2.02x	2.41x	1.57x	2.28x	-5.99x	2.18x	1.44x	2.59x	13.75x	2.12x
Revenue Growth	-17.52%	8.78%	0.81%	6.32%	-8.68%	12.7%	25.44%	-0.56%	-10.53%	17.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Utility	531.02M	626.9M	674.73M	727.44M	652.3M	667.25M	898.22M	942.36M	697.36M	817.63M
Utility Growth	-	18.05%	7.63%	7.81%	-10.33%	2.29%	34.62%	4.91%	-26.00%	17.25%
Pipeline And Storage	215.67M	206.62M	210.34M	288.28M	309.6M	343.56M	377.04M	379.19M	412.39M	427.6M
Pipeline And Storage Growth	-	-4.20%	1.81%	37.05%	7.40%	10.97%	9.75%	0.57%	8.76%	3.69%
Intersegment Eliminations	-	-	-	-	-	-	-	-	-	151.82M
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-
Exploration And Production	607.11M	614.6M	564.55M	632.74M	607.45M	920.67M	1.01B	1.05B	961.08M	-
Exploration And Production Growth	-	1.23%	-8.14%	12.08%	-4.00%	51.56%	9.75%	3.56%	-8.16%	-
Gathering	374K	115K	41K	127.08M	142.89M	193.26M	214.84M	230.32M	244.22M	-
Gathering Growth	-	-69.25%	-64.35%	309839.02%	12.45%	35.25%	11.17%	7.20%	6.04%	-
Corporate And Intersegment Eliminations	900K	894K	660K	-231.92M	-142.82M	-299.69M	-314.7M	-336.55M	-370.25M	-
Corporate And Intersegment Eliminations Growth	-	-0.67%	-26.17%	-35238.94%	38.42%	-109.83%	-5.01%	-6.94%	-10.01%	-
Total Reportables	1.45B	1.58B	1.59B	1.78B	-	-	-	-	-	-
Total Reportables Growth	-	8.91%	0.67%	11.85%	-	-	-	-	-	-
Consolidated Entities	-	-	-	1.69B	-	-	-	-	-	-
Consolidated Entities Growth	-	-	-	-	-	-	-	-	-	-
All Other	3.75M	2.17M	4.6M	149.71M	-	-	-	-	-	-
All Other Growth	-	-42.10%	111.73%	3153.84%	-	-	-	-	-	-
Energy Marketing	93.58M	128.59M	137.75M	-	-	-	-	-	-	-
Energy Marketing Growth	-	37.41%	7.13%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
NEW YORK	-	-	-	-	-	-	-	-	-	57.3M
NEW YORK Growth	-	-	-	-	-	-	-	-	-	-
All Other	-	-	-	-	100.9M	1.22M	6K	-	-	-
All Other Growth	-	-	-	-	-	-98.79%	-99.51%	-	-	-

Frequently Asked Questions

Valuation & Price

National Fuel Gas Company (NFG) has a price-to-earnings (P/E) ratio of 14.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

National Fuel Gas Company (NFG) reported $2.27B in revenue for fiscal year 2025. This represents a 39% increase from $1.63B in 2012.

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 $518.5M 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 2.54%. 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 $187.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.