Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 8.1x · ROE 17.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.5B | $8.4B | $5.6B | $4.8B | $5.7B | $4.8B | $3.6B | $4.1B | $4.8B | $4.9B | $4.6B |
| Enterprise Value | $10.3B | $11.2B | $8.3B | $7.4B | $8.3B | $7.6B | $6.2B | $6.2B | $6.7B | $6.7B | $6.5B |
| P/E Ratio → | 13.84 | 16.26 | 72.15 | 10.04 | 10.01 | 13.23 | — | 13.37 | 12.38 | 17.15 | — |
| P/S Ratio | 3.28 | 3.70 | 2.88 | 2.20 | 2.59 | 2.76 | 2.31 | 2.40 | 3.04 | 3.08 | 3.16 |
| P/B Ratio | 2.32 | 2.72 | 1.97 | 1.62 | 2.73 | 2.70 | 1.81 | 1.90 | 2.50 | 2.86 | 3.00 |
| P/FCF | 39.91 | 45.01 | 41.54 | 21.08 | 8157.11 | 120.93 | — | — | 154.82 | 20.80 | 619.71 |
| P/OCF | 6.79 | 7.66 | 5.25 | 3.87 | 6.98 | 6.08 | 4.82 | 5.86 | 7.88 | 7.11 | 7.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.92 | 4.29 | 3.41 | 3.80 | 4.34 | 4.04 | 3.68 | 4.24 | 4.24 | 4.51 |
| EV / EBITDA | 8.08 | 8.83 | 12.51 | 6.36 | 7.02 | 7.76 | 18.59 | 7.92 | 8.87 | 8.19 | — |
| EV / EBIT | 12.61 | 13.20 | 36.90 | 9.58 | 10.23 | 12.12 | 518.52 | 12.57 | 13.53 | 11.88 | — |
| EV / FCF | — | 59.92 | 61.89 | 32.60 | 11964.82 | 190.13 | — | — | 215.58 | 28.60 | 883.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 66.1% | 42.0% | 39.0% | 41.3% | 43.6% | 36.7% | 35.5% | 37.9% | 43.0% | 42.2% |
| Operating Margin | 35.7% | 35.7% | 10.8% | 34.7% | 37.3% | 36.7% | 1.9% | 30.2% | 32.6% | 37.6% | -28.7% |
| Net Profit Margin | 22.8% | 22.8% | 4.0% | 21.9% | 25.9% | 20.9% | -8.0% | 18.0% | 24.6% | 17.9% | -20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 2.7% | 18.9% | 29.3% | 19.4% | -6.0% | 14.9% | 21.5% | 17.5% | -16.4% |
| ROA | 6.1% | 6.1% | 0.9% | 5.9% | 7.4% | 5.0% | -1.8% | 4.9% | 6.5% | 4.8% | -4.8% |
| ROIC | 10.6% | 10.6% | 2.8% | 11.0% | 13.2% | 10.4% | 0.5% | 9.4% | 10.6% | 12.7% | -8.4% |
| ROCE | 10.8% | 10.8% | 2.9% | 11.2% | 13.4% | 9.9% | 0.5% | 8.8% | 9.4% | 11.0% | -7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 0.98 | 0.90 | 1.29 | 1.56 | 1.37 | 1.02 | 1.10 | 1.40 | 1.37 |
| Debt / EBITDA | 2.23 | 2.23 | 4.17 | 2.29 | 2.27 | 2.86 | 8.02 | 2.78 | 2.80 | 2.91 | — |
| Net Debt / Equity | — | 0.90 | 0.96 | 0.88 | 1.27 | 1.54 | 1.36 | 1.01 | 0.98 | 1.07 | 1.28 |
| Net Debt / EBITDA | 2.20 | 2.20 | 4.11 | 2.25 | 2.23 | 2.83 | 7.96 | 2.75 | 2.50 | 2.23 | — |
| Debt / FCF | — | 14.90 | 20.34 | 11.52 | 3807.71 | 69.20 | — | — | 60.76 | 7.81 | 264.26 |
| Interest Coverage | 5.45 | 5.45 | 1.63 | 5.86 | 6.24 | 4.27 | 0.10 | 4.65 | 4.35 | 4.71 | -3.32 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.44 | 0.44 | 0.32 | 0.51 | 0.39 | 0.42 | 0.68 | 0.86 | 1.24 | 1.27 | 1.36 |
| Quick Ratio | 0.35 | 0.35 | 0.25 | 0.41 | 0.30 | 0.33 | 0.50 | 0.67 | 1.06 | 1.15 | 1.13 |
| Cash Ratio | 0.05 | 0.05 | 0.03 | 0.07 | 0.02 | 0.03 | 0.04 | 0.05 | 0.52 | 0.86 | 0.43 |
| Asset Turnover | — | 0.26 | 0.23 | 0.26 | 0.28 | 0.23 | 0.21 | 0.26 | 0.26 | 0.26 | 0.26 |
| Inventory Turnover | 8.59 | 8.59 | 13.62 | 16.27 | 7.44 | 8.17 | 11.48 | 13.73 | 12.70 | 12.14 | 11.88 |
| Days Sales Outstanding | — | 36.21 | 33.45 | 37.30 | 68.78 | 49.97 | 38.88 | 45.20 | 45.14 | 33.49 | 42.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 2.2% | 3.3% | 3.7% | 3.0% | 3.4% | 4.3% | 3.6% | 3.0% | 2.9% | 2.9% |
| Payout Ratio | 36.3% | 36.3% | 237.1% | 36.9% | 29.7% | 44.8% | — | 48.4% | 36.6% | 49.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 6.1% | 1.4% | 10.0% | 10.0% | 7.6% | — | 7.5% | 8.1% | 5.8% | — |
| FCF Yield | 2.5% | 2.2% | 2.4% | 4.7% | 0.0% | 0.8% | — | — | 0.6% | 4.8% | 0.2% |
| Buyback Yield | 0.8% | 0.7% | 1.2% | 0.1% | 0.2% | 0.1% | 4.5% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.4% | 2.9% | 4.5% | 3.8% | 3.1% | 3.5% | 8.8% | 3.8% | 3.0% | 2.9% | 2.9% |
| Shares Outstanding | — | $91M | $92M | $92M | $92M | $92M | $88M | $87M | $86M | $86M | $85M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying NFG stock.
National Fuel Gas Company's current P/E ratio is 13.8x. The historical average is 21.0x. This places it at the 37th percentile of its historical range.
National Fuel Gas Company's current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
National Fuel Gas Company's return on equity (ROE) is 17.4%. The historical average is 11.3%.
Based on historical data, National Fuel Gas Company is trading at a P/E of 13.8x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Fuel Gas Company's current dividend yield is 2.63% with a payout ratio of 36.3%.
National Fuel Gas Company has 66.1% gross margin and 35.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Fuel Gas Company's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory and commodity price exposure
Metrics are mathematically derived from official filings.
Margin Resilience Amid Commodity Swings
NFG's gross margin averaged 46.1% over the last four quarters, with operating margin at 38.9% in Q3 2026, reflecting low-cost Marcellus production and regulated utility stability, as per the latest quarterly data.
The 43.1% gross margin in Q3 2026, while down from 47.8% a year earlier, remains well above the 40% threshold, indicating that the integrated model continues to buffer against commodity price volatility. Operating margin of 38.9% is supported by the fee-based midstream and utility segments, which likely provide a stable earnings base. However, the 2024Q4 operating margin of -52.8% highlights the potential for severe swings when gas prices collapse, underscoring the importance of segment diversification.
Capital Returns Rebound from Impairment
ROIC improved to 2.5% in Q3 2026 from -2.6% in Q4 2024, but remains below the cost of capital, suggesting the recent earnings recovery is still rebuilding value, based on reported figures.
The sharp recovery from the negative ROIC in late 2024 reflects the rebound in natural gas prices and the absence of ceiling test write-downs, which had depressed returns. However, the current ROIC of 2.5% is still modest, indicating that the capital-intensive asset base requires higher commodity prices or improved capital efficiency to generate attractive returns. The 10-quarter trend shows cyclicality, with ROIC peaking at 4.2% in Q2 2025 and Q2 2026, suggesting that the company's returns are highly sensitive to the gas price cycle.
Working Capital Efficiency Improves
NFG's cash conversion cycle shortened to 30 days in Q3 2026 from 36 days a year earlier, driven by a DPO of 43 days, indicating improved supplier leverage, as per the quarterly data.
The reduction in CCC is primarily due to a lower DSO of 53 days and a stable DPO, which suggests that NFG is managing its receivables more effectively. However, the DIO of 20 days is relatively low, reflecting the nature of the gas business where inventory is minimal. The negative CCC in Q4 2025 (-4 days) indicates that the company was able to finance its working capital needs through supplier credit, a favorable position that may not be sustainable if gas prices decline.
Leverage Elevated but Manageable
Debt-to-equity rose to 0.91 in Q3 2026 from 0.63 in Q2, while interest coverage improved to 5.8x, suggesting that the increased debt is still serviceable, based on the latest balance sheet.
The jump in leverage reflects a $1.2B debt issuance, likely to fund capital expenditures and bolster liquidity, as cash surged to $1.2B. Despite the higher debt load, interest coverage of 5.8x remains above the 2.5x low seen in Q1 2025, indicating that earnings are sufficient to cover interest expenses. However, the D/EBITDA of 10.81x in Q3 2026 is elevated compared to the 5-7x range seen in prior quarters, which may raise concerns about refinancing risk if interest rates remain high.
Liquidity Bolstered by Cash Buffer
NFG's current ratio surged to 3.20 in Q3 2026 from 0.62 in Q2, as cash jumped to $1.2B, providing a robust cushion against short-term obligations, as reported in the latest balance sheet.
The dramatic improvement in liquidity is largely due to the debt issuance, which increased cash reserves significantly. This buffer appears sufficient to cover near-term liabilities, but the quick ratio of 3.07 indicates that the liquidity is not dependent on inventory, which is typical for a gas utility. However, the historical current ratio has been below 1.0 in most quarters, suggesting that the current level may be temporary and could normalize as the cash is deployed into capital projects.
Valuation Discount to Pure-Play Peers
NFG trades at a forward P/E of 11.07 and EV/EBITDA of 8.30, below the peer average of 17.23 and 12.10, respectively, suggesting a conglomerate discount, based on current market data.
The discount likely reflects the market's difficulty in valuing the mix of volatile E&P and stable regulated utility earnings under one roof. Compared to pure-play utilities like NJR (P/E 17.23) and SR (P/E 18.24), NFG's lower multiple may indicate that the market is pricing in higher risk from its commodity exposure. However, the EV/EBITDA of 8.30 is closer to midstream peers like NWN (7.83), suggesting that the market may be valuing NFG more on its midstream and utility cash flows than its E&P segment.
Misapplied P/E on Cyclical Earnings
The P/E ratio is commonly misapplied to NFG because its earnings are subject to non-cash ceiling test write-downs and commodity price swings, making trailing P/E misleading, as per the full cost accounting method.
NFG's use of full cost accounting means that a drop in gas prices can trigger large non-cash impairments, as seen in Q4 2024 when net margin was -45.1%, distorting the P/E. Investors should instead focus on EV/EBITDA or price-to-cash flow, which are less affected by non-cash charges. The forward P/E of 11.07 is more informative, but it still relies on analyst estimates that may not fully capture the volatility of the E&P segment. A more appropriate metric would be EV/EBITDA, which at 8.30 appears reasonable given the integrated asset base.