National Fuel Gas Company (NFG) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Integrated
EV/EBITDA
↑
7.87
-7% vs avg
5yr avg: 8.50
30Y Low5.5·High18.6
P/FCF
↓
38.52
↓-98% vs avg
5yr avg: 1677.14
30Y Low8.8·High165.2
P/B Ratio
↑
2.24
-5% vs avg
5yr avg: 2.35
30Y Low1.5·High3.0
ROE
↓
17.4%
-0% vs avg
5yr avg: 17.5%
30Y Low-17%·High29%
Debt/EBITDA
↓
2.23
↓-19% vs avg
5yr avg: 2.76
30Y Low1.6·High8.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NFG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Fuel Gas Company trades at 13.4x earnings, 45% below its 5-year average of 24.3x, sitting at the 30th percentile of its historical range. Compared to the Energy sector median P/E of 15.4x, the stock trades at a discount of 13%. On a free-cash-flow basis, the stock trades at 38.5x P/FCF, 98% below the 5-year average of 1677.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $8.4B | $5.6B | $4.8B | $5.7B | $4.8B | $3.6B | $4.1B | $4.8B | $4.9B | $4.6B |
| Enterprise Value | $10.0B | $11.2B | $8.3B | $7.4B | $8.3B | $7.6B | $6.2B | $6.2B | $6.7B | $6.7B | $6.5B |
| P/E Ratio → | 13.36 | 16.26 | 72.15 | 10.04 | 10.01 | 13.23 | — | 13.37 | 12.38 | 17.15 | — |
| P/S Ratio | 3.17 | 3.70 | 2.88 | 2.20 | 2.59 | 2.76 | 2.31 | 2.40 | 3.04 | 3.08 | 3.16 |
| P/B Ratio | 2.24 | 2.72 | 1.97 | 1.62 | 2.73 | 2.70 | 1.81 | 1.90 | 2.50 | 2.86 | 3.00 |
| P/FCF | 38.52 | 45.01 | 41.54 | 21.08 | 8157.11 | 120.93 | — | — | 154.82 | 20.80 | 619.71 |
| P/OCF | 6.56 | 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
NFG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Fuel Gas Company's enterprise value stands at 7.9x EBITDA, 7% below its 5-year average of 8.5x. This is roughly in line with the Energy sector median of 7.8x.
| 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 | 7.87 | 8.83 | 12.51 | 6.36 | 7.02 | 7.76 | 18.59 | 7.92 | 8.87 | 8.19 | — |
| EV / EBIT | 12.29 | 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 |
NFG Profitability
Margins and return-on-capital ratios measuring operating efficiency
National Fuel Gas Company earns an operating margin of 35.7%, significantly above the Energy sector average of 13.8%. ROE of 17.4% indicates solid capital efficiency, compared to the sector median of 7.2%. ROIC of 10.6% represents solid returns on invested capital versus a sector median of 6.2%.
Margins
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% |
Return on Capital
| 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% |
NFG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Fuel Gas Company carries a Debt/EBITDA ratio of 2.2x, which is manageable (14% below the sector average of 2.6x). Net debt stands at $2.8B ($2.8B total debt minus $43M cash). Interest coverage of 5.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
NFG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.44x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.51x to 0.44x over the past 3 years.
| 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 |
NFG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Fuel Gas Company returns 3.5% to shareholders annually — split between a 2.7% dividend yield and 0.8% buyback yield. The payout ratio of 36.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.7% | 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% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 6.1% | 1.4% | 10.0% | 10.0% | 7.6% | — | 7.5% | 8.1% | 5.8% | — |
| FCF Yield | 2.6% | 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 | 3.5% | 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 |
Peer Comparison
Compare NFG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NFGYou | $7B | 13.4 | 7.9 | 38.5 | 66.1% | 35.7% | 17.4% | 10.6% | 2.2 |
 NJR | $6B | 16.5 | 14.9 | — | 21.4% | 21.4% | 14.6% | 5.5% | 6.0 |
 SR | $5B | 17.6 | 11.9 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 SWX | $6B | 14.6 | 11.6 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 NWN | $2B | 17.7 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 ATO | $28B | 22.8 | 16.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 OGS | $5B | 17.6 | 10.6 | — | 58.8% | 18.8% | 8.1% | 5.2% | 4.4 |
 CNX | $5B | 8.2 | 5.2 | 8.7 | 47.2% | 36.8% | 15.0% | 9.0% | 1.8 |
 RRC | $9B | 13.3 | 8.0 | 14.5 | 34.1% | 27.9% | 15.9% | 11.4% | 1.0 |
 EQT | $32B | 15.3 | 6.8 | 11.2 | 48.9% | 34.7% | 7.9% | 6.9% | 1.4 |
 SRE | $59B | 33.0 | 16.4 | — | 29.1% | 23.7% | 4.6% | 3.2% | 6.2 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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NFG — Frequently Asked Questions
Quick answers to the most common questions about buying NFG stock.
What is National Fuel Gas Company's P/E ratio?
National Fuel Gas Company's current P/E ratio is 13.4x. The historical average is 21.0x. This places it at the 30th percentile of its historical range.
What is National Fuel Gas Company's EV/EBITDA?
National Fuel Gas Company's current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
What is National Fuel Gas Company's ROE?
National Fuel Gas Company's return on equity (ROE) is 17.4%. The historical average is 11.3%.
Is NFG stock overvalued?
Based on historical data, National Fuel Gas Company is trading at a P/E of 13.4x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is National Fuel Gas Company's dividend yield?
National Fuel Gas Company's current dividend yield is 2.72% with a payout ratio of 36.3%.
What are National Fuel Gas Company's profit margins?
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.
How much debt does National Fuel Gas Company have?
National Fuel Gas Company's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.