Last 48 quarters of trend data · Energy · Pipelines & Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '26 | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.57 | 18.59 | 13.31 | 9.07 | 10.11 | 19.57 | 12.91 | 8.35 | 30.96 | — | — | 7.46 | 8.71 | 16.22 | 12.84 | 9.43 | 8.60 | 9.00 | 14.11 | 9.44 | 11.10 |
| — | -5.0% | +3.1% | +8.6% | -67.3% | — | — | +12.0% | +255.4% | — | — | -20.9% | +1.3% | +80.3% | -9.0% | -0.0% | -22.5% | -34.9% | +1.6% | -7.1% | -8.2% | |
| P/S Ratio | 2.77 | 3.88 | 3.39 | 2.62 | 2.83 | 4.61 | 3.63 | 2.47 | 2.52 | 3.72 | 2.98 | 1.97 | 2.21 | 3.25 | 2.76 | 1.86 | 2.22 | 3.26 | 3.03 | 2.25 | 2.69 |
| — | -15.8% | -6.5% | +5.9% | +11.9% | +24.1% | +21.7% | +25.4% | +14.4% | +14.4% | +7.9% | +6.2% | -0.4% | -0.4% | -8.7% | -17.6% | -17.7% | -3.7% | -0.4% | +8.4% | +26.2% | |
| P/B Ratio | 1.75 | 1.82 | 1.86 | 2.35 | 2.05 | 2.72 | 2.59 | 2.61 | 2.02 | 1.94 | 1.60 | 1.50 | 1.46 | 1.62 | 1.61 | 1.85 | 2.30 | 2.73 | 3.04 | 3.39 | 2.79 |
| — | -33.1% | -28.4% | -10.0% | +1.8% | +40.1% | +62.3% | +73.5% | +37.9% | +20.0% | -1.0% | -18.7% | -36.5% | -40.7% | -46.9% | -45.5% | -17.4% | +1.0% | +27.4% | +55.5% | +51.5% | |
| P/FCF | 38.50 | — | 16.42 | 13.90 | — | — | 9.88 | 30.11 | — | — | 15.65 | 15.47 | 48.30 | — | 9.46 | 12.30 | 15.56 | — | 29.65 | 30.28 | — |
| — | — | +66.2% | -53.8% | — | — | -36.9% | +94.6% | — | — | +65.4% | +25.8% | +210.5% | — | -68.1% | -59.4% | — | — | +99.8% | +50.3% | — | |
| EV / EBITDA | 7.39 | 10.01 | 7.29 | 6.10 | 6.19 | 9.37 | 7.52 | 5.90 | 10.72 | — | 30.58 | 5.13 | 5.64 | 7.89 | 7.03 | 6.01 | 5.93 | 7.65 | 7.71 | 6.68 | 7.21 |
| — | +6.9% | -3.0% | +3.4% | -42.2% | — | -75.4% | +15.1% | +90.2% | — | +335.2% | -14.6% | -5.0% | +3.1% | -8.9% | -10.0% | -17.7% | -12.8% | -1.1% | +11.8% | +3.6% | |
| EV / EBIT | 11.00 | 16.03 | 11.52 | 7.82 | 8.67 | 15.18 | 10.91 | 7.61 | 22.33 | — | — | 7.39 | 8.63 | 14.18 | 11.43 | 8.64 | 7.99 | 12.03 | 12.19 | 8.79 | 10.31 |
| — | +5.6% | +5.5% | +2.8% | -61.2% | — | — | +3.0% | +158.7% | — | — | -14.5% | +8.1% | +17.9% | -6.2% | -1.7% | -22.5% | -16.1% | -1.2% | +0.3% | -7.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q4 '26 | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.6% | 102.3% | 43.1% | 43.4% | 46.2% | 70.6% | 47.8% | 46.9% | 45.5% | 38.7% | 40.8% | 43.4% | 43.7% | 39.6% | 40.7% | 34.4% | 42.6% | 46.2% | 38.6% | 39.1% | 42.8% |
| — | +44.9% | -10.0% | -7.5% | +1.5% | +82.3% | +17.2% | +8.0% | +4.2% | -2.1% | +0.3% | +26.3% | +2.6% | -14.3% | +5.6% | -11.9% | -0.6% | +5.5% | -12.9% | -9.6% | -1.3% | |
| Operating Margin | 39.3% | 33.7% | 38.9% | 40.4% | 42.4% | 39.4% | 43.3% | 43.5% | 15.7% | -52.8% | -12.3% | 39.8% | 39.4% | 34.0% | 35.9% | 30.9% | 38.6% | 40.9% | 36.0% | 35.1% | 38.4% |
| — | -14.5% | -10.2% | -7.0% | +170.2% | +174.6% | +451.3% | +9.2% | -60.2% | -255.6% | -134.3% | +28.9% | +2.1% | -16.9% | -0.0% | -12.1% | +0.6% | +10.0% | -5.5% | -9.6% | +17.9% | |
| Net Margin | 26.5% | 20.8% | 25.8% | 28.9% | 27.9% | 23.5% | 28.2% | 29.6% | 8.2% | -45.1% | -13.0% | 26.4% | 25.3% | 20.0% | 21.6% | 19.6% | 25.8% | 36.3% | 21.5% | 23.8% | 24.2% |
| — | -11.4% | -8.4% | -2.7% | +240.5% | +152.2% | +317.1% | +12.3% | -67.7% | -325.6% | -160.1% | +34.4% | -1.7% | -45.1% | +0.4% | -17.6% | +6.3% | +48.8% | -1.9% | +16.9% | +37.4% |
| Metric | TTM | Q4 '26 | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.8% | 2.5% | 3.6% | 6.7% | 5.4% | 3.5% | 5.2% | 7.8% | 1.6% | -5.6% | -1.7% | 5.1% | 4.3% | 2.5% | 3.2% | 5.2% | 7.4% | 7.7% | 5.6% | 8.4% | 6.8% |
| — | -30.3% | -31.4% | -14.8% | +238.4% | +162.9% | +409.2% | +52.7% | -62.9% | -325.1% | -153.0% | -1.3% | -41.0% | -67.7% | -43.0% | -38.2% | +8.2% | +69.1% | +32.9% | +55.2% | +75.5% | |
| ROA | 6.7% | 0.9% | 1.4% | 2.7% | 2.0% | 1.3% | 1.8% | 2.6% | 0.5% | -2.0% | -0.6% | 1.9% | 1.6% | 0.9% | 1.2% | 1.7% | 2.1% | 2.0% | 1.4% | 2.2% | 1.8% |
| — | -27.4% | -20.0% | +4.8% | +274.4% | +162.7% | +380.4% | +33.9% | -65.7% | -321.9% | -154.8% | +10.1% | -25.5% | -54.5% | -15.2% | -19.5% | +20.4% | +66.7% | +12.6% | +36.8% | +61.2% | |
| ROIC | 10.8% | 1.7% | 2.5% | 4.2% | 3.5% | 2.3% | 3.0% | 4.2% | 1.2% | -2.6% | -0.7% | 3.2% | 2.7% | 1.7% | 2.2% | 3.2% | 3.9% | 2.9% | 3.0% | 3.9% | 3.4% |
| — | -28.4% | -17.5% | +0.0% | +199.2% | +189.4% | +559.2% | +31.9% | -57.6% | -252.4% | -130.7% | -0.4% | -30.3% | -41.1% | -28.3% | -18.3% | +16.6% | +32.8% | +22.6% | +13.3% | +44.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q4 '26 | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 0.91 | 0.63 | 0.77 | 0.92 | 0.92 | 1.06 | 1.05 | 0.98 | 0.86 | 0.81 | 0.85 | 0.90 | 0.86 | 0.87 | 1.08 | 1.29 | 1.51 | 1.53 | 1.32 |
| — | +8.1% | -1.4% | -40.3% | -26.3% | -6.2% | +6.8% | +31.7% | +24.1% | +8.2% | +0.5% | -6.9% | -21.5% | -30.3% | -43.2% | -43.3% | -18.7% | -17.0% | +15.8% | +22.1% | +2.0% | |
| Debt / EBITDA | 2.68 | 14.14 | 10.81 | 5.20 | 6.97 | 9.47 | 7.91 | 6.86 | 14.78 | — | 43.33 | 7.21 | 8.32 | 11.37 | 9.83 | 7.74 | 7.79 | 9.90 | 10.96 | 8.44 | 9.37 |
| — | +49.4% | +36.6% | -24.2% | -52.8% | — | -81.7% | -4.9% | +77.7% | — | +340.7% | -6.8% | +6.8% | +14.9% | -10.3% | -8.3% | -16.9% | -23.3% | -2.3% | -4.2% | -20.0% | |
| Current Ratio | 1.54 | 1.54 | 3.20 | 0.62 | 0.65 | 0.44 | 0.46 | 0.47 | 0.39 | 0.32 | 0.77 | 0.58 | 0.56 | 0.51 | 0.61 | 0.59 | 0.57 | 0.39 | 0.53 | 0.33 | 0.63 |
| — | +246.7% | +597.9% | +31.0% | +66.8% | +36.6% | -40.6% | -17.9% | -31.1% | -36.8% | +26.1% | -2.8% | -1.2% | +31.2% | +15.2% | +77.1% | -10.2% | -7.3% | -27.4% | -70.5% | +26.5% | |
| Quick Ratio | 1.47 | 1.47 | 3.07 | 0.53 | 0.57 | 0.35 | 0.38 | 0.42 | 0.33 | 0.25 | 0.65 | 0.50 | 0.47 | 0.41 | 0.48 | 0.51 | 0.47 | 0.30 | 0.49 | 0.31 | 0.52 |
| — | +323.2% | +700.0% | +25.4% | +74.3% | +39.1% | -41.0% | -15.0% | -30.4% | -39.6% | +34.6% | -1.5% | -0.8% | +36.2% | -1.7% | +66.0% | -8.7% | -6.8% | -20.9% | -69.2% | +23.0% | |
| Interest Coverage | 6.55 | 3.78 | 5.80 | 10.79 | 6.56 | 5.21 | 6.30 | 7.43 | 2.49 | -5.58 | -1.41 | 7.32 | 6.07 | 3.97 | 4.91 | 6.71 | 7.79 | 5.16 | 5.15 | 8.11 | 6.67 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying NFG stock.
National Fuel Gas Company's current P/E is 10.6x. The average P/E over the last 4 quarters is 12.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
National Fuel Gas Company's current operating margin is 39.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking National Fuel Gas Company's business trajectory between earnings reports.