National Fuel Gas Company (NFG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.44	$1.54	+6.9%	—	—	—
Q4 26	$2.84	$2.71	-4.6%	—	—	—
Q3 26	$1.92	$2.06	+7.3%	—	—	—
Q2 26	$1.11	$1.22	+9.9%	—	—	—
Q1 26	$1.54	$1.64	+6.5%	—	—	—
Q4 25	$2.21	$2.39	+8.1%	—	—	—
Q3 25	$1.56	$1.66	+6.4%	—	—	—
Q2 25	$0.82	$0.77	-6.1%	—	—	—
Q1 25	$0.98	$0.99	+1.0%	—	—	—
Q4 24	$1.46	$1.79	+22.6%	—	—	—
Q3 24	$1.34	$1.46	+9.0%	—	—	—
Q2 24	$0.84	$0.78	-7.1%	—	—	—
Q1 24	$0.91	$1.01	+11.0%	—	—	—
Q4 23	$1.56	$1.54	-1.3%	—	—	—
Q3 23	$1.76	$1.84	+4.5%	—	—	—
Q2 23	$1.2	$1.19	-0.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.73	—	—	$2.3B	—
FY24	—	$0.84	—	—	$1.9B	—
FY23	—	$5.2	—	—	$2.2B	—
FY22	—	$6.19	—	—	$2.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$1.6B	$1.6B	$1.7B	$1.5B	$1.7B	$2.2B	$2.2B	$1.9B	$2.3B
YoY change	-17.5%	+8.78%	+0.81%	+6.32%	-8.68%	+12.7%	+25.4%	-0.56%	-10.5%	+17.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.5B	1.6B	1.6B	1.7B	1.5B	1.7B	2.2B	2.2B	1.9B	2.3B
Cost of revenue	838.9M	901.1M	988.6M	1.1B	978.6M	982.9M	1.3B	1.3B	1.1B	1.2B
Gross profit	613.5M	678.8M	604.1M	600.7M	567.7M	759.7M	903M	847.8M	817.7M	1B
Gross margin	42.2%	43%	37.9%	35.5%	36.7%	43.6%	41.3%	39%	42%	46.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	441.5M	401.7M	409.8M	430.7M	—	—	—	—	—	—
Operating income	531.8M	593.8M	519.7M	511.8M	479.3M	665M	801.8M	755.1M	728.9M	955.3M
Operating margin	36.6%	37.6%	32.6%	30.2%	31%	38.2%	36.7%	34.7%	37.5%	41.9%
Non-operating income, net	-938.5M	-29.8M	-21.2M	-15.5M	-467.3M	-40.3M	11.2M	18.1M	-502.9M	-105.4M
Pretax income	-523.5M	444.2M	384M	389.5M	-105M	478.3M	682.6M	641.4M	87.3M	694.1M
Income tax	-232.5M	160.7M	-7.5M	85.2M	18.7M	114.7M	116.6M	164.5M	9.7M	175.5M
Net income	-291M	283.5M	391.5M	304.3M	-123.8M	363.6M	566M	476.9M	77.5M	518.5M
Net margin	-20%	17.9%	24.6%	18%	-8%	20.9%	25.9%	21.9%	3.99%	22.8%
EBITDA	795.3M	788.2M	739.5M	771.9M	767.6M	985.1M	1.2B	1.2B	1.2B	1.4B
EPS	-3.43	3.32	4.56	3.53	-1.41	3.99	6.19	5.2	0.84	5.73
Diluted EPS	-3.43	3.3	4.53	3.51	-1.41	3.97	6.15	5.17	0.84	5.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	368.9M	—	—	—	—	—	—	—	466.3M	651.5M	858.4M	537.5M
Cost of revenue	222.9M	—	—	—	—	—	—	—	263.6M	350.6M	486M	306.1M
Gross profit	146M	—	—	—	—	—	—	—	202.7M	300.9M	372.4M	231.4M
Gross margin	39.6%	—	—	—	—	—	—	—	43.5%	46.2%	43.4%	43.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	125.3M	—	—	—	—	—	—	—	179.8M	276.1M	347.1M	208.9M
Operating margin	34%	—	—	—	—	—	—	—	38.6%	42.4%	40.4%	38.9%
Non-operating income, net	5.4M	—	—	—	—	—	—	—	4.9M	8.2M	17M	11.9M
Pretax income	97.8M	—	—	—	—	—	—	—	149.3M	241M	330.4M	184.8M
Income tax	24.1M	—	—	—	—	—	—	—	41.9M	59.3M	82.7M	46.2M
Net income	73.7M	—	—	—	—	—	—	—	107.3M	181.6M	247.7M	138.6M
Net margin	20%	—	—	—	—	—	—	—	23%	27.9%	28.9%	25.8%
EBITDA	240.3M	—	—	—	—	—	—	—	304.2M	406.4M	483.5M	341.9M
EPS	0.8	1.45	1.81	-0.59	-1.84	0.5	2.39	1.66	1.19	1.99	2.61	1.46
Diluted EPS	0.8	1.44	1.8	-0.59	-1.84	0.49	2.37	1.64	1.18	1.98	2.59	1.45

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.6B	4.8B	4.8B	4B	3.6B	4.8B	5.6B	4.8B	5.6B	8.4B	7.4B
Enterprise value	6.5B	6.7B	6.7B	6.2B	6.2B	7.5B	8.3B	7.4B	8.3B	11.1B	9.8B
Shares outstanding	84.8M	85.4M	85.8M	86.2M	88M	91.1M	91.4M	91.7M	91.8M	90.5M	90.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	17	12.3	13.3	—	13.2	9.94	9.99	71.8	16.1	10.9
P/S	3.16	3.06	3.02	2.39	2.31	2.75	2.57	2.19	2.86	3.67	2.96
P/B	3	2.84	2.48	1.89	1.81	2.68	2.71	1.61	1.95	2.7	1.89
EV/EBITDA	8.23	8.45	9.08	8.05	8.09	7.66	7.07	6.24	6.91	7.7	6.46
EV/Sales	4.51	4.22	4.22	3.67	4.02	4.33	3.78	3.39	4.27	4.9	3.92
Earnings yield	—	5.87%	8.14%	7.52%	—	7.6%	10.1%	10%	1.39%	6.2%	9.19%
FCF yield	0.16%	4.85%	0.65%	-2.33%	-13.5%	0.83%	0.01%	4.77%	2.42%	2.24%	-0.34%
PEG	—	—	—	—	—	—	—	—	—	—	-0.9

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.2%	43%	37.9%	35.5%	36.7%	43.6%	41.3%	39%	42%	46.1%	43.1%
Operating margin	36.6%	37.6%	32.6%	30.2%	31%	38.2%	36.7%	34.7%	37.5%	41.9%	40.1%
Net margin	-20%	17.9%	24.6%	18%	-8%	20.9%	25.9%	21.9%	3.99%	22.8%	26.9%
ROE	-19.1%	16.6%	20.2%	14.2%	-6.28%	20.4%	27.2%	16.1%	2.72%	16.8%	19.6%
ROA	-5.16%	4.64%	6.49%	4.71%	-1.78%	4.87%	7.17%	5.76%	0.93%	5.95%	6.89%
ROIC	15.3%	10.7%	13.5%	9.28%	10.4%	11.1%	14.1%	10.1%	11.6%	12.1%	12.1%
Return on tangible assets	-5.17%	4.65%	6.5%	4.72%	-1.78%	4.88%	7.18%	5.77%	0.93%	5.95%	6.47%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.36	1.27	1.24	0.86	0.68	0.42	0.39	0.51	0.32	0.44	3.2
Quick ratio	1.13	1.15	1.06	0.67	0.5	0.33	0.3	0.41	0.25	0.35	3.07
Debt / equity	1.37	1.4	1.1	1.02	1.35	1.56	1.29	0.9	0.98	0.92	0.91
Debt / assets	0.37	0.39	0.35	0.34	0.38	0.37	0.34	0.32	0.33	0.32	0.34
Net debt / EBITDA	2.46	2.32	2.57	2.81	3.44	2.8	2.26	2.21	2.28	1.93	1.52
Interest coverage	-3.32	4.71	4.35	4.65	0.1	4.27	6.24	5.86	1.63	5.45	7.09
Effective tax rate	0%	36.2%	0%	21.9%	0%	24%	17.1%	25.7%	11.2%	25.3%	25.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.1	18.5	18.6	19.6	17.6	19.1	23.9	23.7	21.2	25.2	27.1
EPS (basic)	-3.43	3.32	4.56	3.53	-1.41	3.99	6.19	5.2	0.84	5.73	5.73
EPS (diluted)	-3.43	3.3	4.53	3.51	-1.41	3.97	6.15	5.17	0.84	5.68	7.18
Book value per share	18	20	22.6	24.8	22.4	19.6	22.8	32.3	31	34.2	41.3
FCF per share	0.09	2.74	0.36	-1.1	-5.47	0.44	0.01	2.48	1.47	2.07	2.32
Cash per share	1.53	6.51	2.68	0.24	0.23	0.35	0.5	0.6	0.42	0.48	13
Capex per share	1.62	0.31	0.65	0	5.75	1.15	2.78	0	0	10.1	11

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.45%	1.68%	3.49%	0%	32.7%	6%	11.6%	0%	0%	40.1%	41.8%
Capex / operating cash flow	-37.1%	4.04%	9.08%	0%	176.8%	14.3%	31.4%	0%	0%	83%	82.5%
Payout ratio	-46.3%	49.1%	36.6%	48.4%	-123.9%	44.8%	29.7%	36.9%	237.1%	36.3%	30.1%
Dividend yield	2.94%	2.88%	2.98%	3.64%	4.29%	3.41%	2.99%	3.7%	3.3%	2.25%	2.86%

Yield

2.86%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.555

ex-dividend Jun 30, 2026

Payout ratio

30%

of earnings

Dividend growth

20 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.555
Mar 31, 2026	$0.535
Dec 31, 2025	$0.535

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$368.9M	—	—	—	—	—	—	—	$466.3M	$651.5M	$858.4M	$537.5M
YoY change	-15.2%	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	130M	555.5M	229.6M	20.4M	20.5M	31.5M	46M	55.4M	38.2M	43.2M
Receivables	133.2M	112.4M	141.5M	140M	143.6M	205.3M	361.6M	160.6M	127.2M	180.8M
Inventory	70.6M	74.2M	77.8M	79.6M	85.2M	120.4M	172.3M	81.5M	82.7M	89.8M
Total current assets	413M	818.3M	544.6M	362.6M	314.2M	522.4M	761.1M	414.4M	355.9M	410.7M
Property, plant & equipment	-5.1B	-5.3B	-5.5B	-5.7B	-6.4B	-6.7B	-6B	-6.3B	-7.2B	-7.7B
Goodwill & intangibles	11M	11M	11M	11M	11M	11M	11M	11M	11M	11M
Total assets	5.6B	6.1B	6B	6.5B	7B	7.5B	7.9B	8.3B	8.3B	8.7B
Accounts payable	108.1M	126.4M	160M	132.2M	134.1M	171.7M	178.9M	152.2M	165.1M	184M
Short-term debt	—	300M	—	55.2M	30M	158.5M	609M	287.5M	590.7M	450.2M
Total current liabilities	303.7M	646M	440.1M	421.9M	459.6M	1.2B	1.9B	806.3M	1.1B	925.8M
Long-term debt	2.1B	2.1B	2.1B	2.1B	2.6B	2.6B	2.1B	2.4B	2.2B	2.4B
Total liabilities	4.1B	4.4B	4.1B	4.3B	5B	5.7B	5.8B	5.3B	5.5B	5.6B
Shareholders' equity	1.5B	1.7B	1.9B	2.1B	2B	1.8B	2.1B	3B	2.8B	3.1B
Total debt	2.1B	2.4B	2.1B	2.2B	2.7B	2.8B	2.7B	2.7B	2.8B	2.8B
Net debt	2B	1.8B	1.9B	2.2B	2.6B	2.8B	2.6B	2.6B	2.7B	2.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	55.4M	41.7M	50.8M	81.4M	38.2M	48.7M	40M	39.3M	43.2M	271.4M	26.6M	1.2B
Receivables	160.6M	189.7M	180.7M	156.8M	127.2M	202.8M	291.1M	222.5M	180.8M	265.9M	292.5M	227.9M
Inventory	81.5M	74.6M	55.8M	62.5M	82.7M	72.5M	58.4M	66.7M	89.8M	89.6M	71.5M	66.2M
Total current assets	414.4M	453.6M	419M	398.7M	355.9M	464.6M	568.5M	408.2M	410.7M	758.6M	507.6M	1.6B
Property, plant & equipment	-6.3B	-6.4B	-6.5B	-6.8B	-7.2B	-7.4B	-7.5B	-7.6B	-7.7B	-7.8B	-7.9B	-8B
Goodwill & intangibles	11M	11M	11M	11M	11M	11M	11M	11M	11M	11M	11M	11M
Total assets	8.3B	8.6B	8.7B	8.5B	8.3B	8.3B	8.5B	8.4B	8.7B	9.2B	9.1B	10.5B
Accounts payable	152.2M	105.4M	94M	101.2M	165.1M	121M	127.6M	123.1M	184M	141.7M	143.2M	146.1M
Short-term debt	287.5M	300M	278.9M	50M	590.7M	700M	558.4M	361.5M	450.2M	690M	341.3M	—
Total current liabilities	806.3M	807.2M	727.9M	516.6M	1.1B	1.2B	1.2B	889.9M	925.8M	1.2B	820.1M	504.2M
Long-term debt	2.4B	2.4B	2.4B	2.6B	2.2B	2.2B	2.4B	2.4B	2.4B	2.1B	2.1B	3.6B
Total liabilities	5.3B	5.4B	5.4B	5.4B	5.5B	5.5B	5.7B	5.5B	5.6B	5.6B	5.3B	6.5B
Shareholders' equity	3B	3.2B	3.3B	3.1B	2.8B	2.8B	2.8B	3B	3.1B	3.6B	3.8B	3.9B
Total debt	2.7B	2.7B	2.7B	2.7B	2.8B	2.9B	2.9B	2.7B	2.8B	2.8B	2.4B	3.6B
Net debt	2.6B	2.6B	2.6B	2.6B	2.7B	2.8B	2.9B	2.7B	2.8B	2.5B	2.4B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-291M	283.5M	391.5M	304.3M	-123.8M	363.6M	566M	476.9M	77.5M	518.5M
Depreciation & amortization	249.4M	224.2M	241M	275.7M	306.2M	335.3M	369.8M	409.6M	457M	456.6M
Stock-based compensation	5.8M	12.3M	15.8M	21.2M	14.9M	17.1M	19.5M	20.6M	22.1M	19.8M
Change in working capital	-100.6M	3.1M	-34.8M	-48.5M	28.2M	-116.5M	-282.2M	226.6M	-34.2M	-185.7M
Operating cash flow	-370.6M	657.5M	611.4M	683.5M	286.4M	732.2M	809.5M	1.3B	544.2M	1.1B
Capital expenditure	137.3M	26.6M	55.5M	0	-506.3M	104.6M	254.4M	0	0	-912.8M
Investing cash flow	128.1M	27.8M	55.1M	-10.2M	-507.5M	118.5M	293.1M	-102.5M	-2.7M	-891.7M
Dividends paid	-134.8M	-139.1M	-143.3M	-147.4M	-153.3M	-163.1M	-168.1M	-176.1M	-183.8M	-188.4M
Share repurchases	—	—	—	—	—	-3.7M	-9.6M	-6.7M	-68M	-59.1M
Financing cash flow	-133M	156.1M	-414.8M	-92.2M	314.5M	-58.7M	-374.7M	-457M	-346.1M	-203.4M
Net change in cash	-375.4M	841.4M	251.8M	581M	93.4M	791.9M	727.9M	745.3M	195.4M	4.9M
Free cash flow	7.4M	234.2M	31.3M	-94.5M	-481.6M	39.8M	695K	227.2M	134.7M	187.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	73.7M	133M	166.3M	-54.2M	-167.6M	45M	216.4M	149.8M	107.3M	181.6M	247.7M	138.6M
Depreciation & amortization	109.6M	115.8M	118.9M	113.5M	108.8M	109.4M	111.3M	116.4M	119.5M	122M	119.3M	121.1M
Stock-based compensation	4.8M	4.7M	5.8M	5.5M	6.1M	4.7M	5.8M	5.2M	4M	4.1M	5.8M	4.9M
Change in working capital	53.6M	-57.5M	-4.7M	30.6M	-2.6M	-103.8M	-120.6M	54.2M	-15.5M	-112.4M	-49.7M	86.6M
Operating cash flow	295M	242.3M	317M	84.1M	-99.3M	57M	251.1M	388.4M	237.8M	274.9M	382.4M	377.3M
Capital expenditure	0	—	—	—	—	—	—	-193.1M	-285.5M	-277.6M	-220.6M	-266.2M
Investing cash flow	-1.1M	-920K	-269K	-182K	-1.3M	5.9M	3M	-192.6M	-280.7M	-278.9M	-218.9M	-256.5M
Dividends paid	-45.4M	-45.5M	-45.6M	-45.6M	-47.2M	-46.9M	-46.7M	-46.6M	-48.3M	-48.4M	-50.8M	-50.8M
Share repurchases	-13K	-3.9M	-4.2M	-23.6M	-36.3M	-37.5M	-17M	-4.1M	-524K	-6.4M	-65K	-14K
Financing cash flow	103.3M	-36.8M	-79.5M	-336.2M	97.9M	24.9M	-55.3M	-277M	69M	232.2M	-108.3M	937.6M
Net change in cash	397.2M	204.6M	237.2M	-252.2M	-2.7M	87.8M	198.9M	-81.2M	26M	228.2M	55.2M	1.1B
Free cash flow	-100.2M	24M	80.3M	79.5M	-49.1M	-20.3M	59.9M	195.3M	-47.8M	-2.7M	161.7M	111M

Date	Ratio
Sep 10, 2001	2:1
Jun 17, 1987	2:1
May 25, 1984	11:10
May 21, 1984	2:1

National Fuel Gas Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history