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Stock research / United States / NFG · Natural Gas Distribution · NYSE

National Fuel GAS Co. (NFG)

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National Fuel GAS Co. (NFG) reported revenue of $537 million for Q3 FY2026, the quarter ended 30 June 2026, up 1.1% on the same quarter a year earlier. Net income was $139 million, down 7.5% on the year, and diluted earnings per share $1.45. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$537 millionup 1.1%
Net income$139 milliondown 7.5%
Diluted EPS$1.45
QuarterQ3 FY2026ended 30 June 2026

National Fuel GAS (NFG) in brief

National Fuel GAS (NFG) reported revenue of $2.3 billion for fiscal 2025, the year ended 30 September 2025, up 17.1% on the year before.
Read moreNet income was $519 million and diluted earnings per share $5.68. Revenue was $1.9 billion in fiscal 2024, $2.2 billion in fiscal 2023, $2.2 billion in fiscal 2022 and $1.7 billion in fiscal 2021. Net income in the same years was $78 million, $477 million, $566 million and $364 million. Over the twelve months to 30 June 2026, National Fuel GAS reported revenue of $2.5 billion and net income of $675 million. Revenue grew 8.1% a year, compounded, over the five years to fiscal 2025. National Fuel GAS declared $2.10 a share in dividends over the last four quarters and had 95 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of National Fuel GAS was $7.4 billion, 10.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE17.2%
ROCE13.5%
Operating margin40.3%
Net margin26.9%
FCF margin8.8%
Interest cover6.81
Debt to equity0.91
Cash conversion1.88
Share count, 1 year5.2%
Sales CAGR, 3 years1.4%
Profit CAGR, 3 years-2.9%
EPS, TTM$7.20

At the close of 8 October 2026

Price$78.21
Market cap$7.4 billion
Stock P/E10.86
Price to book1.89
EV / EBITDA6.54
Dividend yield2.7%
Market cap / sales2.96
52-week high$96.30
52-week low$75.86
Price, 1 year-11.9%
Price CAGR, 3 years13.3%
Price CAGR, 5 years6.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as National Fuel GAS Co. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
NFGgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NFG

Filings31 in twelve months: 21 current reports (8-K), about 7 regulation fd disclosure; 6 other events; 5 material agreement; 4 results of operations; 3 new financial obligation
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.03 by open interest at the 8 October 2026 close; the straddle prices a 4.0% move to 16 October 2026
13F holders7 of the followed funds hold it; largest Geode Capital Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest5.1 million shares short, 10.66 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue369525630417372549730532466652858537
Cost of revenuen/a56.61065.0n/a65.313528.0n/a85.620829.9
Gross profitn/a469524412n/a484595504n/a566651508
Gross marginn/a89%83%99%n/a88%81%95%n/a87%76%94%
Operating income125207251-51.4-19786.2317230180276347209
Operating margin34%39%40%-12%-53%16%43%43%39%42%40%39%
Interest expensen/a28.528.532.933.037.744.837.935.443.433.736.0
Pre-tax income97.8176222-82.5-22856.2288201149241330185
Tax rate25%24%25%n/an/a20%25%25%28%25%25%25%
Net income73.7133166-54.2-16845.0216150107182248139
Net margin20%25%26%-13%-45%8%30%28%23%28%29%26%
Diluted EPS$0.80$1.44$1.80-$0.59-$1.81$0.49$2.37$1.64$1.18$1.98$2.59$1.45
Operating cash flow182271315282198220254388238275382377
Capital expenditure282247235202247240194193286278221266
Free cash flow-10024.080.379.5-49.1-20.359.9195-47.8-2.7162111
Buybacksn/a0.04.223.636.233.516.94.00.00.00.00.0
Dividends paid45.445.545.645.647.246.946.746.648.348.450.850.8
Shares outstanding92m92m92m92m91m91m90m90m90m95m95m95m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2011 †FY2012FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,7791,6271,4521,5801,5931,6931,5461,7432,1862,1741,9452,2782,514
Cost of revenuen/an/an/an/a338386234172392438150213n/a
Gross profitn/an/an/an/a1,2551,3071,3121,5711,7941,7361,7952,064n/a
Gross marginn/an/an/an/a78.8%77.2%84.9%90.1%82.1%79.9%92.3%90.6%n/a
Operating income441448-41759452051229.96408157552108131,012
Operating margin24.8%27.5%-28.7%37.6%32.6%30.2%1.9%36.7%37.3%34.7%10.8%35.7%40.3%
Interest expense78.186.2121120115107117146130132139156149
Pre-tax incomen/a371-524444384390-10547868364187.3694905
Income tax164151-233161-7.585.218.71151171659.7176230
Effective tax raten/a40.6%n/a36.2%-2.0%21.9%n/a24.0%17.1%25.7%11.2%25.3%25.4%
Net income258220-291283392304-12436456647777.5519675
Net margin14.5%13.5%-20.0%17.9%24.6%18.0%-8.0%20.9%25.9%21.9%4.0%22.8%26.9%
Diluted EPS$3.09$2.63-$3.43$3.30$4.53$3.51-$1.41$3.97$6.15$5.17$0.84$5.68$7.20
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2011 †FY2012FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow6616615896856156947417928131,2371,0661,1001,272
Capital expenditure8141,0375824505847897167528121,0109319131,050
Free cash flow-154-3767.423431.3-94.524.739.80.7227135187222
Free cash flow margin-8.6%-23.1%0.5%14.8%2.0%-5.6%1.6%2.3%0.0%10.5%6.9%8.2%8.8%
Cash from investing-701-1,036n/a-423-529-799-1,224-633-519-1,112-934-892-1,028
Cash from financing-276370n/a164-411-101476-58.7-276-207-149-203952
Depreciation and amortisation227272249224241276306335370410457457482
Share-based compensation7.77.95.812.315.821.214.917.119.520.622.119.818.8
Buybacksn/an/an/an/an/an/an/an/a0.00.064.154.40.0
Dividends paid115119135139143147153163168176184188198
Dividend per share$1.40$1.44$1.60$1.64$1.68$1.72$1.76$1.80$1.86$1.94$2.02$2.10n/a
Diluted shares, weighted84m84m85m86m86m87m88m92m92m92m92m91m96m
Shares outstanding at period end82m83m85m86m86m86m91m91m91m92m91m90m95m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2011 †FY2012FY2016FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,8921,9601,5271,7041,9372,1391,9721,786-626-55.1-15.53,0953,924
Non-controlling interestn/an/an/an/an/an/an/an/a2,7063,0182,864n/an/a
Short-term borrowings40.01710.00.00.055.230.015860.028890.71500.0
Debt1,0491,3992,0992,3842,1312,1342,6302,6292,6322,3842,6882,6833,567
Operating lease liabilitiesn/an/an/an/an/an/a14.819.622.929.532.629.7n/a
Other liabilities2,2402,4052,0102,0161,9682,1342,3192,8723,1012,6152,6602,7622,961
Total liabilities and equity5,2215,9355,6366,1036,0366,4626,9657,4657,8968,2808,3208,71910,452
Owned
Fixed assets4,0014,7404,4544,6744,9775,5105,9986,3846,5667,3007,3397,7138,094
Goodwill5.55.55.55.55.55.55.55.55.55.55.55.55.5
Cash and equivalents80.474.513055623020.420.531.546.055.438.243.21,235
Receivables132116133112141140n/an/an/an/an/an/an/a
Other assets1,0031,0009137566837879411,0441,2789199379581,117
Total assets5,2215,9355,6366,1036,0366,4626,9657,4657,8968,2808,3208,71910,452
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a8.1%1.4%15.1%
Profit growth, compoundedn/an/a-2.9%177.3%
Return on equity, averagen/an/an/a16.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
All 53 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.1 billion17.579.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Sempra SRE$52.4 billion23.217.0%n/a1.6%0.953.2%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$45.8 billion20.109.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.259.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.438.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$35.8 billion17.8711.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.0811.6%22.8%8.9%1.323.4%
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
Pg&E Corp. PCG$27.9 billion9.189.0%20.0%5.7%1.82n/a
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.5 billion22.219.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.4 billion27.6217.5%6.1%12.8%4.821.7%
Edison International EIX$20.9 billion5.6021.4%32.7%10.7%2.336.2%
CMS Energy Corp. CMS$20.5 billion19.6210.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.4 billion21.569.5%27.0%12.3%1.632.8%
Evergy, Inc. EVRG$18.6 billion20.499.1%26.2%3.6%1.203.4%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
4 companies share its SEC industry code (Natural Gas Distribution); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-Q31 December 202529 January 2026EDGAR
10-K30 September 202521 November 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-Q31 December 202430 January 2025EDGAR
10-K30 September 202422 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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