National Fuel Gas (NFG) FY2021 results: revenue $1.7 billion, up 12.7% on the year

National Fuel Gas Co. (NFG) reported revenue of $1.7 billion for fiscal 2021, the year ended 30 September 2021, up 12.7% on the year before. Net income was $364 million, and diluted earnings per share $3.97. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2021.

Revenue

$1.7 billion

+12.7% on the year

FY2011FY2021

Operating margin

36.7%

1.9% a year earlier

FY2011FY2021

Net income

$364 million

FY2011FY2021

Diluted EPS

$3.97

FY2011FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,743	1,546	1,693	+12.7%
Cost of revenue	172	234	386	-26.5%
Gross profit	1,571	1,312	1,307	+19.7%
Gross margin	90.1%	84.9%	77.2%
Operating income	640	29.9	512	+2,043.2%
Operating margin	36.7%	1.9%	30.2%
Interest expense	146	117	107	+25.0%
Pre-tax income	478	-105	390
Income tax	115	18.7	85.2	+512.0%
Effective tax rate	24.0%	n/a	21.9%
Net income	364	-124	304
Net margin	20.9%	-8.0%	18.0%
Diluted EPS	$3.97	-$1.41	$3.51

$ million except per share.

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. 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.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	792	741	694	+6.8%
Capital expenditure	752	716	789	+5.0%
Free cash flow	39.8	24.7	-94.5	+61.5%
Free cash flow margin	2.3%	1.6%	-5.6%
Cash from investing	-633	-1,224	-799
Cash from financing	-58.7	476	-101
Depreciation and amortisation	335	306	276	+9.5%
Share-based compensation	17.1	14.9	21.2	+14.3%
Dividends paid	163	153	147	+6.4%
Dividend per share	$1.80	$1.76	$1.72	+2.3%
Diluted shares, weighted	92m	88m	87m	+4.2%
Shares outstanding at period end	91m	91m	86m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,786	1,972	2,139	-9.4%
Debt	2,787	2,660	2,189	+4.8%
Operating lease liabilities	19.6	14.8	n/a	+32.9%
Other liabilities	2,872	2,319	2,134	+23.9%
Total liabilities and equity	7,465	6,965	6,462	+7.2%
Fixed assets	6,384	5,998	5,510	+6.4%
Goodwill	5.5	5.5	5.5	0.0%
Cash and equivalents	31.5	20.5	20.4	+53.5%
Receivables	205	144	140	+43.0%
Other assets	838	797	787	+5.1%
Total assets	7,465	6,965	6,462	+7.2%

10-K for the year ended 30 September 2021, filed 19 November 2021: the filing.