Sunday 11 October 2026 Export all NFG data to Excel Powerpack

National Fuel Gas Company

National Fuel Gas Company’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 17.1% from fiscal 2024. In the quarter to June 2026, revenue grew 1.07%, EPS fell 12.1%, free cash flow fell 43.2% and total debt rose 33.0%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.

78.66 0.45 +0.58%

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Market cap: $7.4B
P/E: 10.8×
Fwd P/E: 10.5×
Dividend yield: 2.77%
F-score: 7/9
Altman Z: 1.71
Beneish M: −2.44
Dividend safety: 57/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.43%

Capital & Financial Ratios $m

Market Cap 7,430.00

Revenue 2,513.66

Net Income 675.28

Free Cash Flow 222.27

Net Debt 2,332.22

Current Ratio 3.20

Debt/Equity 0.91

P/E ratio 10.85

Fwd P/E 10.50

P/S ratio 2.97

P/B ratio 1.91

Past 5Y EPS Growth —

This Y EPS Growth 5.24%

Next Y EPS Growth 2.72%

Next Y revenue growth 11.92%

Next 5Y EPS Growth 2.81%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 21.22%

10-year low 10-year high

P/S against its own 10 years 55.69%

10-year low 10-year high

P/B against its own 10 years 27.47%

10-year low 10-year high

EV/Sales against its own 10 years 33.57%

10-year low 10-year high

EV/FCF against its own 10 years 43.05%

10-year low 10-year high

Dividends

Payout Ratio 0.30

Annual Dividend Rate 2.18

Annual Dividend Yield 2.77%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.18	0.54 0.56 0.56
2025	2.12	0.52 0.54 0.54 0.54
2024	2.04	0.50 0.52 0.52 0.52
2023	1.96	0.48 0.50 0.50 0.50
2022	1.88	0.46 0.48 0.48 0.48
2021	1.81	0.45 0.46 0.46 0.46
2020	1.77	0.44 0.45 0.45 0.45
2019	1.73	0.43 0.44 0.44 0.44
2018	1.69	0.42 0.43 0.43 0.43
2017	1.65	0.41 0.42 0.42 0.42
2016	1.61	0.40 0.41 0.41 0.41

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	55	38	43	1,235
Receivables	161	127	181	228
Inventory	81	83	84	64
Other	117	108	103	87
	414	356	411	1,614

	2023	2024	2025	Q'26
Payables	211	208	185	147
ST’ Debt	297	500	300	—
Other	81	60	53	29
	806	1,096	926	504

Compound Annual Growth %

	10y	5y	3y
Sales	2.61%	8.05%	1.38%
Cash Flow	2.57%	8.23%	10.63%
Earnings	0.00%	0.00%	(2.88%)
Book Value	4.33%	9.43%	14.16%

Revenue $m

	Dec	Mar	Jun	Sep	Year
’26	652	858	537	—	—
’25	549	730	532	466	2,278
’24	525	630	417	372	1,945
’23	659	717	429	369	2,174
’22	547	702	503	435	2,186
’21	441	551	394	356	1,743
’20	444	491	323	288	1,546

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	275	382	377	—	—
’25	220	254	388	238	1,100
’24	271	315	282	198	1,066
’23	327	384	344	182	1,237
’22	171	254	228	159	813
’21	205	212	255	120	792
’20	168	223	233	117	741

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	(3)	162	111	—	—
’25	(20)	60	195	(48)	187
’24	24	80	80	(49)	135
’23	94	121	113	(100)	227
’22	(42)	96	262	(61)	255
’21	21	57	81	(119)	40
’20	(31)	26	77	(48)	25

Fiscal quarters ending in the months shown.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	1.98	2.59	1.45	—	—
’25	0.49	2.37	1.64	1.18	5.68
’24	1.44	1.80	(0.59)	(1.84)	0.84
’23	1.84	1.53	1.00	0.80	5.17
’22	1.44	1.82	1.17	1.71	6.15
’21	0.85	1.23	0.94	0.95	3.97
’20	1.00	(1.23)	0.47	(1.60)	(1.41)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	39.79	53.03	48.31	42.98	31.58	39.80	58.12	48.60	45.32	60.48	Analyst estimates 2026–2028 Powerpack
	High	59.62	61.25	59.15	61.71	46.67	64.72	75.97	63.76	65.06	94.13
People
People	Employees	2,080	2,100	2,105	2,107	2,162	2,188	2,132	2,240	2,311	2,322
	Revenue/emp, $m	0.70	0.75	0.76	0.80	0.72	0.80	1.03	0.97	0.84	0.98
Income, $m
Income, $m	Revenue	1,452	1,580	1,593	1,693	1,546	1,743	2,186	2,174	1,945	2,278
	Gross margin, %	89.81	82.58	78.79	77.19	84.87	90.14	82.06	79.87	92.28	90.63
	EBT	(524)	444	384	390	(105)	478	683	641	87	694
	EBT margin, %	(36.04)	28.11	24.11	23.00	(6.79)	27.45	31.23	29.51	4.49	30.47
	Net income	(291)	283	392	304	(124)	364	566	477	78	519
	Depreciation	249	224	241	276	306	335	370	410	457	457
Per share, $
Per share, $	Revenue	17.12	18.51	18.56	19.64	17.58	19.12	23.91	23.69	21.19	25.17
	Earnings	(3.43)	3.32	4.56	3.53	(1.41)	3.99	6.19	5.20	0.84	5.73
	Cash flow	6.94	8.02	7.17	8.05	8.42	8.69	8.89	13.48	11.61	12.15
	Capex	(5.24)	(4.96)	(6.16)	(9.15)	(8.14)	(8.25)	(6.10)	(11.01)	(10.15)	(10.09)
	Free cash flow	1.71	3.05	1.01	(1.10)	0.28	0.44	2.79	2.48	1.47	2.07
	Book value	18.00	19.96	22.57	24.80	22.42	19.60	22.75	32.30	31.03	34.19
	Shares, m	85	85	86	86	88	91	91	92	92	91
Valuation, ×
Valuation, ×	P/E	0.00	17.28	12.30	13.29	0.00	13.20	9.94	9.73	73.02	16.09
	P/S	3.16	3.10	3.02	2.39	2.31	2.75	2.57	2.13	2.86	3.67
	P/B	3.00	2.88	2.49	1.89	1.81	2.68	2.71	1.56	1.95	2.70
	EV/Sales	4.50	4.26	4.37	3.78	4.03	4.30	3.71	3.34	4.22	4.83
	EV/FCF	45.21	25.79	80.21	(67.78)	252.70	188.07	31.83	31.94	60.96	58.75
Cash, $m
Cash, $m	Operating cash flow	589	685	615	694	741	792	813	1,237	1,066	1,100
	Capex	(444)	(424)	(528)	(789)	(716)	(752)	(557)	(1,010)	(931)	(913)
	Free cash flow	145	261	87	(94)	25	40	255	227	135	187
Balance, $m
Balance, $m	Working capital	109	172	105	(59)	(145)	(714)	(1,181)	(392)	(740)	(515)
	Total debt	2,086	2,384	2,143	2,207	2,681	2,823	2,632	2,681	2,688	2,683
	Net debt	1,955	1,826	1,910	2,179	2,660	2,703	2,495	2,626	2,650	2,640
	Shareholders’ equity	1,527	1,704	1,937	2,139	1,972	1,786	2,080	2,963	2,848	3,095
Returns, %
Returns, %	ROA	(4.77)	4.83	6.45	4.87	(1.84)	5.04	7.37	5.90	0.93	6.09
	ROIC	(7.48)	10.51	8.44	7.41	0.40	8.91	11.13	8.44	2.38	8.87
	ROE	(16.38)	17.55	21.51	14.93	(6.02)	19.35	29.28	18.91	2.67	17.45

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PBR Petroleo Brasileiro S.A.- Petrobras	$91.9B	6.4×	—	+59.75% (above 0%: growing)	+118.92% (above 0%: growing)	+149.36% (above 0%: growing)	58.00%	42.41%	Compare
E Eni SpA	$81.1B	14.1×	9.3×	+21.42% (above 0%: growing)	+616.67% (above 0%: growing)	+43.60% (above 0%: growing)	21.45%	5.19%	Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras	$60.3B	5.7×	—	+59.75% (above 0%: growing)	+118.92% (above 0%: growing)	+149.36% (above 0%: growing)	58.00%	42.41%	Compare
CVE Cenovus Energy Inc	$58.1B	12.0×	8.7×	+41.33% (above 0%: growing)	+226.47% (above 0%: growing)	+18,996.54% (above 0%: growing)	42.35%	23.60%	Compare
EC Ecopetrol S.A.	$34.8B	13.4×	5.2×	−95.22% (below 0%: shrinking)	+22.58% (above 0%: growing)	−89.78% (below 0%: shrinking)	29.49%	18.48%	Compare
YPF YPF Sociedad Anonima	$19.6B	26.3×	—	+41.65% (above 0%: growing)	+2,546.55% (above 0%: growing)	+922.15% (above 0%: growing)	45.10%	27.58%	Compare
NFG National Fuel Gas Company	$7.4B	10.8×	10.5×	+1.07% (above 0%: growing)	−12.05% (below 0%: shrinking)	−43.17% (below 0%: shrinking)	94.44%	38.87%
TGS Transportadora De Gas Sa Ord B	$1.8B	11.6×	17.3×	+16.80% (above 0%: growing)	+17.19% (above 0%: growing)	−56.66% (below 0%: shrinking)	58.25%	51.50%	Compare
DEC Diversified Energy Company PLC	$997.9M	1.2×	61.4×	+62.31% (above 0%: growing)	+391.24% (above 0%: growing)	−2,598.71% (below 0%: shrinking)	73.43%	55.33%	Compare
Median of peers	$46.5B	11.8×	9.3×	+41.49%	+172.70%	+96.48%	51.55%	35.00%

All 19 Oil & Gas Integrated stocks →

National Fuel Gas Company (NFG) key facts

Strength: National Fuel Gas Company’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 17.1% from fiscal 2024.
Strength: Net income was $518.5 million, or $5.73 per share (basic), a net margin of 22.8%.
National Fuel Gas Company (NFG) is an Oil & Gas Integrated company in the Energy sector, listed on the New York Stock Exchange.
As of October 9, 2026, NFG traded at $78.66, a market capitalization of $7.4 billion.
At that price the stock trades at 10.8× trailing-twelve-month earnings and 3.0× sales; its P/E is higher than 21% of its own readings over the past ten years.
National Fuel Gas Company pays an annual dividend of $2.18 per share, a yield of 2.77%, with a payout ratio of 30.3%.
Return on equity was 17.5% and debt-to-equity 0.91.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.71 (distress zone) for fiscal 2025.