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National Fuel Gas Company

NFG Energy Oil & Gas Integrated

National Fuel Gas Company’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 17.1% from fiscal 2024.

Revenue
+1.07%
EPS
−12.1%
Free cash flow
−43.2%
Total debt
+33.0%

Quarter to June 2026, against a year earlier

79.55 0.19 +0.24%
Market cap
$7.5B
P/E
10.9×
Fwd P/E
11.0×
Dividend yield
2.75%
F-score
7/9
Altman Z
1.71
Beneish M
−2.44
Dividend safety
57/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2021

  • Exploration and Production and Other Revenues
  • Utility
  • Pipeline and Storage and Gathering Revenues

Every year since 2010 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.44%

Capital & Financial Ratios $m

Size
Market Cap 7,540.00
Revenue ttm 2,513.66
Net income ttm 675.28
Free cash flow ttm 222.27
Net debt Q 2,332.22
Valuation
P/E 10.94
Forward P/E 11.00
Price / sales 3.00
Forward P/S Powerpack
Price / FCF 33.93
Price / book 1.92
Financial health
Current ratio Q 3.20 (at or above 1.5: strong)
Debt / equity Q 0.91
Interest coverage Q 5.80
Growth
Revenue growth Q +1.07% (above 0%: growing)
Operating income growth Q −9.26% (below 0%: shrinking)
EPS, this year +4.92%
EPS, next year A +2.76%
Revenue, next year A +11.92% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +3.38%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.0×, against a ten-year median of 4.2×; over the ten years it ranged from 3.1× in 2023 to 4.9× in 2025.
P/E against its own 10 years 23.06%
10-year low 10-year high
P/S against its own 10 years 57.73%
10-year low 10-year high
P/B against its own 10 years 28.83%
10-year low 10-year high
EV/Sales against its own 10 years 35.18%
10-year low 10-year high
EV/FCF against its own 10 years 43.46%
10-year low 10-year high

Dividends raised every year since 2016

Yield
2.75%
Annual rate
2.18
Payout ratio
30.3%
Growth, 2016–25
+3.10%/yr
  1. 1.61 ’16
  2. 1.65 ’17 +2%
  3. 1.69 ’18 +2%
  4. 1.73 ’19 +2%
  5. 1.77 ’20 +2%
  6. 1.81 ’21 +2%
  7. 1.88 ’22 +4%
  8. 1.96 ’23 +4%
  9. 2.04 ’24 +4%
  10. 2.12 ’25 +4%
  11. 2.18 ’26e +3%
paid forecast Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.47 Actual 1.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.08 1.22 Beat by 0.14
Q1 FY26 1.91 2.06 Beat by 0.15
Q2 FY26 2.85 2.71 Miss by 0.14
Q3 FY26 1.47 1.54 Beat by 0.07
Q4 FY26 1.15 — Reports 4 November 2026

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 2,514 +5.1% 2,549 3,027 2,962 +9.2%
Gross margin, % 89.81 82.58 78.79 77.19 84.87 90.14 82.06 79.87 92.28 90.63 87.74 +0.8 pt
EBT (524) 444 384 390 (105) 478 683 641 87 694 905 n/m
EBT margin, % (36.04) 28.11 24.11 23.00 (6.79) 27.45 31.23 29.51 4.49 30.47 36.02 +66.5 pt
Net income (291) 283 392 304 (124) 364 566 477 78 519 675 n/m
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 26.45 +4.4%
Earnings (3.43) 3.32 4.56 3.53 (1.41) 3.99 6.19 5.20 0.84 5.73 7.25 n/m
Cash flow 6.94 8.02 7.17 8.05 8.42 8.69 8.89 13.48 11.61 12.15 13.39 +6.4%
Capex (5.24) (4.96) (6.16) (9.15) (8.14) (8.25) (6.10) (11.01) (10.15) (10.09) (11.05) +7.6%
Free cash flow 1.71 3.05 1.01 (1.10) 0.28 0.44 2.79 2.48 1.47 2.07 2.34 +2.2%
Book value 18.00 19.96 22.57 24.80 22.42 19.60 22.75 32.30 31.03 34.19 41.29 +7.4%
Shares, m 85 85 86 86 88 91 91 92 92 91 93 +0.7%
Valuation, ×
Valuation, × P/E 0.00 17.28 12.30 13.29 0.00 13.20 9.94 9.73 73.02 16.09 10.94 16.5
P/S 3.16 3.10 3.02 2.39 2.31 2.75 2.57 2.13 2.86 3.67 3.00 2.8
P/B 3.00 2.88 2.49 1.89 1.81 2.68 2.71 1.56 1.95 2.70 1.92 2.4
EV/Sales 4.50 4.26 4.37 3.78 4.03 4.30 3.71 3.34 4.22 4.83 4.05 4.1
EV/FCF 45.21 25.79 80.21 (67.78) 252.70 188.07 31.83 31.94 60.96 58.75 45.77 70.8
Cash, $m
Cash, $m Operating cash flow 589 685 615 694 741 792 813 1,237 1,066 1,100 1,272 +7.2%
Capex (444) (424) (528) (789) (716) (752) (557) (1,010) (931) (913) (1,050) +8.3%
Free cash flow 145 261 87 (94) 25 40 255 227 135 187 222 +2.9%
Balance, $m
Balance, $m Working capital 109 172 105 (59) (145) (714) (1,181) (392) (740) (515) 1,110 n/m
Net debt 1,955 1,826 1,910 2,179 2,660 2,703 2,495 2,626 2,650 2,640 2,332 +3.4%
Shareholders’ equity 1,527 1,704 1,937 2,139 1,972 1,786 2,080 2,963 2,848 3,095 3,924 +8.2%
Returns, %
Returns, % ROA (4.77) 4.83 6.45 4.87 (1.84) 5.04 7.37 5.90 0.93 6.09 7.15 +10.9 pt
ROIC (7.48) 10.51 8.44 7.41 0.40 8.91 11.13 8.44 2.38 8.87 10.11 +16.4 pt
ROE (16.38) 17.55 21.51 14.93 (6.02) 19.35 29.28 18.91 2.67 17.45 19.58 +33.8 pt
People
People Employees 2,080 2,100 2,105 2,107 2,162 2,188 2,132 2,240 2,311 2,322 — +1.2%
Revenue/emp, $m 0.70 0.75 0.76 0.80 0.72 0.80 1.03 0.97 0.84 0.98 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

National Fuel Gas Company is a holding company whose subsidiaries produce, gather, transport, store and distribute natural gas. Its assets are centered in western New York and Pennsylvania, and its operations are linked by their connection to gas production in the Appalachian Basin. The company was incorporated in 1902. David P. Bauer is president and chief executive officer.

The business begins with Seneca Resources, which explores for and develops natural gas reserves, principally in the Marcellus and Utica shales. National Fuel Gas Midstream builds and operates gathering pipelines and processing facilities that move gas from producing areas, primarily for Seneca. The pipeline and storage business then transports gas for affiliated and unaffiliated customers and stores gas underground.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by segment, and margins
Exploration and Production and Other Revenues 838 48.06%
Utility 668 38.31%
Pipeline and Storage and Gathering Revenues 238 13.63%
Gross margin 90.14%
Operating margin 36.72%
Pre-tax margin 27.45%

Revenue by segment since 2010

National Fuel Gas Company vs peers in Oil & Gas Integrated (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
E Eni SpA $87.7B 14.9× 8.8× +21.42% (above 0%: growing) +616.67% (above 0%: growing) +43.60% (above 0%: growing) 21.45% 5.19% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $81.5B 5.6× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
CVE Cenovus Energy Inc $58.4B 12.6× 7.9× +41.33% (above 0%: growing) +226.47% (above 0%: growing) +18,996.54% (above 0%: growing) 42.35% 23.60% Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras $52.9B 4.9× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
EC Ecopetrol S.A. $35.5B 13.6× 5.7× +103.23% (above 0%: growing) +22.58% (above 0%: growing) +62.31% (above 0%: growing) 40.10% 31.80% Compare
YPF YPF Sociedad Anonima $18.8B 24.7× — +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 $7.5B 10.9× 11.0× +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 $1.7B 10.3× 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 $1.0B 1.2× 5.7× +62.31% (above 0%: growing) +391.24% (above 0%: growing) −2,598.71% (below 0%: shrinking) 73.43% 55.33% Compare
Median of peers $44.2B 11.4× 7.9× +50.70% +172.70% +105.84% 51.55% 37.11%

All 19 Oil & Gas Integrated stocks →

From the latest earnings call

Updated

  • Justin Loweth said greater-than-expected interactions between Lower Utica wells affected near-term production and prompted changes to future well designs.
  • David Bauer said National Fuel had received Ohio regulatory approval for its pending gas utility acquisition and was targeting a calendar fourth-quarter closing.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.81%
Held by the ten largest 43.63%
Holder Shares Stake Change
Vanguard 13.07m 13.76% +268.16k
BlackRock 9.70m 10.20% +538.73k
State Street 4.20m 4.42% +328.04k
T. Rowe Price 2.95m 3.10% +79.23k
LSV ASSET MANAGEMENT 2.36m 2.48% +130.44k
GABELLI FUNDS LLC 2.33m 2.45% −5.50k
AQR Capital Management 1.96m 2.07% +764.79k
Geode Capital Management 1.96m 2.07% +20.84k
Yaupon Capital Management LP 1.56m 1.64% +516.35k
GAMCO INVESTORS, INC. ET AL 1.37m 1.44% +1.02k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.12m 19.20m 272.37
2024 8.65m 8.19m 173.96
2023 7.77m 4.66m 143.57
2022 6.48m 9.32m 164.41
2021 6.95m 8.84m 136.37

Ownership

Directors and executive officers, together 1.32%
The Vanguard Group 16.48%
BlackRock, Inc. 9.14%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

National Fuel Gas Company (NFG) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

14 Oct

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire

1 Oct

Impact 4 · · Zacks
Impact 4 · · Oilprice.com
Impact 4 · · GlobeNewswire
Impact 4 ·

27 Sep

Impact 4 · · Insider Monkey

21 Sep

Impact 3 · · Insider Monkey

18 Sep

Impact 4 ·

17 Sep

Impact 4 ·

10 Sep

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 4 ·
Impact 3 · · Moby transcript

29 Jul

Impact 3 ·
Impact 3 ·

8 Jul

Impact 4 ·

2 Jul

Impact 3 ·

22 Jun

Impact 3 · · Business Wire

8 May

Impact 4 · · Insider Monkey
Impact 3 ·

2 May

Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.
stockrow.com/NFG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com