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National Fuel Gas Company NFG

Energy — Oil & Gas Integrated
Dividend Aristocrat
Growth Flags show if company had growth for consecutive years

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
1.43%

Capital & Financial Ratios

Market Cap
7,590.00
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
11.16
P/S ratio
3.06
P/B ratio
1.96
Past 5Y EPS Growth
(24.87%)
This Y EPS Growth
5.24%
Next Y EPS Growth
3.38%
Next 5Y EPS Growth
2.88%
in millions of $

Dividends

Payout Ratio
0.32
Annual Dividend Rate
1.98
Annual Dividend Yield
4.01%
total individual payouts
2028 ‡‡‡‡
2027 ‡‡‡‡
2026 2.18
—
—
2025 2.12
—
—
—
—
2024 2.04
—
—
—
—
2023 1.96
—
—
—
—
2022 1.88
—
—
—
—
2021 1.81
—
—
—
—
2020 1.77
—
—
—
—
2019 1.73
—
—
—
—
2018 1.69
—
—
—
—
2017 1.65
—
—
—
—
2016 1.61
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 55.45 38.22 43.17 1,235.18
Receivables 160.60 127.22 180.80 227.91
Inventory 81.50 82.73 84.01 64.07
Other 116.88 107.75 102.75 86.71
414.43 355.92 410.73 1,613.87
2023 2024 2025 Q'26
Payables 211.21 207.79 185.01 146.85
ST’ Debt 297.00 500.00 300.00 —
Other 80.78 60.38 53.12 28.75
806.31 1,095.89 925.76 504.22
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Dec Mar Jun Sep Year
’26 651.51 858.37 537.50 —
—
’25 549.48 729.95 531.83 466.28
2,277.54
’24 525.36 629.94 417.44 372.07
1,944.81
’23 658.86 717.26 428.70 368.95
2,173.77
’22 546.56 701.72 502.62 435.14
2,186.05
’21 441.16 551.12 394.40 355.99
1,742.66
’20 444.19 491.10 323.02 287.99
1,546.29
in millions of $

Operating Cash Flow

Dec Mar Jun Sep Year
’26 274.92 382.36 377.26 —
—
’25 220.09 253.78 388.41 237.75
1,100.03
’24 270.94 315.32 281.75 197.95
1,065.96
’23 327.34 383.87 343.90 181.96
1,237.08
’22 171.48 254.14 228.40 158.51
812.52
’21 204.74 212.39 254.68 119.74
791.55
’20 167.75 223.24 232.88 116.94
740.81
in millions of $

Free Cash Flow

Dec Mar Jun Sep Year
’26 (2.71) 161.72 111.01 —
—
’25 (20.34) 59.95 195.35 (47.75)
187.21
’24 24.01 80.30 79.51 (49.09)
134.73
’23 93.87 120.98 112.53 (100.17)
227.21
’22 (42.01) 95.74 262.24 (60.83)
255.13
’21 21.44 56.82 80.77 (119.22)
39.82
’20 (30.75) 26.25 77.36 (48.21)
24.66
in millions of $

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)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 58.12 48.60 45.32 60.48 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 75.97 63.76 65.06 94.13 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,132 2,240 2,311 2,322 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.03 0.97 0.84 0.98 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,186.05 2,173.77 1,944.81 2,277.54 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 82.06% 79.87% 92.28% 90.63% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 682.65 641.40 87.26 694.05 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 31.23% 29.51% 4.49% 30.47% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 566.02 476.87 77.51 518.50 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 369.79 409.57 457.03 456.59 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 23.91 23.69 21.19 25.17 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 6.19 5.20 0.84 5.73 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.89 13.48 11.61 12.15 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.10) (11.01) (10.15) (10.09) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.79 2.48 1.47 2.07 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.75 32.30 31.03 34.19 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 91.41 91.75 91.79 90.50 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ 9.94 9.73 73.02 16.09 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.57 2.13 2.86 3.67 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.71 1.56 1.95 2.70 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.71 3.34 4.22 4.83 ‡‡‡‡ ‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 31.83 31.94 60.96 58.75 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 812.52 1,237.08 1,065.96 1,100.03 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (557.39) (1,009.87) (931.24) (912.82) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 255.13 227.21 134.73 187.21 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,181.44) (391.88) (739.97) (515.04) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,632.41 2,681.49 2,688.24 2,682.86 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,494.69 2,626.04 2,650.02 2,639.70 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,079.90 2,963.38 2,848.34 3,094.60 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.37% 5.90% 0.93% 6.09% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.13% 8.44% 2.38% 8.87% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.28% 18.91% 2.67% 17.45% ‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

National Fuel Gas Company (NFG), a diversified natural gas leader in the Appalachian Basin and Western New York, has weathered a decade of commodity volatility, from 2016 impairments and 2020 COVID lows to 2022’s energy crisis highs. Revenue surged from $1.45 billion in 2016 to a $2.19 billion peak in 2022 (7% CAGR), dipped to $1.94 billion in 2024 amid softer prices, but analysts forecast a sharp rebound—$2.28 billion in 2025 (17% growth), climbing to $3.24 billion in 2027—driven by Marcellus Shale production ramps and LNG export potential.

Operational efficiency stands out, with revenue per share up 47% to $25.17, gross margins rebounding to 92% in 2024, and steady productivity at $700K-$1M per employee despite aggressive $900M+ annual capex. Profitability swings are stark—net income from losses to $566 million peaks—but EPS projections soar to $5.73 in 2025 (582% jump) and $8.23 by 2027, backed by 17% ROE, positive free cash flow, and a fortress balance sheet (equity up 96%, net debt/equity <1x).

Valuation looks compelling at 11x forward PE, 5-6% dividend yield, and analyst targets implying 9-16% upside, positioning NFG as a growth-yield hybrid less burdened by utility regulation. Tailwinds like AI/data center demand and export ramps could drive 10-15% returns, though risks from price cycles and oversupply linger—meriting accumulation for patient investors eyeing outperformance.

Read full commentary →

National Fuel Gas Company (NFG) Latest News

News by impact score

Fine-tune

18 Sep

4 , 1:11 PM
National Fuel Gas Company evaluates a split of its operations to strengthen focus on regulated business segments. Potential corporate split represents major strategic move likely to reshape NFG operational focus and investor sentiment.

17 Sep

4 , 8:31 AM
National Fuel Gas Company announces timeline to conclude evaluation of plan to separate into two independent publicly traded companies. Plan to separate into two public companies marks major strategic restructuring likely to significantly alter operations, valuation and investor sentiment.

10 Sep

3 , 7:01 AM
BDC Report states $11 billion in 'Big Six' gas pipeline spending has driven a 67% surge in Pennsylvania gas utility bills. Higher pipeline costs tied to bill increases may prompt regulatory scrutiny on rates and operations for NFG in Pennsylvania.

7 Aug

3 transcript www.fool.com, 8:35 PM
National Fuel Gas (NFG) held its Q3 2026 earnings call, covering quarterly financial results and operational updates. Earnings calls deliver financial results and guidance that can shift near-term sentiment and trading without redefining core strategy.

1 Aug

3 , 12:14 AM
National Fuel Gas beat earnings expectations and reset 2026 guidance, prompting questions on whether the stock's valuation makes it cheap. Earnings beat and guidance reset can shift near-term investor sentiment on National Fuel Gas valuation without altering long-term fundamentals.

31 Jul

3 www.marketbeat.com, 6:03 PM
National Fuel Gas Q3 earnings call highlighted financial results and operational updates for the company. Q3 earnings updates can influence short-term market views on NFG performance.

30 Jul

4 , 5:02 PM
National Fuel Gas Co presents Q3 2026 earnings call highlights emphasizing strong long-term growth outlook. Strong long-term growth outlook from earnings call boosts future performance prospects.

3 transcript app.moby.co, 8:30 AM
National Fuel Gas Company conducted its Q3 2026 earnings call, covering quarterly financial results, operational updates, and forward-looking guidance for the natural gas utility and midstream segments. Quarterly earnings data and guidance can shift near-term investor views and valuation multiples but rarely alter long-term strategic direction.

29 Jul

3 , 8:00 PM
National Fuel Gas Q3 earnings key metrics compared against Wall Street estimates. Q3 earnings metrics versus estimates offer moderate insight into financial results and near-term market reaction.

3 , 4:45 PM
National Fuel Gas Company reported third quarter fiscal 2026 earnings. Quarterly earnings update may shift near-term investor sentiment on financial results and operations.

8 Jul

4 , 12:07 PM
NFG advances pipeline and storage expansion projects that could drive future growth. Expansion projects constitute major strategic moves that can significantly alter NFG trajectory and investor sentiment.

2 Jul

3 , 4:50 AM
National Fuel Gas Company’s Seneca Resources and Evolution Well Services announce strategic alignment. Strategic alignment signals potential operational gains for NFG in natural gas development without clear evidence of transformative scale.

22 Jun

3 Business Wire, 9:00 AM
Seneca Resources, a National Fuel Gas Company subsidiary, signed a 3-year agreement with Evolution Well Services to provide sustainable energy solutions in Appalachia. Three-year operational pact with Evolution Well Services supports sustainability efforts at Seneca Resources but does not alter core strategy or financial outlook.

8 May

4 Insider Monkey, 1:35 PM
National Fuel Gas (NFG) reported strong results, but expansion plans may overshadow them as the bigger story for future growth. Strong results combined with highlighted expansion plans indicate major strategic moves poised to significantly alter NFG's growth trajectory and investor sentiment.

3 , 6:21 AM
National Fuel Gas (NYSE:NFG) may have underlying issues with earnings quality, raising doubts about the sustainability of reported profits. Earnings quality concerns could moderately influence financial performance perceptions and investor sentiment.

2 May

4 www.marketbeat.com, 12:08 AM
National Fuel Gas Company (NFG) released Q2 earnings call highlights, covering financial results, operational updates, and forward guidance. Q2 earnings call highlights detail financial performance, production updates, and guidance that significantly shape NFG's future trajectory and investor sentiment.

3 Simply Wall St., 9:33 AM
National Fuel Gas Company (NFG) missed EPS estimates by 8.6%. Analysts predict the company's future trajectory amid the earnings shortfall. Missing EPS by 8.6% moderately influences NFG's financial performance and investor sentiment without fundamentally altering long-term prospects.

1 May

3 Zacks, 12:13 PM
National Fuel Gas Company (NFG) Q2 earnings missed analyst estimates, though revenues increased year-over-year. Q2 earnings miss signals potential financial weakness, moderately affecting investor sentiment despite revenue growth.

30 Apr

4 transcript www.fool.com, 2:25 PM
National Fuel Gas Company (NFG) Q2 2026 earnings call transcript covers quarterly financial results, operational updates, management discussion, and forward guidance. Q2 2026 earnings transcript discloses financial performance and strategic outlook that significantly affect NFG's trajectory and investor sentiment.

3 app.moby.co, 8:30 AM
National Fuel Gas Company (NFG) Q2 2026 earnings call summary details quarterly financial results, operational updates, and future outlook. Quarterly earnings summaries influence financial performance and market sentiment moderately without fundamental trajectory changes.

29 Apr

4 GlobeNewswire, 4:45 PM
National Fuel Gas Company reported second quarter fiscal 2026 earnings, highlighting financial results, operational updates, and forward guidance for the energy sector firm. Quarterly earnings disclosures significantly shape investor perceptions and stock performance for National Fuel Gas Company.

3 Zacks, 6:40 PM
National Fuel Gas (NFG) Q2 earnings missed analyst estimates. Q2 earnings miss moderately impacts NFG's financial performance and investor sentiment.

11 Apr

3 Insider Monkey, 11:17 PM
National Fuel Gas Company (NFG) stock hits $110, overlooked despite strong fundamentals, production growth, and attractive valuation in natural gas sector. Highlights undervaluation and growth potential in production and reserves, likely boosting investor interest without transformative changes.

8 Apr

3 Investor's Business Daily, 3:17 PM
Nascent market rally creates tightrope balancing act for National Fuel Gas Company (NFG). Market rally introduces moderate challenges to NFG's operations and positioning.

27 Mar

3 Zacks, 9:45 AM
National Fuel Gas (NFG) emerges as a top growth stock for long-term investors, driven by robust fundamentals, expanding natural gas production, strategic Appalachian Basin assets, and favorable market dynamics in energy demand. Bullish growth stock designation boosts investor sentiment and highlights operational strengths without transformative events.

26 Mar

3 Insider Monkey, 12:55 AM
JPMorgan raised its price target for National Fuel Gas (NFG) as supply risks intensify. JPMorgan's price target increase highlights favorable supply dynamics for NFG, likely enhancing short-term market sentiment and stock performance.

13 Mar

4 Simply Wall St., 2:11 PM
National Fuel Gas Company (NFG) agrees to $2.6 billion acquisition of an Ohio utility, reshaping its regulated growth profile by expanding into a new regulated market. $2.6 billion Ohio utility deal marks major strategic expansion reshaping NFG's regulated operations and growth trajectory.

1 Mar

3 , 7:20 PM
National Fuel Gas (NFG) reports strong earnings and GARP appeal, questioning if investors must take action. Strong earnings moderately boost NFG's financial performance and investor sentiment without fundamentally altering trajectory.

26 Feb

4 , 9:43 AM
National Fuel Gas Company (NFG) Q4 earnings surpassed estimates, with revenues increasing year-over-year. Q4 earnings beat and year-over-year revenue increase signal strong financial performance, positively influencing NFG's market trajectory and investor sentiment.

7 Feb

4 Simply Wall St.Insider MonkeySimply Wall St.ZacksAssociated Press FinanceMotley Fool, 11:15 PM
National Fuel Gas Company (NFG) has experienced a strong year, delivering substantial returns to shareholders. The company's valuation is being assessed in light of its recent performance, which reflects positive market sentiment and operational efficiency. Analysts are evaluating the sustainability of these returns and the potential for future growth amidst changing market dynamics. Strong shareholder returns and positive market sentiment indicate significant potential for future performance changes.
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