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. 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.
Follow NFG
National Fuel Gas Company (NFG) Beneish M-score
National Fuel Gas Company's Beneish M-score for fiscal 2025 is −2.44; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.44 | 0.88 |
| FY2024 | −3.32 | 0.02 |
| FY2023 | −3.34 | (1.37) |
| FY2022 | −1.97 | 0.58 |
| FY2021 | −2.55 | 0.57 |
| FY2020 | −3.12 | (0.41) |
| FY2019 | −2.71 | (0.27) |
| FY2018 | −2.44 | 0.51 |
| FY2017 | −2.95 | 0.00 |
| FY2016 | −2.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.21 | — | 1.12 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.17 | — | 1.04 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.44 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EC Ecopetrol S.A. compare | −3.7× |
| YPF YPF Sociedad Anonima compare | −3.1× |
| E Eni SpA compare | −3.0× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| PBR Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| CVE Cenovus Energy Inc compare | −2.5× |
| NFG National Fuel Gas Company | −2.4× |
| TGS Transportadora De Gas Sa Ord B compare | −1.9× |
| DEC Diversified Energy Company PLC compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI