National Fuel Gas Co (NFG)
National Fuel Gas Company operates as a diversified energy company. It operates through Integrated Upstream and Gathering, Pipeline and Storage, and Utility segments. The Integrated Upstream and Gathering segment explores for, develops, and produces natural gas and oil. It also builds, owns, and operates gathering facilities in the Appalachian region, as well as provides gathering services to Seneca. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York; and storage services through its underground natural gas storage fields. This segment also transports and stores natural gas for National Fuel Gas Distribution Corporation, as well as for utilities, industrial companies, and power producers in New York State. The Utility segment sells natural gas to retail customers; and provides natural gas utility services to various customers in Buffalo, Niagara Falls, and Jamestown, New York, as well as in Erie and Sharon, Pennsylvania. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.
- Symbol
- NFG
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Oil & Gas Integrated
- Market cap
- $7.60B
- 52 week range
- 75.17 - 97.06
Valuation
- Share price
- $78.61 (close of 2026-09-23)
- P/E (TTM)
- 11.05x
- Price to book
- 1.94x
- Price to free cash flow
- 34.21x
- Enterprise value
- $9.94B
- Book value per share
- $41.29
Price performance
| Period | Change |
|---|
| 1 day | -1.74% |
| 5 days | -3.78% |
| 1 month | -4.69% |
| 3 months | +2.00% |
| 6 months | -15.53% |
| Year to date | -1.81% |
| 1 year | -12.15% |
| 3 years | +50.71% |
| 5 years | +53.36% |
| 10 years | +39.93% |
| All time | +2855.26% |
Profitability and growth
- Return on equity
- 16.76%
- Return on invested capital
- 10.84%
- Return on assets
- 5.95%
- Return on capital employed
- 10.44%
- Gross margin
- 90.38%
- Net margin
- 23.37%
- EBITDA margin
- 57.23%
- Revenue growth
- 29.97%
- Net income growth
- 568.93%
- Free cash flow growth
- 38.95%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 2.92%
- Current ratio
- 3.20x
- Net debt to EBITDA
- 1.52x
Latest reported year
- Period end
- 2025-09-30
- Fiscal year
- 2025
- Revenue
- $2.22B
- Cost of revenue
- $213.44M
- Gross profit
- $2.01B
- EBITDA
- $1.27B
- Net income
- $518.50M
- Earnings per share
- $5.73
- Shares outstanding
- 90.50M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-09-30 | $2.22B | $2.01B | $518.50M | $5.73 |
| 2024-09-30 | $1.71B | $1.56B | $77.51M | $0.84 |
| 2023-09-30 | $2.25B | $1.82B | $476.87M | $5.20 |
| 2022-09-30 | $3.06B | $2.67B | $566.02M | $6.19 |
| 2021-09-30 | $1.74B | $1.57B | $363.65M | $3.99 |
| 2020-09-30 | $1.55B | $1.31B | $-123.77M | $-1.41 |
| 2019-09-30 | $1.69B | $1.31B | $304.29M | $3.53 |
| 2018-09-30 | $1.59B | $1.25B | $391.52M | $4.56 |
| 2017-09-30 | $1.58B | $593.78M | $283.48M | $3.32 |
| 2016-09-30 | $1.45B | - | $-290.96M | $-3.43 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-09-30 | 90.38% | 23.37% | 16.76% | 10.84% |
| 2024-09-30 | 91.21% | 4.54% | 2.72% | 3.58% |
| 2023-09-30 | 80.59% | 21.15% | 16.09% | 10.58% |
| 2022-09-30 | 87.19% | 18.49% | 27.21% | 14.77% |
| 2021-09-30 | 90.14% | 20.87% | 20.36% | 11.92% |
| 2020-09-30 | 84.87% | -8.00% | -6.28% | 0.32% |
| 2019-09-30 | 77.19% | 17.97% | 14.23% | 10.03% |
| 2018-09-30 | 78.79% | 24.58% | 20.21% | 13.54% |
| 2017-09-30 | 37.58% | 17.94% | 16.64% | 12.26% |
| 2016-09-30 | - | -20.03% | -19.05% | -5.98% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-09-30 | $43.17M | $2.38B |
| 2024-09-30 | $38.22M | $2.19B |
| 2023-09-30 | $55.45M | $2.38B |
| 2022-09-30 | $46.05M | $2.08B |
| 2021-09-30 | $31.53M | $2.63B |
| 2020-09-30 | $20.54M | $2.63B |
| 2019-09-30 | $20.43M | $2.13B |
| 2018-09-30 | $229.61M | $2.13B |
| 2017-09-30 | $555.53M | $2.08B |
| 2016-09-30 | $129.97M | $2.09B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-09-30 | $187.21M | $19.75M |
| 2024-09-30 | $134.72M | $22.08M |
| 2023-09-30 | $227.21M | $20.63M |
| 2022-09-30 | $695.00K | $19.51M |
| 2021-09-30 | $39.82M | $17.07M |
| 2020-09-30 | $24.66M | $14.93M |
| 2019-09-30 | $-94.45M | $21.19M |
| 2018-09-30 | $31.30M | $15.76M |
| 2017-09-30 | $234.17M | $12.26M |
| 2016-09-30 | $7.40M | $5.75M |
Dividend history
- Most recent payment
- 2026-06-30
- Paid in the last twelve months
- $2.16
| Payment date | Dividend per share |
|---|
| 2026-06-30 | $0.56 |
| 2026-03-31 | $0.54 |
| 2025-12-31 | $0.54 |
| 2025-09-30 | $0.54 |
| 2025-06-30 | $0.54 |
| 2025-03-31 | $0.52 |
| 2024-12-31 | $0.52 |
| 2024-09-30 | $0.52 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $1.14
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-29 | Jun/2026 | $1.47 |
| 2026-04-29 | - | - |
| 2026-01-28 | - | - |
| 2025-11-05 | - | - |
| 2025-07-30 | - | - |
| 2025-04-30 | - | - |
| 2025-01-29 | - | - |
| 2024-11-06 | - | - |
Filings and sources
- Company website
- nationalfuel.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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