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Natl Fuel Gas Co Financials

NFG
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows Natl Fuel Gas Co (NFG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 58 / 100
Financial Profile 58/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Natl Fuel Gas Co has an operating margin of 35.7%, meaning the company retains $36 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 10.8% the prior year.

Growth
62

Natl Fuel Gas Co's revenue surged 17.1% year-over-year to $2.3B, reflecting rapid business expansion. This strong growth earns a score of 62/100.

Leverage
86

Natl Fuel Gas Co carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
3

Natl Fuel Gas Co's current ratio of 0.44 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 3/100, which could limit financial flexibility.

Cash Flow
46

Natl Fuel Gas Co has a free cash flow margin of 8.2%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
48

Natl Fuel Gas Co's ROE of 16.8% shows moderate profitability relative to equity, earning a score of 48/100.

Altman Z-Score Distress
1.78

Natl Fuel Gas Co scores 1.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.0B) relative to total liabilities ($5.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong
7/9

Natl Fuel Gas Co passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.12x

For every $1 of reported earnings, Natl Fuel Gas Co generates $2.12 in operating cash flow ($1.1B OCF vs $518.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
5.8x

Natl Fuel Gas Co earns $5.8 in operating income for every $1 of interest expense ($813.5M vs $140.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.3B
YoY+17.1%
5Y CAGR+8.1%

Natl Fuel Gas Co generated $2.3B in revenue in fiscal year 2025. This represents an increase of 17.1% from the prior year.

EBITDA
$1.3B
YoY+90.5%
5Y CAGR+30.5%

Natl Fuel Gas Co's EBITDA was $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 90.5% from the prior year.

Net Income
$518.5M
YoY+568.9%

Natl Fuel Gas Co reported $518.5M in net income in fiscal year 2025. This represents an increase of 568.9% from the prior year.

EPS (Diluted)
$5.68
YoY+576.2%

Natl Fuel Gas Co earned $5.68 per diluted share (EPS) in fiscal year 2025. This represents an increase of 576.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$187.2M
YoY+39.0%
5Y CAGR+50.0%

Natl Fuel Gas Co generated $187.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.0% from the prior year.

Cash & Debt
$43.2M
YoY+12.9%
5Y CAGR+16.0%
10Y CAGR-9.2%

Natl Fuel Gas Co held $43.2M in cash against $2.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$2.10
YoY+4.0%
5Y CAGR+3.6%
10Y CAGR+3.0%

Natl Fuel Gas Co paid $2.10 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Shares Outstanding
90M
YoY-0.5%
5Y CAGR-0.1%
10Y CAGR+0.7%

Natl Fuel Gas Co had 90M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
35.7%
YoY+24.9pp
5Y CAGR+33.8pp

Natl Fuel Gas Co's operating margin was 35.7% in fiscal year 2025, reflecting core business profitability. This is up 24.9 percentage points from the prior year.

Net Margin
22.8%
YoY+18.8pp
5Y CAGR+30.8pp

Natl Fuel Gas Co's net profit margin was 22.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.8 percentage points from the prior year.

Return on Equity
16.8%
5Y CAGR+23.0pp
10Y CAGR+35.5pp

Natl Fuel Gas Co's ROE was 16.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$54.4M
YoY-15.1%

Natl Fuel Gas Co spent $54.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 15.1% from the prior year.

Capital Expenditures
$912.8M
YoY-2.0%
5Y CAGR+5.0%
10Y CAGR-1.1%

Natl Fuel Gas Co invested $912.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.0% from the prior year.

NFG Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $651.5M+39.7% $466.3M-12.3% $531.8M-27.1% $730.0M+32.8% $549.5M+47.7% $372.1M-10.9% $417.4M-33.7% $629.9M
Cost of Revenue $85.6M+662.5% -$15.2M-154.4% $28.0M-79.3% $135.3M+107.1% $65.3M+475.9% -$17.4M-451.0% $5.0M-95.3% $105.9M
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $19.3M N/A N/A N/A $19.3M N/A N/A N/A
Operating Income $276.1M+53.6% $179.8M-21.9% $230.3M-27.4% $317.3M+268.1% $86.2M+143.8% -$196.6M-282.1% -$51.4M-120.5% $250.6M
Interest Expense $33.5M0.0% $33.5M-2.4% $34.3M-13.4% $39.7M+18.9% $33.4M-31.8% $48.9M+48.8% $32.9M+15.5% $28.5M
Income Tax $59.3M+41.6% $41.9M-17.9% $51.1M-28.4% $71.4M+538.2% $11.2M+118.5% -$60.4M-113.2% -$28.3M-151.2% $55.3M
Net Income $181.6M+69.2% $107.3M-28.4% $149.8M-30.8% $216.4M+380.9% $45.0M+126.8% -$167.6M-209.5% -$54.2M-132.6% $166.3M
EPS (Diluted) $1.98 N/A $1.64-30.8% $2.37+383.7% $0.49 N/A $-0.59-132.8% $1.80

NFG Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $9.2B+5.6% $8.7B+3.2% $8.4B-0.4% $8.5B+2.2% $8.3B-0.2% $8.3B-1.9% $8.5B-2.3% $8.7B
Current Assets $758.6M+84.7% $410.7M+0.6% $408.2M-28.2% $568.5M+22.4% $464.6M+30.5% $355.9M-10.7% $398.7M-4.8% $419.0M
Cash & Equivalents $271.4M+528.7% $43.2M+9.8% $39.3M-1.6% $40.0M-17.9% $48.7M+27.4% $38.2M-53.1% $81.4M+60.4% $50.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $5.5M0.0% $5.5M0.0% $5.5M0.0% $5.5M0.0% $5.5M0.0% $5.5M0.0% $5.5M0.0% $5.5M
Total Liabilities $5.6B-0.1% $5.6B+2.8% $5.5B-4.3% $5.7B-31.8% $8.4B+0.5% $8.3B-1.7% $8.5B-1.5% $8.6B
Current Liabilities $1.2B+26.8% $925.8M+4.0% $889.9M-26.0% $1.2B+0.3% $1.2B+9.4% $1.1B+112.1% $516.6M-29.0% $727.9M
Long-Term Debt $2.1B-12.5% $2.4B0.0% $2.4B0.0% $2.4B+8.8% $2.2B+0.1% $2.2B-17.0% $2.6B+10.5% $2.4B
Total Equity $3.6B+15.9% $3.1B+4.0% $3.0B+7.6% $2.8B+3731.7% -$76.2M-392.1% -$15.5M-406.5% $5.0M-93.3% $75.3M
Retained Earnings $2.1B+6.5% $2.0B+3.0% $2.0B+5.3% $1.9B+9.2% $1.7B-1.7% $1.7B-12.3% $2.0B-5.7% $2.1B

NFG Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $274.9M+15.6% $237.8M-38.8% $388.4M+53.0% $253.8M+15.3% $220.1M+11.2% $197.9M-29.7% $281.8M-10.6% $315.3M
Capital Expenditures $277.6M-2.8% $285.5M+47.9% $193.1M-0.4% $193.8M-19.4% $240.4M-2.7% $247.0M+22.1% $202.2M-13.9% $235.0M
Free Cash Flow -$2.7M+94.3% -$47.8M-124.4% $195.3M+225.9% $59.9M+394.7% -$20.3M+58.6% -$49.1M-161.7% $79.5M-1.0% $80.3M
Investing Cash Flow -$278.9M-1.9% -$273.7M-42.1% -$192.6M-0.9% -$190.8M+18.6% -$234.5M+5.6% -$248.3M-22.7% -$202.4M+14.0% -$235.3M
Financing Cash Flow $232.2M+482.9% $39.8M+116.1% -$247.8M-1118.3% -$20.3M-181.6% $24.9M+246.5% $7.2M+114.8% -$48.7M+31.4% -$70.9M
Dividends Paid $48.4M0.0% $48.3M+3.8% $46.6M-0.2% $46.7M-0.4% $46.9M-0.7% $47.2M+3.6% $45.6M-0.1% $45.6M
Share Buybacks $0 $0-100.0% $4.0M-76.6% $16.9M-49.4% $33.5M-7.5% $36.2M+53.4% $23.6M+458.3% $4.2M

NFG Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 42.4%+3.8pp 38.6%-4.7pp 43.3%-0.2pp 43.5%+27.8pp 15.7%+68.5pp -52.8%-40.5pp -12.3%-52.1pp 39.8%
Net Margin 27.9%+4.9pp 23.0%-5.2pp 28.2%-1.5pp 29.6%+21.4pp 8.2%+53.2pp -45.1%-32.1pp -13.0%-39.4pp 26.4%
Return on Equity 5.1%+1.6pp 3.5%-1.6pp 5.0%-2.8pp 7.8% N/A N/A -1072.4%-1293.1pp 220.7%
Return on Assets 2.0%+0.7pp 1.2%-0.5pp 1.8%-0.8pp 2.5%+2.0pp 0.5%+2.6pp -2.0%-1.4pp -0.6%-2.6pp 1.9%
Current Ratio 0.65+0.2 0.44-0.0 0.46-0.0 0.47+0.1 0.39+0.1 0.32-0.4 0.77+0.2 0.58
Debt-to-Equity 0.58-0.2 0.77-0.0 0.80-0.1 0.86+29.6 -28.75+112.6 -141.40-663.6 522.20+490.5 31.68
FCF Margin -0.4%+9.8pp -10.2%-47.0pp 36.7%+28.5pp 8.2%+11.9pp -3.7%+9.5pp -13.2%-32.2pp 19.1%+6.3pp 12.8%

Note: The current ratio is below 1.0 (0.44), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Natl Fuel Gas Co (NFG) reported $2.3B in total revenue for fiscal year 2025. This represents a 17.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Natl Fuel Gas Co (NFG) revenue grew by 17.1% year-over-year, from $1.9B to $2.3B in fiscal year 2025.

Yes, Natl Fuel Gas Co (NFG) reported a net income of $518.5M in fiscal year 2025, with a net profit margin of 22.8%.

Natl Fuel Gas Co (NFG) reported diluted earnings per share of $5.68 for fiscal year 2025. This represents a 576.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Natl Fuel Gas Co (NFG) had EBITDA of $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Natl Fuel Gas Co (NFG) had $43.2M in cash and equivalents against $2.4B in long-term debt.

Natl Fuel Gas Co (NFG) had an operating margin of 35.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Natl Fuel Gas Co (NFG) had a net profit margin of 22.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Natl Fuel Gas Co (NFG) paid $2.10 per share in dividends during fiscal year 2025.

Natl Fuel Gas Co (NFG) has a return on equity of 16.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Natl Fuel Gas Co (NFG) generated $187.2M in free cash flow during fiscal year 2025. This represents a 39.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Natl Fuel Gas Co (NFG) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Natl Fuel Gas Co (NFG) had $8.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Natl Fuel Gas Co (NFG) invested $912.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Natl Fuel Gas Co (NFG) spent $54.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Natl Fuel Gas Co (NFG) had 90M shares outstanding as of fiscal year 2025.

Natl Fuel Gas Co (NFG) had a current ratio of 0.44 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Natl Fuel Gas Co (NFG) had a debt-to-equity ratio of 0.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Natl Fuel Gas Co (NFG) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Natl Fuel Gas Co (NFG) has an Altman Z-Score of 1.78, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Natl Fuel Gas Co (NFG) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Natl Fuel Gas Co (NFG) has an earnings quality ratio of 2.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Natl Fuel Gas Co (NFG) has an interest coverage ratio of 5.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Natl Fuel Gas Co (NFG) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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