National Fuel Gas Co. (NFG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NFG SEC filings page.
National Fuel Gas Co. (NFG) reported $2.5B in revenue over the twelve months to Jun 30, 2026, up 15.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cash generation supports heavy reinvestment, while FY2025’s earnings recovery coincided with a sharply stronger balance sheet.
In FY2025, operating cash flow reached$1.1B against free cash flow of$187M , showing that cash produced beyond reported profit is largely absorbed by capital spending. FY2024 showed the same structure, with operating cash flow of$1.1B but free cash flow of$135M , making reinvestment—not accounting earnings—the main constraint on distributable cash.
The FY2025 rebound was more than top-line growth: operating margin expanded from
The balance sheet changed regime: reported equity was negative through FY2024 but reached
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of National Fuel Gas Co.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
National 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 75/100, reflecting efficient cost management and pricing power. This is up from 10.8% the prior year.
National 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 49/100.
National Fuel Gas Co. has a moderate D/E ratio of 0.77. This balance of debt and equity financing earns a leverage score of 33/100.
National Fuel Gas Co.'s current ratio of 0.44 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.
National Fuel Gas Co. converts 8.2% of revenue into free cash flow ($187.2M). This strong cash generation earns a score of 66/100.
National Fuel Gas Co.'s ROE of 16.8% shows moderate profitability relative to equity, earning a score of 60/100.
National Fuel Gas Co. scores 1.62, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
National Fuel Gas Co. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, National 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.
National Fuel Gas Co. earns $5.77 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
Earnings & Revenue
National Fuel Gas Co. generated $537.5M in revenue in Q3 2026. This represents an increase of 1.1% from the same quarter a year earlier. Against the prior quarter it is down 37.4%.
National Fuel Gas Co.'s EBITDA was $330.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.8% from the same quarter a year earlier. Against the prior quarter it is down 29.3%.
National Fuel Gas Co. reported $138.6M in net income in Q3 2026. This represents a decrease of 7.5% from the same quarter a year earlier. Against the prior quarter it is down 44.0%.
National Fuel Gas Co. earned $1.45 per diluted share (EPS) in Q3 2026. This represents a decrease of 11.6% from the same quarter a year earlier. Against the prior quarter it is down 44.0%.
Cash & Balance Sheet
National Fuel Gas Co. generated $111.0M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 43.2% from the same quarter a year earlier. Against the prior quarter it is down 31.4%.
National Fuel Gas Co. held $1.2B in cash against $3.6B in long-term debt as of Q3 2026.
National Fuel Gas Co. paid $0.56 per share in dividends in Q3 2026. This represents an increase of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 3.7%.
Margins & Returns
National Fuel Gas Co.'s operating margin was 38.9% in Q3 2026, reflecting core business profitability. This is down 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.
National Fuel Gas Co.'s net profit margin was 25.8% in Q3 2026, showing the share of revenue converted to profit. This is down 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.
National Fuel Gas Co.'s ROE was 3.5% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.9 percentage points.
Not reported for Q3 2026.
Capital Allocation
National Fuel Gas Co. repurchased no shares in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
National Fuel Gas Co. invested $266.2M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 37.9% from the same quarter a year earlier. Against the prior quarter it is up 20.7%.
Not reported for Q3 2026.
NFG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $537.5M+1.1% | $858.4M+17.6% | $651.5M+18.6% | $466.3M+25.3% | $531.8M+27.4% | $730.0M+15.9% | $549.5M+4.6% | $372.1M+0.8% |
| Cost of Revenue | $29.9M+6.8% | $207.9M+53.6% | $85.6M+31.0% | -$15.2M+12.4% | $28.0M+465.1% | $135.3M+27.7% | $65.3M+15.5% | -$17.4M-35.1% |
| SG&A Expenses | $17.4M-6.0% | $18.4M-2.0% | $19.3M+0.4% | $18.5M | $18.5M | $18.8M | $19.3M | N/A |
| Operating Income | $208.9M-9.3% | $347.1M+9.4% | $276.1M+220.4% | $179.8M+191.5% | $230.3M+547.6% | $317.3M+26.6% | $86.2M-58.4% | -$196.6M-256.9% |
| EBITDA | $330.0M-4.8% | $466.5M+8.9% | $398.1M+103.6% | $299.3M+441.2% | $346.7M+459.0% | $428.5M+16.0% | $195.6M-39.4% | -$87.7M-137.3% |
| Interest Expense | $33.2M-3.4% | $30.1M-24.2% | $33.5M+0.5% | $33.5M-31.5% | $34.3M+4.4% | $39.7M+39.4% | $33.4M+17.2% | $48.9M+1.1% |
| Income Tax | $46.2M-9.6% | $82.7M+15.9% | $59.3M+430.6% | $41.9M+169.4% | $51.1M+280.4% | $71.4M+29.0% | $11.2M-74.0% | -$60.4M-350.4% |
| Net Income | $138.6M-7.5% | $247.7M+14.5% | $181.6M+303.8% | $107.3M+164.0% | $149.8M+376.6% | $216.4M+30.1% | $45.0M-66.2% | -$167.6M-327.5% |
| EPS (Basic) | $1.46-12.0% | $2.61+9.2% | $1.99+298.0% | $1.19+165.0% | $1.66+381.4% | $2.39+32.0% | $0.50-65.5% | -$1.83-328.7% |
| EPS (Diluted) | $1.45-11.6% | $2.59+9.3% | $1.98+304.1% | $1.17+164.6% | $1.64+378.0% | $2.37+31.7% | $0.49-66.0% | -$1.81-326.3% |
| Diluted Shares (Avg) | 96M+5.0% | 96M+5.0% | 92M+0.6% | N/A | 91M-0.8% | 91M-1.4% | 91M-1.1% | N/A |
Not reported in any period shown, so not listed: Gross Profit, R&D Expenses.
NFG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.5B+23.7% | $9.1B+7.6% | $9.2B+10.9% | $8.7B+4.8% | $8.4B-0.4% | $8.5B-2.3% | $8.3B-3.3% | $8.3B+0.5% |
| Current Assets | $1.6B+295.4% | $507.6M-10.7% | $758.6M+63.3% | $410.7M+15.4% | $408.2M+2.4% | $568.5M+35.7% | $464.6M+2.4% | $355.9M-14.1% |
| Cash & Equivalents | $1.2B+3041.6% | $26.6M-33.4% | $271.4M+457.4% | $43.2M+12.9% | $39.3M-51.7% | $40.0M-21.3% | $48.7M+16.8% | $38.2M-31.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% | $5.5M0.0% |
| Total Liabilities | $6.5B+19.3% | $5.3B-7.2% | $5.6B-32.9% | $5.6B-32.5% | $5.5B-35.5% | $5.7B-33.6% | $8.4B-1.7% | $8.3B0.0% |
| Current Liabilities | $504.2M-43.3% | $820.1M-31.8% | $1.2B-2.1% | $925.8M-15.5% | $889.9M+72.2% | $1.2B+65.3% | $1.2B+48.6% | $1.1B+35.9% |
| Non-Current Liabilities | $2.5B+11.7% | $2.4B+12.6% | $2.4B+9.3% | $2.3B+5.9% | $2.2B-0.7% | $2.1B-5.7% | $2.2B-2.7% | $2.2B+2.9% |
| Long-Term Debt | $3.6B+49.8% | $2.1B-12.4% | $2.1B-4.8% | $2.4B+8.9% | $2.4B-9.7% | $2.4B-0.2% | $2.2B-8.2% | $2.2B-8.2% |
| Total Equity | $3.9B+31.9% | $3.8B+38.3% | $3.6B+4811.5% | $3.1B+20096.1% | $3.0B+58820.6% | $2.8B+3570.8% | -$76.2M-213.0% | -$15.5M+71.9% |
| Retained Earnings | $2.4B+24.2% | $2.3B+26.1% | $2.1B+26.2% | $2.0B+16.5% | $2.0B-0.9% | $1.9B-11.2% | $1.7B-13.9% | $1.7B-8.4% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
NFG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $377.3M-2.9% | $382.4M+50.7% | $274.9M+24.9% | $237.8M+20.1% | $388.4M+37.9% | $253.8M-19.5% | $220.1M-18.8% | $197.9M+8.8% |
| Depreciation & Amortization | $121.1M+4.0% | $119.3M+7.2% | $122.0M+11.6% | $119.5M+9.8% | $116.4M+2.6% | $111.3M-6.4% | $109.4M-5.5% | $108.8M-0.7% |
| Stock-Based Compensation | N/A | N/A | $4.1M-13.0% | N/A | N/A | N/A | $4.7M+1.0% | N/A |
| Capital Expenditures | $266.2M+37.9% | $220.6M+13.8% | $277.6M+15.5% | $285.5M+15.6% | $193.1M-4.5% | $193.8M-17.5% | $240.4M-2.6% | $247.0M-12.4% |
| Free Cash Flow | $111.0M-43.2% | $161.7M+169.8% | -$2.7M+86.7% | -$47.8M+2.7% | $195.3M+145.7% | $59.9M-25.3% | -$20.3M-184.7% | -$49.1M+51.0% |
| Investing Cash Flow | -$256.5M-33.2% | -$218.9M-14.7% | -$278.9M-18.9% | -$273.7M-10.2% | -$192.6M+4.9% | -$190.8M+18.9% | -$234.5M+5.4% | -$248.3M+12.3% |
| Financing Cash Flow | $1.1B+539.0% | -$408.3M-1907.4% | $232.2M+831.3% | $39.8M+453.6% | -$247.8M-409.0% | -$20.3M+71.3% | $24.9M+167.7% | $7.2M-93.0% |
| Dividends Paid | $50.8M+9.2% | $50.8M+8.9% | $48.4M+3.2% | $48.3M+2.4% | $46.6M+2.2% | $46.7M+2.4% | $46.9M+3.1% | $47.2M+3.8% |
| Share Buybacks | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $4.0M-83.2% | $16.9M+300.6% | $33.5M | $36.2M |
NFG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 38.9%-4.4pp | 40.4%-3.0pp | 42.4%+26.7pp | 38.6%+91.4pp | 43.3%+55.6pp | 43.5%+3.7pp | 15.7%-23.7pp | -52.8%-86.8pp |
| Net Margin | 25.8%-2.4pp | 28.8%-0.8pp | 27.9%+19.7pp | 23.0%+68.1pp | 28.2%+41.1pp | 29.6%+3.2pp | 8.2%-17.1pp | -45.1%-65.0pp |
| Return on Equity | 3.5%-1.5pp | 6.5%-1.3pp | 5.1% | 3.5% | 5.0%+1077.5pp | 7.8%-212.9pp | N/A | N/A |
| Return on Assets | 1.3%-0.4pp | 2.7%+0.2pp | 2.0%+1.4pp | 1.2%+3.2pp | 1.8%+2.4pp | 2.5%+0.6pp | 0.5%-1.0pp | -2.0%-2.9pp |
| Current Ratio | 3.20+2.7x | 0.62+0.1x | 0.65+0.3x | 0.44+0.1x | 0.46-0.3x | 0.47-0.1x | 0.39-0.2x | 0.32-0.2x |
| Debt-to-Equity | 0.91+0.1x | 0.55-0.3x | 0.58 | 0.77 | 0.80-521.4x | 0.86-30.8x | N/A | N/A |
| Asset Turnover | 0.050.0x | 0.090.0x | 0.070.0x | 0.050.0x | 0.060.0x | 0.090.0x | 0.070.0x | 0.040.0x |
| FCF Margin | 20.6%-16.1pp | 18.8%+10.6pp | -0.4%+3.3pp | -10.2%+2.9pp | 36.7%+17.7pp | 8.2%-4.5pp | -3.7%-8.3pp | -13.2%+14.0pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.44), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| National Fuel Gas Co. NFG | FY2025 | $2.3B | $518.5M | 22.8% | $7.5B | 48/100 |
| YPF Sociedad Anonima YPF | FY2025 | $18.4B | -$799.0M | -4.3% | $19.6B | 28/100 |
| Crescent Energy Company CRGY | FY2025 | $3.6B | $132.9M | 3.7% | $4.2B | 37/100 |
Where National Fuel Gas Co. Ranks
Frequently Asked Questions
What is National Fuel Gas Co.'s annual revenue?
National 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.
How fast is National Fuel Gas Co.'s revenue growing?
National Fuel Gas Co. (NFG) revenue grew by 17.1% year-over-year, from $1.9B to $2.3B in fiscal year 2025.
Is National Fuel Gas Co. profitable?
Yes, National Fuel Gas Co. (NFG) reported a net income of $518.5M in fiscal year 2025, with a net profit margin of 22.8%.
What is National Fuel Gas Co.'s EBITDA?
National Fuel Gas Co. (NFG) had EBITDA of $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does National Fuel Gas Co. have?
As of fiscal year 2025, National Fuel Gas Co. (NFG) had $43.2M in cash and equivalents against $2.4B in long-term debt.
What is National Fuel Gas Co.'s operating margin?
National 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.
What is National Fuel Gas Co.'s net profit margin?
National 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.
Does National Fuel Gas Co. pay dividends?
Yes, National Fuel Gas Co. (NFG) paid $2.10 per share in dividends during fiscal year 2025.
What is National Fuel Gas Co.'s return on equity (ROE)?
National 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.
What is National Fuel Gas Co.'s free cash flow?
National 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.
What is National Fuel Gas Co.'s operating cash flow?
National Fuel Gas Co. (NFG) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are National Fuel Gas Co.'s total assets?
National Fuel Gas Co. (NFG) had $8.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are National Fuel Gas Co.'s capital expenditures?
National Fuel Gas Co. (NFG) invested $912.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is National Fuel Gas Co.'s current ratio?
National 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.
What is National Fuel Gas Co.'s debt-to-equity ratio?
National 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.
What is National Fuel Gas Co.'s return on assets (ROA)?
National 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.
What is National Fuel Gas Co.'s P/E ratio?
National Fuel Gas Co. (NFG) trades at 11.1x earnings, its market capitalization divided by net income of $675.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $7.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is National Fuel Gas Co.'s price-to-sales ratio?
National Fuel Gas Co. (NFG) trades at 3.0x sales, its market capitalization divided by revenue of $2.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.5B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is National Fuel Gas Co.'s Altman Z-Score?
National Fuel Gas Co. (NFG) has an Altman Z-Score of 1.62, 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.
What is National Fuel Gas Co.'s Piotroski F-Score?
National Fuel Gas Co. (NFG) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are National Fuel Gas Co.'s earnings high quality?
National 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.
Can National Fuel Gas Co. cover its interest payments?
National Fuel Gas Co. (NFG) has an interest coverage ratio of 5.77x, 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.
How financially healthy is National Fuel Gas Co.?
National Fuel Gas Co. (NFG) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.