United States Natural Gas Fund, LP Financials

UNG

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows United States Natural Gas Fund, LP (UNG) 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).

Rhea AI UNG FY2025 2026-05-08

Capital flows and asset-value swings, not traditional sales, dominate this cash-heavy balance sheet and explain most annual results.

Operating cash flow reached $127M while net income was only $34M, so FY2025 converted reported profit into cash unusually well. That reversed FY2024's pattern, and paired with another year of financing outflows it suggests the asset base was shrinking while still releasing cash, making cash realization more informative here than a normal revenue lens.

Liquidity is the main balance-sheet story: cash made up 75.7% of assets in FY2025, and liabilities were just 5.0% of assets. The entity therefore carries substantial balance-sheet flexibility, but its reported results are likely to move more with asset values and capital flows than with operating leverage.

The FY2023 shock was absorbed through financing, not leverage: a $1.23B financing inflow arrived alongside an -$865M operating cash outflow. Because liabilities remained modest afterward, the later decline in assets looks more like capital leaving the structure than a business leaning on creditors to bridge ongoing losses.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of United States Natural Gas Fund, LP'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.

Leverage

100

United States Natural Gas Fund, LP carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

United States Natural Gas Fund, LP generates a 6.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 8.8% the prior year.

Piotroski F-Score Weak

3/9

United States Natural Gas Fund, LP passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

3.71x

For every $1 of reported earnings, United States Natural Gas Fund, LP generates $3.71 in operating cash flow ($127.1M OCF vs $34.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$34.2M

YoY-47.5%

United States Natural Gas Fund, LP reported $34.2M in net income in fiscal year 2025. This represents a decrease of 47.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$438.5M

YoY-26.1%

5Y CAGR+5.0%

10Y CAGR-0.3%

United States Natural Gas Fund, LP held $438.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

6.2%

YoY-2.5pp

5Y CAGR+55.1pp

10Y CAGR+53.8pp

United States Natural Gas Fund, LP's ROE was 6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

UNG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	$80.0M+261.3%	$22.1M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	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
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$34.2M-47.5%	$65.1M+109.7%	-$671.3M-994.6%	$75.0M+307.8%	$18.4M+109.1%	-$202.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	$5.4M	N/A	N/A	$210.8M+274.8%	$56.2M+1164.7%	$4.4M-97.5%	$176.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$109.7M+2862.0%	$3.7M+106.6%	-$55.9M+54.4%	-$122.4M-158.6%	$208.8M+288.6%	$53.7M+2720.5%	$1.9M-98.9%	$174.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UNG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$579.5M-26.6%	$790.0M-20.0%	$987.8M+129.4%	$430.7M+14.2%	$377.1M-11.5%	$426.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$438.5M-26.1%	$593.5M-12.5%	$678.0M+113.3%	$317.9M+28.0%	$248.4M-27.6%	$342.9M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$28.8M-37.5%	$46.2M+232.2%	$13.9M+940.0%	$1.3M-75.8%	$5.5M-52.2%	$11.6M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$550.6M-26.0%	$743.8M-23.6%	$973.9M+126.8%	$429.3M+15.6%	$371.5M-10.4%	$414.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$453.7M-21.7%	$579.5M-10.9%	$650.7M+73.2%	$375.7M-15.8%	$446.4M-43.5%	$790.0M-15.3%	$932.6M+30.4%	$715.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$345.8M-21.1%	$438.5M-9.3%	$483.3M+70.0%	$284.3M-3.5%	$294.6M-50.4%	$593.5M-14.2%	$691.9M+28.2%	$539.7M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.9M-65.7%	$28.8M+10.2%	$26.2M+72.8%	$15.1M-40.4%	$25.4M-45.0%	$46.2M+7.9%	$42.8M+1176.5%	$3.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$443.8M-19.4%	$550.6M-11.8%	$624.5M+73.2%	$360.5M-14.3%	$420.9M-43.4%	$743.8M-16.4%	$889.8M+25.0%	$712.1M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UNG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$127.1M+167.5%	$47.5M+105.5%	-$865.0M-501.3%	$215.5M+2903.1%	$7.2M+103.4%	-$208.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$227.4M+24.0%	-$299.2M-124.2%	$1.2B+3992.0%	-$31.7M+55.9%	-$72.0M-137.9%	$190.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$102.2M+198.0%	$34.3M+139.0%	-$87.9M-0.8%	-$87.2M-132.5%	$267.9M+210.5%	$86.3M+148.0%	-$179.9M-178.0%	$230.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$209.5M-105.0%	-$102.2M-129.5%	$346.0M+741.5%	$41.1M+108.0%	-$512.3M-125.1%	-$227.7M-194.1%	$242.0M+182.1%	-$294.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UNG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	93.8%+10.7pp	83.1%	N/A
Return on Equity	6.2%-2.5pp	8.8%+77.7pp	-68.9%-86.4pp	17.5%+12.5pp	5.0%+53.9pp	-48.9%
Return on Assets	5.9%-2.3pp	8.3%+76.2pp	-68.0%-85.4pp	17.4%+12.5pp	4.9%+52.5pp	-47.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.050.0	0.06+0.0	0.01+0.0	0.00-0.0	0.01-0.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	68.9%	N/A	N/A	99.1%+3.5pp	95.5%+52.7pp	42.8%-55.7pp	98.6%
Return on Equity	24.7%+24.1pp	0.7%+9.6pp	-8.9%+25.0pp	-34.0%-83.6pp	49.6%+42.4pp	7.2%+7.0pp	0.2%-24.2pp	24.4%
Return on Assets	24.2%+23.5pp	0.6%+9.2pp	-8.6%+24.0pp	-32.6%-79.4pp	46.8%+40.0pp	6.8%+6.6pp	0.2%-24.1pp	24.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.02-0.0	0.05+0.0	0.040.0	0.04-0.0	0.060.0	0.06+0.0	0.05+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is United States Natural Gas Fund, LP profitable?

Yes, United States Natural Gas Fund, LP (UNG) reported a net income of $34.2M in fiscal year 2025.

What is United States Natural Gas Fund, LP's return on equity (ROE)?

United States Natural Gas Fund, LP (UNG) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is United States Natural Gas Fund, LP's operating cash flow?

United States Natural Gas Fund, LP (UNG) generated $127.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are United States Natural Gas Fund, LP's total assets?

United States Natural Gas Fund, LP (UNG) had $579.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What is United States Natural Gas Fund, LP's debt-to-equity ratio?

United States Natural Gas Fund, LP (UNG) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is United States Natural Gas Fund, LP's return on assets (ROA)?

United States Natural Gas Fund, LP (UNG) 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 United States Natural Gas Fund, LP's Piotroski F-Score?

United States Natural Gas Fund, LP (UNG) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are United States Natural Gas Fund, LP's earnings high quality?

United States Natural Gas Fund, LP (UNG) has an earnings quality ratio of 3.71x, 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.

How financially healthy is United States Natural Gas Fund, LP?

United States Natural Gas Fund, LP (UNG) scores 17 out of 100 on our Financial Profile, indicating weak 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.