A Business at a Glance
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The Company and its Subsidiaries National Fuel Gas Company (the Registrant), incorporated in 1902, is a holding company organized under the laws of the State of New Jersey. The Registrant owns directly or indirectly all of the outstanding securities of its subsidiaries. Reference to “the Company” in this report means the Registrant, the Registrant and its subsidiaries or the Registrant’s subsidiaries as appropriate in the context of the disclosure. Also, all references to a certain year in this report relate to the Company’s fiscal year ended September 30 of that year unless otherwise noted. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Production of Natural Gas | $780M | $1.73B | $1.04B | $739M | $1.10B | 50% |
Natural Gas Residential Sales | $493M | $688M | $728M | $503M | $597M | 27% |
Natural Gas Transportation Service | $359M | $396M | $307M | $316M | $325M | 15% |
Natural Gas Commercial Sales | $63M | $95M | $103M | $68M | $85M | 4% |
Natural Gas Storage Service | $83M | $85M | $49M | $55M | $58M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.4B | 2.3B | 1.9B | 2.2B | 2.2B | 1.7B |
| Net Income | 655M | 519M | 78M | 477M | 566M | 364M |
| EPS | $7.15 | $5.68 | $0.84 | $5.17 | $6.15 | $3.97 |
| Free Cash Flow | 205M | 187M | 135M | 227M | 695K | 40M |
| ROIC | 12.3% | 15.0% | 4.5% | 11.5% | 14.6% | 10.6% |
| Gross Margin | - | 65.3% | 45.1% | 79.9% | 54.1% | 55.1% |
| Debt/Equity | 0.77 | 0.92 | -179.56 | 0.90 | 1.29 | 1.56 |
| Dividends/Share | $2.00 | $2.10 | $2.02 | $1.94 | $1.86 | $1.80 |
| Operating Income | 1.0B | 813M | 210M | 755M | 815M | 640M |
| Operating Margin | 42.2% | 35.7% | 10.8% | 34.7% | 37.3% | 36.7% |
| ROE | 18.3% | 33.7% | 5.3% | 18.9% | 29.3% | 19.4% |
| Shares Outstanding | 95M | 91M | 92M | 92M | 92M | 92M |
NATIONAL FUEL GAS CO passes 6 of 9 quality checks, suggesting mixed fundamentals.
NATIONAL FUEL GAS CO trades at 12.7x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 42.3x vs a median of 29.8x. The company's 5-year average ROIC is 11.2% with a gross margin of 59.9%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +39.9%.
NATIONAL FUEL GAS CO (NFG) has a current P/E ratio of 12.7, compared to its historical median P/E of 11.3. The stock is currently considered Fair based on its historical valuation range.
NATIONAL FUEL GAS CO (NFG) has a 5-year average return on invested capital (ROIC) of 11.2%. This indicates solid capital allocation.
NATIONAL FUEL GAS CO (NFG) has a market capitalization of $8.7B. It is classified as a mid-cap stock.
Yes, NATIONAL FUEL GAS CO (NFG) pays a dividend with a trailing twelve-month yield of 2.19%. The company also returns capital through share buybacks, with a buyback yield of 0.24%.
Based on historical P/E analysis, NATIONAL FUEL GAS CO (NFG) appears fair. The current P/E of 12.7 is 12% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is 4.6%.
NATIONAL FUEL GAS CO (NFG) operates in the Natural Gas Distribution industry, within the Utilities sector.
NATIONAL FUEL GAS CO (NFG) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
NATIONAL FUEL GAS CO (NFG) has a net profit margin of 22.8%. This is a strong margin indicating high profitability.
NATIONAL FUEL GAS CO (NFG) generated $187 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NATIONAL FUEL GAS CO (NFG) has a debt-to-equity ratio of 0.92. This indicates moderate leverage.
NATIONAL FUEL GAS CO (NFG) reported earnings per share (EPS) of $5.68 in its most recent fiscal year.
NATIONAL FUEL GAS CO (NFG) has a return on equity (ROE) of 33.7%. This indicates the company generates strong returns for shareholders.
NATIONAL FUEL GAS CO (NFG) has a 5-year average gross margin of 59.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for NATIONAL FUEL GAS CO (NFG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NATIONAL FUEL GAS CO (NFG) has a book value per share of $33.90, based on its most recent annual SEC filing.
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