A Business at a Glance
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NATIONAL FUEL GAS CO
NFG
$7.5B
Mkt Cap
$82.49
+0.52%
NATIONAL FUEL GAS CO (NFG) has a current P/E ratio of 11.5, 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 16.2%. This indicates strong capital allocation and a potential competitive advantage.
NATIONAL FUEL GAS CO (NFG) has a market capitalization of $7.8B. It is classified as a mid-cap stock.
Yes, NATIONAL FUEL GAS CO (NFG) pays a dividend with a trailing twelve-month yield of 2.48%. The company also returns capital through share buybacks, with a buyback yield of 0.05%.
Based on historical P/E analysis, NATIONAL FUEL GAS CO (NFG) appears fair. The current P/E of 11.5 is 1% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is 6.0%.
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 Company is a diversified energy holding company engaged in the production, gathering, transportation, storage, and distribution of natural gas, with an integrated business model centered on assets in western New York and Pennsylvania that benefit from Appalachian Basin production. The company operates three segments: Integrated Upstream and Gathering (Seneca Resources exploration and development, and National Fuel Gas Midstream gathering operations focused on Marcellus and Utica shale development); Pipeline and Storage (National Fuel Gas Supply Corporation and Empire Pipeline providing interstate transportation and underground storage services); and Utility (National Fuel Gas Distribution Corporation serving approximately 756,000 customers in western New York and northwestern Pennsylvania). The business model combines capital-efficient upstream production with regulated utility and pipeline operations, generating revenue through commodity sales, firm transportation contracts, storage services, and regulated utility rates; the integrated geographic footprint enables shared management, labor, and facilities across segments while supporting coordinated development of production and transportation infrastructure. The company's competitive advantages include decades of core inventory locations in the Appalachian Basin, an established midstream infrastructure network, and regulated utility assets with low-cost service territories, supported by ongoing improvements in well design and capital efficiency that have reduced per-unit development costs while maintaining mid-single-digit production growth expectations.
【Strong earnings growth trajectory】 Management expects fiscal 2026 to represent a key inflection point, with adjusted earnings per share projected to grow 10% or more annually as part of a multi-year target, supported by continued operational resiliency and optimization of well designs across the Marcellus and Utica formations. The regulated pipeline and storage business is positioned for significant growth through new rate cases and expansion projects, including the Tioga Pathway and Shippingport Lateral projects expected to generate over $30 million in annual revenue starting early fiscal 2027, while the utility segment benefits from modernization investments and a pending Ohio acquisition that will enhance long-term regulated earnings growth. Management remains bullish on the long-term natural gas market setup, supported by record LNG export levels near 20 Bcf per day with additional capacity coming online, accelerating demand from power generation and data centers, and a tightening supply-demand balance that is expected to support improved long-term price realizations for high-quality Appalachian supply. The company expects to generate significant free cash flow sufficient to cover a growing dividend and reduce leverage before closing the Ohio acquisition, with plans to achieve mid-two times debt-to-EBITDA leverage after the first full year post-closing.
| Metric | Target | Period |
|---|---|---|
| Adjusted Earnings Per Share | $7.45–$7.75 | FY2026 |
| Production | 425–440 Bcfe | FY2026 |
| Pipeline and Storage Rate Case | approximately $95 million increase | FY2026 |
Adjusted Earnings Per Share (FY2026): “we are also seeing modestly tighter basis differentials over that same period, which we now project to be $0.80 below NYMEX. This provides price certainty, which lessens the impact of the lower expected pricing on our earnings guidance, which we now project to be in the range of $7.45-$7.75 per share.”
Production (FY2026): “Embedded in our assumptions are a few other changes, including production guidance, which we now expect to be 425 to 440 Bcfe for the full year.”
Pipeline and Storage Rate Case (FY2026): “Lastly, today, Supply Corporation is filing a new rate case with FERC that seeks an approximately $95 million increase to our cost of service.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| 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 | 2.5B | 2.3B | 1.9B | 2.2B | 3.1B | 1.7B |
| Net Income | 686M | 519M | 78M | 477M | 566M | 364M |
| EPS | $7.36 | $5.68 | $0.84 | $5.17 | $6.15 | $3.97 |
| Free Cash Flow | 307M | 187M | 135M | 227M | 695K | 40M |
| ROIC | 12.4% | 15.0% | 7.0% | 27.8% | 20.6% | 10.6% |
| Gross Margin | - | 65.3% | 45.1% | 79.9% | 38.6% | 55.1% |
| Debt/Equity | 0.63 | 0.92 | -179.56 | -48.53 | -4.30 | 1.56 |
| Dividends/Share | $2.04 | $2.10 | $2.02 | $1.94 | $1.86 | $1.80 |
| Operating Income | 1.0B | 813M | 210M | 755M | 815M | 640M |
| Operating Margin | 41.2% | 35.7% | 10.8% | 34.7% | 26.6% | 36.7% |
| ROE | 17.9% | 33.7% | -219.8% | -140.1% | 97.6% | 19.4% |
| Shares Outstanding | 95M | 91M | 92M | 92M | 92M | 92M |
| Metric | 2014 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 1.8B | 1.5B | 1.6B | 1.6B | 1.7B | 1.5B | 1.7B | 3.1B | 2.2B | 1.9B | 2.3B | 2.5B |
| Gross Margin | 71.3% | 80.1% | N/A | N/A | 78.8% | 77.2% | 29.3% | 55.1% | 38.6% | 79.9% | 45.1% | 65.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 938M | 800M | N/A | N/A | 735M | 795M | N/A | 931M | 1.9B | 66M | 71M | 75M | 75M |
| EBIT | 570M | -611M | -417M | 594M | 520M | 512M | 30M | 640M | 815M | 755M | 210M | 813M | 1.0B |
| Op. Margin | 27.0% | -34.7% | -28.7% | 37.6% | 32.6% | 30.2% | 1.9% | 36.7% | 26.6% | 34.7% | 10.8% | 35.7% | 41.2% |
| Net Income | 299M | -379M | -291M | 283M | 392M | 304M | -124M | 364M | 566M | 477M | 78M | 519M | 686M |
| Net Margin | 14.2% | -21.5% | -20.0% | 17.9% | 24.6% | 18.0% | -8.0% | 20.9% | 18.5% | 21.9% | 4.0% | 22.8% | 27.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51M | 13M | 0 | 519M | 142M | 142M |
| Returns on Capital | |||||||||||||
| ROIC | 8.6% | -9.2% | -7.5% | 10.8% | 14.7% | 9.8% | 0.7% | 10.6% | 20.6% | 27.8% | 7.0% | 15.0% | 12.4% |
| ROE | 12.4% | -18.7% | -16.4% | 17.5% | 21.5% | 14.9% | -6.0% | 19.4% | 97.6% | -140.1% | -219.8% | 33.7% | 17.9% |
| ROA | 4.5% | -5.8% | -4.8% | 4.8% | 6.5% | 4.9% | -1.8% | 5.0% | 7.4% | 5.9% | 0.9% | 6.1% | 7.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 909M | 854M | 589M | 685M | 615M | 694M | 741M | 792M | 813M | 1.2B | 1.1B | 1.1B | 1.3B |
| Free Cash Flow | -5.0M | -165M | 7.4M | 234M | 31M | -94M | 25M | 40M | 695K | 227M | 135M | 187M | 307M |
| Owner Earnings | 514M | 514M | 334M | 448M | 359M | 398M | 420M | 439M | 423M | 807M | 587M | 624M | 787M |
| CapEx | 914M | 1.0B | 582M | 450M | 584M | 789M | 716M | 752M | 812M | 1.0B | 931M | 913M | 977M |
| Maint. CapEx | 384M | 336M | 249M | 224M | 241M | 276M | 306M | 335M | 370M | 410M | 457M | 457M | 477M |
| Growth CapEx | 531M | 682M | 332M | 226M | 343M | 513M | 410M | 416M | 442M | 600M | 474M | 456M | 500M |
| D&A | 384M | 336M | 249M | 224M | 241M | 276M | 306M | 335M | 370M | 410M | 457M | 457M | 477M |
| CapEx/OCF | 100.6% | 119.3% | 98.7% | 65.8% | 94.9% | 113.6% | 96.7% | 95.0% | 99.9% | 81.6% | 87.4% | 83.0% | 76.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 127M | 131M | 135M | 139M | 143M | 147M | 153M | 163M | 168M | 176M | 184M | 188M | 194M |
| Dividend Yield | 3.0% | 3.5% | 4.3% | 3.8% | 4.0% | 3.9% | 5.0% | 4.4% | 3.2% | 3.7% | 3.9% | 2.8% | 2.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 8.9M | 0 | 3.7M | 0 | 0 | 64M | 54M | 4.0M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.3% | N/A | 0.1% | 0.2% | N/A | 1.2% | 0.6% | 0.1% |
| Stock-Based Comp | 12M | 3.2M | 5.8M | 12M | 16M | 21M | 15M | 17M | 20M | 21M | 22M | 20M | 19M |
| Debt Repayment | 0 | 86M | 0 | 0 | 567M | 0 | 0 | 516M | 0 | 549M | 0 | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 1.9B | 2.0B | 1.8B | 1.9B | 2.2B | 2.6B | 2.8B | 2.6B | 2.6B | 2.7B | 2.8B | 2.4B |
| Cash & Equiv. | 37M | 114M | 130M | 556M | 230M | 20M | 21M | 32M | 46M | 55M | 38M | 43M | 27M |
| Long-Term Debt | 1.6B | 2.1B | 2.1B | 2.1B | 2.1B | 2.1B | 2.6B | 2.6B | 2.1B | 2.4B | 2.2B | 2.4B | 2.1B |
| Debt/Equity | 0.71 | 1.03 | 1.37 | 1.40 | 1.10 | 1.02 | 1.35 | 1.56 | -4.30 | -48.53 | -179.56 | 0.92 | 0.63 |
| Interest Coverage | 6.3 | -6.4 | -3.4 | 5.0 | 4.5 | 4.8 | 0.3 | 4.4 | 6.2 | 5.7 | 1.5 | 5.8 | 54.4 |
| Equity | 2.4B | 2.0B | 1.5B | 1.7B | 1.9B | 2.1B | 2.0B | 1.8B | -626M | -55M | -15M | 3.1B | 3.8B |
| Total Assets | 6.7B | 6.6B | 5.6B | 6.1B | 6.0B | 6.5B | 7.0B | 7.5B | 7.9B | 8.3B | 8.3B | 8.7B | 9.1B |
| Total Liabilities | 1.9B | 2.5B | 2.0B | 2.3B | 2.0B | 2.2B | 2.4B | 3.0B | 3.7B | 2.9B | 3.3B | 3.2B | 236K |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.6B | 1.1B | 676M | 852M | 1.1B | 1.3B | 992M | 1.2B | 1.6B | 1.9B | 1.7B | 2.0B | 2.3B |
| Working Capital | -113M | -70M | 109M | 172M | 105M | -59M | -145M | -714M | -1.2B | -392M | -740M | -515M | -313M |
| Current Assets | 377M | 376M | 413M | 818M | 545M | 363M | 314M | 522M | 761M | 414M | 356M | 411M | 508M |
| Current Liabilities | 491M | 446M | 304M | 646M | 440M | 422M | 460M | 1.2B | 1.9B | 806M | 1.1B | 926M | 820M |
| Per Share Data | |||||||||||||
| EPS | 3.52 | -4.50 | -3.43 | 3.30 | 4.53 | 3.51 | -1.41 | 3.97 | 6.15 | 5.17 | 0.84 | 5.68 | 7.36 |
| Owner EPS | 6.04 | 6.10 | 3.94 | 5.22 | 4.15 | 4.59 | 4.78 | 4.79 | 4.60 | 8.75 | 6.36 | 6.83 | 8.28 |
| Book Value | 28.34 | 24.02 | 18.00 | 19.83 | 22.42 | 24.67 | 22.46 | 19.50 | -6.80 | -0.60 | -0.17 | 33.90 | 40.25 |
| Cash Flow/Share | 10.69 | 10.12 | 6.94 | 7.97 | 7.12 | 8.01 | 8.44 | 8.64 | 8.83 | 13.41 | 11.55 | 12.05 | 12.25 |
| Dividends/Share | 1.52 | 1.56 | 1.60 | 1.64 | 1.68 | 1.72 | 1.76 | 1.80 | 1.86 | 1.94 | 2.02 | 2.10 | 2.04 |
| Shares Out. | 85.1M | 84.3M | 84.8M | 85.9M | 86.4M | 86.7M | 87.8M | 91.6M | 92.0M | 92.2M | 92.3M | 91.3M | 95.0M |
| Valuation | |||||||||||||
| P/E Ratio | 13.8 | N/A | N/A | 13.1 | 9.7 | 10.8 | N/A | 11.9 | 9.2 | 9.4 | 69.2 | 16.3 | 11.2 |
| P/FCF | N/A | N/A | 465.5 | 15.9 | 120.9 | N/A | 125.0 | 108.2 | N/A | 19.7 | 39.8 | 45.1 | 25.6 |
| EV/EBIT | 10.2 | N/A | N/A | 9.0 | 10.5 | 10.6 | 191.0 | 11.0 | 9.6 | 9.3 | 38.5 | 13.8 | 9.9 |
| Price/Book | N/A | 1.5 | 2.3 | 2.2 | 2.0 | 1.5 | 1.6 | 2.4 | 2.5 | 1.5 | 1.9 | 2.7 | 2.0 |
| Price/Sales | N/A | 2.1 | 2.2 | 2.3 | 2.2 | 2.2 | 2.0 | 2.1 | 2.4 | 2.2 | 2.4 | 3.0 | 3.1 |
| FCF Yield | -0.1% | -5.6% | 0.2% | 6.3% | 0.8% | -2.9% | 0.8% | 0.9% | 0.0% | 5.1% | 2.5% | 2.2% | 3.9% |
| Market Cap | 4.1B | 3.0B | 3.4B | 3.7B | 3.8B | 3.3B | 3.1B | 4.3B | 5.2B | 4.5B | 5.4B | 8.5B | 7.8B |
| Avg. Price | 49.60 | 43.82 | 36.89 | 42.35 | 41.44 | 43.11 | 34.87 | 40.83 | 57.91 | 51.91 | 50.73 | 73.70 | 82.49 |
| Year-End Price | 48.44 | 35.06 | 40.63 | 43.23 | 43.79 | 37.98 | 35.12 | 47.06 | 56.85 | 48.56 | 58.10 | 92.57 | 82.49 |
NATIONAL FUEL GAS CO passes 5 of 9 quality checks, suggesting mixed fundamentals.
NATIONAL FUEL GAS CO trades at 11.5x 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 38.3x vs a median of 29.8x. The company's 5-year average ROIC is 16.2% with a gross margin of 56.8%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is +45.1%.
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 56.8%. 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.
Based on recent SEC filings and earnings disclosures, Management expects fiscal 2026 to represent a key inflection point, with adjusted earnings per share projected to grow 10% or more annually as part of a multi-year target, supported by continued operational resiliency and optimization of well designs across the Marcellus and Utica formations. The regulated pipeline and storage business is positioned for significant growth through new rate cases and expansion projects, including the Tioga Pathway and Shippingport Lateral projects expected to generate over $30 million in annual revenue starting early fiscal 2027, while the utility segment benefits from modernization investments and a pending Ohio acquisition that will enhance long-term regulated earnings growth. Management remains bullish on the long-term natural gas market setup, supported by record LNG export levels near 20 Bcf per day with additional capacity coming online, accelerating demand from power generation and data centers, and a tightening supply-demand balance that is expected to support improved long-term price realizations for high-quality Appalachian supply. The company expects to generate significant free cash flow sufficient to cover a growing dividend and reduce leverage before closing the Ohio acquisition, with plans to achieve mid-two times debt-to-EBITDA leverage after the first full year post-closing.
Based on recent SEC filings and earnings calls, NATIONAL FUEL GAS CO (NFG) has provided the following forward guidance: Adjusted Earnings Per Share: $7.45–$7.75 (FY2026); Production: 425–440 Bcfe (FY2026); Pipeline and Storage Rate Case: approximately $95 million increase (FY2026).
No recent press releases.