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National Fuel GAS Co (NFG) stock

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NYSE: NFG NYSE Gas Utilities Next results ~November 4, 2026

B Fundamentals grade

National Fuel GAS Co is a US-listed company in the gas utilities industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 64% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 64% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

National Fuel GAS Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds343 adding, 269 cuttingOf 54 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter National Fuel GAS files

Where National Fuel GAS Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.51bn, up 15.1% on a year earlier, slower than 21.2% a quarter earlier. Free-cash-flow margin held at 8.8%. Operating margin widened to 40.3% from 20.0%. The diluted share count is up 2.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. At that price, our model says the market is pricing in about 25.7% a year of cash-flow growth for five years, faster than the 7.6% a year revenue growth it has delivered.

Our model value for National Fuel GAS is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

National Fuel GAS Co's trailing-twelve-month revenue grew 15.1% year on year, with a free-cash-flow margin of 8.8%. Where it stands out: operating margin of 40.3% ranks 1 of 12 gas utilities companies we cover. Where it lags: change in growth rate of -6.1pp ranks 12 of 12 gas utilities companies we cover.

Our discounted-cash-flow model values the business at ~$62 per share in the base case (~$41–$90 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 19.6% while net income grew 177.3%: a 158pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.1% over the last 12 months, against a median of 6.5% for gas utilities companies we cover.
  • High operating margin. 40.3% of revenue is left as operating profit, against a median of 21.6% for gas utilities companies we cover.
  • Margins widening. Operating margin is up 20.2 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 6.1 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 2.3% in a year.
  • Gross margin slipping. Gross margin is down 2.6 points on a year ago.
  • Weak cash conversion. Free cash flow was 33% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed July 30, 2026
Earnings per share
$1.54 against an average estimate of $1.44: beat by 7.1%
Revenue
$537m, up 1.1% on a year earlier
Share reaction
+1.7% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
adjusted EPS $7.4 to $7.6 (fiscal 2026); consolidated Effective Tax Rate 25.5% (fiscal 2026)
Next report
November 4, 2026; average EPS estimate $1.04

National Fuel GAS's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week-3.4%
  • 1 month+3.1%
  • This year+1.5%
  • 1 year+1.3%
  • 5 years+59.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
40.3%
Net margin
26.9%
EPS (TTM, diluted)
$7.21

Growth

Revenue growth
+15.1%
Change in growth rate
−6.1 pts
Share count change
+2.3%

Cash

Free cash flow (TTM)
$222M
FCF margin
8.8%
Stock pay % of revenue
0.7%

Earnings

Last results
July 30, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Deal
  3. Announcement
  4. Results
  5. Guidance
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

National Fuel GAS Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 64% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value National Fuel GAS Co as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.42 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$150 ~$120–$180 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$120–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$96–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$330 ~$240–$500 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$140 ~$110–$190 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare National Fuel GAS Co with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$38.99$42.00$42.93$37.12$33.53$45.01$54.26$47.39$57.44$89.95$79.67
Market value$3.3bn$3.6bn$3.7bn$3.2bn$2.9bn$4.1bn$5.0bn$4.4bn$5.3bn$8.2bn$7.5bn
+ Net debt (− = net cash)$2.5bn$1.8bn$1.9bn$2.2bn$2.7bn$2.8bn$2.7bn$2.6bn$2.8bn$2.8bn$2.3bn
Enterprise value$5.8bn$5.5bn$5.6bn$5.4bn$5.6bn$6.9bn$7.7bn$7.0bn$8.1bn$11.0bn$9.8bn
Multiples
Price / sales 2.3x2.3x2.3x1.9x1.9x2.4x2.3x2.0x2.7x3.6x3.0x
Price / earnings —12.7x9.5x10.6x—11.3x8.8x9.2x68.4x15.8x11.0x
Price / free cash flow n/m15.4x118.6x—119.6x103.6xn/m19.2x39.4x43.8x33.6x
EV / EBITDA —6.7x7.4x6.9x16.7x7.1x6.5x6.0x12.1x8.7x6.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard National Fuel GAS's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.7% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 87.7%, moving by 4.4 percentage points (standard deviation) across 7 years.

  • Durability 19 / 20

    Operating margin has been a median 29.7%; its worst year was 18.5%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 6 of 10 years, at a median 5.5% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.6% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $472m and EPS of $1.04 (range $0.80 to $1.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.25 +5% $2.5bn +12%
Next $7.45 +3% $3.0bn +19%

Next year's EPS estimate has moved −4.3% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.6% on 90 days ago. In the last 30 days, 0 analysts raised National Fuel GAS Co's forecast and 2 cut it.

Consensus EPS forecast National Fuel GAS Co, last 90 days
$7.20 $7.40 $7.60 $7.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.37 Current fiscal year, 60 days ago: $7.38 Current fiscal year, 30 days ago: $7.27 Current fiscal year, 7 days ago: $7.28 Current fiscal year, Now: $7.25 $7.25 Next fiscal year, 90 days ago: $7.78 Next fiscal year, 60 days ago: $7.52 Next fiscal year, 30 days ago: $7.52 Next fiscal year, 7 days ago: $7.45 Next fiscal year, Now: $7.45 $7.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.37$7.78
60 days ago $7.38$7.52
30 days ago $7.27$7.52
7 days ago $7.28$7.45
Now $7.25$7.45

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.44 $1.54 +7.1%
Mar 2026 $2.84 $2.71 −4.5%
Dec 2025 $1.92 $2.06 +7.3%
Sept 2025 $1.11 $1.22 +9.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Adjusted EPS fiscal 2026 $7.40 to $7.60 Non-GAAP
    “The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.40 to $7.60 per share, or $7.50 per share at the midpoint, a projected 9% increase from fiscal 2025.” source
  • Long-Term Earnings Per Share Outlook fiscal 2026 through fiscal 2029 7% growth to 10% growth
    “The Company is also updating its long-term earnings per share outlook, which it now expects to be 7% to 10% per year, on average from fiscal 2026 through fiscal 2029, using the current natural gas price outlook.” source
  • Consolidated Effective Tax Rate fiscal 2026 about 25.5%
    “Consolidated Effective Tax Rate ~ 25.5% ~ 25.5%” source
  • Capital Expenditures · Integrated Upstream and Gathering fiscal 2026 $580m to $605m Raised
    “The Company is also revising its Integrated Upstream and Gathering segment capital expenditure guidance to a range of $580 to $605 million, a 2% increase at the midpoint, largely as a result of higher oil and diesel prices, as well as schedule changes.” source
  • Capital Expenditures · Pipeline and Storage fiscal 2026 $235m to $265m Raised
    “In addition, the Company is also revising its capital expenditure guidance in the Pipeline and Storage segment, which is now expected to be between $235 to $265 million.” source
  • Discretionary Land Acquisition Spending · Integrated Upstream and Gathering fiscal 2026 $20m to $40m New
    “In addition, this segment has implemented a new discretionary land acquisition spending program, which is expected to lead to an additional $20 to $40 million in spending outside of the aforementioned capital spending guidance.” source
Show 10 more items
  • Production (Bcf) · Integrated Upstream and Gathering fiscal 2026 420 to 430 Lowered
    “Integrated Upstream and Gathering segment fiscal 2026 production is now expected to be 420 to 430 Bcf, a moderate decrease from our prior guidance, primarily reflecting the combined impact of ongoing appraisal activities and greater than anticipated well interactions related to more intensive completion design testing.” source
  • Upstream General and Administrative Expense · Integrated Upstream and Gathering fiscal 2026 about 0.18
    “Upstream General and Administrative Expense ~$0.18 ~$0.18” source
  • Lease Operating Expense · Integrated Upstream and Gathering fiscal 2026 0.15 to 0.16
    “Lease Operating Expense $0.16 - $0.17 $0.15 - $0.16” source
  • Gathering Operation and Maintenance Expense · Integrated Upstream and Gathering fiscal 2026 about 0.12
    “Gathering Operation and Maintenance Expense ~$0.12 ~$0.12” source
  • Depreciation, Depletion and Amortization · Integrated Upstream and Gathering fiscal 2026 0.77 to 0.8
    “Depreciation, Depletion and Amortization $0.76 - $0.81 $0.77 - $0.80” source
  • Pipeline and Storage Segment Revenues fiscal 2026 $420m to $435m
    “Pipeline and Storage Segment Revenues (Millions) $420 - $435 $420 - $435” source
  • Discretionary Land Capital · Integrated Upstream and Gathering the next two years $100m to $200m
    “Over the next two years, the Company expects to invest $100 to $200 million of discretionary land capital to extend development runway, increase long-term development optionality, and support future capital efficiency improvements.” source
  • NYMEX natural gas price (per MMBtu) · Integrated Upstream and Gathering the remaining three months of fiscal 2026 about 3 Maintained
    “The Company is maintaining an average NYMEX natural gas price assumption of $3.00 per MMBtu for the remaining three months of fiscal 2026, which approximates the current NYMEX forward curve at this time.” source
  • Appalachian basin spot price (per MMBtu) · Integrated Upstream and Gathering the remaining three months of fiscal 2026 about 2.15
    “Appalachian basin spot price (per MMBtu) $2.20 $2.15” source
  • Free Cash Flow the next three years $1bn to $1.5bn
    “In addition to significant per-share earnings growth driven by strong outlooks in each segment, the Company anticipates leveraging its best-in-class capital efficiency trend to generate between $1.0 and $1.5 billion of free cash flow over the next three years.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 2026224
  2. Sep 2026224
  3. Aug 2026224
  4. Jul 2026224

Counts of recommendations published by analysts covering National Fuel GAS Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.5%
of tradable shares
Days to cover
4.89
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
1.3%
of shares
Employees
2,322
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.7%

$76.84 on October 31, 2025 to $79.67

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.5bn +15.1%
Net margin 11.2% 26.9% +140.8%
P/E multiple 28.9x 11.0x −61.8%
Share count 92m 94m −2.2%

Biggest factor: p/e multiple.

Last 3 years +61.1%

$49.45 on November 3, 2023 to $79.67

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.5bn +12.2%
Net margin 25.1% 26.9% +7.2%
P/E multiple 8.1x 11.0x +35.9%
Share count 92m 94m −1.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NFG+61%+2%−18%+25%+35%+2%
Industry peers (median)+12%+1%−7%+9%+15%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NFG75%50%33%58%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NFG−9%−18%−21%−10%−16%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from April 16, 2019 to March 23, 2020. Getting back needed a 80% gain, reached on October 4, 2021, 560 days after the low.

Price behaviour

52-week range
$74.81 – $94.62
From 52-week high
−15.8%
vs 50-day average
−0.3%
vs 200-day average
−3.3%
Volatility (1 year)
20%
Beta vs S&P 500
-0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.2%
After a week
7 up, 5 down
typical move ±3.7%
After a month
8 up, 4 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 +1.7% +2.4% −0.4% +2.5%
April 30, 2026 −5.8% +1.3% −8.9% −12.6%
January 29, 2026 +0.8% −0.5% +1.9% +11.5%
November 6, 2025 −0.1% −1.0% +1.7% +2.6%
July 31, 2025 −1.9% −2.0% −1.1% −1.8%
May 1, 2025 +7.4% +2.2% +6.1% +8.5%
January 30, 2025 +2.3% 0.0% +5.5% +10.0%
November 7, 2024 −4.8% +1.2% −3.1% −2.0%
August 1, 2024 +0.6% −3.3% +1.5% +2.0%
May 2, 2024 +3.6% +2.2% +6.6% +8.0%
February 8, 2024 +4.1% +0.6% +4.5% +13.3%
November 2, 2023 +4.8% +2.8% −2.7% −0.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

National Fuel GAS Co in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) National Fuel GAS Co
$1.8B $2B $2.2B $2.4B $2.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $1.9B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.3B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.5B Revenue (TTM), FY26 Q3: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.2B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $1.9B
FY24 Q4 $1.9B
FY25 Q1 $2B
FY25 Q2 $2.1B
FY25 Q3 $2.2B
FY25 Q4 $2.3B
FY26 Q1 $2.4B
FY26 Q2 $2.5B
FY26 Q3 $2.5B
Revenue growth, TTM YoY National Fuel GAS Co
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.6% Revenue growth, TTM YoY, FY24 Q1: -11.2% Revenue growth, TTM YoY, FY24 Q2: -15.6% Revenue growth, TTM YoY, FY24 Q3: -13.3% Revenue growth, TTM YoY, FY24 Q4: -10.5% Revenue growth, TTM YoY, FY25 Q1: -3.5% Revenue growth, TTM YoY, FY25 Q2: 5.9% Revenue growth, TTM YoY, FY25 Q3: 12.4% Revenue growth, TTM YoY, FY25 Q4: 17.1% Revenue growth, TTM YoY, FY26 Q1: 20.9% Revenue growth, TTM YoY, FY26 Q2: 21.2% Revenue growth, TTM YoY, FY26 Q3: 15.1% 15.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.6%
FY24 Q1 -11.2%
FY24 Q2 -15.6%
FY24 Q3 -13.3%
FY24 Q4 -10.5%
FY25 Q1 -3.5%
FY25 Q2 5.9%
FY25 Q3 12.4%
FY25 Q4 17.1%
FY26 Q1 20.9%
FY26 Q2 21.2%
FY26 Q3 15.1%
Operating margin (TTM) National Fuel GAS Co
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 34.7% Operating margin (TTM), FY24 Q1: 34.7% Operating margin (TTM), FY24 Q2: 37.7% Operating margin (TTM), FY24 Q3: 27.4% Operating margin (TTM), FY24 Q4: 10.8% Operating margin (TTM), FY25 Q1: 4.5% Operating margin (TTM), FY25 Q2: 7.5% Operating margin (TTM), FY25 Q3: 20.0% Operating margin (TTM), FY25 Q4: 35.7% Operating margin (TTM), FY26 Q1: 42.2% Operating margin (TTM), FY26 Q2: 41.2% Operating margin (TTM), FY26 Q3: 40.3% 40.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 34.7%
FY24 Q1 34.7%
FY24 Q2 37.7%
FY24 Q3 27.4%
FY24 Q4 10.8%
FY25 Q1 4.5%
FY25 Q2 7.5%
FY25 Q3 20.0%
FY25 Q4 35.7%
FY26 Q1 42.2%
FY26 Q2 41.2%
FY26 Q3 40.3%
FCF margin (TTM) National Fuel GAS Co
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.5% FCF margin (TTM), FY24 Q1: 7.7% FCF margin (TTM), FY24 Q2: 6.0% FCF margin (TTM), FY24 Q3: 4.3% FCF margin (TTM), FY24 Q4: 6.9% FCF margin (TTM), FY25 Q1: 4.6% FCF margin (TTM), FY25 Q2: 3.4% FCF margin (TTM), FY25 Q3: 8.5% FCF margin (TTM), FY25 Q4: 8.2% FCF margin (TTM), FY26 Q1: 8.6% FCF margin (TTM), FY26 Q2: 12.2% FCF margin (TTM), FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.5%
FY24 Q1 7.7%
FY24 Q2 6.0%
FY24 Q3 4.3%
FY24 Q4 6.9%
FY25 Q1 4.6%
FY25 Q2 3.4%
FY25 Q3 8.5%
FY25 Q4 8.2%
FY26 Q1 8.6%
FY26 Q2 12.2%
FY26 Q3 8.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar National Fuel GAS took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.3B
  2. Cost of revenue $213M · 9.4%
  3. Gross profit $2.1B · 90.6%
  4. Selling, general and admin $75.1M · 3.3%
  5. Other operating costs $1.2B · 51.6%
  6. Operating income $813M · 35.7%
  7. Income tax $176M · 7.7%
  8. Interest and other $119M · 5.2%
  9. Net income $519M · 22.8%

Shares of revenue. Source: National Fuel GAS's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 1,761 1,779 1,627 1,452 1,580 1,593 1,693 1,546 1,743 2,186 2,174 1,945 2,278 2,514
Gross profit — — — — — 1,255 1,307 1,312 1,571 1,794 1,736 1,795 2,064 2,206
EBITDA 632 668 720 −167 818 761 787 336 975 1,184 1,165 667 1,270 1,494
Operating income 440 441 448 −417 594 520 512 30 640 815 755 210 813 1,012
Net income 226 258 220 −291 283 392 304 −124 364 566 477 78 519 675
Diluted EPS $2.73 $3.09 $2.63 −$3.43 $3.30 $4.53 $3.51 −$1.41 $3.97 $6.15 $5.17 $0.84 $5.68 $7.21
Growth (year on year)
Revenue — +1.0% −8.5% −10.7% +8.8% +0.8% +6.3% −8.7% +12.7% +25.4% −0.6% −10.5% +17.1% +15.1%
EBITDA — +5.6% +7.8% −123.2% — −7.0% +3.5% −57.3% +190.2% +21.4% −1.7% −42.8% +90.5% +69.2%
Operating income — +0.2% +1.6% −193.0% — −12.5% −1.5% −94.2% — +27.3% −7.3% −72.2% +287.9% +131.5%
Net income — +14.4% −14.8% −232.2% — +38.1% −22.3% −140.7% — +55.7% −15.8% −83.7% +568.9% +177.3%
Diluted EPS — +13.2% −14.9% −230.4% — +37.3% −22.5% −140.2% — +54.9% −15.9% −83.8% +576.2% +171.2%
Margins
Gross margin — — — — — 78.8% 77.2% 84.9% 90.1% 82.1% 79.9% 92.3% 90.6% 87.7%
EBITDA margin 35.9% 37.5% 44.2% −11.5% 51.8% 47.8% 46.5% 21.7% 56.0% 54.2% 53.6% 34.3% 55.8% 59.4%
Operating margin 25.0% 24.8% 27.5% −28.7% 37.6% 32.6% 30.2% 1.9% 36.7% 37.3% 34.7% 10.8% 35.7% 40.3%
Net margin 12.8% 14.5% 13.5% −20.0% 17.9% 24.6% 18.0% −8.0% 20.9% 25.9% 21.9% 4.0% 22.8% 26.9%
Free-cash-flow margin 0.2% −8.6% −23.0% 0.5% 14.8% 2.0% −5.6% 1.6% 2.3% 0.0% 10.5% 6.9% 8.2% 8.8%
Cash flow
Cash from operations 447 661 661 589 685 615 694 741 792 813 1,237 1,066 1,100 1,272
Capital spending 443 814 1,035 582 450 584 789 716 752 812 1,010 931 913 1,050
Free cash flow 4 −154 −374 7 234 31 −94 25 40 1 227 135 187 222
Stock-based pay 4 8 8 6 12 16 21 15 17 20 21 22 20 19
Free cash flow after stock pay −0 −161 −382 2 222 16 −116 10 23 −19 207 113 167 203
Balance sheet
Cash 397 80 74 130 556 230 20 21 32 46 55 38 43 1,235
Total debt 1,249 1,434 1,734 2,599 2,399 2,149 2,204 2,679 2,808 2,709 2,688 2,791 2,850 3,567
Net debt (negative = net cash) 852 1,354 1,660 2,469 1,843 1,919 2,184 2,658 2,776 2,663 2,632 2,752 2,807 2,332
Diluted shares 83m 84m 84m 85m 86m 86m 87m 88m 92m 92m 92m 92m 91m 94m
Returned to shareholders
Dividends 110 115 119 135 139 143 147 153 163 168 176 184 188 198
Buybacks 0 — — — — — 9 — 4 0 0 64 54 0
Total returned 110 115 119 135 139 143 156 153 167 168 176 248 243 198

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $10.5bn
Short-term assets $1.6bnLonger-term assets $8.8bn
What it owes, and who funded it · $4.4bn
Short-term liabilities $504mShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $504m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.2bn of cash against $3.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 91% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 125% to 91% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $3.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.0bn against $149m of interest.

From National Fuel GAS Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$198M
Returned to shareholders
89%
of free cash flow
Buybacks, last 3 fiscal years
$119M
Diluted share count
+2.3%
year over year
Total shareholder yield
2.6%
dividends 2.6% + buybacks 0.0% of market value
Dividend payout ratio
29%
of net income paid out

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated NFG SR NJR SGU SPH NWN Median
Revenue, last 12 months $2.5bn $2.7bn $2.2bn $1.9bn $1.4bn $1.3bn $1.7bn
Revenue growth, last 12 months 15.1% 19.2% 6.4% 7.6% −2.5% 4.4% 6.4%
Revenue growth, 3-year average 3.9% −4.8% −2.4% −1.2% −1.1% 2.7% 0.8%
Revenue growth, latest quarter 1.1% 19.2% 16.8% 17.2% 0.5% 3.1% 3.7%
Gross margin 87.7% — 32.2% 22.7% 63.1% — 56.6%
Operating margin 40.3% 21.6% 24.8% 7.1% 15.1% 22.8% 19.4%
Operating margin, 3-year average 29.2% 19.9% 25.3% 5.6% 14.6% 19.6% 19.6%
Net margin 26.9% 20.1% 16.4% 4.6% 9.4% 9.7% 11.4%
Cash from operations / revenue 50.6% 22.3% 29.6% 3.7% 13.0% 16.5% 19.0%
Free-cash-flow margin 8.8% −8.1% 20.5% 3.0% 7.3% −20.6% 2.2%
Free-cash-flow margin, 3-year average 7.2% −5.8% 16.7% 4.1% 8.1% −16.2% 2.6%
Stock pay / revenue 0.7% 0.3% — — — — 0.8%
Change in share count 2.3% 1.3% 0.9% −4.2% 1.2% 4.3% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 15.1% 6.5% 2 of 12
Change in growth rate Growth -6.1pp -1.1pp 12 of 12
Operating margin Profitability 40.3% 21.6% 1 of 12
Net margin Profitability 26.9% 13.1% 2 of 12
Free-cash-flow margin Cash generation 8.8% 2.6% 2 of 12
Stock pay as % of revenue Cash generation 0.7% 0.8% 3 of 6
Long-term debt as % of assets Balance sheet 34.1% 39.9% 5 of 12
Change in share count Balance sheet 2.3% 2.0% 7 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Integrated Upstream and Gathering and Other $1.2B 52.0% ▲ 21.2%
Total Utility $817M 35.9% ▲ 17.3%
Pipeline and Storage $276M 12.1% ▲ 1.7%
Products and services
Line of business Revenue YoY
Natural Gas Production $1.1B ▲ 49.5%
Natural Gas Residential Sales $597M ▲ 18.7%
Oil and Gas Service $325M ▲ 2.9%
Natural Gas Commercial Sales $84.5M ▲ 23.4%
Natural Gas Storage $57.8M ▲ 5.2%
Other $31M ▲ 614.6%
Natural Gas Midstream $11.8M ▼ 24.0%
Natural Gas Industrial Sales $4.4M ▲ 42.0%
Productionof Crude Oil $1.8M ▼ 20.1%
Natural Gas Processing $1.2M ▲ 13.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From National Fuel GAS Co's 10-K filed November 21, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1B
Institutions reporting
649
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
84 / 90

Top buyers and sellers, Q2 2026: 343 institutions bought and 269 sold ; the biggest buyer was Sound Shore Management Inc (+903K shares) and the biggest seller Vaughan Nelson Investment Management, L.P (−680K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $749M 9.7M 12.2% ▲ 5.9%
Vanguard Portfolio Management LLC $620M 8.0M 10.1% ▲ 2.6%
Vanguard Capital Management LLC $331M 4.3M 5.4% ▲ 0.9%
State Street Corp $326M 4.2M 5.3% ▲ 8.5%
Energy Income Partners, LLC $231M 3.0M 3.8% ▲ 15.7%
LSV Asset Management $182M 2.4M 3.0% ▲ 5.8%
Price T Rowe Associates Inc $182M 2.4M 3.0% ▼ 17.8%
Gabelli Funds LLC $180M 2.3M 2.9% ▼ 0.2%
AQR Capital Management LLC $152M 2.0M 2.5% ▲ 63.9%
Geode Capital Management, LLC $152M 2.0M 2.5% ▲ 1.1%
Yaupon Capital Management LP $120M 1.6M 2.0% ▲ 49.5%
GAMCO Investors, Inc. Et Al $106M 1.4M 1.7% ▲ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not National Fuel GAS Co's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

No trades in National Fuel GAS Co disclosed in the last 12 months; 13 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded June 29, 2023, filed August 13, 2023
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded March 1, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • November 6, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on National Fuel GAS Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

National Fuel GAS Co in brief

What does National Fuel GAS Co do?
National Fuel GAS Co is a US-listed company in the gas utilities industry. Its financial year ends in September.
What is National Fuel GAS Co's stock ticker?
National Fuel GAS Co trades under the ticker NFG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is National Fuel GAS Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, National Fuel GAS Co reported revenue of $2.5B, 15.1% higher than a year earlier, according to its SEC filings.
What is National Fuel GAS Co's free cash flow?
National Fuel GAS Co's free-cash-flow margin is 8.8% of revenue over the trailing twelve months, ranking 2 of the 12 gas utilities companies we cover.
Who are National Fuel GAS Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is National Fuel GAS Co buying back stock, and does it pay a dividend?
National Fuel GAS Co spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 2.3% over the year.
What is National Fuel GAS Co's market cap?
On November 2, 2026, National Fuel GAS Co's market capitalisation was about $7.5B, with a price-to-earnings ratio of 11.0 and net debt of $2.3B. Market figures come from third-party market data and may be delayed.
Does National Fuel GAS Co pay a dividend?
Yes: National Fuel GAS Co paid $198M in dividends over the trailing twelve months, a dividend yield of 2.62% and a payout ratio of 29.4%.
How much debt does National Fuel GAS Co have?
National Fuel GAS Co's debt-to-equity ratio is 90.9%, from its latest balance sheet (124.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are National Fuel GAS Co's competitors?
In our Gas Utilities peer group, the companies closest to National Fuel GAS Co are Spire Inc, NEW Jersey Resources Corp, Star Group, L.p., Suburban Propane Partners LP and Northwest Natural Holding Co. The side-by-side comparison below sets their revenue, margins and growth against National Fuel GAS Co's.
When is National Fuel GAS Co's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — National Fuel GAS Co announces its own schedule.