National Fuel Gas Company (NFG) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: National Fuel Gas Company

Market cap $8B · 52 weeks $76 – $96 (16 % below the high) · P/E 11.1× · 2027 est. P/E 10.7× · Dividend 2.7 % · 27 years rising · Next earnings November 4, 2026 · expected EPS $1.04 · Closing price, Nov 2 · accounts published Jul 29.

• Valuation: 21.2× typical earnings (fairly priced).
• Business: 5-year ROIC 7.0 % (weak).
• Balance sheet: Net debt/EBITDA 2.1× (watch).
• Earnings: 6 of 8 (on track).

It trades at 11.1 times its last-12-month earnings and at 21.2 times those of a typical year of the decade; between 10 and 25 times. It is fairly priced.

On the ten-year average it would be 27.9 times; we use a typical year because one-off losses drag the average down.

What matters in energy: 2 of 8 pass

• FCF yield 2.7 %, fails.
• 5y avg ROIC 7.0 %, fails.
• Dividend coverage (FCF / div) 1.0×, fails.
• Capex / Revenue 40.1 %, fails.
• P/E read in reverse (cyclicals) 11.1×, fails.
• Net debt / EBITDA 2.1×, borderline.
• Positive FCF through the cycle 8 of 10 fiscal years, passes, near the threshold.
• EV/EBITDA vs own 10y 6.5×, passes.

Against its peers (reference peers) — National Fuel Gas Company: P/E 11.1×; EV/EBITDA 6.5×; ROIC 7.6 %; $7.6B. YPF Sociedad Anónima (P/E 8.6×; EV/EBITDA 4.9×; ROIC 3.9 %; $17.2B), Eni S.p.A. (P/E 10.2×; EV/EBITDA 7.0×; ROIC 3.4 %; $85.7B), Equinor ASA (P/E 9.4×; EV/EBITDA 2.7×; ROIC 10.7 %; $109B).

Expensive or cheap against its last 7 years?

P/E at each close: today 11.1× · median 11.9× · minimum 8.0× · maximum 18.6× · cheap below 10.4× · expensive above 16.0×. It has been cheaper than today only 36% of the time over its last 7 years.

Dividend

tight · Yield (last 12 months) 2.7 % · $2.10 per share in 2025 · Years raising it 27 · 5-year growth +4 % a year · Free cash flow coverage 1.0× (last three fiscal years) · With $1,000 invested today you'd collect $27.40 a year ($2.28 a month).