Detailed financial statements for National Fuel Gas Company (NFG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
National Fuel Gas Company (NFG) operates as a multifaceted energy enterprise, with its business structured across four primary divisions: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production (E&P) division is dedicated to discovering, developing, and producing natural gas and oil. Its operations are concentrated in California and the Appalachian region of the United States.
Analysis Summary
National Fuel Gas Company reported revenue of $2.28B in the most recent fiscal year, growing at a 5-year CAGR of 8.1%.
Trailing-twelve-month margins: gross margin 49.0%, operating margin 40.4%, net margin 27.0%.
At $78.63 (closing price, November 3, 2026), NFG trades at a P/E of 10.92 and an ROE of 18.72%. Market capitalisation stands at $7.5B.
Balance sheet quality for NFG: debt-to-equity ratio of 0.91, current ratio of 3.20 over the last 12 months, net debt of $2.79B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $187.2M represents 36% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.45B | $1.58B | $1.59B | $1.69B | $1.55B | $1.74B | $2.19B | $2.17B | $1.94B | $2.28B |
| Cost of Revenue | $838.9M | $901.1M | $988.6M | $1.09B | $978.6M | $982.9M | $1.28B | $1.33B | $1.13B | $771.3M |
| Gross Profit | $613.5M | $678.8M | $604.1M | $600.7M | $567.7M | $759.7M | $903.0M | $847.8M | $817.7M | $1.51B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $1.03B | $85.0M | $84.4M | $88.9M | $537.8M | $119.8M | $88.4M | $92.7M | $608.0M | $692.8M |
| Operating Income | -$416.5M | $593.8M | $519.7M | $511.8M | $29.9M | $639.9M | $814.5M | $755.1M | $209.7M | $813.5M |
| EBITDA | -$153.0M | $788.2M | $739.5M | $771.9M | $325.7M | $960.0M | $1.18B | $1.18B | $683.0M | $1.31B |
| Interest Expense | $121.0M | $119.8M | $114.5M | $106.8M | $117.1M | $146.4M | $130.4M | $131.9M | $138.7M | $155.8M |
| Pre-tax Income | -$523.5M | $444.2M | $384.0M | $389.5M | -$105.0M | $478.3M | $682.6M | $641.4M | $87.3M | $694.1M |
| Income Tax | -$232.5M | $160.7M | -$7.5M | $85.2M | $18.7M | $114.7M | $116.6M | $164.5M | $9.7M | $175.5M |
| Net Income | -$291.0M | $283.5M | $391.5M | $304.3M | -$123.8M | $363.6M | $566.0M | $476.9M | $77.5M | $518.5M |
| EPS | -$3.43 | $3.32 | $4.56 | $3.53 | -$1.41 | $3.99 | $6.19 | $5.20 | $0.84 | $5.73 |
| EPS (Diluted) | -$3.43 | $3.30 | $4.53 | $3.51 | -$1.41 | $3.97 | $6.15 | $5.17 | $0.84 | $5.68 |
| Shares Outstanding (Diluted) | 84.8 M | 86.0 M | 86.4 M | 86.8 M | 88.0 M | 91.7 M | 92.1 M | 92.3 M | 92.3 M | 91.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $456.4M | $651.5M | $858.4M | $537.5M |
| Gross Profit | $322.2M | $300.9M | $372.4M | $231.4M |
| Operating Income | $179.8M | $276.1M | $347.1M | $208.9M |
| EBITDA | $304.2M | $406.4M | $483.5M | $330.0M |
| Net Income | $107.3M | $181.6M | $247.7M | $138.6M |
| EPS | $1.19 | $1.99 | $2.61 | $1.46 |
| EPS (Diluted) | $1.18 | $1.98 | $2.59 | $1.45 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $130.0M | $555.5M | $229.6M | $20.4M | $20.5M | $31.5M | $46.0M | $55.4M | $38.2M | $43.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $167.3M | $145.0M | $197.0M | $209.7M | $164.7M | $238.6M | $412.0M | $222.1M | $178.2M | $225.9M |
| Inventory | $70.6M | $74.2M | $77.8M | $79.6M | $85.2M | $120.4M | $172.3M | $81.5M | $82.7M | $89.8M |
| Total Current Assets | $413.0M | $818.3M | $544.6M | $362.6M | $314.2M | $522.4M | $761.1M | $414.4M | $355.9M | $410.7M |
| Property, Plant & Equipment | $4.45B | $4.67B | $4.98B | $5.51B | $6.02B | $6.38B | $6.57B | $7.30B | $7.34B | $7.71B |
| Goodwill | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M | $5.5M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.64B | $6.10B | $6.04B | $6.46B | $7.22B | $7.46B | $7.90B | $8.28B | $8.32B | $8.72B |
| Accounts Payable | $108.1M | $126.4M | $160.0M | $132.2M | $144.9M | $171.7M | $178.9M | $152.2M | $165.1M | $184.0M |
| Short-term Debt | 0 | $300.0M | 0 | $55.2M | $50.6M | $158.5M | $609.0M | $287.5M | $590.7M | $450.2M |
| Total Current Liabilities | $303.7M | $646.0M | $440.1M | $421.9M | $459.6M | $1.24B | $1.94B | $806.3M | $1.10B | $925.8M |
| Long-term Debt | $2.09B | $2.08B | $2.13B | $2.13B | $2.63B | $2.63B | $2.08B | $2.38B | $2.19B | $2.38B |
| Total Liabilities | $4.11B | $4.40B | $4.10B | $4.32B | $5.25B | $5.68B | $5.82B | $5.32B | $5.47B | $5.62B |
| Retained Earnings | $676.4M | $851.7M | $1.10B | $1.27B | $991.6M | $1.19B | $1.59B | $1.89B | $1.73B | $2.01B |
| Total Equity | $1.53B | $1.70B | $1.94B | $2.14B | $1.97B | $1.79B | $2.08B | $2.96B | $2.85B | $3.09B |
| Total Debt | $2.09B | $2.38B | $2.13B | $2.19B | $2.69B | $2.79B | $2.69B | $2.67B | $2.78B | $2.83B |
| Net Debt | $1.96B | $1.83B | $1.90B | $2.17B | $2.67B | $2.76B | $2.65B | $2.62B | $2.74B | $2.79B |
| Working Capital | $109.3M | $172.2M | $104.5M | -$59.3M | -$145.4M | -$713.7M | -$1.18B | -$391.9M | -$740.0M | -$515.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $43.2M | $271.4M | $26.6M | $1.24B |
| Total Assets | $8.72B | $9.21B | $9.13B | $10.45B |
| Total Liabilities | $5.62B | $5.62B | $5.30B | $6.53B |
| Total Equity | $3.09B | $3.59B | $3.82B | $3.92B |
| Total Debt | $2.83B | $2.77B | $2.43B | $3.57B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$291.0M | $283.5M | $391.5M | $304.3M | -$123.8M | $363.6M | $566.0M | $476.9M | $77.5M | $518.5M |
| Depreciation & Amortization | $249.4M | $224.2M | $241.0M | $275.7M | $313.7M | $335.3M | $369.8M | $409.6M | $457.0M | $456.6M |
| Stock-based Compensation | $5.8M | $12.3M | $15.8M | $21.2M | $14.9M | $17.1M | $19.5M | $20.6M | $22.1M | $19.8M |
| Change in Working Capital | -$97.1M | $30.1M | -$30.9M | -$37.5M | $33.2M | -$82.2M | -$247.9M | $159.0M | -$31.6M | -$185.2M |
| Operating Cash Flow | $589.0M | $684.5M | $615.3M | $694.5M | $740.8M | $791.6M | $812.5M | $1.24B | $1.07B | $1.10B |
| Capital Expenditure | -$581.6M | -$450.3M | -$584.0M | -$788.9M | -$1.22B | -$751.7M | -$811.8M | -$1.01B | -$931.2M | -$912.8M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$8.9M | $161.6M | -$3.7M | -$9.6M | -$6.7M | -$68.0M | -$59.1M |
| Dividends Paid | -$134.8M | -$139.1M | -$143.3M | -$147.4M | -$153.3M | -$163.1M | -$168.1M | -$176.1M | -$183.8M | -$188.4M |
| Free Cash Flow | $7.4M | $234.2M | $31.3M | -$94.5M | -$481.6M | $39.8M | $695,000 | $227.2M | $134.7M | $187.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $237.8M | $274.9M | $382.4M | $377.3M |
| Capital Expenditure | -$285.5M | -$277.6M | -$220.6M | -$266.2M |
| Free Cash Flow | -$47.8M | -$2.7M | $161.7M | $111.0M |
| Dividends Paid | -$48.3M | -$48.4M | -$50.8M | -$50.8M |
| Stock-based Compensation | $4.0M | $4.1M | $9.9M | $766,000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.8% | +0.8% | +6.3% | -8.7% | +12.7% | +25.4% | -0.6% | -10.5% | +17.1% | |
| Net Income Growth (YoY) | +197.4% | +38.1% | -22.3% | -140.7% | +393.8% | +55.7% | -15.8% | -83.7% | +568.9% | |
| EPS Growth (YoY) | +196.8% | +37.3% | -22.6% | -139.9% | +383.0% | +55.1% | -16.0% | -83.8% | +582.1% | |
| Shares Change (YoY) | +1.4% | +0.5% | +0.4% | +1.4% | +4.2% | +0.5% | +0.2% | +0.1% | -1.2% | |
| FCF Growth (YoY) | +3,063.2% | -86.6% | -401.8% | -409.9% | +108.3% | -98.3% | +32,591.7% | -40.7% | +39.0% | |
| Gross Margin | 42.2% | 43.0% | 37.9% | 35.5% | 36.7% | 43.6% | 41.3% | 39.0% | 42.0% | 66.1% |
| Operating Margin | -28.7% | 37.6% | 32.6% | 30.2% | 1.9% | 36.7% | 37.3% | 34.7% | 10.8% | 35.7% |
| EBITDA Margin | -10.5% | 49.9% | 46.4% | 45.6% | 21.1% | 55.1% | 54.1% | 54.4% | 35.1% | 57.4% |
| Net Margin | -20.0% | 17.9% | 24.6% | 18.0% | -8.0% | 20.9% | 25.9% | 21.9% | 4.0% | 22.8% |
| FCF Margin | 0.5% | 14.8% | 2.0% | -5.6% | -31.1% | 2.3% | 0.0% | 10.5% | 6.9% | 8.2% |
| Effective Tax Rate | 44.4% | 36.2% | -2.0% | 21.9% | -17.8% | 24.0% | 17.1% | 25.7% | 11.2% | 25.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.09 | $2.72 | $0.36 | -$1.09 | -$5.47 | $0.43 | $0.01 | $2.46 | $1.46 | $2.05 |
| Dividends Per Share | $1.59 | $1.62 | $1.66 | $1.70 | $1.74 | $1.78 | $1.83 | $1.91 | $1.99 | $2.07 |
| Shares Outstanding (Basic) | 84.8 M | 85.4 M | 85.8 M | 86.2 M | 88.0 M | 91.1 M | 91.4 M | 91.7 M | 91.8 M | 90.5 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 18.72% |
| Return on Invested Capital | 7.59% |
| Return on Assets | 6.46% |
| Gross Margin | 49.00% |
| Operating Margin | 40.42% |
| Net Margin | 26.97% |
Financial Health
| Debt / Equity | 0.91 |
| Current Ratio | 3.20 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.71 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.76 | 17.05 | 12.30 | 13.29 | -28.79 | 13.16 | 9.94 | 9.98 | 72.15 | 16.12 |
| P/B | 3.00 | 2.84 | 2.48 | 1.89 | 1.81 | 2.68 | 2.71 | 1.61 | 1.95 | 2.70 |
| P/S | 3.16 | 3.06 | 3.02 | 2.39 | 2.31 | 2.75 | 2.57 | 2.19 | 2.86 | 3.67 |
| Gross Margin | 42.2% | 43.0% | 37.9% | 35.5% | 36.7% | 43.6% | 41.3% | 39.0% | 42.0% | 66.1% |
| Operating Margin | -28.7% | 37.6% | 32.6% | 30.2% | 1.9% | 36.7% | 37.3% | 34.7% | 10.8% | 35.7% |
| Net Margin | -20.0% | 17.9% | 24.6% | 18.0% | -8.0% | 20.9% | 25.9% | 21.9% | 4.0% | 22.8% |
Related companies: APA · EQNR · E · YPF · PR · AR · RRC · CNX
Explore sector: Energy · Oil & Gas Integrated
More sections of NFG: Overview · Valuation · Estimates · Technical · Ownership
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks