Valuation dashboard for National Fuel Gas Company (NFG) with P/E 10.92, P/B 1.90, EV/EBITDA 6.5 and dividend yield 2.74%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Energy companies.
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.
Where would it trade at its usual multiples?
Versus its usual multiples: fairly priced · It trades at 10.9 times its last-12-month earnings and at 20.9 times those of a typical year of the decade; between 10 and 25 times. It is fairly priced.
It trades at 10.9 times its last-12-month earnings and at 20.9 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 27.6 times; we use a typical year because one-off losses drag the average down.
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. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 10.92 |
| Price / Book | 1.90 |
| EV / EBITDA | 6.5 |
| Dividend Yield | 2.74% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| NFG | National Fuel Gas Company | $7.5B | 10.92 | 1.90 | 18.7% |
| APA | APA Corporation | $16.7B | 10.10 | 2.40 | 26.3% |
| EQNR | Equinor ASA | $109.1B | 9.49 | 2.41 | 27.5% |
| E | Eni S.p.A. | $85.0B | 10.08 | 1.39 | 15.5% |
| YPF | YPF Sociedad Anónima | $17.6B | 8.81 | 1.39 | 8.0% |
| PR | Permian Resources Corporation | $20.1B | 15.85 | 1.71 | 11.3% |
| AR | Antero Resources Corporation | $12.3B | 9.01 | 1.42 | 16.9% |
| RRC | Range Resources Corporation | $12.6B | 14.33 | 2.59 | 19.3% |
Price
| Price | $78.63 (closing price, November 3, 2026) |
| Market Cap | $7.5B |
| Exchange | NYSE |
| Country | US |
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% |
Related companies: APA · EQNR · E · YPF · PR · AR · RRC · CNX
Explore sector: Energy · Oil & Gas Integrated
More sections of NFG: Overview · Financials · Estimates · Technical · Ownership
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