National Fuel Gas (NFG) Financials

$82.15 -0.26 (-0.32%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$81.50 -0.65 (-0.79%)

As of 08:00 AM Eastern

Annual Income Statements for National Fuel Gas

This table shows National Fuel Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	-379	-291	283	392	304	-124	364	566	477	78
Consolidated Net Income / (Loss)	-379	-291	283	392	304	-124	364	566	477	78
Net Income / (Loss) Continuing Operations	-379	-291	283	392	304	-124	364	566	477	78
Total Pre-Tax Income	-699	-524	444	384	390	-105	478	683	641	87
Total Operating Income	-611	-417	594	520	512	30	640	815	755	210
Total Gross Profit	941	1,011	1,178	845	876	874	1,095	1,273	1,257	1,275
Total Revenue	1,761	1,452	1,580	1,593	1,693	1,546	1,743	2,186	2,174	1,945
Operating Revenue	1,761	1,452	1,580	1,593	1,693	1,546	1,743	2,186	2,174	1,945
Total Cost of Revenue	820	442	402	748	817	672	648	913	916	670
Operating Cost of Revenue	820	442	402	748	817	672	648	913	916	670
Total Operating Expenses	1,552	1,427	584	325	365	844	455	458	502	1,065
Depreciation Expense	336	249	224	241	276	306	335	370	410	457
Other Operating Expenses / (Income)	90	230	360	84	89	88	95	101	93	89
Impairment Charge	1,126	948	0.00	0.00	0.00	449	76	0.00	0.00	519
Other Special Charges / (Income)	-	-	-	-	-	0.00	-51	-13	0.00	0.00
Total Other Income / (Expense), net	-88	-107	-150	-136	-122	-135	-162	-132	-114	-122
Interest Expense	99	121	120	115	107	117	146	130	132	139
Other Income / (Expense), net	8.04	9.82	-30	-21	-16	-18	-15	-1.51	18	16
Income Tax Expense	-319	-233	161	-7.49	85	19	115	117	165	9.74
Basic Earnings per Share	($4.50)	($3.43)	$3.32	$4.56	$3.53	($1.41)	$3.99	$6.19	$5.20	$0.84
Weighted Average Basic Shares Outstanding	84.39M	84.85M	85.36M	85.83M	86.24M	87.97M	91.13M	91.41M	91.75M	91.79M
Diluted Earnings per Share	($4.50)	($3.43)	$3.30	$4.53	$3.51	($1.41)	$3.97	$6.15	$5.17	$0.84
Weighted Average Diluted Shares Outstanding	84.39M	84.85M	86.02M	86.44M	86.77M	87.97M	91.68M	92.11M	92.29M	92.34M
Weighted Average Basic & Diluted Shares Outstanding	84.30M	84.80M	85.40M	85.90M	86.20M	90.97M	91.19M	91.49M	91.83M	90.82M
Cash Dividends to Common per Share	$1.56	$1.60	$1.64	$1.68	$1.72	$1.76	$1.80	$1.86	$1.94	$2.02

This table shows National Fuel Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	158	170	141	93	74	133	166	-54	-168	45	216
Consolidated Net Income / (Loss)	158	170	141	93	74	133	166	-54	-168	45	216
Net Income / (Loss) Continuing Operations	158	170	141	93	74	133	166	-54	-168	45	216
Total Pre-Tax Income	140	227	191	126	98	176	222	-82	-228	56	288
Total Operating Income	178	254	221	154	125	207	251	-51	-197	86	317
Total Gross Profit	295	377	348	277	256	345	393	284	253	359	454
Total Revenue	435	659	717	429	369	525	630	417	372	549	730
Operating Revenue	435	659	717	429	369	525	630	417	372	549	730
Total Cost of Revenue	140	282	370	152	113	180	237	134	119	190	276
Operating Cost of Revenue	140	282	370	152	113	180	237	134	119	190	276
Total Operating Expenses	117	123	126	123	130	138	142	335	449	273	136
Depreciation Expense	94	97	101	102	110	116	119	113	109	109	111
Other Operating Expenses / (Income)	23	26	25	20	21	22	23	21	22	22	25
Impairment Charge	-	-	-	0.00	-	0.00	-	201	-	142	0.00
Total Other Income / (Expense), net	-38	-27	-31	-29	-28	-31	-29	-31	-31	-30	-30
Interest Expense	33	33	33	32	33	35	35	34	35	38	45
Other Income / (Expense), net	-4.80	6.32	2.88	3.55	5.39	3.73	6.07	3.19	3.24	7.72	15
Income Tax Expense	-19	58	50	33	24	43	55	-28	-60	11	71
Basic Earnings per Share	$1.73	$1.85	$1.53	$1.01	$0.81	$1.45	$1.81	($0.59)	($1.83)	$0.50	$2.39
Weighted Average Basic Shares Outstanding	91.41M	91.58M	91.79M	91.80M	91.75M	91.91M	92.11M	91.87M	91.79M	90.78M	90.50M
Diluted Earnings per Share	$1.72	$1.84	$1.53	$1.00	$0.80	$1.44	$1.80	($0.59)	($1.81)	$0.49	$2.37
Weighted Average Diluted Shares Outstanding	92.11M	92.27M	92.26M	92.29M	92.29M	92.44M	92.51M	91.87M	92.34M	91.43M	91.18M
Weighted Average Basic & Diluted Shares Outstanding	91.49M	91.80M	91.80M	91.82M	91.83M	92.13M	91.92M	91.36M	90.82M	90.61M	90.35M
Cash Dividends to Common per Share	-	$0.48	$0.48	$0.50	-	$0.50	$0.50	$0.52	-	$0.52	$0.52

This table details how cash moves in and out of National Fuel Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	77	16	426	-324	-206	-6.72	100	18	-82	-17
Net Cash From Operating Activities	854	589	685	615	694	741	792	813	1,237	1,066
Net Cash From Continuing Operating Activities	854	589	685	615	694	741	792	813	1,237	1,066
Net Income / (Loss) Continuing Operations	-379	-291	283	392	304	-124	364	566	477	78
Consolidated Net Income / (Loss)	-379	-291	283	392	304	-124	364	566	477	78
Depreciation Expense	336	249	224	241	276	306	335	370	410	457
Non-Cash Adjustments To Reconcile Net Income	1,130	965	33	35	20	472	71	25	45	573
Changes in Operating Assets and Liabilities, net	-233	-334	144	-52	94	87	22	-149	306	-42
Net Cash From Investing Activities	-1,025	-453	-423	-529	-799	-1,224	-633	-519	-1,112	-934
Net Cash From Continuing Investing Activities	-1,025	-453	-423	-529	-799	-1,224	-633	-519	-1,112	-934
Purchase of Property, Plant & Equipment	-1,018	-582	-450	-584	-789	-1,222	-752	-812	-1,010	-931
Acquisitions	-	-	-	-	-	-	0.00	0.00	-125	0.00
Divestitures	0.00	137	27	56	-	0.00	0.00	254	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	30	10	0.00
Other Investing Activities, net	-6.61	-9.24	1.22	-0.39	-10	-1.21	119	8.68	12	-2.67
Net Cash From Financing Activities	248	-119	164	-411	-101	476	-59	-276	-207	-149
Net Cash From Continuing Financing Activities	248	-119	164	-411	-101	476	-59	-276	-207	-149
Repayment of Debt	-86	0.00	0.00	-567	0.00	0.00	-516	0.00	-799	0.00
Repurchase of Common Equity	-	-	0.00	0.00	-8.88	0.00	-3.70	-9.59	-6.71	-68
Payment of Dividends	-131	-135	-139	-143	-147	-153	-163	-168	-176	-184
Issuance of Debt	445	0.00	295	295	55	468	624	-99	775	103
Cash Interest Paid	91	120	117	126	103	103	135	124	124	125
Cash Income Taxes Paid	19	34	35	32	0.00	0.00	6.37	17	38	4.13

This table details how cash moves in and out of National Fuel Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-449	108	-175	-18	2.03	-14	9.08	31	-43	10	43
Net Cash From Operating Activities	159	327	384	344	182	271	315	282	198	220	254
Net Cash From Continuing Operating Activities	159	327	384	344	182	271	315	282	198	220	254
Net Income / (Loss) Continuing Operations	158	170	141	93	74	133	166	-54	-168	45	216
Consolidated Net Income / (Loss)	158	170	141	93	74	133	166	-54	-168	45	216
Depreciation Expense	94	97	101	102	110	116	119	113	109	109	111
Non-Cash Adjustments To Reconcile Net Income	7.87	14	18	10	2.57	15	9.41	219	330	153	9.61
Changes in Operating Assets and Liabilities, net	-102	47	124	139	-3.88	7.35	21	3.51	-73	-88	-83
Net Cash From Investing Activities	-224	-209	-276	-344	-283	-248	-235	-202	-248	-235	-191
Net Cash From Continuing Investing Activities	-224	-209	-276	-344	-283	-248	-235	-202	-248	-235	-191
Purchase of Property, Plant & Equipment	-219	-233	-263	-231	-282	-247	-235	-202	-247	-240	-194
Other Investing Activities, net	-4.85	15	-13	12	-1.12	-0.92	-0.27	-0.18	-1.30	5.88	3.00
Net Cash From Financing Activities	-384	-10	-283	-18	103	-37	-71	-49	7.20	25	-20
Net Cash From Continuing Financing Activities	-384	-10	-283	-18	103	-37	-71	-49	7.20	25	-20
Repayment of Debt	-	-150	-399	-250	-	-	-	-	-	109	-1,063
Repurchase of Common Equity	-0.20	-6.69	-	-0.00	-0.01	-3.90	-4.25	-24	-36	-37	-17
Payment of Dividends	-43	-43	-44	-44	-45	-45	-46	-46	-47	-47	-47

This table presents National Fuel Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	6,565	5,636	6,103	6,036	6,462	6,965	7,465	7,896	8,280	8,320
Total Current Assets	376	413	818	545	363	314	522	761	414	356
Cash & Equivalents	114	130	556	230	20	21	32	46	55	38
Accounts Receivable	126	152	135	166	159	161	222	392	177	143
Inventories, net	65	68	70	74	77	85	87	73	81	83
Other Current Assets	72	63	58	76	106	48	181	250	100	92
Plant, Property, & Equipment, net	5,332	4,454	4,674	4,977	5,510	5,998	6,384	6,566	7,300	7,339
Plant, Property & Equipment, gross	9,261	9,540	9,946	10,440	11,205	12,352	13,104	12,552	13,635	14,525
Accumulated Depreciation	3,929	5,085	5,271	5,463	5,695	6,354	6,719	5,985	6,335	7,186
Total Noncurrent Assets	857	769	611	515	590	653	558	569	566	625
Long-Term Investments	93	111	125	133	145	155	150	95	74	82
Goodwill	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48
Noncurrent Deferred & Refundable Income Taxes	168	177	181	115	115	118	122	106	69	80
Employee Benefit Assets	24	18	56	83	61	76	149	197	200	180
Other Noncurrent Operating Assets	566	458	242	179	264	298	132	165	217	277
Total Liabilities & Shareholders' Equity	6,565	5,636	6,103	6,036	6,462	6,965	7,465	7,896	8,280	8,320
Total Liabilities	4,539	4,109	4,400	4,099	4,323	4,993	5,679	5,816	5,317	5,471
Total Current Liabilities	446	304	646	440	422	460	1,236	1,943	806	1,096
Short-Term Debt	0.00	0.00	300	0.00	55	30	159	609	288	591
Accounts Payable	180	108	126	160	132	134	172	179	152	165
Accrued Expenses	97	74	112	133	140	140	194	257	161	163
Customer Deposits	16	16	20	26	16	17	19	24	29	36
Dividends Payable	33	34	36	37	38	40	41	43	45	47
Current Deferred Revenue	16	15	16	14	13	15	17	26	21	19
Other Current Liabilities	67	21	1.10	52	9.59	55	616	786	90	47
Other Current Nonoperating Liabilities	36	35	35	19	19	28	17	17	20	27
Total Noncurrent Liabilities	4,093	3,806	3,754	3,659	3,901	4,533	4,442	3,874	4,511	4,376
Long-Term Debt	2,084	2,086	2,084	2,131	2,134	2,630	2,629	2,083	2,384	2,188
Asset Retirement Reserve & Litigation Obligation	450	406	425	467	492	584	656	610	443	647
Noncurrent Deferred & Payable Income Tax Liabilities	1,228	917	987	883	1,020	1,054	1,015	1,060	1,393	1,417
Noncurrent Employee Benefit Liabilities	203	277	149	66	134	127	7.53	3.07	2.92	3.51
Other Noncurrent Operating Liabilities	-	-	-	-	-	139	136	117	287	120
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,025	1,527	1,704	1,937	2,139	1,972	1,786	2,080	2,963	2,848
Total Preferred & Common Equity	2,025	1,527	1,704	1,937	2,139	1,972	1,786	2,080	2,963	2,848
Total Common Equity	2,025	1,527	1,704	1,937	2,139	1,972	1,786	2,080	2,963	2,848
Common Stock	829	856	882	906	919	1,095	1,109	1,119	1,133	1,136
Retained Earnings	1,103	676	852	1,099	1,273	992	1,191	1,587	1,886	1,727
Accumulated Other Comprehensive Income / (Loss)	93	-5.64	-30	-68	-52	-115	-514	-626	-55	-15

This table presents National Fuel Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Total Assets	8,112	8,135	7,967	8,107	8,587	8,677	8,481	8,301	8,480
Total Current Assets	1,150	873	543	407	454	419	399	465	568
Cash & Equivalents	433	244	72	53	42	51	81	49	40
Accounts Receivable	418	420	318	197	238	227	172	260	340
Inventories, net	52	67	52	61	75	56	63	73	55
Other Current Assets	248	141	102	96	99	85	83	83	133
Plant, Property, & Equipment, net	6,385	6,699	6,816	7,081	7,422	7,508	7,411	7,282	7,347
Plant, Property & Equipment, gross	12,300	12,773	12,978	13,327	13,857	14,056	14,246	14,675	14,835
Accumulated Depreciation	5,914	6,075	6,162	6,246	6,435	6,549	6,835	7,393	7,488
Total Noncurrent Assets	576	563	608	618	712	751	671	555	564
Long-Term Investments	97	73	75	75	77	79	80	71	72
Goodwill	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48
Noncurrent Deferred & Refundable Income Taxes	126	107	104	105	73	77	81	84	89
Employee Benefit Assets	188	207	225	234	208	223	231	185	194
Other Noncurrent Operating Assets	161	171	199	199	349	366	275	209	204
Total Liabilities & Shareholders' Equity	8,112	8,135	7,967	8,107	8,587	8,677	8,481	8,301	8,480
Total Liabilities	6,108	5,598	5,089	5,171	5,413	5,374	5,368	5,549	5,714
Total Current Liabilities	2,166	1,535	917	666	807	728	517	1,199	1,203
Short-Term Debt	949	649	410	139	300	279	50	700	558
Accounts Payable	145	168	119	92	105	94	101	121	128
Accrued Expenses	254	239	258	261	200	184	169	172	185
Customer Deposits	25	29	34	34	31	31	37	36	30
Dividends Payable	43	44	44	45	46	46	47	47	47
Current Deferred Revenue	0.00	31	0.00	0.00	23	0.00	0.00	15	0.00
Other Current Liabilities	704	332	38	55	60	72	66	63	236
Other Current Nonoperating Liabilities	45	43	14	40	42	23	47	44	19
Total Noncurrent Liabilities	3,942	4,063	4,171	4,505	4,606	4,646	4,851	4,349	4,511
Long-Term Debt	2,082	2,084	2,085	2,384	2,386	2,387	2,637	2,189	2,381
Asset Retirement Reserve & Litigation Obligation	607	616	616	624	615	615	611	644	635
Noncurrent Deferred & Payable Income Tax Liabilities	1,114	1,240	1,355	1,378	1,482	1,516	1,475	1,393	1,375
Noncurrent Employee Benefit Liabilities	4.73	3.00	2.98	2.92	2.86	2.80	2.74	3.48	3.40
Other Noncurrent Operating Liabilities	133	119	112	117	120	125	125	120	117
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,004	2,537	2,879	2,936	3,174	3,303	3,114	2,753	2,766
Total Preferred & Common Equity	2,004	2,537	2,879	2,936	3,174	3,303	3,114	2,753	2,766
Total Common Equity	2,004	2,537	2,879	2,936	3,174	3,303	3,114	2,753	2,766
Common Stock	1,114	1,117	1,123	1,128	1,133	1,138	1,138	1,130	1,133
Retained Earnings	1,472	1,713	1,810	1,858	1,973	2,090	1,970	1,699	1,855
Accumulated Other Comprehensive Income / (Loss)	-583	-294	-55	-49	67	75	5.05	-76	-223

This table displays calculated financial ratios and metrics derived from National Fuel Gas' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.67%	-17.52%	8.78%	0.81%	6.32%	-8.68%	12.70%	25.44%	-0.56%	-10.53%
EBITDA Growth	-127.71%	41.06%	601.14%	-6.18%	4.38%	-58.78%	201.69%	23.21%	0.01%	-42.26%
EBIT Growth	-204.12%	32.56%	238.68%	-11.60%	-0.46%	-97.57%	5,086.70%	30.15%	-4.89%	-70.78%
NOPAT Growth	-222.63%	31.84%	229.98%	39.82%	-24.54%	-94.77%	2,227.68%	38.82%	-16.87%	-66.82%
Net Income Growth	-226.72%	23.32%	197.43%	38.11%	-22.28%	-140.68%	393.80%	55.65%	-15.75%	-83.75%
EPS Growth	-227.84%	23.78%	196.21%	37.27%	-22.52%	-140.17%	381.56%	54.91%	-15.94%	-83.75%
Operating Cash Flow Growth	-6.14%	-31.00%	16.22%	-10.11%	12.87%	6.67%	6.85%	2.65%	52.25%	-13.83%
Free Cash Flow Firm Growth	-1,716.90%	172.89%	43.90%	-28.78%	-123.15%	-402.71%	296.49%	-22.42%	-173.27%	155.49%
Invested Capital Growth	-2.45%	-13.35%	1.02%	8.20%	12.13%	7.25%	-1.62%	5.41%	18.75%	0.17%
Revenue Q/Q Growth	-3.59%	-0.59%	-0.35%	0.14%	0.25%	-0.34%	41.28%	-14.21%	-2.96%	0.16%
EBITDA Q/Q Growth	-237.46%	71.39%	1.18%	-0.32%	1.74%	-44.37%	47.58%	4.54%	-2.22%	-32.23%
EBIT Q/Q Growth	-244.45%	50.03%	1.79%	-1.99%	0.34%	-95.56%	95.98%	5.29%	-5.19%	-58.92%
NOPAT Q/Q Growth	-235.16%	49.48%	10.66%	-7.92%	1.85%	-82.98%	87.30%	14.44%	-15.40%	-54.60%
Net Income Q/Q Growth	31.37%	-197.93%	2.91%	-1.90%	3.15%	-279.24%	217.30%	-39.53%	-15.05%	-75.69%
EPS Q/Q Growth	-186.62%	44.05%	2.80%	-1.95%	3.54%	-276.25%	189.78%	14.31%	-15.11%	-75.65%
Operating Cash Flow Q/Q Growth	-4.78%	-1.98%	0.64%	-5.55%	4.00%	-0.93%	0.36%	5.01%	1.93%	1.52%
Free Cash Flow Firm Q/Q Growth	-18.28%	734.81%	-8.94%	-33.14%	38.47%	-1,947.92%	1,965.87%	-4.30%	-102.62%	91.96%
Invested Capital Q/Q Growth	-0.67%	-0.51%	1.53%	3.53%	2.43%	7.07%	-0.17%	2.12%	2.89%	-2.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.43%	69.60%	74.58%	53.06%	51.75%	56.51%	62.84%	58.22%	57.85%	65.55%
EBITDA Margin	-15.15%	-10.83%	49.89%	46.43%	45.59%	20.58%	55.09%	54.11%	54.42%	35.12%
Operating Margin	-34.70%	-28.68%	37.58%	32.63%	30.23%	1.93%	36.72%	37.26%	34.74%	10.78%
EBIT Margin	-34.24%	-28.00%	35.70%	31.30%	29.31%	0.78%	35.85%	37.19%	35.57%	11.62%
Profit (Net Income) Margin	-21.55%	-20.03%	17.94%	24.58%	17.97%	-8.00%	20.87%	25.89%	21.94%	3.99%
Tax Burden Percent	54.32%	55.58%	63.82%	101.95%	78.12%	117.84%	76.02%	82.92%	74.35%	88.84%
Interest Burden Percent	115.85%	128.72%	78.75%	77.03%	78.49%	-872.08%	76.57%	83.97%	82.94%	38.62%
Effective Tax Rate	0.00%	0.00%	36.18%	-1.95%	21.88%	0.00%	23.98%	17.08%	25.65%	11.17%
Return on Invested Capital (ROIC)	-10.63%	-7.86%	10.95%	14.64%	10.02%	0.48%	10.84%	14.77%	10.94%	3.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.96%	-7.83%	5.78%	6.95%	5.13%	-5.77%	6.13%	10.63%	7.70%	-0.73%
Return on Net Nonoperating Assets (RNNOA)	-6.47%	-8.52%	6.59%	6.87%	4.91%	-6.50%	8.51%	14.51%	7.97%	-0.67%
Return on Equity (ROE)	-17.11%	-16.38%	17.55%	21.51%	14.93%	-6.02%	19.35%	29.28%	18.91%	2.67%
Cash Return on Invested Capital (CROIC)	-8.15%	6.44%	9.94%	6.77%	-1.42%	-6.52%	12.48%	9.50%	-6.20%	3.17%
Operating Return on Assets (OROA)	-9.07%	-6.67%	9.61%	8.21%	7.94%	0.18%	8.66%	10.59%	9.56%	2.72%
Return on Assets (ROA)	-5.71%	-4.77%	4.83%	6.45%	4.87%	-1.84%	5.04%	7.37%	5.90%	0.93%
Return on Common Equity (ROCE)	-17.11%	-16.38%	17.55%	21.51%	14.93%	-6.02%	19.35%	29.28%	18.91%	2.67%
Return on Equity Simple (ROE_SIMPLE)	-18.73%	-19.05%	16.64%	20.21%	14.23%	-6.28%	20.36%	27.21%	16.09%	2.72%
Net Operating Profit after Tax (NOPAT)	-428	-292	379	530	400	21	486	675	561	186
NOPAT Margin	-24.29%	-20.07%	23.99%	33.27%	23.61%	1.35%	27.92%	30.89%	25.83%	9.58%
Net Nonoperating Expense Percent (NNEP)	-2.68%	-0.03%	5.18%	7.69%	4.89%	6.25%	4.71%	4.14%	3.24%	4.07%
Cost of Revenue to Revenue	46.57%	30.40%	25.42%	46.94%	48.25%	43.49%	37.16%	41.78%	42.15%	34.45%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	88.13%	98.28%	36.99%	20.43%	21.53%	54.58%	26.12%	20.96%	23.11%	54.76%
Earnings before Interest and Taxes (EBIT)	-603	-407	564	499	496	12	625	813	773	226
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-267	-157	788	740	772	318	960	1,183	1,183	683
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	2.31	2.24	2.03	1.59	1.65	2.45	2.52	1.55	1.94
Price to Tangible Book Value (P/TBV)	1.56	2.32	2.25	2.03	1.60	1.65	2.45	2.52	1.55	1.95
Price to Revenue (P/Rev)	1.78	2.43	2.42	2.47	2.01	2.10	2.51	2.40	2.11	2.85
Price to Earnings (P/E)	0.00	0.00	13.48	10.03	11.21	0.00	12.01	9.25	9.63	71.44
Dividend Yield	4.20%	3.86%	3.67%	3.68%	4.35%	4.93%	3.76%	3.25%	3.88%	3.33%
Earnings Yield	0.00%	0.00%	7.42%	9.97%	8.92%	0.00%	8.33%	10.81%	10.39%	1.40%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.56	1.59	1.51	1.29	1.27	1.57	1.66	1.28	1.47
Enterprise Value to Revenue (EV/Rev)	2.85	3.70	3.50	3.58	3.21	3.71	4.00	3.56	3.28	4.21
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	7.01	7.70	7.04	18.01	7.26	6.58	6.03	12.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	9.80	11.42	10.95	475.78	11.16	9.58	9.23	36.27
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	14.58	10.75	13.59	274.17	14.33	11.53	12.71	43.99
Enterprise Value to Operating Cash Flow (EV/OCF)	5.88	9.12	8.07	9.26	7.82	7.74	8.81	9.59	5.77	7.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.48	16.07	23.26	0.00	0.00	12.45	17.93	0.00	46.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.37	1.40	1.10	1.02	1.35	1.56	1.29	0.90	0.98
Long-Term Debt to Equity	1.03	1.37	1.22	1.10	1.00	1.33	1.47	1.00	0.80	0.77
Financial Leverage	0.81	1.09	1.14	0.99	0.96	1.13	1.39	1.37	1.04	0.92
Leverage Ratio	3.00	3.43	3.63	3.33	3.07	3.27	3.84	3.97	3.21	2.86
Compound Leverage Factor	3.47	4.42	2.86	2.57	2.41	-28.48	2.94	3.34	2.66	1.10
Debt to Total Capital	50.71%	57.74%	58.32%	52.38%	50.58%	57.42%	60.94%	56.42%	47.41%	49.38%
Short-Term Debt to Total Capital	0.00%	0.00%	7.34%	0.00%	1.28%	0.65%	3.47%	12.76%	5.10%	10.50%
Long-Term Debt to Total Capital	50.71%	57.74%	50.98%	52.38%	49.30%	56.78%	57.48%	43.66%	42.31%	38.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.29%	42.26%	41.68%	47.62%	49.42%	42.58%	39.06%	43.58%	52.59%	50.62%
Debt to EBITDA	-7.81	-13.26	3.02	2.88	2.84	8.36	2.90	2.28	2.26	4.07
Net Debt to EBITDA	-7.04	-11.73	2.16	2.39	2.62	7.81	2.71	2.16	2.15	3.89
Long-Term Debt to EBITDA	-7.81	-13.26	2.64	2.88	2.76	8.26	2.74	1.76	2.02	3.20
Debt to NOPAT	-4.87	-7.16	6.29	4.02	5.47	127.25	5.73	3.99	4.76	14.92
Net Debt to NOPAT	-4.39	-6.33	4.49	3.34	5.06	118.87	5.36	3.78	4.53	14.27
Long-Term Debt to NOPAT	-4.87	-7.16	5.50	4.02	5.34	125.81	5.40	3.08	4.25	11.75
Altman Z-Score	0.60	0.73	1.31	1.39	1.25	0.79	1.08	1.26	1.35	1.11
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	1.36	1.27	1.24	0.86	0.68	0.42	0.39	0.51	0.32
Quick Ratio	0.54	0.93	1.07	0.90	0.42	0.39	0.21	0.23	0.29	0.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-328	239	344	245	-57	-285	560	434	-318	177
Operating Cash Flow to CapEx	83.83%	101.27%	152.00%	105.36%	88.03%	60.60%	105.30%	100.09%	122.50%	114.47%
Free Cash Flow to Firm to Interest Expense	-3.30	1.97	2.87	2.14	-0.53	-2.43	3.83	3.33	-2.41	1.27
Operating Cash Flow to Interest Expense	8.58	4.87	5.71	5.37	6.51	6.33	5.41	6.23	9.38	7.69
Operating Cash Flow Less CapEx to Interest Expense	-1.65	0.06	1.95	0.27	-0.88	-4.11	0.27	0.01	1.72	0.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.24	0.27	0.26	0.27	0.23	0.24	0.28	0.27	0.23
Accounts Receivable Turnover	11.69	10.47	11.02	10.58	10.44	9.68	9.10	7.12	7.64	12.16
Inventory Turnover	12.43	6.65	5.83	10.44	10.82	8.27	7.51	11.40	11.86	8.16
Fixed Asset Turnover	0.32	0.30	0.35	0.33	0.32	0.27	0.28	0.34	0.31	0.27
Accounts Payable Turnover	5.17	3.06	3.43	5.22	5.59	5.05	4.24	5.21	5.53	4.22
Days Sales Outstanding (DSO)	31.21	34.85	33.14	34.48	34.96	37.72	40.13	51.26	47.76	30.03
Days Inventory Outstanding (DIO)	29.36	54.92	62.62	34.97	33.73	44.12	48.59	32.02	30.77	44.73
Days Payable Outstanding (DPO)	70.57	119.23	106.55	69.93	65.28	72.28	86.17	70.06	65.95	86.41
Cash Conversion Cycle (CCC)	-10.00	-29.46	-10.80	-0.48	3.41	9.56	2.55	13.22	12.59	-11.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,972	3,442	3,477	3,762	4,219	4,525	4,451	4,692	5,572	5,581
Invested Capital Turnover	0.44	0.39	0.46	0.44	0.42	0.35	0.39	0.48	0.42	0.35
Increase / (Decrease) in Invested Capital	-100	-530	35	285	457	306	-73	241	880	9.69
Enterprise Value (EV)	5,020	5,372	5,525	5,696	5,433	5,730	6,973	7,788	7,134	8,196
Market Capitalization	3,142	3,526	3,822	3,926	3,410	3,246	4,367	5,237	4,591	5,537
Book Value per Share	$23.95	$17.97	$19.93	$22.54	$24.78	$21.68	$19.59	$22.74	$32.27	$31.18
Tangible Book Value per Share	$23.89	$17.90	$19.86	$22.48	$24.72	$21.62	$19.53	$22.68	$32.21	$31.12
Total Capital	4,109	3,613	4,087	4,069	4,328	4,632	4,573	4,772	5,635	5,627
Total Debt	2,084	2,086	2,384	2,131	2,189	2,660	2,787	2,692	2,672	2,779
Total Long-Term Debt	2,084	2,086	2,084	2,131	2,134	2,630	2,629	2,083	2,384	2,188
Net Debt	1,877	1,846	1,703	1,769	2,024	2,485	2,606	2,551	2,543	2,659
Capital Expenditures (CapEx)	1,018	582	450	584	789	1,222	752	812	1,010	931
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-184	-21	-83	-125	-25	-136	-587	-618	-160	-187
Debt-free Net Working Capital (DFNWC)	-70	109	472	105	-4.09	-115	-555	-572	-104	-149
Net Working Capital (NWC)	-70	109	172	105	-59	-145	-714	-1,181	-392	-740
Net Nonoperating Expense (NNE)	-48	-0.60	95	138	96	145	123	109	85	109
Net Nonoperating Obligations (NNO)	1,947	1,915	1,773	1,825	2,080	2,553	2,665	2,612	2,608	2,733
Total Depreciation and Amortization (D&A)	336	249	224	241	276	306	335	370	410	457
Debt-free, Cash-free Net Working Capital to Revenue	-10.45%	-1.42%	-5.27%	-7.85%	-1.45%	-8.79%	-33.67%	-28.29%	-7.35%	-9.64%
Debt-free Net Working Capital to Revenue	-3.99%	7.53%	29.89%	6.56%	-0.24%	-7.46%	-31.86%	-26.19%	-4.80%	-7.68%
Net Working Capital to Revenue	-3.99%	7.53%	10.90%	6.56%	-3.50%	-9.40%	-40.95%	-54.04%	-18.03%	-38.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.50)	($3.43)	$3.32	$4.56	$3.53	($1.41)	$3.99	$6.19	$5.20	$0.84
Adjusted Weighted Average Basic Shares Outstanding	84.39M	84.85M	85.36M	85.83M	86.24M	87.97M	91.13M	91.41M	91.75M	91.79M
Adjusted Diluted Earnings per Share	($4.50)	($3.43)	$3.30	$4.53	$3.51	($1.41)	$3.97	$6.15	$5.17	$0.84
Adjusted Weighted Average Diluted Shares Outstanding	84.39M	84.85M	86.02M	86.44M	86.77M	87.97M	91.68M	92.11M	92.29M	92.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.53	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84.63M	85.16M	85.58M	85.96M	86.32M	90.97M	91.19M	91.49M	91.83M	90.82M
Normalized Net Operating Profit after Tax (NOPAT)	361	372	379	364	400	336	506	665	561	647
Normalized NOPAT Margin	20.48%	25.63%	23.99%	22.84%	23.61%	21.70%	29.01%	30.41%	25.83%	33.29%
Pre Tax Income Margin	-39.67%	-36.04%	28.11%	24.11%	23.00%	-6.79%	27.45%	31.23%	29.51%	4.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.06	-3.36	4.71	4.35	4.65	0.10	4.27	6.24	5.86	1.63
NOPAT to Interest Expense	-4.30	-2.41	3.16	4.63	3.75	0.18	3.32	5.18	4.26	1.34
EBIT Less CapEx to Interest Expense	-16.30	-8.16	0.95	-0.75	-2.74	-10.34	-0.87	0.01	-1.79	-5.09
NOPAT Less CapEx to Interest Expense	-14.54	-7.21	-0.60	-0.47	-3.64	-10.26	-1.81	-1.05	-3.40	-5.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-34.45%	-46.34%	49.06%	36.59%	48.45%	-123.87%	44.85%	29.71%	36.93%	237.12%
Augmented Payout Ratio	-34.45%	-46.34%	49.06%	36.59%	51.36%	-123.87%	45.87%	31.40%	38.33%	324.90%

This table displays calculated financial ratios and metrics derived from National Fuel Gas' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-45.41%	20.55%	2.21%	-14.71%	-15.21%	-20.26%	-12.17%	-2.63%	0.85%	4.59%	15.88%
EBITDA Growth	23.78%	20.24%	-6.44%	-4.01%	-10.04%	-8.58%	15.50%	-74.93%	-135.16%	-37.76%	18.14%
EBIT Growth	30.94%	24.98%	-12.53%	-9.94%	-24.46%	-19.12%	14.46%	-130.61%	-247.93%	-55.46%	29.53%
NOPAT Growth	78.17%	21.32%	-10.88%	-17.95%	-53.16%	-17.64%	15.05%	-131.68%	-245.74%	-55.87%	26.86%
Net Income Growth	-70.06%	28.17%	-15.81%	-14.37%	-53.41%	-21.61%	18.02%	-158.47%	-327.51%	-66.18%	30.12%
EPS Growth	81.05%	27.78%	-15.93%	-14.53%	-53.49%	-21.74%	17.65%	-159.00%	-326.25%	-65.97%	31.67%
Operating Cash Flow Growth	32.37%	90.89%	51.05%	50.57%	14.80%	-17.23%	-17.86%	-18.07%	8.78%	-18.77%	-19.52%
Free Cash Flow Firm Growth	-121.13%	136.69%	-507.78%	-30,788.61%	-1,892.72%	-772.54%	14.41%	49.89%	81.24%	145.03%	212.24%
Invested Capital Growth	5.41%	1.94%	14.52%	17.86%	18.75%	15.67%	11.76%	5.88%	0.17%	-3.71%	-4.20%
Revenue Q/Q Growth	-13.43%	51.41%	8.86%	-40.23%	-13.94%	42.39%	19.91%	-33.73%	-10.87%	47.68%	32.84%
EBITDA Q/Q Growth	-1.40%	33.76%	-8.97%	-20.04%	-7.60%	35.93%	15.00%	-82.64%	-229.58%	340.61%	118.30%
EBIT Q/Q Growth	-1.17%	50.69%	-13.97%	-29.70%	-17.10%	61.33%	21.75%	-118.80%	-300.67%	148.57%	254.04%
NOPAT Q/Q Growth	45.49%	-5.76%	-13.95%	-30.45%	-16.95%	65.70%	20.20%	-119.15%	-282.13%	150.17%	245.58%
Net Income Q/Q Growth	46.21%	7.30%	-16.98%	-34.26%	-20.45%	80.54%	25.00%	-132.57%	-209.50%	126.84%	380.95%
EPS Q/Q Growth	47.01%	6.98%	-16.85%	-34.64%	-20.00%	80.00%	25.00%	-132.78%	-206.78%	127.07%	383.67%
Operating Cash Flow Q/Q Growth	-30.60%	106.52%	17.27%	-10.41%	-47.09%	48.90%	16.38%	-10.64%	-29.75%	11.19%	15.31%
Free Cash Flow Firm Q/Q Growth	-1,810.47%	338.84%	-638.46%	-39.51%	-11.07%	19.39%	31.48%	18.32%	58.43%	293.52%	70.82%
Invested Capital Q/Q Growth	2.12%	7.41%	4.88%	2.45%	2.89%	4.62%	1.35%	-2.94%	-2.66%	0.57%	0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.79%	57.25%	48.48%	64.60%	69.28%	65.73%	62.32%	68.01%	67.98%	65.41%	62.16%
EBITDA Margin	61.38%	54.23%	45.34%	60.66%	65.13%	62.17%	59.63%	15.62%	-22.71%	37.00%	60.79%
Operating Margin	40.86%	38.61%	30.86%	35.94%	33.96%	39.42%	39.79%	-12.32%	-52.83%	15.69%	43.46%
EBIT Margin	39.76%	39.57%	31.27%	36.77%	35.42%	40.13%	40.75%	-11.56%	-51.96%	17.09%	45.55%
Profit (Net Income) Margin	36.34%	25.76%	19.64%	21.60%	19.97%	25.32%	26.39%	-12.97%	-45.05%	8.19%	29.64%
Tax Burden Percent	113.36%	74.67%	73.83%	73.77%	75.35%	75.53%	75.03%	65.67%	73.52%	80.09%	75.20%
Interest Burden Percent	80.64%	87.17%	85.09%	79.64%	74.82%	83.53%	86.33%	170.91%	117.92%	59.81%	86.54%
Effective Tax Rate	-13.36%	25.33%	26.17%	26.23%	24.65%	24.47%	24.97%	0.00%	0.00%	19.91%	24.80%
Return on Invested Capital (ROIC)	22.15%	13.27%	10.65%	11.87%	10.84%	11.18%	10.42%	-3.00%	-12.90%	4.32%	11.69%
ROIC Less NNEP Spread (ROIC-NNEP)	20.50%	12.51%	9.78%	11.04%	10.04%	10.27%	9.55%	-3.72%	-14.02%	3.45%	10.88%
Return on Net Nonoperating Assets (RNNOA)	27.99%	14.37%	10.63%	11.33%	10.40%	9.28%	7.74%	-3.13%	-12.89%	3.21%	9.86%
Return on Equity (ROE)	50.14%	27.65%	21.28%	23.19%	21.24%	20.46%	18.16%	-6.14%	-25.78%	7.54%	21.55%
Cash Return on Invested Capital (CROIC)	9.50%	12.26%	0.38%	-3.14%	-6.20%	-4.81%	-1.24%	1.65%	3.17%	4.86%	7.47%
Operating Return on Assets (OROA)	11.32%	11.57%	9.17%	10.16%	9.52%	9.79%	9.56%	-2.71%	-12.18%	3.98%	10.99%
Return on Assets (ROA)	10.34%	7.53%	5.76%	5.97%	5.37%	6.18%	6.19%	-3.04%	-10.56%	1.91%	7.15%
Return on Common Equity (ROCE)	50.14%	27.65%	21.28%	23.19%	21.24%	20.46%	18.16%	-6.14%	-25.78%	7.54%	21.55%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.78%	20.04%	19.12%	0.00%	13.87%	14.09%	10.24%	0.00%	-0.38%	1.43%
Net Operating Profit after Tax (NOPAT)	202	190	163	114	94	156	188	-36	-138	69	239
NOPAT Margin	46.32%	28.83%	22.79%	26.52%	25.59%	29.78%	29.85%	-8.63%	-36.98%	12.56%	32.68%
Net Nonoperating Expense Percent (NNEP)	1.65%	0.76%	0.87%	0.83%	0.79%	0.91%	0.87%	0.71%	1.12%	0.87%	0.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	2.67%	-	-	-	1.22%	4.18%
Cost of Revenue to Revenue	32.21%	42.75%	51.52%	35.40%	30.72%	34.27%	37.68%	31.99%	32.02%	34.59%	37.84%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.93%	18.64%	17.61%	28.65%	35.32%	26.31%	22.53%	80.33%	120.81%	49.72%	18.70%
Earnings before Interest and Taxes (EBIT)	173	261	224	158	131	211	257	-48	-193	94	332
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	267	357	325	260	240	327	376	65	-84	203	444
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.52	2.16	1.75	1.55	1.55	1.40	1.48	1.60	1.94	2.00	2.59
Price to Tangible Book Value (P/TBV)	2.52	2.16	1.76	1.55	1.55	1.40	1.49	1.60	1.95	2.01	2.60
Price to Revenue (P/Rev)	2.40	2.38	2.18	2.03	2.11	2.18	2.51	2.57	2.85	2.80	3.47
Price to Earnings (P/E)	9.25	9.07	8.76	8.08	9.63	10.09	10.53	15.62	71.44	0.00	181.36
Dividend Yield	3.25%	3.14%	3.45%	3.88%	3.88%	4.05%	3.72%	3.69%	3.33%	3.36%	2.60%
Earnings Yield	10.81%	11.02%	11.42%	12.37%	10.39%	9.91%	9.50%	6.40%	1.40%	0.00%	0.55%
Enterprise Value to Invested Capital (EV/IC)	1.66	1.57	1.40	1.28	1.28	1.20	1.26	1.31	1.47	1.48	1.77
Enterprise Value to Revenue (EV/Rev)	3.56	3.43	3.20	3.09	3.28	3.44	3.81	3.87	4.21	4.21	4.84
Enterprise Value to EBITDA (EV/EBITDA)	6.58	6.35	6.06	5.73	6.03	6.08	6.19	7.45	12.00	14.80	15.93
Enterprise Value to EBIT (EV/EBIT)	9.58	9.12	8.88	8.50	9.23	9.69	9.84	13.65	36.27	75.95	54.13
Enterprise Value to NOPAT (EV/NOPAT)	11.53	11.15	10.74	10.44	12.71	13.28	13.46	18.30	43.99	133.20	54.39
Enterprise Value to Operating Cash Flow (EV/OCF)	9.59	8.15	6.74	5.71	5.77	5.94	6.69	7.15	7.69	8.16	10.49
Enterprise Value to Free Cash Flow (EV/FCFF)	17.93	12.90	398.56	0.00	0.00	0.00	0.00	81.59	46.41	29.77	23.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	1.08	0.87	0.86	0.90	0.85	0.81	0.86	0.98	1.05	1.06
Long-Term Debt to Equity	1.00	0.82	0.72	0.81	0.80	0.75	0.72	0.85	0.77	0.80	0.86
Financial Leverage	1.37	1.15	1.09	1.03	1.04	0.90	0.81	0.84	0.92	0.93	0.91
Leverage Ratio	3.97	3.38	3.33	3.28	3.21	2.93	2.69	2.74	2.86	2.85	2.83
Compound Leverage Factor	3.20	2.95	2.83	2.61	2.40	2.45	2.32	4.69	3.37	1.70	2.45
Debt to Total Capital	56.42%	51.86%	46.43%	46.21%	47.41%	45.83%	44.66%	46.32%	49.38%	51.21%	51.52%
Short-Term Debt to Total Capital	12.76%	12.31%	7.63%	2.54%	5.10%	5.12%	4.67%	0.86%	10.50%	12.41%	9.79%
Long-Term Debt to Total Capital	43.66%	39.55%	38.80%	43.67%	42.31%	40.71%	39.98%	45.46%	38.89%	38.80%	41.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.58%	48.14%	53.57%	53.79%	52.59%	54.17%	55.34%	53.68%	50.62%	48.79%	48.48%
Debt to EBITDA	2.28	2.20	2.04	2.09	2.26	2.33	2.22	2.67	4.07	5.16	4.68
Net Debt to EBITDA	2.16	1.94	1.92	1.98	2.15	2.23	2.11	2.51	3.89	4.95	4.50
Long-Term Debt to EBITDA	1.76	1.68	1.71	1.97	2.02	2.07	1.98	2.62	3.20	3.91	3.79
Debt to NOPAT	3.99	3.86	3.62	3.80	4.76	5.09	4.82	6.55	14.92	46.48	15.98
Net Debt to NOPAT	3.78	3.41	3.41	3.61	4.53	4.86	4.59	6.16	14.27	44.55	15.38
Long-Term Debt to NOPAT	3.08	2.95	3.03	3.59	4.25	4.52	4.32	6.43	11.75	35.22	12.95
Altman Z-Score	0.99	1.17	1.24	1.15	1.09	1.08	1.16	1.08	0.95	1.05	1.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.39	0.57	0.59	0.61	0.51	0.56	0.58	0.77	0.32	0.39	0.47
Quick Ratio	0.23	0.43	0.42	0.38	0.29	0.35	0.38	0.49	0.17	0.26	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	94	-507	-707	-785	-633	-434	-354	-147	285	487
Operating Cash Flow to CapEx	72.26%	140.20%	146.02%	148.63%	64.50%	109.72%	134.17%	139.32%	80.13%	91.54%	130.93%
Free Cash Flow to Firm to Interest Expense	-1.18	2.81	-15.15	-22.03	-23.87	-18.22	-12.36	-10.36	-4.25	7.55	10.88
Operating Cash Flow to Interest Expense	4.73	9.79	11.48	10.72	5.53	7.80	8.99	8.23	5.71	5.83	5.67
Operating Cash Flow Less CapEx to Interest Expense	-1.82	2.81	3.62	3.51	-3.04	0.69	2.29	2.32	-1.42	-0.54	1.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.29	0.29	0.28	0.27	0.24	0.23	0.23	0.23	0.23	0.24
Accounts Receivable Turnover	7.12	6.21	6.55	7.29	7.64	6.21	7.16	10.53	12.16	7.91	7.29
Inventory Turnover	11.40	14.13	18.78	16.65	11.86	11.48	12.69	10.73	8.16	9.25	12.99
Fixed Asset Turnover	0.34	0.35	0.35	0.33	0.31	0.29	0.27	0.27	0.27	0.27	0.28
Accounts Payable Turnover	5.21	6.51	7.87	7.95	5.53	5.95	6.39	6.88	4.22	6.01	6.49
Days Sales Outstanding (DSO)	51.26	58.81	55.76	50.06	47.76	58.81	50.95	34.66	30.03	46.15	50.06
Days Inventory Outstanding (DIO)	32.02	25.84	19.43	21.92	30.77	31.80	28.77	34.03	44.73	39.48	28.10
Days Payable Outstanding (DPO)	70.06	56.06	46.39	45.88	65.95	61.33	57.09	53.03	86.41	60.75	56.25
Cash Conversion Cycle (CCC)	13.22	28.59	28.81	26.10	12.59	29.28	22.63	15.66	-11.66	24.88	21.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,692	5,040	5,286	5,415	5,572	5,829	5,908	5,734	5,581	5,613	5,659
Invested Capital Turnover	0.48	0.46	0.47	0.45	0.42	0.38	0.35	0.35	0.35	0.34	0.36
Increase / (Decrease) in Invested Capital	241	96	670	821	880	789	622	318	9.69	-216	-248
Enterprise Value (EV)	7,788	7,889	7,400	6,932	7,134	7,011	7,439	7,507	8,196	8,280	10,003
Market Capitalization	5,237	5,473	5,051	4,538	4,591	4,444	4,903	4,981	5,537	5,511	7,176
Book Value per Share	$22.74	$27.73	$31.36	$31.98	$32.27	$34.53	$35.86	$33.87	$31.18	$30.31	$30.52
Tangible Book Value per Share	$22.68	$27.67	$31.30	$31.92	$32.21	$34.47	$35.80	$33.81	$31.12	$30.25	$30.46
Total Capital	4,772	5,270	5,374	5,458	5,635	5,860	5,969	5,801	5,627	5,642	5,705
Total Debt	2,692	2,733	2,495	2,522	2,672	2,686	2,665	2,687	2,779	2,889	2,940
Total Long-Term Debt	2,083	2,084	2,085	2,384	2,384	2,386	2,387	2,637	2,188	2,189	2,381
Net Debt	2,551	2,416	2,349	2,394	2,543	2,567	2,536	2,526	2,659	2,769	2,828
Capital Expenditures (CapEx)	219	233	263	231	282	247	235	202	247	240	194
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-618	-258	-35	-173	-160	-95	-81	-149	-187	-83	-116
Debt-free Net Working Capital (DFNWC)	-572	-13	36	-120	-104	-54	-30	-68	-149	-35	-76
Net Working Capital (NWC)	-1,181	-662	-374	-258	-392	-354	-309	-118	-740	-735	-635
Net Nonoperating Expense (NNE)	43	20	23	21	21	23	22	18	30	24	22
Net Nonoperating Obligations (NNO)	2,612	2,503	2,407	2,480	2,608	2,655	2,604	2,620	2,733	2,860	2,894
Total Depreciation and Amortization (D&A)	94	97	101	102	110	116	119	113	109	109	111
Debt-free, Cash-free Net Working Capital to Revenue	-28.29%	-11.21%	-1.53%	-7.74%	-7.35%	-4.67%	-4.14%	-7.69%	-9.64%	-4.24%	-5.62%
Debt-free Net Working Capital to Revenue	-26.19%	-0.57%	1.56%	-5.35%	-4.80%	-2.63%	-1.54%	-3.50%	-7.68%	-1.76%	-3.69%
Net Working Capital to Revenue	-54.04%	-28.81%	-16.16%	-11.54%	-18.03%	-17.33%	-15.82%	-6.07%	-38.05%	-37.31%	-30.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.73	$1.85	$1.53	$1.01	$0.81	$1.45	$1.81	($0.59)	($1.83)	$0.50	$2.39
Adjusted Weighted Average Basic Shares Outstanding	91.41M	91.58M	91.79M	91.80M	91.75M	91.91M	92.11M	91.87M	91.79M	90.78M	90.50M
Adjusted Diluted Earnings per Share	$1.72	$1.84	$1.53	$1.00	$0.80	$1.44	$1.80	($0.59)	($1.81)	$0.49	$2.37
Adjusted Weighted Average Diluted Shares Outstanding	92.11M	92.27M	92.26M	92.29M	92.29M	92.44M	92.51M	91.87M	92.34M	91.43M	91.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	91.49M	91.80M	91.80M	91.82M	91.83M	92.13M	91.92M	91.36M	90.82M	90.61M	90.35M
Normalized Net Operating Profit after Tax (NOPAT)	124	190	163	114	94	156	188	104	-138	183	239
Normalized NOPAT Margin	28.60%	28.83%	22.79%	26.52%	25.59%	29.78%	29.85%	25.03%	-36.98%	33.23%	32.68%
Pre Tax Income Margin	32.06%	34.49%	26.60%	29.29%	26.50%	33.52%	35.18%	-19.76%	-61.28%	10.22%	39.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.16	7.79	6.71	4.91	3.97	6.07	7.32	-1.41	-5.58	2.49	7.43
NOPAT to Interest Expense	6.02	5.68	4.89	3.54	2.87	4.50	5.36	-1.05	-3.97	1.83	5.33
EBIT Less CapEx to Interest Expense	-1.38	0.81	-1.16	-2.30	-4.60	-1.04	0.62	-7.32	-12.71	-3.88	3.10
NOPAT Less CapEx to Interest Expense	-0.53	-1.30	-2.97	-3.67	-5.71	-2.61	-1.34	-6.96	-11.10	-4.54	1.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.71%	28.20%	29.83%	31.02%	36.93%	40.46%	38.68%	57.10%	237.12%	-1,760.47%	470.85%
Augmented Payout Ratio	31.40%	29.43%	31.09%	32.24%	38.33%	41.35%	40.43%	67.07%	324.90%	-2,726.54%	759.98%

Frequently Asked Questions About National Fuel Gas' Financials

When does National Fuel Gas's financial year end?

According to the most recent income statement we have on file, National Fuel Gas' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has National Fuel Gas' net income changed over the last 9 years?

National Fuel Gas' net income appears to be on an upward trend, with a most recent value of $77.51 million in 2024, falling from -$379.43 million in 2015. The previous period was $476.87 million in 2023. See where experts think National Fuel Gas is headed by visiting National Fuel Gas' forecast page.

What is National Fuel Gas's operating income?

National Fuel Gas's total operating income in 2024 was $209.72 million, based on the following breakdown:

Total Gross Profit: $1.27 billion
Total Operating Expenses: $1.07 billion

How has National Fuel Gas revenue changed over the last 9 years?

Over the last 9 years, National Fuel Gas' total revenue changed from $1.76 billion in 2015 to $1.94 billion in 2024, a change of 10.4%.

How much debt does National Fuel Gas have?

National Fuel Gas' total liabilities were at $5.47 billion at the end of 2024, a 2.9% increase from 2023, and a 20.5% increase since 2015.

How much cash does National Fuel Gas have?

In the past 9 years, National Fuel Gas' cash and equivalents has ranged from $20.43 million in 2019 to $555.53 million in 2017, and is currently $38.22 million as of their latest financial filing in 2024.

How has National Fuel Gas' book value per share changed over the last 9 years?

Over the last 9 years, National Fuel Gas' book value per share changed from 23.95 in 2015 to 31.18 in 2024, a change of 30.2%.

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This page (NYSE:NFG) was last updated on 5/7/2025 by MarketBeat.com Staff

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National Fuel Gas (NFG) Financials

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