National Fuel Gas (NFG) Financials

$81.96 -0.01 (-0.01%)

As of 02:55 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Income / (Loss) Attributable to Common Shareholders	78	477	566	364	-124	304	392	283	-291	-379
Consolidated Net Income / (Loss)	78	477	566	364	-124	304	392	283	-291	-379
Net Income / (Loss) Continuing Operations	78	477	566	364	-124	304	392	283	-291	-379
Total Pre-Tax Income	87	641	683	478	-105	390	384	444	-524	-699
Total Operating Income	210	755	815	640	30	512	520	594	-417	-611
Total Gross Profit	1,275	1,257	1,273	1,095	874	876	845	1,178	1,011	941
Total Revenue	1,945	2,174	2,186	1,743	1,546	1,693	1,593	1,580	1,452	1,761
Operating Revenue	1,945	2,174	2,186	1,743	1,546	1,693	1,593	1,580	1,452	1,761
Total Cost of Revenue	670	916	913	648	672	817	748	402	442	820
Operating Cost of Revenue	670	916	913	648	672	817	748	402	442	820
Total Operating Expenses	1,065	502	458	455	844	365	325	584	1,427	1,552
Depreciation Expense	457	410	370	335	306	276	241	224	249	336
Other Operating Expenses / (Income)	89	93	101	95	88	89	84	360	230	90
Impairment Charge	519	0.00	0.00	76	449	0.00	0.00	0.00	948	1,126
Other Special Charges / (Income)	0.00	0.00	-13	-51	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-122	-114	-132	-162	-135	-122	-136	-150	-107	-88
Interest Expense	139	132	130	146	117	107	115	120	121	99
Other Income / (Expense), net	16	18	-1.51	-15	-18	-16	-21	-30	9.82	8.04
Income Tax Expense	9.74	165	117	115	19	85	-7.49	161	-233	-319
Basic Earnings per Share	$0.84	$5.20	$6.19	$3.99	($1.41)	$3.53	$4.56	$3.32	($3.43)	($4.50)
Weighted Average Basic Shares Outstanding	91.79M	91.75M	91.41M	91.13M	87.97M	86.24M	85.83M	85.36M	84.85M	84.39M
Diluted Earnings per Share	$0.84	$5.17	$6.15	$3.97	($1.41)	$3.51	$4.53	$3.30	($3.43)	($4.50)
Weighted Average Diluted Shares Outstanding	92.34M	92.29M	92.11M	91.68M	87.97M	86.77M	86.44M	86.02M	84.85M	84.39M
Weighted Average Basic & Diluted Shares Outstanding	90.82M	91.83M	91.49M	91.19M	90.97M	86.20M	85.90M	85.40M	84.80M	84.30M
Cash Dividends to Common per Share	$2.02	$1.94	$1.86	$1.80	$1.76	$1.72	$1.68	$1.64	$1.60	$1.56

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About National Fuel Gas' Financials

When does National Fuel Gas's fiscal year end?

According to the most recent income statement we have on file, National Fuel Gas' financial year ends in September. Their financial 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. Find out what analysts predict for National Fuel Gas in the coming months.

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%.

Related Companies

This page (NYSE:NFG) was last updated on 5/29/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

National Fuel Gas (NFG) Financials

Frequently Asked Questions About National Fuel Gas' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

National Fuel Gas (NFG) Financials

Annual Income Statements for National Fuel Gas

Quarterly Income Statements for National Fuel Gas

Annual Cash Flow Statements for National Fuel Gas

Quarterly Cash Flow Statements for National Fuel Gas

Annual Balance Sheets for National Fuel Gas

Quarterly Balance Sheets for National Fuel Gas

Annual Metrics And Ratios for National Fuel Gas

Quarterly Metrics And Ratios for National Fuel Gas

Frequently Asked Questions About National Fuel Gas' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools