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National Fuel Gas (NFG) Financials

National Fuel Gas logo
$79.72 +0.20 (+0.25%)
As of 03:48 PM Eastern
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Annual Income Statements for National Fuel Gas

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 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		 299 -379 -291 283 392 304 -124 364 566 477 78
Consolidated Net Income / (Loss)		 299 -379 -291 283 392 304 -124 364 566 477 78
Net Income / (Loss) Continuing Operations		 299 -379 -291 283 392 304 -124 364 566 477 78
Total Pre-Tax Income 		489 -699 -524 444 384 390 -105 478 683 641 87
Total Operating Income		 570 -611 -417 594 520 512 30 640 815 755 210
Total Gross Profit		 1,044 941 1,011 1,178 845 876 874 1,095 1,273 1,257 1,275
Total Revenue		 2,113 1,761 1,452 1,580 1,593 1,693 1,546 1,743 2,186 2,174 1,945
Operating Revenue		 2,113 1,761 1,452 1,580 1,593 1,693 1,546 1,743 2,186 2,174 1,945
Total Cost of Revenue		 1,069 820 442 402 748 817 672 648 913 916 670
Operating Cost of Revenue		 1,069 820 442 402 748 817 672 648 913 916 670
Total Operating Expenses		 474 1,552 1,427 584 325 365 844 455 458 502 1,065
Depreciation Expense		 384 336 249 224 241 276 306 335 370 410 457
Other Operating Expenses / (Income)		 91 90 230 360 84 89 88 95 101 93 89
Impairment Charge		 0.00 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		 -81 -88 -107 -150 -136 -122 -135 -162 -132 -114 -122
Interest Expense		 94 99 121 120 115 107 117 146 130 132 139
Other Income / (Expense), net		 9.46 8.04 9.82 -30 -21 -16 -18 -15 -1.51 18 16
Income Tax Expense		 190 -319 -233 161 -7.49 85 19 115 117 165 9.74
Basic Earnings per Share		 $3.57 ($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		 83.93M 84.39M 84.85M 85.36M 85.83M 86.24M 87.97M 91.13M 91.41M 91.75M 91.79M
Diluted Earnings per Share		 $3.52 ($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		 84.95M 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		 83.90M 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		 $1.52 $1.56 $1.60 $1.64 $1.68 $1.72 $1.76 $1.80 $1.86 $1.94 $2.02

Quarterly Income Statements for National Fuel Gas

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 93 74 133 166 -54 -168 45 216 150 182 248
Consolidated Net Income / (Loss)		 93 74 133 166 -54 -168 45 216 150 182 248
Net Income / (Loss) Continuing Operations		 93 74 133 166 -54 -168 45 216 150 182 248
Total Pre-Tax Income 		126 98 176 222 -82 -228 56 288 201 241 330
Total Operating Income		 154 125 207 251 -51 -197 86 317 230 276 347
Total Gross Profit		 277 256 345 393 284 253 359 454 371 423 492
Total Revenue		 429 369 525 630 417 372 549 730 532 652 858
Operating Revenue		 429 369 525 630 417 372 549 730 532 652 858
Total Cost of Revenue		 152 113 180 237 134 119 190 276 161 229 367
Operating Cost of Revenue		 152 113 180 237 134 119 190 276 161 229 367
Total Operating Expenses		 123 130 138 142 335 449 273 136 141 147 145
Depreciation Expense		 102 110 116 119 113 109 109 111 116 122 119
Other Operating Expenses / (Income)		 20 21 22 23 21 22 22 25 24 25 25
Impairment Charge		 0.00 - 0.00 0.00 201 - 142 0.00 0.00 0.00 0.00
Total Other Income / (Expense), net		 -29 -28 -31 -29 -31 -31 -30 -30 -29 -35 -17
Interest Expense		 32 33 35 35 34 35 38 45 38 43 34
Other Income / (Expense), net		 3.55 5.39 3.73 6.07 3.19 3.24 7.72 15 8.53 8.23 17
Income Tax Expense		 33 24 43 55 -28 -60 11 71 51 59 83
Basic Earnings per Share		 $1.01 $0.81 $1.45 $1.81 ($0.59) ($1.83) $0.50 $2.39 $1.66 $1.99 $2.61
Weighted Average Basic Shares Outstanding		 91.80M 91.75M 91.91M 92.11M 91.87M 91.79M 90.78M 90.50M 90.36M 91.17M 95.03M
Diluted Earnings per Share		 $1.00 $0.80 $1.44 $1.80 ($0.59) ($1.81) $0.49 $2.37 $1.64 $1.98 $2.59
Weighted Average Diluted Shares Outstanding		 92.29M 92.29M 92.44M 92.51M 91.87M 92.34M 91.43M 91.18M 91.14M 91.96M 95.69M
Weighted Average Basic & Diluted Shares Outstanding		 91.82M 91.83M 92.13M 91.92M 91.36M 90.82M 90.61M 90.35M 90.36M 95.03M 95.04M
Cash Dividends to Common per Share		 $0.50 - $0.50 $0.50 $0.52 - $0.52 $0.52 $0.54 $0.54 $0.54

Annual Cash Flow Statements for National Fuel Gas

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 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		 -28 77 16 426 -324 -206 -6.72 100 18 -82 -17
Net Cash From Operating Activities		 909 854 589 685 615 694 741 792 813 1,237 1,066
Net Cash From Continuing Operating Activities		 909 854 589 685 615 694 741 792 813 1,237 1,066
Net Income / (Loss) Continuing Operations		 299 -379 -291 283 392 304 -124 364 566 477 78
Consolidated Net Income / (Loss)		 299 -379 -291 283 392 304 -124 364 566 477 78
Depreciation Expense		 384 336 249 224 241 276 306 335 370 410 457
Non-Cash Adjustments To Reconcile Net Income		 21 1,130 965 33 35 20 472 71 25 45 573
Changes in Operating Assets and Liabilities, net		 205 -233 -334 144 -52 94 87 22 -149 306 -42
Net Cash From Investing Activities		 -908 -1,025 -453 -423 -529 -799 -1,224 -633 -519 -1,112 -934
Net Cash From Continuing Investing Activities		 -908 -1,025 -453 -423 -529 -799 -1,224 -633 -519 -1,112 -934
Purchase of Property, Plant & Equipment		 -914 -1,018 -582 -450 -584 -789 -1,222 -752 -812 -1,010 -931
Acquisitions		 - - - - - - - 0.00 0.00 -125 0.00
Divestitures		 0.00 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		 5.98 -6.61 -9.24 1.22 -0.39 -10 -1.21 119 8.68 12 -2.67
Net Cash From Financing Activities		 -29 248 -119 164 -411 -101 476 -59 -276 -207 -149
Net Cash From Continuing Financing Activities		 -29 248 -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		 -127 -131 -135 -139 -143 -147 -153 -163 -168 -176 -184
Issuance of Debt		 86 445 0.00 295 295 55 468 624 -99 775 103
Cash Interest Paid		 92 91 120 117 126 103 103 135 124 124 125
Cash Income Taxes Paid		 41 19 34 35 32 0.00 0.00 6.37 17 38 4.13

Quarterly Cash Flow Statements for National Fuel Gas

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -18 2.03 -14 9.08 31 -43 10 43 -52 228 -245
Net Cash From Operating Activities		 344 182 271 315 282 198 220 254 388 275 382
Net Cash From Continuing Operating Activities		 344 182 271 315 282 198 220 254 388 275 382
Net Income / (Loss) Continuing Operations		 93 74 133 166 -54 -168 45 216 150 182 248
Consolidated Net Income / (Loss)		 93 74 133 166 -54 -168 45 216 150 182 248
Depreciation Expense		 102 110 116 119 113 109 109 111 116 122 119
Non-Cash Adjustments To Reconcile Net Income		 10 2.57 15 9.41 219 330 153 9.61 8.59 12 10
Changes in Operating Assets and Liabilities, net		 139 -3.88 7.35 21 3.51 -73 -88 -83 114 -41 4.97
Net Cash From Investing Activities		 -344 -283 -248 -235 -202 -248 -235 -191 -193 -279 -219
Net Cash From Continuing Investing Activities		 -344 -283 -248 -235 -202 -248 -235 -191 -193 -279 -219
Purchase of Property, Plant & Equipment		 -231 -282 -247 -235 -202 -247 -240 -194 -193 -278 -221
Other Investing Activities, net		 12 -1.12 -0.92 -0.27 -0.18 -1.30 5.88 3.00 0.47 -1.26 1.78
Net Cash From Financing Activities		 -18 103 -37 -71 -49 7.20 25 -20 -248 232 -408
Net Cash From Continuing Financing Activities		 -18 103 -37 -71 -49 7.20 25 -20 -248 232 -408
Repurchase of Common Equity		 -0.00 -0.01 -3.90 -4.25 -24 -36 -37 -17 -4.07 -6.36 -0.07
Payment of Dividends		 -44 -45 -45 -46 -46 -47 -47 -47 -47 -48 -51
Issuance of Debt		 276 149 13 -21 20 91 - - -118 -60 -49
Issuance of Common Equity		 - - - - - - 0.00 - - 347 -8.70

Annual Balance Sheets for National Fuel Gas

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 2025
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 9/30/2025
Total Assets		 6,565 5,636 6,103 6,036 6,462 6,965 7,465 7,896 8,280 8,320 8,719
Total Current Assets		 376 413 818 545 363 314 522 761 414 356 411
Cash & Equivalents		 114 130 556 230 20 21 32 46 55 38 43
Accounts Receivable		 126 152 135 166 159 161 222 392 177 143 197
Inventories, net		 65 68 70 74 77 85 87 73 81 83 84
Other Current Assets		 72 63 58 76 106 48 181 250 100 92 87
Plant, Property, & Equipment, net		 5,332 4,454 4,674 4,977 5,510 5,998 6,384 6,566 7,300 7,339 7,713
Plant, Property & Equipment, gross		 9,261 9,540 9,946 10,440 11,205 12,352 13,104 12,552 13,635 14,525 15,406
Accumulated Depreciation		 3,929 5,085 5,271 5,463 5,695 6,354 6,719 5,985 6,335 7,186 7,694
Total Noncurrent Assets		 857 769 611 515 590 653 558 569 566 625 596
Long-Term Investments		 93 111 125 133 145 155 150 95 74 82 68
Goodwill		 5.48 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 89
Employee Benefit Assets		 24 18 56 83 61 76 149 197 200 180 169
Other Noncurrent Operating Assets		 566 458 242 179 264 298 132 165 217 277 263
Total Liabilities & Shareholders' Equity		 6,565 5,636 6,103 6,036 6,462 6,965 7,465 7,896 8,280 8,320 8,719
Total Liabilities		 4,539 4,109 4,400 4,099 4,323 4,993 5,679 5,816 5,317 5,471 5,625
Total Current Liabilities		 446 304 646 440 422 460 1,236 1,943 806 1,096 926
Short-Term Debt		 0.00 0.00 300 0.00 55 30 159 609 288 591 450
Accounts Payable		 180 108 126 160 132 134 172 179 152 165 184
Accrued Expenses		 97 74 112 133 140 140 194 257 161 163 175
Customer Deposits		 16 16 20 26 16 17 19 24 29 36 30
Dividends Payable		 33 34 36 37 38 40 41 43 45 47 48
Current Deferred Revenue		 16 15 16 14 13 15 17 26 21 19 17
Other Current Liabilities		 67 21 1.10 52 9.59 55 616 786 90 47 7.04
Other Current Nonoperating Liabilities		 36 35 35 19 19 28 17 17 20 27 14
Total Noncurrent Liabilities		 4,093 3,806 3,754 3,659 3,901 4,533 4,442 3,874 4,511 4,376 4,699
Long-Term Debt		 2,084 2,086 2,084 2,131 2,134 2,630 2,629 2,083 2,384 2,188 2,383
Asset Retirement Reserve & Litigation Obligation		 450 406 425 467 492 584 656 610 443 647 544
Noncurrent Deferred & Payable Income Tax Liabilities		 1,228 917 987 883 1,020 1,054 1,015 1,060 1,393 1,417 1,532
Noncurrent Employee Benefit Liabilities		 203 277 149 66 134 127 7.53 3.07 2.92 3.51 5.25
Other Noncurrent Operating Liabilities		 - - - - - 139 136 117 287 120 235
Commitments & Contingencies		 0.00 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 3,095
Total Preferred & Common Equity		 2,025 1,527 1,704 1,937 2,139 1,972 1,786 2,080 2,963 2,848 3,095
Total Common Equity		 2,025 1,527 1,704 1,937 2,139 1,972 1,786 2,080 2,963 2,848 3,095
Common Stock		 829 856 882 906 919 1,095 1,109 1,119 1,133 1,136 1,141
Retained Earnings		 1,103 676 852 1,099 1,273 992 1,191 1,587 1,886 1,727 2,013
Accumulated Other Comprehensive Income / (Loss)		 93 -5.64 -30 -68 -52 -115 -514 -626 -55 -15 -59

Quarterly Balance Sheets for National Fuel Gas

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Total Assets		 8,135 7,967 8,107 8,587 8,677 8,481 8,301 8,480 8,446 9,206 9,128
Total Current Assets		 873 543 407 454 419 399 465 568 408 759 508
Cash & Equivalents		 244 72 53 42 51 81 49 40 39 271 27
Accounts Receivable		 420 318 197 238 227 172 260 340 238 336 346
Inventories, net		 67 52 61 75 56 63 73 55 64 69 59
Other Current Assets		 141 102 96 99 85 83 83 133 67 83 77
Plant, Property, & Equipment, net		 6,699 6,816 7,081 7,422 7,508 7,411 7,282 7,347 7,456 7,816 7,930
Plant, Property & Equipment, gross		 12,773 12,978 13,327 13,857 14,056 14,246 14,675 14,835 15,045 15,616 15,833
Accumulated Depreciation		 6,075 6,162 6,246 6,435 6,549 6,835 7,393 7,488 7,589 7,800 7,903
Total Noncurrent Assets		 563 608 618 712 751 671 555 564 582 631 690
Long-Term Investments		 73 75 75 77 79 80 71 72 74 69 66
Goodwill		 5.48 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		 107 104 105 73 77 81 84 89 90 92 96
Employee Benefit Assets		 207 225 234 208 223 231 185 194 199 172 183
Other Noncurrent Operating Assets		 171 199 199 349 366 275 209 204 213 293 340
Total Liabilities & Shareholders' Equity		 8,135 7,967 8,107 8,587 8,677 8,481 8,301 8,480 8,446 9,206 9,128
Total Liabilities		 5,598 5,089 5,171 5,413 5,374 5,368 5,549 5,714 5,471 5,618 5,303
Total Current Liabilities		 1,535 917 666 807 728 517 1,199 1,203 890 1,174 820
Short-Term Debt		 649 410 139 300 279 50 700 558 362 690 341
Accounts Payable		 168 119 92 105 94 101 121 128 123 142 143
Accrued Expenses		 239 258 261 200 184 169 172 185 207 209 243
Customer Deposits		 29 34 34 31 31 37 36 30 29 30 28
Dividends Payable		 44 44 45 46 46 47 47 47 48 51 51
Current Deferred Revenue		 31 0.00 0.00 23 0.00 0.00 15 0.00 0.00 17 0.00
Other Current Liabilities		 332 38 55 60 72 66 63 236 82 0.63 0.52
Other Current Nonoperating Liabilities		 43 14 40 42 23 47 44 19 39 35 14
Total Noncurrent Liabilities		 4,063 4,171 4,505 4,606 4,646 4,851 4,349 4,511 4,581 4,444 4,483
Long-Term Debt		 2,084 2,085 2,384 2,386 2,387 2,637 2,189 2,381 2,382 2,084 2,085
Asset Retirement Reserve & Litigation Obligation		 616 616 624 615 615 611 644 635 628 667 659
Noncurrent Deferred & Payable Income Tax Liabilities		 1,240 1,355 1,378 1,482 1,516 1,475 1,393 1,375 1,451 1,579 1,629
Noncurrent Employee Benefit Liabilities		 3.00 2.98 2.92 2.86 2.80 2.74 3.48 3.40 3.39 3.73 3.74
Other Noncurrent Operating Liabilities		 119 112 117 120 125 125 120 117 116 111 106
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,537 2,879 2,936 3,174 3,303 3,114 2,753 2,766 2,975 3,588 3,824
Total Preferred & Common Equity		 2,537 2,879 2,936 3,174 3,303 3,114 2,753 2,766 2,975 3,588 3,824
Total Common Equity		 2,537 2,879 2,936 3,174 3,303 3,114 2,753 2,766 2,975 3,588 3,824
Common Stock		 1,117 1,123 1,128 1,133 1,138 1,138 1,130 1,133 1,138 1,478 1,483
Retained Earnings		 1,713 1,810 1,858 1,973 2,090 1,970 1,699 1,855 1,954 2,143 2,340
Accumulated Other Comprehensive Income / (Loss)		 -294 -55 -49 67 75 5.05 -76 -223 -116 -33 1.11

Annual Metrics And Ratios for National Fuel Gas

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 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		 15.50% -16.67% -17.52% 8.78% 0.81% 6.32% -8.68% 12.70% 25.44% -0.56% -10.53%
EBITDA Growth		 13.38% -127.71% 41.06% 601.14% -6.18% 4.38% -58.78% 201.69% 23.21% 0.01% -42.26%
EBIT Growth		 10.83% -204.12% 32.56% 238.68% -11.60% -0.46% -97.57% 5,086.70% 30.15% -4.89% -70.78%
NOPAT Growth		 12.11% -222.63% 31.84% 229.98% 39.82% -24.54% -94.77% 2,227.68% 38.82% -16.87% -66.82%
Net Income Growth		 15.16% -226.72% 23.32% 197.43% 38.11% -22.28% -140.68% 393.80% 55.65% -15.75% -83.75%
EPS Growth		 14.29% -227.84% 23.78% 196.21% 37.27% -22.52% -140.17% 381.56% 54.91% -15.94% -83.75%
Operating Cash Flow Growth		 23.13% -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		 601.12% -1,716.90% 172.89% 43.90% -28.78% -123.15% -402.71% 296.49% -22.42% -173.27% 155.49%
Invested Capital Growth		 8.77% -2.45% -13.35% 1.02% 8.20% 12.13% 7.25% -1.62% 5.41% 18.75% 0.17%
Revenue Q/Q Growth		 1.33% -3.59% -0.59% -0.35% 0.14% 0.25% -0.34% 41.28% -14.21% -2.96% 0.16%
EBITDA Q/Q Growth		 2.62% -237.46% 71.39% 1.18% -0.32% 1.74% -44.37% 47.58% 4.54% -2.22% -32.23%
EBIT Q/Q Growth		 1.21% -244.45% 50.03% 1.79% -1.99% 0.34% -95.56% 95.98% 5.29% -5.19% -58.92%
NOPAT Q/Q Growth		 2.53% -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		 3.31% 31.37% -197.93% 2.91% -1.90% 3.15% -279.24% 217.30% -39.53% -15.05% -75.69%
EPS Q/Q Growth		 3.23% -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		 3.70% -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		 -79.43% -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		 5.78% -0.67% -0.51% 1.53% 3.53% 2.43% 7.07% -0.17% 2.12% 2.89% -2.66%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 49.41% 53.43% 69.60% 74.58% 53.06% 51.75% 56.51% 62.84% 58.22% 57.85% 65.55%
EBITDA Margin		 45.57% -15.15% -10.83% 49.89% 46.43% 45.59% 20.58% 55.09% 54.11% 54.42% 35.12%
Operating Margin		 26.96% -34.70% -28.68% 37.58% 32.63% 30.23% 1.93% 36.72% 37.26% 34.74% 10.78%
EBIT Margin		 27.41% -34.24% -28.00% 35.70% 31.30% 29.31% 0.78% 35.85% 37.19% 35.57% 11.62%
Profit (Net Income) Margin		 14.17% -21.55% -20.03% 17.94% 24.58% 17.97% -8.00% 20.87% 25.89% 21.94% 3.99%
Tax Burden Percent		 61.23% 54.32% 55.58% 63.82% 101.95% 78.12% 117.84% 76.02% 82.92% 74.35% 88.84%
Interest Burden Percent		 84.44% 115.85% 128.72% 78.75% 77.03% 78.49% -872.08% 76.57% 83.97% 82.94% 38.62%
Effective Tax Rate		 38.77% 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)		 8.92% -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)		 5.85% -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)		 4.08% -6.47% -8.52% 6.59% 6.87% 4.91% -6.50% 8.51% 14.51% 7.97% -0.67%
Return on Equity (ROE)		 13.00% -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)		 0.52% -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)		 8.95% -9.07% -6.67% 9.61% 8.21% 7.94% 0.18% 8.66% 10.59% 9.56% 2.72%
Return on Assets (ROA)		 4.63% -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)		 13.00% -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)		 12.42% -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)		 349 -428 -292 379 530 400 21 486 675 561 186
NOPAT Margin		 16.51% -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)		 3.08% -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		 50.59% 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% 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		 22.46% 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)		 579 -603 -407 564 499 496 12 625 813 773 226
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 963 -267 -157 788 740 772 318 960 1,183 1,183 683
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.77 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)		 1.77 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)		 2.02 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)		 14.24 0.00 0.00 13.48 10.03 11.21 0.00 12.01 9.25 9.63 71.44
Dividend Yield		 3.00% 4.20% 3.86% 3.67% 3.68% 4.35% 4.93% 3.76% 3.25% 3.88% 3.33%
Earnings Yield		 7.02% 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)		 1.44 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)		 2.77 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)		 6.09 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)		 10.12 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)		 16.81 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)		 6.45 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)		 289.13 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		 0.71 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		 0.68 1.03 1.37 1.22 1.10 1.00 1.33 1.47 1.00 0.80 0.77
Financial Leverage		 0.70 0.81 1.09 1.14 0.99 0.96 1.13 1.39 1.37 1.04 0.92
Leverage Ratio		 2.81 3.00 3.43 3.63 3.33 3.07 3.27 3.84 3.97 3.21 2.86
Compound Leverage Factor		 2.37 3.47 4.42 2.86 2.57 2.41 -28.48 2.94 3.34 2.66 1.10
Debt to Total Capital		 41.68% 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		 2.07% 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		 39.61% 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% 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		 58.32% 49.29% 42.26% 41.68% 47.62% 49.42% 42.58% 39.06% 43.58% 52.59% 50.62%
Debt to EBITDA		 1.79 -7.81 -13.26 3.02 2.88 2.84 8.36 2.90 2.28 2.26 4.07
Net Debt to EBITDA		 1.66 -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		 1.70 -7.81 -13.26 2.64 2.88 2.76 8.26 2.74 1.76 2.02 3.20
Debt to NOPAT		 4.94 -4.87 -7.16 6.29 4.02 5.47 127.25 5.73 3.99 4.76 14.92
Net Debt to NOPAT		 4.59 -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		 4.69 -4.87 -7.16 5.50 4.02 5.34 125.81 5.40 3.08 4.25 11.75
Altman Z-Score		 1.51 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% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.77 0.84 1.36 1.27 1.24 0.86 0.68 0.42 0.39 0.51 0.32
Quick Ratio		 0.43 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)		 20 -328 239 344 245 -57 -285 560 434 -318 177
Operating Cash Flow to CapEx		 99.45% 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		 0.22 -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		 9.65 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		 -0.05 -1.65 0.06 1.95 0.27 -0.88 -4.11 0.27 0.01 1.72 0.97
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.33 0.26 0.24 0.27 0.26 0.27 0.23 0.24 0.28 0.27 0.23
Accounts Receivable Turnover		 12.88 11.69 10.47 11.02 10.58 10.44 9.68 9.10 7.12 7.64 12.16
Inventory Turnover		 14.38 12.43 6.65 5.83 10.44 10.82 8.27 7.51 11.40 11.86 8.16
Fixed Asset Turnover		 0.39 0.32 0.30 0.35 0.33 0.32 0.27 0.28 0.34 0.31 0.27
Accounts Payable Turnover		 8.84 5.17 3.06 3.43 5.22 5.59 5.05 4.24 5.21 5.53 4.22
Days Sales Outstanding (DSO)		 28.33 31.21 34.85 33.14 34.48 34.96 37.72 40.13 51.26 47.76 30.03
Days Inventory Outstanding (DIO)		 25.38 29.36 54.92 62.62 34.97 33.73 44.12 48.59 32.02 30.77 44.73
Days Payable Outstanding (DPO)		 41.31 70.57 119.23 106.55 69.93 65.28 72.28 86.17 70.06 65.95 86.41
Cash Conversion Cycle (CCC)		 12.40 -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		 4,072 3,972 3,442 3,477 3,762 4,219 4,525 4,451 4,692 5,572 5,581
Invested Capital Turnover		 0.54 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		 329 -100 -530 35 285 457 306 -73 241 880 9.69
Enterprise Value (EV)		 5,862 5,020 5,372 5,525 5,696 5,433 5,730 6,973 7,788 7,134 8,196
Market Capitalization		 4,262 3,142 3,526 3,822 3,926 3,410 3,246 4,367 5,237 4,591 5,537
Book Value per Share		 $28.66 $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		 $28.59 $23.89 $17.90 $19.86 $22.48 $24.72 $21.62 $19.53 $22.68 $32.21 $31.12
Total Capital		 4,134 4,109 3,613 4,087 4,069 4,328 4,632 4,573 4,772 5,635 5,627
Total Debt		 1,723 2,084 2,086 2,384 2,131 2,189 2,660 2,787 2,692 2,672 2,779
Total Long-Term Debt		 1,637 2,084 2,086 2,084 2,131 2,134 2,630 2,629 2,083 2,384 2,188
Net Debt		 1,599 1,877 1,846 1,703 1,769 2,024 2,485 2,606 2,551 2,543 2,659
Capital Expenditures (CapEx)		 914 1,018 582 450 584 789 1,222 752 812 1,010 931
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -65 -184 -21 -83 -125 -25 -136 -587 -618 -160 -187
Debt-free Net Working Capital (DFNWC)		 -28 -70 109 472 105 -4.09 -115 -555 -572 -104 -149
Net Working Capital (NWC)		 -113 -70 109 172 105 -59 -145 -714 -1,181 -392 -740
Net Nonoperating Expense (NNE)		 49 -48 -0.60 95 138 96 145 123 109 85 109
Net Nonoperating Obligations (NNO)		 1,662 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)		 384 336 249 224 241 276 306 335 370 410 457
Debt-free, Cash-free Net Working Capital to Revenue		 -3.05% -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		 -1.31% -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		 -5.36% -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		 $3.57 ($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		 83.93M 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		 $3.52 ($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		 84.95M 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 $0.00 $3.53 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 84.19M 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)		 349 361 372 379 364 400 336 506 665 561 647
Normalized NOPAT Margin		 16.51% 20.48% 25.63% 23.99% 22.84% 23.61% 21.70% 29.01% 30.41% 25.83% 33.29%
Pre Tax Income Margin		 23.14% -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		 6.14 -6.06 -3.36 4.71 4.35 4.65 0.10 4.27 6.24 5.86 1.63
NOPAT to Interest Expense		 3.70 -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		 -3.56 -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		 -6.00 -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		 42.30% -34.45% -46.34% 49.06% 36.59% 48.45% -123.87% 44.85% 29.71% 36.93% 237.12%
Augmented Payout Ratio		 42.30% -34.45% -46.34% 49.06% 36.59% 51.36% -123.87% 45.87% 31.40% 38.33% 324.90%

Quarterly Metrics And Ratios for National Fuel Gas

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 95,026,423.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 95,026,423.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.61
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -14.71% -15.21% -20.26% -12.17% -2.63% 0.85% 4.59% 15.88% 27.40% 18.57% 17.59%
EBITDA Growth		 -4.01% -10.04% -8.58% 15.50% -74.93% -135.16% -37.76% 18.14% 444.76% 99.91% 8.95%
EBIT Growth		 -9.94% -24.46% -19.12% 14.46% -130.61% -247.93% -55.46% 29.53% 594.87% 202.79% 9.52%
NOPAT Growth		 -17.95% -53.16% -17.64% 15.05% -131.68% -245.74% -55.87% 26.86% 576.86% 201.50% 9.08%
Net Income Growth		 -14.37% -53.41% -21.61% 18.02% -158.47% -327.51% -66.18% 30.12% 376.63% 303.78% 14.47%
EPS Growth		 -14.53% -53.49% -21.74% 17.65% -159.00% -326.25% -65.97% 31.67% 377.97% 304.08% 9.28%
Operating Cash Flow Growth		 50.57% 14.80% -17.23% -17.86% -18.07% 8.78% -18.77% -19.52% 37.85% 24.91% 50.66%
Free Cash Flow Firm Growth		 -30,788.61% -1,892.72% -772.54% 14.41% 49.89% 81.24% 145.03% 212.24% 159.93% -200.25% -162.31%
Invested Capital Growth		 17.86% 18.75% 15.67% 11.76% 5.88% 0.17% -3.71% -4.20% -0.71% 8.80% 9.96%
Revenue Q/Q Growth		 -40.23% -13.94% 42.39% 19.91% -33.73% -10.87% 47.68% 32.84% -27.14% 0.00% 31.75%
EBITDA Q/Q Growth		 -20.04% -7.60% 35.93% 15.00% -82.64% -229.58% 340.61% 118.30% -19.96% 0.00% 18.97%
EBIT Q/Q Growth		 -29.70% -17.10% 61.33% 21.75% -118.80% -300.67% 148.57% 254.04% -28.18% 0.00% 28.06%
NOPAT Q/Q Growth		 -30.45% -16.95% 65.70% 20.20% -119.15% -282.13% 150.17% 245.58% -28.02% 0.00% 25.02%
Net Income Q/Q Growth		 -34.26% -20.45% 80.54% 25.00% -132.57% -209.50% 126.84% 380.95% -30.75% 0.00% 36.35%
EPS Q/Q Growth		 -34.64% -20.00% 80.00% 25.00% -132.78% -206.78% 127.07% 383.67% -30.80% 0.00% 30.81%
Operating Cash Flow Q/Q Growth		 -10.41% -47.09% 48.90% 16.38% -10.64% -29.75% 11.19% 15.31% 53.05% 0.00% 39.08%
Free Cash Flow Firm Q/Q Growth		 -39.51% -11.07% 19.39% 31.48% 18.32% 58.43% 293.52% 70.82% -56.39% 0.00% -6.16%
Invested Capital Q/Q Growth		 2.45% 2.89% 4.62% 1.35% -2.94% -2.66% 0.57% 0.82% 0.60% 0.00% 1.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 64.60% 69.28% 65.73% 62.32% 68.01% 67.98% 65.41% 62.16% 69.73% 64.91% 57.29%
EBITDA Margin		 60.66% 65.13% 62.17% 59.63% 15.62% -22.71% 37.00% 60.79% 66.79% 62.38% 56.32%
Operating Margin		 35.94% 33.96% 39.42% 39.79% -12.32% -52.83% 15.69% 43.46% 43.29% 42.38% 40.44%
EBIT Margin		 36.77% 35.42% 40.13% 40.75% -11.56% -51.96% 17.09% 45.55% 44.90% 43.65% 42.42%
Profit (Net Income) Margin		 21.60% 19.97% 25.32% 26.39% -12.97% -45.05% 8.19% 29.64% 28.17% 27.88% 28.85%
Tax Burden Percent		 73.77% 75.35% 75.53% 75.03% 65.67% 73.52% 80.09% 75.20% 74.57% 75.38% 74.96%
Interest Burden Percent		 79.64% 74.82% 83.53% 86.33% 170.91% 117.92% 59.81% 86.54% 84.13% 84.75% 90.74%
Effective Tax Rate		 26.23% 24.65% 24.47% 24.97% 0.00% 0.00% 19.91% 24.80% 25.43% 24.62% 25.04%
Return on Invested Capital (ROIC)		 11.87% 10.84% 11.18% 10.42% -3.00% -12.90% 4.32% 11.69% 12.34% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.04% 10.04% 10.27% 9.55% -3.72% -14.02% 3.45% 10.88% 11.52% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 11.33% 10.40% 9.28% 7.74% -3.13% -12.89% 3.21% 9.86% 10.10% 0.00% 0.00%
Return on Equity (ROE)		 23.19% 21.24% 20.46% 18.16% -6.14% -25.78% 7.54% 21.55% 22.43% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 -3.14% -6.20% -4.81% -1.24% 1.65% 3.17% 4.86% 7.47% 6.59% -8.43% -9.49%
Operating Return on Assets (OROA)		 10.16% 9.52% 9.79% 9.56% -2.71% -12.18% 3.98% 10.99% 11.58% 0.00% 0.00%
Return on Assets (ROA)		 5.97% 5.37% 6.18% 6.19% -3.04% -10.56% 1.91% 7.15% 7.27% 0.00% 0.00%
Return on Common Equity (ROCE)		 23.19% 21.24% 20.46% 18.16% -6.14% -25.78% 7.54% 21.55% 22.43% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 19.12% 0.00% 13.87% 14.09% 10.24% 0.00% -0.38% 1.43% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 114 94 156 188 -36 -138 69 239 172 208 260
NOPAT Margin		 26.52% 25.59% 29.78% 29.85% -8.63% -36.98% 12.56% 32.68% 32.29% 31.95% 30.31%
Net Nonoperating Expense Percent (NNEP)		 0.83% 0.79% 0.91% 0.87% 0.71% 1.12% 0.87% 0.81% 0.82% 0.98% 0.47%
Return On Investment Capital (ROIC_SIMPLE)		 - - 2.67% - - - 1.22% 4.18% 3.00% 3.27% 4.16%
Cost of Revenue to Revenue		 35.40% 30.72% 34.27% 37.68% 31.99% 32.02% 34.59% 37.84% 30.27% 35.09% 42.71%
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		 28.65% 35.32% 26.31% 22.53% 80.33% 120.81% 49.72% 18.70% 26.43% 22.53% 16.85%
Earnings before Interest and Taxes (EBIT)		 158 131 211 257 -48 -193 94 332 239 284 364
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 260 240 327 376 65 -84 203 444 355 406 483
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.55 1.55 1.40 1.48 1.60 1.94 2.00 2.59 2.57 2.02 2.33
Price to Tangible Book Value (P/TBV)		 1.55 1.55 1.40 1.49 1.60 1.95 2.01 2.60 2.58 2.02 2.34
Price to Revenue (P/Rev)		 2.03 2.11 2.18 2.51 2.57 2.85 2.80 3.47 3.51 0.00 0.00
Price to Earnings (P/E)		 8.08 9.63 10.09 10.53 15.62 71.44 0.00 181.36 31.43 0.00 0.00
Dividend Yield		 3.88% 3.88% 4.05% 3.72% 3.69% 3.33% 3.36% 2.60% 2.46% 2.65% 2.28%
Earnings Yield		 12.37% 10.39% 9.91% 9.50% 6.40% 1.40% 0.00% 0.55% 3.18% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.28 1.28 1.20 1.26 1.31 1.47 1.48 1.77 1.81 1.58 1.81
Enterprise Value to Revenue (EV/Rev)		 3.09 3.28 3.44 3.81 3.87 4.21 4.21 4.84 4.71 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 5.73 6.03 6.08 6.19 7.45 12.00 14.80 15.93 11.21 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 8.50 9.23 9.69 9.84 13.65 36.27 75.95 54.13 21.80 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 10.44 12.71 13.28 13.46 18.30 43.99 133.20 54.39 30.60 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.71 5.77 5.94 6.69 7.15 7.69 8.16 10.49 9.70 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 81.59 46.41 29.77 23.14 27.30 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.86 0.90 0.85 0.81 0.86 0.98 1.05 1.06 0.92 0.77 0.63
Long-Term Debt to Equity		 0.81 0.80 0.75 0.72 0.85 0.77 0.80 0.86 0.80 0.58 0.55
Financial Leverage		 1.03 1.04 0.90 0.81 0.84 0.92 0.93 0.91 0.88 0.85 0.80
Leverage Ratio		 3.28 3.21 2.93 2.69 2.74 2.86 2.85 2.83 2.78 2.76 2.67
Compound Leverage Factor		 2.61 2.40 2.45 2.32 4.69 3.37 1.70 2.45 2.34 2.34 2.42
Debt to Total Capital		 46.21% 47.41% 45.83% 44.66% 46.32% 49.38% 51.21% 51.52% 47.97% 43.60% 38.81%
Short-Term Debt to Total Capital		 2.54% 5.10% 5.12% 4.67% 0.86% 10.50% 12.41% 9.79% 6.32% 10.85% 5.46%
Long-Term Debt to Total Capital		 43.67% 42.31% 40.71% 39.98% 45.46% 38.89% 38.80% 41.74% 41.65% 32.76% 33.35%
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		 53.79% 52.59% 54.17% 55.34% 53.68% 50.62% 48.79% 48.48% 52.03% 56.40% 61.19%
Debt to EBITDA		 2.09 2.26 2.33 2.22 2.67 4.07 5.16 4.68 2.99 0.00 0.00
Net Debt to EBITDA		 1.98 2.15 2.23 2.11 2.51 3.89 4.95 4.50 2.87 0.00 0.00
Long-Term Debt to EBITDA		 1.97 2.02 2.07 1.98 2.62 3.20 3.91 3.79 2.60 0.00 0.00
Debt to NOPAT		 3.80 4.76 5.09 4.82 6.55 14.92 46.48 15.98 8.16 0.00 0.00
Net Debt to NOPAT		 3.61 4.53 4.86 4.59 6.16 14.27 44.55 15.38 7.83 0.00 0.00
Long-Term Debt to NOPAT		 3.59 4.25 4.52 4.32 6.43 11.75 35.22 12.95 7.09 0.00 0.00
Altman Z-Score		 1.15 1.09 1.08 1.16 1.08 0.95 1.05 1.34 1.45 1.15 1.46
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		 0.61 0.51 0.56 0.58 0.77 0.32 0.39 0.47 0.46 0.65 0.62
Quick Ratio		 0.38 0.29 0.35 0.38 0.49 0.17 0.26 0.32 0.31 0.52 0.45
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -707 -785 -633 -434 -354 -147 285 487 212 -286 -303
Operating Cash Flow to CapEx		 148.63% 64.50% 109.72% 134.17% 139.32% 80.13% 91.54% 130.93% 201.19% 99.02% 173.30%
Free Cash Flow to Firm to Interest Expense		 -22.03 -23.87 -18.22 -12.36 -10.36 -4.25 7.55 10.88 5.60 -6.59 -8.99
Operating Cash Flow to Interest Expense		 10.72 5.53 7.80 8.99 8.23 5.71 5.83 5.67 10.25 6.34 11.33
Operating Cash Flow Less CapEx to Interest Expense		 3.51 -3.04 0.69 2.29 2.32 -1.42 -0.54 1.34 5.16 -0.06 4.79
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.28 0.27 0.24 0.23 0.23 0.23 0.23 0.24 0.26 0.00 0.00
Accounts Receivable Turnover		 7.29 7.64 6.21 7.16 10.53 12.16 7.91 7.29 10.66 0.00 0.00
Inventory Turnover		 16.65 11.86 11.48 12.69 10.73 8.16 9.25 12.99 11.81 0.00 0.00
Fixed Asset Turnover		 0.33 0.31 0.29 0.27 0.27 0.27 0.27 0.28 0.29 0.00 0.00
Accounts Payable Turnover		 7.95 5.53 5.95 6.39 6.88 4.22 6.01 6.49 6.65 0.00 0.00
Days Sales Outstanding (DSO)		 50.06 47.76 58.81 50.95 34.66 30.03 46.15 50.06 34.25 0.00 0.00
Days Inventory Outstanding (DIO)		 21.92 30.77 31.80 28.77 34.03 44.73 39.48 28.10 30.89 0.00 0.00
Days Payable Outstanding (DPO)		 45.88 65.95 61.33 57.09 53.03 86.41 60.75 56.25 54.85 0.00 0.00
Cash Conversion Cycle (CCC)		 26.10 12.59 29.28 22.63 15.66 -11.66 24.88 21.90 10.29 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,415 5,572 5,829 5,908 5,734 5,581 5,613 5,659 5,693 6,107 6,223
Invested Capital Turnover		 0.45 0.42 0.38 0.35 0.35 0.35 0.34 0.36 0.38 0.00 0.00
Increase / (Decrease) in Invested Capital		 821 880 789 622 318 9.69 -216 -248 -41 494 564
Enterprise Value (EV)		 6,932 7,134 7,011 7,439 7,507 8,196 8,280 10,003 10,284 9,668 11,262
Market Capitalization		 4,538 4,591 4,444 4,903 4,981 5,537 5,511 7,176 7,654 7,235 8,929
Book Value per Share		 $31.98 $32.27 $34.53 $35.86 $33.87 $31.18 $30.31 $30.52 $32.93 $39.35 $40.25
Tangible Book Value per Share		 $31.92 $32.21 $34.47 $35.80 $33.81 $31.12 $30.25 $30.46 $32.87 $39.29 $40.19
Total Capital		 5,458 5,635 5,860 5,969 5,801 5,627 5,642 5,705 5,719 6,362 6,251
Total Debt		 2,522 2,672 2,686 2,665 2,687 2,779 2,889 2,940 2,743 2,774 2,426
Total Long-Term Debt		 2,384 2,384 2,386 2,387 2,637 2,188 2,189 2,381 2,382 2,084 2,085
Net Debt		 2,394 2,543 2,567 2,536 2,526 2,659 2,769 2,828 2,630 2,434 2,334
Capital Expenditures (CapEx)		 231 282 247 235 202 247 240 194 193 278 221
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -173 -160 -95 -81 -149 -187 -83 -116 -160 3.23 2.15
Debt-free Net Working Capital (DFNWC)		 -120 -104 -54 -30 -68 -149 -35 -76 -120 275 29
Net Working Capital (NWC)		 -258 -392 -354 -309 -118 -740 -735 -635 -482 -415 -313
Net Nonoperating Expense (NNE)		 21 21 23 22 18 30 24 22 22 26 13
Net Nonoperating Obligations (NNO)		 2,480 2,608 2,655 2,604 2,620 2,733 2,860 2,894 2,718 2,519 2,398
Total Depreciation and Amortization (D&A)		 102 110 116 119 113 109 109 111 116 122 119
Debt-free, Cash-free Net Working Capital to Revenue		 -7.74% -7.35% -4.67% -4.14% -7.69% -9.64% -4.24% -5.62% -7.31% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 -5.35% -4.80% -2.63% -1.54% -3.50% -7.68% -1.76% -3.69% -5.51% 0.00% 0.00%
Net Working Capital to Revenue		 -11.54% -18.03% -17.33% -15.82% -6.07% -38.05% -37.31% -30.68% -22.06% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.01 $0.81 $1.45 $1.81 ($0.59) ($1.83) $0.50 $2.39 $1.66 $1.99 $2.61
Adjusted Weighted Average Basic Shares Outstanding		 91.80M 91.75M 91.91M 92.11M 91.87M 91.79M 90.78M 90.50M 90.36M 91.17M 95.03M
Adjusted Diluted Earnings per Share		 $1.00 $0.80 $1.44 $1.80 ($0.59) ($1.81) $0.49 $2.37 $1.64 $1.98 $2.59
Adjusted Weighted Average Diluted Shares Outstanding		 92.29M 92.29M 92.44M 92.51M 91.87M 92.34M 91.43M 91.18M 91.14M 91.96M 95.69M
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		 91.82M 91.83M 92.13M 91.92M 91.36M 90.82M 90.61M 90.35M 90.36M 95.03M 95.04M
Normalized Net Operating Profit after Tax (NOPAT)		 114 94 156 188 104 -138 183 239 172 208 260
Normalized NOPAT Margin		 26.52% 25.59% 29.78% 29.85% 25.03% -36.98% 33.23% 32.68% 32.29% 31.95% 30.31%
Pre Tax Income Margin		 29.29% 26.50% 33.52% 35.18% -19.76% -61.28% 10.22% 39.42% 37.77% 36.99% 38.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.91 3.97 6.07 7.32 -1.41 -5.58 2.49 7.43 6.30 6.56 10.79
NOPAT to Interest Expense		 3.54 2.87 4.50 5.36 -1.05 -3.97 1.83 5.33 4.53 4.80 7.71
EBIT Less CapEx to Interest Expense		 -2.30 -4.60 -1.04 0.62 -7.32 -12.71 -3.88 3.10 1.21 0.16 4.25
NOPAT Less CapEx to Interest Expense		 -3.67 -5.71 -2.61 -1.34 -6.96 -11.10 -4.54 1.00 -0.56 -1.60 1.17
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.02% 36.93% 40.46% 38.68% 57.10% 237.12% -1,760.47% 470.85% 76.90% 0.00% 0.00%
Augmented Payout Ratio		 32.24% 38.33% 41.35% 40.43% 67.07% 324.90% -2,726.54% 759.98% 115.84% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

National Fuel Gas Co (NYSE: NFG) has demonstrated solid operating cash generation in recent quarters, alongside a capital-intensive asset base and periodic earnings volatility. Below are the key trends observed across the last four years of quarterly statements (cash flow, income statement, and balance sheet). Bullets are organized from most to least favorable, per your request.

  • Operating cash flow remains robust in recent quarters, with Net Cash From Continuing Operating Activities around $389M in Q3 2025, about $275M in Q1 2026, and $254M in Q2 2025, signaling strong core cash generation from operations.
  • Net income has been positive in the latest quarters, including Consolidated Net Income of about $181.6M in Q1 2026 and around $216.4M in Q2 2025, indicating earnings power returning after 2024 dips.
  • Dividend policy shows stability, with cash dividends per share generally in the $0.515–$0.535 range, providing steady income for shareholders.
  • The company raised substantial capital via equity in Q1 2026 (issuance of common equity about $347.1M) to help fund ongoing investments, reflecting access to capital markets for growth initiatives.
  • Revenue exhibits quarter-to-quarter volatility, with Operating Revenue ranging from roughly $372.1M (Q4 2024) to $729.95M (Q2 2025), suggesting exposure to commodity prices and seasonal effects.
  • The balance sheet shows a large, asset-heavy platform (PPE net around $7.3–$7.8B and Total Assets near $8.0–$9.2B across periods), underscoring a capital-intensive business supported by substantial fixed assets.
  • Share repurchases have been relatively small, indicating limited use of buybacks compared with other capital allocation actions like dividends or equity issuance.
  • Capital expenditures are sizable, with PPE purchases frequently significant (e.g., about $277.6M in Q1 2026), which can pressure near-term liquidity when CFO is similar in magnitude to capex.
  • Net investing cash flow is consistently negative, reflecting ongoing investments that reduce cash balances (for example, Net Cash From Investing Activities around -$278.9M in Q1 2026 and sizeable negatives in other recent quarters).
  • Quarterly earnings can dip or turn negative (for instance, Q4 2024 showed a net loss of about -$167.6M), highlighting ongoing earnings volatility tied to energy markets and impairments in some periods.
05/11/26 01:34 PM ETAI Generated. May Contain Errors.

National Fuel Gas Financials - Frequently Asked Questions

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.

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 $299.41 million in 2014. The previous period was $476.87 million in 2023. View National Fuel Gas' forecast to see where analysts expect National Fuel Gas to go next.

National Fuel Gas' 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

Over the last 10 years, National Fuel Gas' total revenue changed from $2.11 billion in 2014 to $1.94 billion in 2024, a change of -8.0%.

National Fuel Gas' total liabilities were at $5.62 billion at the end of 2025, a 2.8% increase from 2024, and a 23.9% increase since 2015.

In the past 10 years, National Fuel Gas' cash and equivalents has ranged from $20.43 million in 2019 to $555.53 million in 2017, and is currently $43.17 million as of their latest financial filing in 2025.

Over the last 10 years, National Fuel Gas' book value per share changed from 28.66 in 2014 to 31.18 in 2024, a change of 8.8%.


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Financial statements for NYSE:NFG last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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