NFGNYSENatural Gas DistributionFiscal year ends September 30
NATIONAL FUEL GAS CO
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$78.15−1.77 (-2.21%)
Close on Oct 19, 2026
- Market cap
- $7.48B
- P/E (TTM)
- 10.9
- Dividend yield
- 2.69%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
90.6%+5.8 pts over 5 years
Operating margin
35.7%+33.8 pts over 5 years
Net margin
22.8%+30.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.1% | +1.4% | +8.1% | – | |
| Gross profit | +15.0% | +4.8% | +9.5% | – | |
| Operating income | +287.9% | -0.0% | +93.7% | – | |
| Net income | +568.9% | -2.9% | – | – | |
| EPS, diluted | +576.2% | -2.6% | – | – | |
| Free cash flow | +39.0% | +545.8% | +50.0% | – | |
| Dividend per share | +4.0% | +4.1% | +3.6% | +3.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Return on assets | -4.8% | -1.8% | 6.1% | |
| Current ratio | 1.36 | 0.68 | 0.44 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | -11.71× | 7.85× | 2.20× | |
| Interest coverage | -3.4× | 0.3× | 5.2× | |
| Capex to revenue | 40.0% | 46.3% | 40.1% | |
| Diluted shares | 85M | 88M | 91M |
Where the cash went
Fiscal 2021 to 2025, five years combined
National Fuel Gas generated $5.01B from operations and spent $5.42B on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
$5.01B
Used
$5.42B
Capital expenditure$4.42B82%Dividends$879.57M16%Share buybacks$122.22M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.0%
×Asset turnover0.23×
×Equity multiplier-235.34×
=Return on equity, FY2024-219.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 4.0% | 0.23× | -235.34× | -219.8% |
| FY2023 | 21.9% | 0.27× | -23.76× | -140.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$518.50M
- Cash generatingOperating cash flow above zero$1.10B
- Return on assets improvedROA up on the prior year0.9% → 6.2%
- Earnings backed by cashOperating cash flow above net income$1.10B vs $518.50M
- Less leverageLong-term debt to assets fell26.3% → 27.3%
- Better liquidityCurrent ratio rose0.32 → 0.44
- No dilutionShare count did not rise92M → 91M
- Gross margin improvedGross margin up on the prior year92.28% → 90.63%
- More efficientAsset turnover rose0.23 → 0.27