National Fuel Gas CompanyNFG
NYSE•Energy•Oil & Gas Integrated
National Fuel Gas Company operates as a diversified energy company. It operates through Integrated Upstream and Gathering, Pipeline and Storage, and Utility segments. The Integrated Upstream and Gathering segment explores for, develops, and produces natural gas and oil. It also builds, owns, and operates gathering facilities in the Appalachian region, as well as provides gathering services to Seneca. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York; and storage services through its underground natural gas storage fields. This segment also transports and stores natural gas for National Fuel Gas Distribution Corporation, as well as for utilities, industrial companies, and power producers in New York State. The Utility segment sells natural gas to retail customers; and provides natural gas utility services to various customers in Buffalo, Niagara Falls, and Jamestown, New York, as well as in Erie and Sharon, Pennsylvania. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.
National Fuel Gas Company (NFG) reported trailing twelve months revenue of $2.51B as of March 2026, a 21.2% increase year-over-year. Quarterly revenue reached $858.37M, reflecting continued top-line momentum.
National Fuel Gas Company generated $686.47M in TTM net income, with quarterly EBITDA of $466.46M. The operating margin contracted from 43.5% to 40.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (40.4%) and net margin (28.9%) indicates moderate non-operating costs. Net margin has narrowed from 29.6% a year ago, reflecting increased costs or interest expense.
NFG trades at a P/E of 10.7x (below the broader market average) and a P/S of 2.9x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $161.72M in free cash flow over the trailing twelve months, a 169.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.13B in total assets with $2.08B in long-term debt against $3.82B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 19.8%. The business may lack pricing power or face rising costs.'
ROE averages 1062.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~29.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding rose 3.4% — mild dilution. Compare to earnings growth to assess net per-share impact.