National Fuel Gas (NFG) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

National Fuel Gas

NYSE•Energy•Oil & Gas Integrated

$80.92+1.03(0.01%)Market closed

Market Cap

$7.69B

P/E

11.4x

P/S

3.1x

P/B

2.0x

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.

How this company scores

GoodMetricSide Score: 75/100

Strongest: Growth (23/25); weakest: Cash & Earnings Quality (15/25).

Profitability22/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality15/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.4x5y range 8.4x – 181.1x

Currently near its 19-quarter median.

P/S · 3.1x5y range 2.1x – 3.7x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.6x – 985.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $7.69B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.51B
Q. Revenue: $537.50M
TTM EBITDA: $1.49B
TTM Op. Income: $1.01B
Q. Op. Income: $208.94M
TTM Net Income: $675.28M
Q. Net Income: $138.62M
EPS: $1.46
Shares Out.: $95.03M

$2.51B in TTM revenue grew 15.1% YoY, reaching $537.50M last quarter. TTM EBITDA of $1.49B and TTM operating income of $1.01B show growth is flowing through to the bottom line. TTM net income of $675.28M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 94.4%
EBITDA Margin: 61.4%
Op. Margin: 38.9%
Net Margin: 25.8%

Op. margin of 38.9% is down 4.4% YoY — costs are rising relative to revenue. Net margin at 25.8% and gross margin of 94.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.4x
P/S Ratio: 3.1x
P/B Ratio: 2.0x

At 11.4x P/E, the stock trades below typical market levels. P/S of 3.1x and P/B of 2.0x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 64% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.45B
Cash: $1.24B
Long-Term Debt: $3.57B
Book Value: $3.92B
D/E Ratio: 0.9
Debt/EBITDA: 10.8

With $10.45B in assets and $3.57B in long-term debt, D/E is 0.9and book value is $3.92B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 14% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $377.26M
TTM Free Cash Flow: $222.27M
FCF Margin: 8.8%
FCF / Net Income: 0.3

TTM FCF of $222.27M on $377.26M in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 20% — a weakening trend.