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Vertically integrated US energy company combining Appalachian gas production, pipelines and a regulated utility.
Vertically integrated US energy company combining Appalachian gas production, pipelines and a regulated utility.
Splits earnings between three arms in one region: selling Appalachian gas at market prices, charging fees to move and store gas on its pipelines under mostly fixed-capacity contracts, and a regulated utility allowed a set return on its asset base. Owning production, pipes and the utility in the same basin ties the pieces together.
Moat: narrow (regulatory licence, installed base, scale). Regulated utility franchise plus integrated pipeline/production assets create a durable, diversified base.
Headquarters: Williamsville, New York, US · Founded: 1902 · Employees: 2,322
Size National Fuel Gas (NFG) is a United States Energy company (Integrated Oil) with a market value of $6.98B, the 963rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $73.43 on 6 Nov 2026.
Performance Over six months the shares fell 7.7%, against -3.5% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 12.5% over the last twelve months (peer median +12.4%); the operating margin is 36.8% (peer median 30.6%).
Valuation It trades at 10.2× forward earnings against a peer median of 8.8× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.7 points above its cost of capital (6.3% WACC).
Credit National Fuel Gas has 8 bonds outstanding ($3.60B), rated BBB- by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.36B | $2.23B | $1.73B | $2.26B | $3.07B |
| Revenue growth | — | +29% | -24% | -26% | — |
| Gross profit | $965M | $1.00B | $601M | $937M | $1.79B |
| EBITDA | $1.35B | $1.38B | $978M | $1.26B | $2.06B |
| Net income | $675M | $519M | $77.5M | $477M | $566M |
| Free cash flow | $222M | $187M | $135M | $227M | $695,000 |
| Capital expenditure | $1.05B | $913M | $931M | $1.01B | $812M |
| Total debt | $3.57B | $2.87B | $2.82B | $2.71B | $2.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Fuel Gas NFG | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| CNX Resources CNX | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% |
| Antero Resources AR | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% |
| Dominion Energy D | $60.3B | +12% | +23% | 29% | 18.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NFG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.1% | -6.3% | 11th highest of 21 |
| 6-month return | -7.7% | -3.5% | 8th lowest of 21 |
| Distance from 52-week high | -24.4% | -20.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +12.5% | +12.4% | 11th highest of 21 |
| Operating margin | 36.8% | 30.6% | 10th highest of 21 |
| Forward P/E | 10.2× | 8.8× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.2% | -9.7% | 6th most demanding of 19 |
| Growth delivered (Del g) | +9.1% | +19.5% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | -15.3 pp | -27.5 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | +4.7 pp | +7.7 pp | 8th lowest of 21 |
| EV / EBITDA | 6.9× | 4.1× | 3rd most expensive of 18 |
| Net debt / EBITDA | 1.7× | 0.8× | 3rd most indebted of 18 |
| Bond spread | 84 bp | 155 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
National Fuel Gas has 8 bonds outstanding with $3.60B face value. The agencies rate it BBB-; its bonds trade like BBB+. Weighted yield 5.47%, a spread of 84 bp over government bonds.