National Fuel Gas CoNational Fuel Gas Co
National Fuel Gas Co

National Fuel Gas Co

NFG
Energy·Oil, Gas & Consumable Fuels

National Fuel Gas Co. is a holding company, which engages in the production, gathering, transportation, storage, and distribution of natural gas. It operates through the following segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. The Integrated Upstream and Gathering segment is composed of the operations of Seneca Resources Company and National Fuel Gas Midstream Company. The Pipeline and Storage segment transports and stores natural gas owned by customers. The Utility segment sells natural gas to retail customers and provides natural gas transportation services. The company was founded on December 8, 1902 and is headquartered in Williamsville, NY.

New York; U.S.A
Market cap
No dataNo data
Revenue
$2.3B+17.1% YoY
Net income
$518.5M+568.9% YoY
Free cash flow
$187.2M+39.0% YoY

Market

Listed stock
NFGPriceNYSE
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Financial performance

Revenue
$2.3B+17.1% YoY
Operating income
$813.5M+287.9% YoY
Net income
$518.5M+568.9% YoY
Free cash flow
$187.2M+39.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.7B, 2022 $2.2B, 2023 $2.2B, 2024 $1.9B, 2025 $2.3B. Operating income: 2021 $639.9M, 2022 $814.5M, 2023 $755.1M, 2024 $209.7M, 2025 $813.5M. Net income: 2021 $363.6M, 2022 $566M, 2023 $476.9M, 2024 $77.5M, 2025 $518.5M. Free cash flow: 2021 $39.8M, 2022 $695K, 2023 $227.2M, 2024 $134.7M, 2025 $187.2M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
17.1%+2764 bps YoY
Gross margin
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Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-09-30 $639.9M, 2022-09-30 $814.5M, 2023-09-30 $755.1M, 2024-09-30 $209.7M, 2025-09-30 $813.5M. Net income: 2021-09-30 $363.6M, 2022-09-30 $566M, 2023-09-30 $476.9M, 2024-09-30 $77.5M, 2025-09-30 $518.5M. Free cash flow: 2021-09-30 $39.8M, 2022-09-30 $695K, 2023-09-30 $227.2M, 2024-09-30 $134.7M, 2025-09-30 $187.2M

Growth heatmap

2022202320242025CAGR
Revenue
+25.4%
-0.6%
-10.5%
+17.1%
+6.9%
Gross profit
+14.2%
-3.2%
+3.4%
+15.0%
+7.1%
Operating income
+27.3%
-7.3%
-72.2%
+287.9%
+6.2%
Free cash flow
-98.3%
+32591.7%
-40.7%
+39.0%
+47.2%

Earnings quality

Operating cash flow
$1.1B+3.2% YoY
Net income
$518.5M+568.9% YoY
Free cash flow
$187.2M+39.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-09-30 212%, 2024-09-30 1375%, 2023-09-30 259%, 2022-09-30 144%, 2021-09-30 218%. Free cash flow: 2025-09-30 36%, 2024-09-30 174%, 2023-09-30 48%, 2022-09-30 0%, 2021-09-30 11%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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