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NFG · NYSE · United States · Natural Gas Distribution
In shortNATIONAL FUEL GAS CO is profitable, generates cash and carries moderate debt, with revenue growing (+17.1% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 35.7% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 22.8% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 33.7% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 10.5% | 70/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.44× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.87× | 63/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 2.08× | 55/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 5.22× | 35/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 1.57 | 12/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 8.2% | 53/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.36× | 8/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 2 of 5 | 33/100 |
| Revenue growth volatility | 39.4% | 0/100 |
| Operating margin volatility | 10.7% | 11/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -9.4% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | -2.6% | 12/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,743 | 3,061 | 2,255 | 1,945 | 2,278 |
| Cost of revenue | 172 | 392 | 438 | 150 | 213 |
| Gross profit | 1,571 | 2,669 | 1,817 | 1,795 | 2,064 |
| Operating income | 640 | 815 | 755 | 210 | 813 |
| Interest expense | 146 | 130 | 132 | 139 | 156 |
| Pre-tax income | 478 | 683 | 641 | 87 | 694 |
| Income tax | 115 | 117 | 165 | 9.7 | 176 |
| Net income | 364 | 566 | 477 | 78 | 519 |
| Diluted EPS | $3.97 | $6.15 | $5.17 | $0.84 | $5.68 |
| Diluted shares (millions) | 92 | 92 | 92 | 92 | 91 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of NATIONAL FUEL GAS CO are included in the Investor plan. Try free for 7 days →
1.57 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
7/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Jul 30, 2026