# National Fuel Gas Company (NFG)

> Source: Nexqual · https://nexqual.com/NFG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, National Fuel Gas Company (NFG), nexqual.com/NFG" · informational, not investment advice.

**Price:** USD 80.93 (+2.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 79.31 · day 78.4–81.26 · 52w 75.03–97.06 · market cap $7.69B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.56B, net income $675M (26.3% margin), free cash flow $222M (SEC filings).
- Valuation: P/E 11.4x (avg 32.8x at the last 3 fiscal year-ends), EV/EBITDA 6.7x, net debt $2.33B.
- 1 of 80 tracked superinvestors hold NFG (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y +1.2% vs S&P 500 +14.9%; 5Y +62.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.04, revenue estimate $472M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.74B | $3.06B | $2.25B | $1.94B | $2.28B | $2.56B |
| Gross profit | $1.57B | $2.67B | $1.82B | $1.79B | $2.06B | — |
| Operating income | $640M | $815M | $755M | $210M | $813M | $1.01B |
| Net income | $364M | $566M | $477M | $77.5M | $519M | $675M |
| EPS (diluted) | $3.97 | $6.15 | $5.17 | $0.84 | $5.68 | — |
| Free cash flow | $39.8M | $695K | $227M | $135M | $187M | $222M |
| Gross margin | 90.1% | 87.2% | 80.6% | 92.3% | 90.6% | — |
| Operating margin | 36.7% | 26.6% | 33.5% | 10.8% | 35.7% | 39.5% |
| Net margin | 20.9% | 18.5% | 21.1% | 4.0% | 22.8% | 26.3% |
| Revenue growth | +12.7% | +75.7% | -26.3% | -13.8% | +17.1% | — |
| Cash + short-term investments | $31.5M | $46.0M | $55.4M | $38.2M | $43.2M | — |
| Total debt | $2.63B | $2.63B | $2.38B | $2.69B | $2.68B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.4x · P/S 3.0x · EV/EBITDA 6.7x · EV/Sales 3.9x · P/FCF 34.6x · P/B 2.0x · FCF yield 2.89% · Earnings yield 8.78% · Dividend yield (paid, TTM) 2.58% · Buyback yield (TTM) 0.00% · Net debt $2.33B · EV $10.0B
P/E at fiscal year-ends: Sep 2025 16.3x, Sep 2024 72.2x, Sep 2023 10.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NFG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 2.15% | $69.7M | New position |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.2% | +62.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.2% | +10.1% |
| Volatility (annualized) | 19.6% | 21.1% |
| Max drawdown | -20.9% (Apr 2026→Jun 2026) | -33.1% (May 2022→Jan 2024) |

## Peers (Oil & Gas Integrated)
TGS (Transportadora de Gas del Sur S) USD 25.94 -0.54% · YPF (YPF Sociedad Anonima) USD 49.17 -2.38% · EC (Ecopetrol S.A.) USD 17.01 -1.33% · CVE (Cenovus Energy Inc) USD 32.01 -3.38% · DEC (Diversified Energy Company) USD 14.39 +1.05% · IMO (Imperial Oil Limited) USD 131.84 -2.75%

## More
Full page: https://nexqual.com/NFG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Reportable Segments | $574.6M | 106.9% | +0.9% |
| Integrated Upstream and Gathering | $244.3M | 45.4% | -19.6% |
| Utility | $160.2M | 29.8% | +3.0% |
| Pipeline and Storage | $106.5M | 19.8% | +0.9% |
| Total revenue | $537.5M | 100% | — |
The lines above cover 202% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Production of Natural Gas | $235.0M | 43.7% | -21.7% |
| Other | $5.4M | 1.0% | +918.9% |
| Natural Gas Gathering Service | $3.7M | 0.7% | +47.8% |
| Natural Gas Processing | $245,000 | 0.0% | -8.2% |
| Total revenue | $537.5M | 100% | — |
The lines above cover 45.5% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.04 | $1.22 | -14.4% | $472.4M | 4 |
| Next quarter (ends 2026-12-31) | $2.13 | $2.12 | +0.4% | $826.7M | 4 |
| Current fiscal year (ends 2026-09-30) | $7.25 | $7.37 | -1.6% | $2.55B | 5 |
| Next fiscal year (ends 2027-09-30) | $7.45 | $7.78 | -4.3% | $3.03B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±6.5%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.6% | ±6.5% |
| 2026-12-18 | 56 | 25.9% | ±8.1% |
| 2027-01-15 | 84 | 24.4% | ±9.5% |
| 2027-04-16 | 175 | 24.6% | ±13.5% |