NATIONAL FUEL GAS CO (NFG) Stock Fundamental Analysis

NYSE:NFG • US6361801011

85.06 USD
+0.18 (+0.21%)
At close: Feb 11, 2026
85.06 USD
0 (0%)
After Hours: 2/11/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

7

Taking everything into account, NFG scores 7 out of 10 in our fundamental rating. NFG was compared to 14 industry peers in the Gas Utilities industry. NFG has an excellent profitability rating, but there are some minor concerns on its financial health. NFG scores decently on growth, while it is valued quite cheap. This could make an interesting combination. These ratings could make NFG a good candidate for value investing.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • NFG had positive earnings in the past year.
  • In the past year NFG had a positive cash flow from operations.
  • In the past 5 years NFG has always been profitable.
  • Each year in the past 5 years NFG had a positive operating cash flow.
NFG Yearly Net Income VS EBIT VS OCF VS FCFNFG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 7.12%, NFG belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
  • The Return On Equity of NFG (18.26%) is better than 92.86% of its industry peers.
  • NFG has a better Return On Invested Capital (10.10%) than 85.71% of its industry peers.
  • NFG had an Average Return On Invested Capital over the past 3 years of 8.65%. This is in line with the industry average of 8.49%.
  • The 3 year average ROIC (8.65%) for NFG is below the current ROIC(10.10%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.12%
ROE 18.26%
ROIC 10.1%
ROA(3y)4.21%
ROA(5y)4.94%
ROE(3y)11.86%
ROE(5y)16.63%
ROIC(3y)8.65%
ROIC(5y)9.07%
NFG Yearly ROA, ROE, ROICNFG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • With an excellent Profit Margin value of 27.53%, NFG belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • NFG's Profit Margin has declined in the last couple of years.
  • NFG has a better Operating Margin (42.17%) than 92.86% of its industry peers.
  • In the last couple of years the Operating Margin of NFG has grown nicely.
  • With an excellent Gross Margin value of 90.18%, NFG belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • NFG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 42.17%
PM (TTM) 27.53%
GM 90.18%
OM growth 3Y4.57%
OM growth 5Y6.24%
PM growth 3Y-4.2%
PM growth 5YN/A
GM growth 3Y3.36%
GM growth 5Y1.32%
NFG Yearly Profit, Operating, Gross MarginsNFG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so NFG is still creating some value.
  • NFG has less shares outstanding than it did 1 year ago.
  • NFG has less shares outstanding than it did 5 years ago.
  • The debt/assets ratio for NFG has been reduced compared to a year ago.
NFG Yearly Shares OutstandingNFG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
NFG Yearly Total Debt VS Total AssetsNFG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.2 Solvency

  • Based on the Altman-Z score of 1.71, we must say that NFG is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.71, NFG belongs to the top of the industry, outperforming 92.86% of the companies in the same industry.
  • The Debt to FCF ratio of NFG is 13.54, which is on the high side as it means it would take NFG, 13.54 years of fcf income to pay off all of its debts.
  • NFG has a Debt to FCF ratio of 13.54. This is amongst the best in the industry. NFG outperforms 85.71% of its industry peers.
  • A Debt/Equity ratio of 0.61 indicates that NFG is somewhat dependend on debt financing.
  • NFG's Debt to Equity ratio of 0.61 is amongst the best of the industry. NFG outperforms 92.86% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 13.54
Altman-Z 1.71
ROIC/WACC1.31
WACC7.69%
NFG Yearly LT Debt VS Equity VS FCFNFG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B

2.3 Liquidity

  • NFG has a Current Ratio of 0.65. This is a bad value and indicates that NFG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.65, NFG is in line with its industry, outperforming 57.14% of the companies in the same industry.
  • NFG has a Quick Ratio of 0.65. This is a bad value and indicates that NFG is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a decent Quick ratio value of 0.59, NFG is doing good in the industry, outperforming 71.43% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.65
Quick Ratio 0.59
NFG Yearly Current Assets VS Current LiabilitesNFG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • NFG shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 40.31%, which is quite impressive.
  • NFG shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 18.56% yearly.
  • Looking at the last year, NFG shows a very strong growth in Revenue. The Revenue has grown by 20.86%.
  • NFG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 8.05% yearly.
EPS 1Y (TTM)40.31%
EPS 3Y5.47%
EPS 5Y18.56%
EPS Q2Q%24.1%
Revenue 1Y (TTM)20.86%
Revenue growth 3Y1.38%
Revenue growth 5Y8.05%
Sales Q2Q%18.57%

3.2 Future

  • NFG is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 2.63% yearly.
  • Based on estimates for the next years, NFG will show a quite strong growth in Revenue. The Revenue will grow by 9.02% on average per year.
EPS Next Y9.87%
EPS Next 2Y11.42%
EPS Next 3Y2.63%
EPS Next 5YN/A
Revenue Next Year10.97%
Revenue Next 2Y17.35%
Revenue Next 3Y9.02%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
NFG Yearly Revenue VS EstimatesNFG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B
NFG Yearly EPS VS EstimatesNFG Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2 4 6 8

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Find the best growth stocksShow best growing peers

8

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 11.64, the valuation of NFG can be described as very reasonable.
  • Based on the Price/Earnings ratio, NFG is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 28.18. NFG is valued rather cheaply when compared to this.
  • A Price/Forward Earnings ratio of 9.92 indicates a reasonable valuation of NFG.
  • Based on the Price/Forward Earnings ratio, NFG is valued cheaply inside the industry as 92.86% of the companies are valued more expensively.
  • NFG is valuated cheaply when we compare the Price/Forward Earnings ratio to 28.01, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 11.64
Fwd PE 9.92
NFG Price Earnings VS Forward Price EarningsNFG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, NFG is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
  • NFG's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. NFG is cheaper than 64.29% of the companies in the same industry.
Industry RankSector Rank
P/FCF 37.54
EV/EBITDA 6.86
NFG Per share dataNFG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • NFG's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • NFG has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)1.18
PEG (5Y)0.63
EPS Next 2Y11.42%
EPS Next 3Y2.63%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.53%, NFG has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.66, NFG is paying slightly less dividend.
  • Compared to an average S&P500 Dividend Yield of 1.80, NFG pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.53%

5.2 History

  • The dividend of NFG has a limited annual growth rate of 3.74%.
  • NFG has been paying a dividend for at least 10 years, so it has a reliable track record.
  • NFG has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)3.74%
Div Incr Years34
Div Non Decr Years34
NFG Yearly Dividends per shareNFG Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

  • 28.99% of the earnings are spent on dividend by NFG. This is a low number and sustainable payout ratio.
  • The dividend of NFG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP28.99%
EPS Next 2Y11.42%
EPS Next 3Y2.63%
NFG Yearly Income VS Free CF VS DividendNFG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M
NFG Dividend Payout.NFG Dividend Payout, showing the Payout Ratio.NFG Dividend Payout.PayoutRetained Earnings

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NATIONAL FUEL GAS CO

NYSE:NFG (2/11/2026, 8:04:00 PM)

After market: 85.06 0 (0%)

85.06

+0.18 (+0.21%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)01-28
Earnings (Next)04-28
Inst Owners79.49%
Inst Owner Change-1.53%
Ins Owners0.86%
Ins Owner Change1.84%
Market Cap7.69B
Revenue(TTM)2.38B
Net Income(TTM)655.16M
Analysts77.78
Price Target102 (19.92%)
Short Float %5.01%
Short Ratio6.27
Dividend
Industry RankSector Rank
Dividend Yield 2.53%
Yearly Dividend2.08
Dividend Growth(5Y)3.74%
DP28.99%
Div Incr Years34
Div Non Decr Years34
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)5.82%
Min EPS beat(2)3.22%
Max EPS beat(2)8.43%
EPS beat(4)4
Avg EPS beat(4)6.78%
Min EPS beat(4)3.22%
Max EPS beat(4)8.43%
EPS beat(8)7
Avg EPS beat(8)5.67%
EPS beat(12)9
Avg EPS beat(12)4.53%
EPS beat(16)12
Avg EPS beat(16)3.78%
Revenue beat(2)0
Avg Revenue beat(2)-6.92%
Min Revenue beat(2)-12%
Max Revenue beat(2)-1.84%
Revenue beat(4)0
Avg Revenue beat(4)-8.17%
Min Revenue beat(4)-12.14%
Max Revenue beat(4)-1.84%
Revenue beat(8)0
Avg Revenue beat(8)-14.5%
Revenue beat(12)1
Avg Revenue beat(12)-14.41%
Revenue beat(16)3
Avg Revenue beat(16)-10.84%
PT rev (1m)-1.32%
PT rev (3m)-1.32%
EPS NQ rev (1m)-12.71%
EPS NQ rev (3m)-14.31%
EPS NY rev (1m)-9.94%
EPS NY rev (3m)-6.95%
Revenue NQ rev (1m)0.71%
Revenue NQ rev (3m)-6.03%
Revenue NY rev (1m)-1.17%
Revenue NY rev (3m)-5.95%
Valuation
Industry RankSector Rank
PE 11.64
Fwd PE 9.92
P/S 3.23
P/FCF 37.54
P/OCF 6.66
P/B 2.14
P/tB 2.15
EV/EBITDA 6.86
EPS(TTM)7.31
EY8.59%
EPS(NY)8.58
Fwd EY10.08%
FCF(TTM)2.27
FCFY2.66%
OCF(TTM)12.78
OCFY15.02%
SpS26.33
BVpS39.69
TBVpS39.63
PEG (NY)1.18
PEG (5Y)0.63
Graham Number80.8
Profitability
Industry RankSector Rank
ROA 7.12%
ROE 18.26%
ROCE 12.49%
ROIC 10.1%
ROICexc 10.45%
ROICexgc 10.46%
OM 42.17%
PM (TTM) 27.53%
GM 90.18%
FCFM 8.61%
ROA(3y)4.21%
ROA(5y)4.94%
ROE(3y)11.86%
ROE(5y)16.63%
ROIC(3y)8.65%
ROIC(5y)9.07%
ROICexc(3y)8.7%
ROICexc(5y)9.13%
ROICexgc(3y)8.7%
ROICexgc(5y)9.13%
ROCE(3y)10.82%
ROCE(5y)11.32%
ROICexgc growth 3Y-3.46%
ROICexgc growth 5Y10.44%
ROICexc growth 3Y-3.45%
ROICexc growth 5Y10.45%
OM growth 3Y4.57%
OM growth 5Y6.24%
PM growth 3Y-4.2%
PM growth 5YN/A
GM growth 3Y3.36%
GM growth 5Y1.32%
F-Score7
Asset Turnover0.26
Health
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 13.54
Debt/EBITDA 1.48
Cap/Depr 202.46%
Cap/Sales 39.92%
Interest Coverage 250
Cash Conversion 78.42%
Profit Quality 31.26%
Current Ratio 0.65
Quick Ratio 0.59
Altman-Z 1.71
F-Score7
WACC7.69%
ROIC/WACC1.31
Cap/Depr(3y)216.75%
Cap/Depr(5y)218.79%
Cap/Sales(3y)44.81%
Cap/Sales(5y)42.94%
Profit Quality(3y)85.85%
Profit Quality(5y)53.73%
High Growth Momentum
Growth
EPS 1Y (TTM)40.31%
EPS 3Y5.47%
EPS 5Y18.56%
EPS Q2Q%24.1%
EPS Next Y9.87%
EPS Next 2Y11.42%
EPS Next 3Y2.63%
EPS Next 5YN/A
Revenue 1Y (TTM)20.86%
Revenue growth 3Y1.38%
Revenue growth 5Y8.05%
Sales Q2Q%18.57%
Revenue Next Year10.97%
Revenue Next 2Y17.35%
Revenue Next 3Y9.02%
Revenue Next 5YN/A
EBIT growth 1Y33.83%
EBIT growth 3Y6.01%
EBIT growth 5Y14.79%
EBIT Next Year75.86%
EBIT Next 3Y24.27%
EBIT Next 5YN/A
FCF growth 1Y30.13%
FCF growth 3Y544.28%
FCF growth 5Y50.06%
OCF growth 1Y-2.19%
OCF growth 3Y10.63%
OCF growth 5Y8.23%

NATIONAL FUEL GAS CO / NFG FAQ

What is the ChartMill fundamental rating of NATIONAL FUEL GAS CO (NFG) stock?

ChartMill assigns a fundamental rating of 7 / 10 to NFG.


What is the valuation status for NFG stock?

ChartMill assigns a valuation rating of 8 / 10 to NATIONAL FUEL GAS CO (NFG). This can be considered as Undervalued.


What is the profitability of NFG stock?

NATIONAL FUEL GAS CO (NFG) has a profitability rating of 8 / 10.


What is the valuation of NATIONAL FUEL GAS CO based on its PE and PB ratios?

The Price/Earnings (PE) ratio for NATIONAL FUEL GAS CO (NFG) is 11.64 and the Price/Book (PB) ratio is 2.14.


Can you provide the financial health for NFG stock?

The financial health rating of NATIONAL FUEL GAS CO (NFG) is 5 / 10.