NFG
National Fuel Gas Company
NFG's fundamentals are strong: its operating margin rose 20 points to 40% and revenue grew 15%. At 11x earnings, it's trading below its usual 13x. Analysts expect earnings to hold roughly steady.
NFG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Healthy |
NFG's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
NFG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.9x | $71.28 | -6.6% |
| Current | 11x | $76.35 | — |
| Forward | 11x | $76.35 | — |
| Fair | 13x | $94.09 | +23% |
| Expensive | 40x | $291 | +281% |
Historical ranges are pointers, not guarantees.
NFG's PE is in its cheap range at 10.6x. On analysts' estimates for next year's earnings, today's price would be 10.6x.
NFG Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect NFG's revenue to grow, but its profitability to weaken.
NFG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.23 | +0.4% |
| Q2 2026 | $7.20 | +168% |
| Q1 2026 | $7.39 | +1507% |
| Q4 2025 | $7.17 | +$7.28 |
| Q3 2025 | $5.68 | +576% |
| Q2 2025 | $2.69 | -22% |
| Q1 2025 | $0.46 | -91% |
| Q4 2024 | -$0.11 | -102% |
| Q3 2024 | $0.84 | -84% |
NFG earned $7.20 per share over the past year, up 168% from the year before.
NFG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $537.5M | +1.1% |
| Q1 2026 | $858.4M | +18% |
| Q4 2025 | $651.5M | +19% |
| Q3 2025 | $466.3M | +25% |
| Q2 2025 | $531.8M | +27% |
| Q1 2025 | $730M | +16% |
| Q4 2024 | $549.5M | +4.6% |
| Q3 2024 | $372.1M | +0.8% |
NFG's revenue has grown year over year for eight quarters in a row: $537M last quarter, up 1.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 39% | -4.4 points |
| Q1 2026 | 40% | -3 points |
| Q4 2025 | 42% | +27 points |
| Q3 2025 | 39% | +91 points |
| Q2 2025 | 43% | +56 points |
| Q1 2025 | 43% | +3.7 points |
| Q4 2024 | 16% | -24 points |
| Q3 2024 | -53% | -87 points |
NFG's operating margin was 39% last quarter, down 4.4 points from the same quarter a year ago.
NFG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $111M | -43% |
| Q1 2026 | $161.7M | +170% |
| Q4 2025 | -$2.7M | +$17.6M |
| Q3 2025 | -$47.8M | +$1.3M |
| Q2 2025 | $195.4M | +146% |
| Q1 2025 | $59.9M | -25% |
| Q4 2024 | -$20.3M | -185% |
| Q3 2024 | -$49.1M | +$51.1M |
NFG generated $222M in free cash flow over the past year, up 20% from the year before.
NFG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +44.5K shares |
| 1 year | +5% | +4.6M shares |
| 3 years | +3.7% | +3.4M shares |
| 5 years | +4.3% | +4M shares |
| Available history | +10% | +9M shares |
NFG has 96M diluted shares, up 5% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $4M |
| Q1 2025 | $16.9M |
| Q4 2024 | $33.5M |
| Q3 2024 | $36.2M |
NFG hasn't bought back shares in the past year.
NFG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 1.7x | Healthy |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 5.3x | High |
| Q3 2024 | 4.1x | High |
NFG's net debt is about 1.6 years of its operating earnings (EBITDA), down from 3.1 years a year ago.
NFG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 24.4 | Neutral |
NFG's weekly RSI is 42 (neutral) and its Stochastic is 24 (neutral).
NFG PE vs Energy Sector
| Metric | NFG | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 22 | 61 | 39 pts below |
NFG is trading at 11x earnings, a 19% discount to the Energy sector's median of 13x.
NFG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $78.0 | 2.1% below |
| 20 week MA | $80.1 | 4.6% below |
| 50 week MA | $82.8 | 7.8% below |
| 100 week MA | $81.2 | 6% below |
| 200 week MA | $68.0 | 12% above |
NFG has fallen below most of its moving averages, though it's still 12% above its 200-week average.
NFG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.9 | $42.1 | -10% |
| 2021 | $42.1 | $63.1 | +50% |
| 2022 | $63.1 | $65.2 | +3.3% |
| 2023 | $65.2 | $50.2 | -23% |
| 2024 | $50.2 | $60.4 | +20% |
| 2025 | $60.4 | $80.9 | +34% |
| 2026 YTD | $80.9 | $76.4 | -5.7% |
NFG has finished higher in four of the last six years. It's down 5.7% so far in 2026.