NATIONAL FUEL GAS CO (NFG) Fundamental Analysis & Valuation

NYSE:NFG • US6361801011

93.6 USD
+0.68 (+0.73%)
Last: Mar 4, 2026, 02:54 PM
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This NFG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

7

We assign a fundamental rating of 7 out of 10 to NFG. NFG was compared to 15 industry peers in the Gas Utilities industry. While NFG has a great profitability rating, there are some minor concerns on its financial health. An interesting combination arises when we look at growth and value: NFG is growing strongly while it also seems undervalued. These ratings could make NFG a good candidate for value and growth investing.


Dividend Valuation Growth Profitability Health

9

1. NFG Profitability Analysis

1.1 Basic Checks

  • NFG had positive earnings in the past year.
  • NFG had a positive operating cash flow in the past year.
  • 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

  • NFG has a better Return On Assets (7.12%) than 100.00% of its industry peers.
  • NFG's Return On Equity of 18.26% is amongst the best of the industry. NFG outperforms 86.67% of its industry peers.
  • NFG has a Return On Invested Capital of 10.10%. This is amongst the best in the industry. NFG outperforms 86.67% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for NFG is above the industry average of 6.13%.
  • 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

  • NFG has a better Profit Margin (27.53%) than 100.00% of its industry peers.
  • In the last couple of years the Profit Margin of NFG has declined.
  • NFG's Operating Margin of 42.17% is amongst the best of the industry. NFG outperforms 93.33% of its industry peers.
  • In the last couple of years the Operating Margin of NFG has grown nicely.
  • NFG has a Gross Margin of 90.18%. This is amongst the best in the industry. NFG outperforms 100.00% of its industry peers.
  • In the last couple of years the Gross Margin of NFG has remained more or less at the same level.
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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6

2. NFG Health Analysis

2.1 Basic Checks

  • NFG has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • Compared to 1 year ago, NFG has less shares outstanding
  • Compared to 5 years ago, NFG has less shares outstanding
  • Compared to 1 year ago, NFG has an improved debt to assets ratio.
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

  • NFG has an Altman-Z score of 1.83. This is not the best score and indicates that NFG is in the grey zone with still only limited risk for bankruptcy at the moment.
  • With an excellent Altman-Z score value of 1.83, NFG belongs to the best of the industry, outperforming 100.00% 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 93.33% of its industry peers.
  • NFG has a Debt/Equity ratio of 0.61. This is a neutral value indicating NFG is somewhat dependend on debt financing.
  • The Debt to Equity ratio of NFG (0.61) is better than 100.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF 13.54
Altman-Z 1.83
ROIC/WACC1.31
WACC7.71%
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

  • A Current Ratio of 0.65 indicates that NFG may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.65, NFG is in line with its industry, outperforming 46.67% of the companies in the same industry.
  • A Quick Ratio of 0.59 indicates that NFG may have some problems paying its short term obligations.
  • NFG's Quick ratio of 0.59 is fine compared to the rest of the industry. NFG outperforms 66.67% of its industry peers.
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

7

3. NFG Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 40.31% over the past year.
  • 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

  • Based on estimates for the next years, NFG will show a small growth in Earnings Per Share. The EPS will grow by 2.63% on average per year.
  • Based on estimates for the next years, NFG will show a quite strong growth in Revenue. The Revenue will grow by 11.45% on average per year.
EPS Next Y9.87%
EPS Next 2Y11.42%
EPS Next 3Y2.63%
EPS Next 5YN/A
Revenue Next Year9.52%
Revenue Next 2Y20.04%
Revenue Next 3Y11.45%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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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7

4. NFG Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 12.80, the valuation of NFG can be described as correct.
  • Based on the Price/Earnings ratio, NFG is valued a bit cheaper than the industry average as 73.33% of the companies are valued more expensively.
  • When comparing the Price/Earnings ratio of NFG to the average of the S&P500 Index (26.83), we can say NFG is valued rather cheaply.
  • With a Price/Forward Earnings ratio of 10.91, the valuation of NFG can be described as very reasonable.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of NFG indicates a rather cheap valuation: NFG is cheaper than 86.67% of the companies listed in the same industry.
  • NFG is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.95, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 12.8
Fwd PE 10.91
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

  • NFG's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. NFG is cheaper than 80.00% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, NFG is valued a bit cheaper than 66.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF 43.42
EV/EBITDA 7.63
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.
  • The excellent profitability rating of NFG may justify a higher PE ratio.
PEG (NY)1.3
PEG (5Y)0.69
EPS Next 2Y11.42%
EPS Next 3Y2.63%

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

5

5. NFG Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.40%, NFG has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 3.56, NFG's dividend is way lower than its industry peers. On top of this 80.00% of the companies listed in the same industry pay a better dividend than NFG!
  • NFG's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.4%

5.2 History

  • The dividend of NFG has a limited annual growth rate of 3.74%.
  • NFG has paid a dividend for at least 10 years, which is 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.
  • NFG's earnings are growing slower than its dividend. 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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NFG Fundamentals: All Metrics, Ratios and Statistics

NATIONAL FUEL GAS CO

NYSE:NFG (3/4/2026, 2:54:26 PM)

93.6

+0.68 (+0.73%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)01-28
Earnings (Next)04-28
Inst Owners79.49%
Inst Owner Change6.85%
Ins Owners0.86%
Ins Owner Change1.84%
Market Cap8.89B
Revenue(TTM)2.38B
Net Income(TTM)655.16M
Analysts77.78
Price Target102 (8.97%)
Short Float %3.6%
Short Ratio4.41
Dividend
Industry RankSector Rank
Dividend Yield 2.4%
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)-3.85%
PT rev (3m)-1.96%
EPS NQ rev (1m)-0.26%
EPS NQ rev (3m)-9.35%
EPS NY rev (1m)-5.31%
EPS NY rev (3m)-6.95%
Revenue NQ rev (1m)1.1%
Revenue NQ rev (3m)-6.73%
Revenue NY rev (1m)-0.85%
Revenue NY rev (3m)-7.17%
Valuation
Industry RankSector Rank
PE 12.8
Fwd PE 10.91
P/S 3.74
P/FCF 43.42
P/OCF 7.7
P/B 2.48
P/tB 2.48
EV/EBITDA 7.63
EPS(TTM)7.31
EY7.81%
EPS(NY)8.58
Fwd EY9.16%
FCF(TTM)2.16
FCFY2.3%
OCF(TTM)12.15
OCFY12.98%
SpS25.04
BVpS37.76
TBVpS37.7
PEG (NY)1.3
PEG (5Y)0.69
Graham Number78.8
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 1.83
F-Score7
WACC7.71%
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 Year9.52%
Revenue Next 2Y20.04%
Revenue Next 3Y11.45%
Revenue Next 5YN/A
EBIT growth 1Y33.83%
EBIT growth 3Y6.01%
EBIT growth 5Y14.79%
EBIT Next Year77.41%
EBIT Next 3Y25.1%
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 7 / 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 9 / 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 12.8 and the Price/Book (PB) ratio is 2.48.


Can you provide the financial health for NFG stock?

The financial health rating of NATIONAL FUEL GAS CO (NFG) is 6 / 10.