NATIONAL FUEL GAS CO (NFG) Stock Fundamental Analysis
USA • New York Stock Exchange • NYSE:NFG • US6361801011
84.16 USD
+0.73 (+0.87%)
At close: Feb 4, 2026
84.16 USD
0 (0%)
After Hours: 2/4/2026, 8:04:00 PM
NFG gets a fundamental rating of 7 out of 10. The analysis compared the fundamentals against 14 industry peers in the Gas Utilities industry. NFG scores excellent on profitability, but there are some minor concerns on its financial health. NFG may be a bit undervalued, certainly considering the very reasonable score on growth These ratings would make NFG suitable for value investing!
1. Profitability
1.1 Basic Checks
- In the past year NFG was profitable.
- 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.
1.2 Ratios
- NFG has a Return On Assets of 7.12%. This is amongst the best in the industry. NFG outperforms 100.00% of its industry peers.
- With an excellent Return On Equity value of 18.26%, NFG belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
- Looking at the Return On Invested Capital, with a value of 10.10%, NFG belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
- 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 8.44%.
- The last Return On Invested Capital (10.10%) for NFG is above the 3 year average (8.65%), which is a sign of increasing profitability.
| Industry Rank | Sector 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%
1.3 Margins
- The Profit Margin of NFG (27.53%) is better than 100.00% of its industry peers.
- In the last couple of years the Profit Margin of NFG has declined.
- Looking at the Operating Margin, with a value of 42.17%, NFG belongs to the top of the industry, outperforming 92.86% of the companies in the same industry.
- NFG's Operating Margin has improved in the last couple of years.
- 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 Rank | Sector 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%
2. Health
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), NFG is creating some value.
- NFG has less shares outstanding than it did 1 year ago.
- The number of shares outstanding for NFG has been reduced compared to 5 years ago.
- Compared to 1 year ago, NFG has an improved debt to assets ratio.
2.2 Solvency
- NFG has an Altman-Z score of 1.70. This is a bad value and indicates that NFG is not financially healthy and even has some risk of bankruptcy.
- NFG has a Altman-Z score of 1.70. This is amongst the best in the industry. NFG outperforms 100.00% of its industry peers.
- 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 better Debt to FCF ratio (13.54) than 85.71% of its industry peers.
- A Debt/Equity ratio of 0.61 indicates that NFG is somewhat dependend on debt financing.
- With an excellent Debt to Equity ratio value of 0.61, NFG belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.61 | ||
| Debt/FCF | 13.54 | ||
| Altman-Z | 1.7 |
ROIC/WACC1.3
WACC7.77%
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.
- NFG has a Current ratio (0.65) which is in line with its industry peers.
- 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.
- NFG has a Quick ratio of 0.59. This is in the better half of the industry: NFG outperforms 71.43% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.65 | ||
| Quick Ratio | 0.59 |
3. Growth
3.1 Past
- The Earnings Per Share has grown by an impressive 40.31% over the past year.
- The Earnings Per Share has been growing by 18.56% on average over the past years. This is quite good.
- NFG shows a strong growth in Revenue. In the last year, the Revenue has grown by 20.86%.
- Measured over the past years, NFG shows a quite strong growth in Revenue. The Revenue has been growing by 8.05% on average per year.
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 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
- 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 stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 11.51 indicates a reasonable valuation of NFG.
- Based on the Price/Earnings ratio, NFG is valued cheaply inside the industry as 92.86% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Earnings ratio of 28.25, NFG is valued rather cheaply.
- NFG is valuated reasonably with a Price/Forward Earnings ratio of 9.81.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of NFG indicates a rather cheap valuation: NFG is cheaper than 92.86% of the companies listed in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 27.50, NFG is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.51 | ||
| Fwd PE | 9.81 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NFG indicates a rather cheap valuation: NFG is cheaper than 85.71% of the companies listed in the same industry.
- 64.29% of the companies in the same industry are more expensive than NFG, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 37.14 | ||
| EV/EBITDA | 6.76 |
4.3 Compensation for Growth
- The 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)1.17
PEG (5Y)0.62
EPS Next 2Y11.42%
EPS Next 3Y2.63%
5. Dividend
5.1 Amount
- NFG has a Yearly Dividend Yield of 2.57%. Purely for dividend investing, there may be better candidates out there.
- NFG's Dividend Yield is slightly below the industry average, which is at 3.70.
- Compared to an average S&P500 Dividend Yield of 1.82, NFG pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.57% |
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 their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)3.74%
Div Incr Years34
Div Non Decr Years34
5.3 Sustainability
- NFG pays out 28.99% of its income as dividend. This is a 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%
84.16
+0.73 (+0.87%)
Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryGas Utilities
Earnings (Last)01-28 2026-01-28/amc
Earnings (Next)04-28 2026-04-28
Inst Owners79.49%
Inst Owner Change-1.95%
Ins Owners0.86%
Ins Owner Change1.84%
Market Cap7.61B
Revenue(TTM)2.38B
Net Income(TTM)655.16M
Analysts77.78
Price Target102 (21.2%)
Short Float %5.01%
Short Ratio6.27
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.57% |
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)2.63%
PT rev (3m)2.63%
EPS NQ rev (1m)-2.08%
EPS NQ rev (3m)4%
EPS NY rev (1m)-4.89%
EPS NY rev (3m)-2.62%
Revenue NQ rev (1m)1.19%
Revenue NQ rev (3m)-3.21%
Revenue NY rev (1m)-1.63%
Revenue NY rev (3m)-6.38%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.51 | ||
| Fwd PE | 9.81 | ||
| P/S | 3.2 | ||
| P/FCF | 37.14 | ||
| P/OCF | 6.59 | ||
| P/B | 2.12 | ||
| P/tB | 2.12 | ||
| EV/EBITDA | 6.76 |
EPS(TTM)7.31
EY8.69%
EPS(NY)8.58
Fwd EY10.19%
FCF(TTM)2.27
FCFY2.69%
OCF(TTM)12.78
OCFY15.18%
SpS26.33
BVpS39.69
TBVpS39.63
PEG (NY)1.17
PEG (5Y)0.62
Graham Number80.8
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 1.7 |
F-Score7
WACC7.77%
ROIC/WACC1.3
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 11.51 and the Price/Book (PB) ratio is 2.12.
Can you provide the financial health for NFG stock?
The financial health rating of NATIONAL FUEL GAS CO (NFG) is 5 / 10.