NFG Financials National Fuel Gas

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 4, 2026, 19:39 UTC Overview →

Growth & profitability

Revenue has declined 10.2% per year over the past 5 years.
Free cash flow has grown 50.0% per year over the past 5 years.

Financial health

Total debt ($2.8B) exceeds cash ($43M); net debt is $2.8B.
Total debt has grown faster than revenue (1.3% vs -10.2% per year).
Operating income covered interest expense 5.2× in the latest year.
Total debt is 2.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 36.3% of earnings and 100.7% of free cash flow.
The dividend has grown 4.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.2B	$519M	90.4%	36.7%	16.8%	5.9%	$187M	$2.8B	$43M
2024	$1.7B	$78M	91.2%	12.3%	2.7%	0.9%	$135M	$2.8B	$38M
2023	$2.3B	$477M	80.6%	33.5%	16.1%	5.8%	$227M	$2.7B	$55M
2022	$3.1B	$566M	87.2%	26.6%	27.2%	7.2%	$695000	$2.7B	$46M
2021	—	$364M	—	—	20.4%	4.9%	$40M	$2.8B	$32M
2020	—	-$124M	—	—	-6.3%	-1.8%	$25M	$2.7B	$21M
2019	—	$304M	—	—	14.2%	4.7%	-$94M	$2.2B	$20M
2018	—	$392M	—	—	20.2%	6.5%	$31M	$2.1B	$230M
2017	—	$283M	—	—	16.6%	4.6%	$234M	$2.4B	$556M
2016	—	-$291M	—	—	-19.1%	-5.2%	—	$2.1B	$130M
2015	—	-$379M	—	—	-18.7%	-5.8%	—	$2.1B	$114M
2014	—	$299M	—	—	12.4%	4.5%	—	$1.7B	$37M
2013	—	$260M	—	—	11.8%	4.2%	—	$1.6B	$65M
2012	—	$220M	—	—	11.2%	3.7%	-$374M	$1.6B	$74M
2011	—	$258M	—	—	13.7%	4.9%	-$154M	$1.1B	$80M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$474M	$139M	93.7%	44.1%	3.5%	1.3%	$111M	$3.6B	$1.2B
Mar '26	$909M	$248M	77.1%	38.2%	6.5%	2.7%	$162M	$2.4B	$27M
Dec '25	$638M	$182M	86.6%	43.3%	5.1%	2.0%	-$3M	$2.8B	$271M
Sep '25	$442M	$107M	103.4%	40.6%	3.5%	1.2%	-$48M	$2.8B	$43M
Jun '25	$527M	$150M	94.7%	43.7%	5.0%	1.8%	$195M	$2.7B	$39M
Mar '25	$735M	$216M	81.6%	43.2%	7.8%	2.6%	$60M	$2.9B	$40M
Dec '24	$514M	$45M	87.3%	16.8%	1.6%	0.5%	-$20M	$2.9B	$49M
Sep '24	$310M	-$168M	105.6%	-63.4%	-5.9%	-2.0%	-$49M	$2.8B	$38M
Jun '24	$339M	-$54M	98.5%	-15.2%	-1.7%	-0.6%	$80M	$2.7B	$81M
Mar '24	$559M	$166M	81.0%	44.9%	5.0%	1.9%	$80M	$2.7B	$51M
Dec '23	$500M	$133M	88.7%	41.4%	4.2%	1.5%	$24M	$2.7B	$42M
Sep '23	$337M	$74M	103.8%	37.2%	2.5%	0.9%	-$100M	$2.7B	$55M
Jun '23	$370M	$93M	90.4%	41.7%	3.2%	1.1%	$113M	$2.5B	$53M
Mar '23	$733M	$141M	66.7%	30.2%	4.9%	1.8%	$121M	$2.5B	$72M
Dec '22	$815M	$170M	79.0%	31.2%	6.7%	2.1%	$94M	$2.7B	$244M
Sep '22	—	$158M	—	—	7.6%	2.0%	-$61M	$2.7B	$46M
Jun '22	—	$108M	—	—	5.4%	1.3%	$51M	$3.0B	$433M
Mar '22	—	$167M	—	—	9.0%	2.1%	$52M	$2.8B	$53M
Dec '21	—	$132M	—	—	6.3%	1.7%	-$42M	$2.8B	$79M
Sep '21	—	$87M	—	—	4.9%	1.2%	-$119M	$2.8B	$32M

Valuation over time

How the market has priced NFG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 9.7× (Mar '23) to 14.4× (Nov '26).
The price-to-sales ratio has risen from 1.8× (Mar '23) to 3.4× (Nov '26).
The dividend yield has fallen from 3.1% (Mar '23) to 2.5% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NFG growing its revenue and profit?

Over the past 5 years, National Fuel Gas's revenue has declined 10.2% per year. These are computed facts, not advice.

How much debt does NFG have?

As of FY2025, National Fuel Gas reported $2.8B of total debt against $43M of cash; operating income covered interest expense 5.2×.

What is NFG's profit margin?

In FY2025, gross margin was 90.4%, operating margin 36.7%, and net margin 23.4%.

What is NFG's P/E ratio?

National Fuel Gas's P/E (TTM) is 11.07 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NFG stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 14.4× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.