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 28 h ago 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

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	FCF	Total debt	Cash
2025	$2.2B	$519M	90.4%	36.7%	$187M	$2.8B	$43M
2024	$1.7B	$78M	91.2%	12.3%	$135M	$2.8B	$38M
2023	$2.3B	$477M	80.6%	33.5%	$227M	$2.7B	$55M
2022	$3.1B	$566M	87.2%	26.6%	$695000	$2.7B	$46M
2021	—	$364M	—	—	$40M	$2.8B	$32M
2020	—	-$124M	—	—	$25M	$2.7B	$21M
2019	—	$304M	—	—	-$94M	$2.2B	$20M
2018	—	$392M	—	—	$31M	$2.1B	$230M
2017	—	$283M	—	—	$234M	$2.4B	$556M
2016	—	-$291M	—	—	—	$2.1B	$130M
2015	—	-$379M	—	—	—	$2.1B	$114M
2014	—	$299M	—	—	—	$1.7B	$37M
2013	—	$260M	—	—	—	$1.6B	$65M
2012	—	$220M	—	—	-$374M	$1.6B	$74M
2011	—	$258M	—	—	-$154M	$1.1B	$80M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$909M	$248M	77.1%	38.2%	$162M	$2.4B	$27M
Dec '25	$638M	$182M	86.6%	43.3%	-$3M	$2.8B	$271M
Sep '25	$442M	$107M	103.4%	40.6%	-$48M	$2.8B	$43M
Jun '25	$527M	$150M	94.7%	43.7%	$195M	$2.7B	$39M
Mar '25	$735M	$216M	81.6%	43.2%	$60M	$2.9B	$40M
Dec '24	$514M	$45M	87.3%	16.8%	-$20M	$2.9B	$49M
Sep '24	$310M	-$168M	105.6%	-63.4%	-$49M	$2.8B	$38M
Jun '24	$339M	-$54M	98.5%	-15.2%	$80M	$2.7B	$81M
Mar '24	$559M	$166M	81.0%	44.9%	$80M	$2.7B	$51M
Dec '23	$500M	$133M	88.7%	41.4%	$24M	$2.7B	$42M
Sep '23	$337M	$74M	103.8%	37.2%	-$100M	$2.7B	$55M
Jun '23	$370M	$93M	90.4%	41.7%	$113M	$2.5B	$53M
Mar '23	$733M	$141M	66.7%	30.2%	$121M	$2.5B	$72M
Dec '22	$815M	$170M	79.0%	31.2%	$94M	$2.7B	$244M
Sep '22	—	$158M	—	—	-$61M	$2.7B	$46M
Jun '22	—	$108M	—	—	$51M	$3.0B	$433M
Mar '22	—	$167M	—	—	$52M	$2.8B	$53M
Dec '21	—	$132M	—	—	-$42M	$2.8B	$79M
Sep '21	—	$87M	—	—	-$119M	$2.8B	$32M
Jun '21	—	$86M	—	—	$81M	$2.6B	$118M

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 14.0× (Jun '26).
The price-to-sales ratio has risen from 1.8× (Mar '23) to 3.3× (Jun '26).
The dividend yield has fallen from 3.1% (Mar '23) to 2.6% (Jun '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?

As of Jun '26, National Fuel Gas traded at a price-to-earnings ratio of about 14.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.