UNG Financials United States Natural Gas Fund, Lp
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 Overview →
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $34M | — | — | — | — | $438M |
| 2024 | — | $65M | — | — | — | — | $594M |
| 2023 | — | -$671M | — | — | — | — | $678M |
| 2022 | $80M | $75M | 0.0% | 0.0% | — | — | $318M |
| 2021 | $22M | $18M | 0.0% | 0.0% | — | — | $248M |
| 2020 | -$197M | -$203M | 0.0% | 0.0% | — | — | $343M |
| 2019 | -$74M | -$78M | 0.0% | 0.0% | — | — | $376M |
| 2018 | $115M | $110M | 0.0% | 0.0% | — | — | $259M |
| 2017 | -$187M | -$193M | 0.0% | 0.0% | — | — | $551M |
| 2016 | $105M | $99M | 0.0% | 0.0% | — | — | $523M |
| 2015 | -$237M | -$245M | 0.0% | 0.0% | — | — | $454M |
| 2014 | -$169M | -$177M | 0.0% | 0.0% | — | — | $590M |
| 2013 | $167M | $157M | 0.0% | 0.0% | — | — | $792M |
| 2012 | -$275M | -$286M | 0.0% | 0.0% | — | — | $1.1B |
| 2011 | — | -$831M | — | — | — | — | $939M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $110M | — | — | — | — | $346M |
| Dec '25 | $5M | $4M | 0.0% | 0.0% | — | — | $438M |
| Sep '25 | -$55M | -$56M | 0.0% | 0.0% | — | — | $483M |
| Jun '25 | -$121M | -$122M | 0.0% | 0.0% | — | — | $284M |
| Mar '25 | $211M | $209M | 0.0% | 0.0% | — | — | $295M |
| Dec '24 | $56M | $54M | 0.0% | 0.0% | — | — | $594M |
| Sep '24 | $4M | $2M | 0.0% | 0.0% | — | — | $692M |
| Jun '24 | $177M | $174M | 0.0% | 0.0% | — | — | $540M |
| Mar '24 | -$162M | -$165M | 0.0% | 0.0% | — | — | $545M |
| Dec '23 | -$251M | -$254M | 0.0% | 0.0% | — | — | $678M |
| Sep '23 | -$79M | -$82M | 0.0% | 0.0% | — | — | $816M |
| Jun '23 | $113M | $110M | 0.0% | 0.0% | — | — | $784M |
| Mar '23 | -$444M | -$446M | 0.0% | 0.0% | — | — | $744M |
| Dec '22 | -$194M | -$195M | 0.0% | 0.0% | — | — | $318M |
| Sep '22 | $116M | $115M | 0.0% | 0.0% | — | — | $279M |
| Jun '22 | -$53M | -$54M | 0.0% | 0.0% | — | — | $336M |
| Mar '22 | $211M | $210M | 0.0% | 0.0% | — | — | $303M |
| Dec '21 | -$219M | -$220M | 0.0% | 0.0% | — | — | $248M |
| Sep '21 | $135M | $134M | 0.0% | 0.0% | — | — | $290M |
| Jun '21 | $77M | $76M | 0.0% | 0.0% | — | — | $214M |
Valuation over time
How the market has priced UNG 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 4.6× (Mar '23) to 17.2× (Jun '26).
- The price-to-sales ratio has fallen from 4.4× (Mar '23) to 3.2× (Dec '23).
Frequently asked questions
Is UNG growing its revenue and profit?
See the revenue and net-income charts above for United States Natural Gas Fund, Lp's multi-year trend.
How much debt does UNG have?
As of FY2025, United States Natural Gas Fund, Lp reported — of total debt against $438M of cash.
What is UNG's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is UNG's P/E ratio?
As of Jun '26, United States Natural Gas Fund, Lp traded at a price-to-earnings ratio of about 17.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S 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.