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Stocks · Energy · Natural Gas Distribution

NATIONAL FUEL GAS CO

NFG Clue Score61
United States Fiscal year ends September CIK 0000070145
$78.66 +0.58% Close, 9 Oct 2026
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Price $78.66 +39.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue1,579.9Operating income593.8Net income283.5EPS, diluted3.30Fiscal year 2018Revenue1,592.7 +0.8%Operating income519.7Net income391.5 +38.1%EPS, diluted4.53 +37.3%Fiscal year 2019Revenue1,693.3 +6.3%Operating income511.8Net income304.3 −22.3%EPS, diluted3.51 −22.5%Fiscal year 2020Revenue1,546.3 −8.7%Operating income29.9Net income−123.8 −140.7%EPS, diluted−1.41 −140.2%Fiscal year 2021Revenue1,742.7 +12.7%Operating income639.9Net income363.6EPS, diluted3.97Fiscal year 2022Revenue3,061.3 +75.7%Operating income814.5Net income566.0 +55.7%EPS, diluted6.15 +54.9%Fiscal year 2023Revenue2,254.9 −26.3%Operating income755.1Net income476.9 −15.8%EPS, diluted5.17 −15.9%Fiscal year 2024Revenue1,707.4 −24.3%Operating income209.7Net income77.5 −83.7%EPS, diluted0.84 −83.8%Fiscal year 2025Revenue2,219.1 +30.0%Operating income813.5Net income518.5 +568.9%EPS, diluted5.68 +576.2%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,579.9 1,592.7 1,693.3 1,546.3 1,742.7 3,061.3 2,254.9 1,707.4 2,219.1
Growth +0.8% +6.3% −8.7% +12.7% +75.7% −26.3% −24.3% +30.0%
Operating income 593.8 519.7 511.8 29.9 639.9 814.5 755.1 209.7 813.5
Net income 283.5 391.5 304.3 −123.8 363.6 566.0 476.9 77.5 518.5
Growth +38.1% −22.3% −140.7% +55.7% −15.8% −83.7% +568.9%
EPS, diluted 3.30 4.53 3.51 −1.41 3.97 6.15 5.17 0.84 5.68
Growth +37.3% −22.5% −140.2% +54.9% −15.9% −83.8% +576.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin37.6%Net margin17.9%Free cash flow margin14.8%Fiscal year 2018Operating margin32.6%Net margin24.6%Free cash flow margin2.0%Fiscal year 2019Operating margin30.2%Net margin18.0%Free cash flow margin−5.6%Fiscal year 2020Operating margin1.9%Net margin−8.0%Free cash flow margin1.6%Fiscal year 2021Operating margin36.7%Net margin20.9%Free cash flow margin2.3%Fiscal year 2022Operating margin26.6%Net margin18.5%Free cash flow margin0.0%Fiscal year 2023Operating margin33.5%Net margin21.1%Free cash flow margin10.1%Fiscal year 2024Operating margin12.3%Net margin4.5%Free cash flow margin7.9%Fiscal year 2025Operating margin36.7%Net margin23.4%Free cash flow margin8.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 37.6% 32.6% 30.2% 1.9% 36.7% 26.6% 33.5% 12.3% 36.7%
Net margin 17.9% 24.6% 18.0% −8.0% 20.9% 18.5% 21.1% 4.5% 23.4%
Free cash flow margin 14.8% 2.0% −5.6% 1.6% 2.3% 0.0% 10.1% 7.9% 8.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow684.5Capital expenditure−450.3Free cash flow234.2Dividends paid−139.1Fiscal year 2018Operating cash flow615.3Capital expenditure−584.0Free cash flow31.3 −86.6%Dividends paid−143.3Fiscal year 2019Operating cash flow694.5Capital expenditure−788.9Free cash flow−94.5 −401.8%Dividends paid−147.4Fiscal year 2020Operating cash flow740.8Capital expenditure−716.2Free cash flow24.7Dividends paid−153.3Fiscal year 2021Operating cash flow791.6Capital expenditure−751.7Free cash flow39.8 +61.5%Dividends paid−163.1Fiscal year 2022Operating cash flow812.5Capital expenditure−811.8Free cash flow0.7 −98.3%Buybacks0.0Dividends paid−168.1Fiscal year 2023Operating cash flow1,237.1Capital expenditure−1,009.9Free cash flow227.2 +32,591.7%Buybacks0.0Dividends paid−176.1Fiscal year 2024Operating cash flow1,066.0Capital expenditure−931.2Free cash flow134.7 −40.7%Buybacks−64.1Dividends paid−183.8Fiscal year 2025Operating cash flow1,100.0Capital expenditure−912.8Free cash flow187.2 +39.0%Buybacks−54.4Dividends paid−188.4
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 684.5 615.3 694.5 740.8 791.6 812.5 1,237.1 1,066.0 1,100.0
Capital expenditure −450.3 −584.0 −788.9 −716.2 −751.7 −811.8 −1,009.9 −931.2 −912.8
Free cash flow 234.2 31.3 −94.5 24.7 39.8 0.7 227.2 134.7 187.2
Growth −86.6% −401.8% +61.5% −98.3% +32,591.7% −40.7% +39.0%
Buybacks n/a n/a n/a n/a n/a 0.0 0.0 −64.1 −54.4
Dividends paid −139.1 −143.3 −147.4 −153.3 −163.1 −168.1 −176.1 −183.8 −188.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash555.5Total debt2,383.7Net cash (debt)−1,828.2Shareholders’ equity1,703.7Debt to equity1.40Fiscal year 2018Cash229.6Total debt2,131.4Net cash (debt)−1,901.8Shareholders’ equity1,937.3Debt to equity1.10Fiscal year 2019Cash20.4Total debt2,133.7Net cash (debt)−2,113.3Shareholders’ equity2,139.0Debt to equity1.00Fiscal year 2020Cash20.5Total debt2,629.6Net cash (debt)−2,609.0Shareholders’ equity1,972.0Debt to equity1.33Fiscal year 2021Cash31.5Total debt2,628.7Net cash (debt)−2,597.2Shareholders’ equity1,786.2Debt to equity1.47Fiscal year 2022Cash46.0Total debt2,632.4Net cash (debt)−2,586.4Shareholders’ equity−625.7Fiscal year 2023Cash55.4Total debt2,384.5Net cash (debt)−2,329.0Shareholders’ equity−55.1Fiscal year 2024Cash38.2Total debt2,688.2Net cash (debt)−2,650.0Shareholders’ equity−15.5Fiscal year 2025Cash43.2Total debt2,682.9Net cash (debt)−2,639.7Shareholders’ equity3,094.6Debt to equity0.87
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 555.5 229.6 20.4 20.5 31.5 46.0 55.4 38.2 43.2
Total debt 2,383.7 2,131.4 2,133.7 2,629.6 2,628.7 2,632.4 2,384.5 2,688.2 2,682.9
Net cash (debt) −1,828.2 −1,901.8 −2,113.3 −2,609.0 −2,597.2 −2,586.4 −2,329.0 −2,650.0 −2,639.7
Shareholders’ equity 1,703.7 1,937.3 2,139.0 1,972.0 1,786.2 −625.7 −55.1 −15.5 3,094.6
Debt to equity 1.40 1.10 1.00 1.33 1.47 n/a n/a n/a 0.87

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Revenue and profit
1,579.9 1,592.7 1,693.3 1,546.3 1,742.7 3,061.3 2,254.9 1,707.4 2,219.1
Growth +0.8% +6.3% −8.7% +12.7% +75.7% −26.3% −24.3% +30.0%
n/a 337.8 386.3 233.9 171.8 392.1 437.6 150.1 213.4
n/a n/a n/a n/a n/a n/a 65.8 70.9 75.1
593.8 519.7 511.8 29.9 639.9 814.5 755.1 209.7 813.5
Growth −12.5% −1.5% −94.2% +2,043.2% +27.3% −7.3% −72.2% +287.9%
444.2 384.0 389.5 −105.0 478.3 682.7 641.4 87.3 694.1
160.7 −7.5 85.2 18.7 114.7 116.6 164.5 9.7 175.5
283.5 391.5 304.3 −123.8 363.6 566.0 476.9 77.5 518.5
Growth +38.1% −22.3% −140.7% +55.7% −15.8% −83.7% +568.9%
Per share
3.32 4.56 3.53 −1.41 3.99 6.19 5.20 0.84 5.73
3.30 4.53 3.51 −1.41 3.97 6.15 5.17 0.84 5.68
Growth +37.3% −22.5% −140.2% +54.9% −15.9% −83.8% +576.2%
85.4 85.8 86.2 88.0 91.1 91.4 91.7 91.8 90.5
86.0 86.4 86.8 88.0 91.7 92.1 92.3 92.3 91.2
Growth +0.5% +0.4% +1.4% +4.2% +0.5% +0.2% +0.1% −1.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.5% a year over five years.
  • The diluted share count rose 3.7% in five years, which is dilution.
  • Operating margin is up 34.7 points on five years ago, at 36.7%.
  • A net loss in 1 of 9 years on file.