National Fuel Gas Company (NFG) AI Stock Analysis

• Market Cap: $7.43B
• Dividend Yield: 2.57%
• Average Volume (3M): 583.14K
• Price to Earnings (P/E): 14.5
• Beta (1Y): 0.25
• Revenue Growth: 28.56%
• EPS Growth: 593.72%
• Country: US
• Employees: 2,311
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 1.22
• Shares Outstanding: 90,386,460
• 10 Day Avg. Volume: 465,150
• 30 Day Avg. Volume: 583,140
• PEG Ratio: 0.03
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 3.67
• P/FCF Ratio: 44.65
• Enterprise Value/Market Cap: 1.51
• Enterprise Value/Revenue: 4.96
• Enterprise Value/Gross Profit: 9.63
• Enterprise Value/Ebitda: 8.61
• 1Y Price Target: $102.00
• Price Target Upside: 24.71% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: $91.00 ▲(11.26% Upside)

National Fuel Gas Company demonstrates strong financial performance and positive earnings call sentiment, which are the most significant factors driving the score. The company's strategic growth initiatives and efficient operations position it well for future growth. However, technical indicators suggest a bearish trend, and potential risks from increased debt and natural gas price volatility slightly temper the overall outlook.

Positive Factors

Revenue Growth

Sustained revenue growth reflects robust demand and effective market positioning, supporting long-term business expansion and stability.

Capital Efficiency

Improved capital efficiency suggests better resource utilization, enhancing profitability and competitive positioning over time.

Inventory Expansion

Expanding core inventory in strategic locations strengthens resource base, ensuring future production growth and revenue stability.

Negative Factors

Debt Concerns

Increased debt from acquisitions could strain financial flexibility, impacting cash flow and limiting investment in growth opportunities.

Natural Gas Price Volatility

Price volatility in natural gas markets can lead to unpredictable revenue and profit margins, affecting financial planning and stability.

Debt-to-Equity Ratio

While improved, the debt-to-equity ratio still indicates reliance on debt, which could limit future financial maneuverability if not managed well.

National Fuel Gas Company Business Overview & Revenue Model

Company Description

National Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil in California and in the Appalachian region of the United States. As of September 30, 2021, it had proved developed and undeveloped reserves of 21,537 thousand barrels of oil and 3,723,433 million cubic feet of natural gas. The Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields. This segment also transports natural gas for National Fuel Gas Distribution Corporation, as well as for other utilities, industrial companies, and power producers in New York State; and owns and operates the Empire Pipeline. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, as well as provides gathering services to Seneca Resources Company, LLC. The Utility segment sells natural gas or provides natural gas transportation services to approximately 753,000 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company markets gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2021, the company also owned approximately 95,000 acres of timber property; and managed approximately 2,500 additional acres of timber cutting rights. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.

How the Company Makes Money

National Fuel Gas Company primarily generates revenue through its various segments. The Utility segment earns money by providing natural gas distribution services, collecting fees from customers based on their usage. The Pipeline and Storage segment generates revenue by charging for the transportation and storage of natural gas, often through long-term contracts with other utilities and distributors. The Exploration and Production segment makes money by extracting and selling natural gas, leveraging its ownership of reserves in the Appalachian Basin. Key partnerships with other energy companies and utilities help to stabilize and enhance revenue streams, while regulatory frameworks and demand for natural gas also significantly impact the company’s earnings.

National Fuel Gas Company Financial Statement Overview

Summary

National Fuel Gas Company exhibits strong financial health with significant improvements in revenue growth, profitability, and cash flow generation. The balance sheet reflects a stable capital structure with a favorable debt-to-equity ratio. Overall, the company is well-positioned for future growth, with efficient operations and robust cash flow management.

Income Statement

National Fuel Gas Company has shown strong revenue growth of 4.32% in the latest year, reversing the previous year's decline. The gross profit margin improved significantly to 66.13%, indicating effective cost management. The net profit margin also increased to 22.77%, showcasing enhanced profitability. EBIT and EBITDA margins are robust at 37.32% and 57.36%, respectively, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.92, indicating a more balanced capital structure. Return on equity is strong at 16.76%, demonstrating effective use of equity to generate profits. The equity ratio stands at 35.49%, suggesting a stable financial position with a healthy proportion of equity financing.

Cash Flow

Free cash flow growth is impressive at 71.9%, reflecting strong cash generation capabilities. The operating cash flow to net income ratio is 1.19, indicating good cash conversion efficiency. The free cash flow to net income ratio is 17.02%, showing a positive trend in cash flow relative to earnings.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	2.27B	―	2.28B	1.94B	2.17B	2.19B
Gross Profit	1.17B	―	1.51B	817.70M	847.85M	902.96M
EBITDA	1.31B	―	1.31B	682.98M	1.18B	1.18B
Net Income	518.50M	―	518.50M	77.51M	476.87M	566.02M
Balance Sheet
Total Assets	8.72B	―	8.72B	8.32B	8.28B	7.90B
Cash, Cash Equivalents and Short-Term Investments	43.17M	―	43.17M	38.22M	55.45M	46.05M
Total Debt	2.83B	―	2.83B	2.78B	2.67B	2.69B
Total Liabilities	5.62B	―	5.62B	5.47B	5.32B	5.82B
Stockholders Equity	3.09B	―	3.09B	2.85B	2.96B	2.08B
Cash Flow
Free Cash Flow	187.21M	―	187.21M	134.72M	227.21M	695.00K
Operating Cash Flow	1.10B	―	1.10B	1.07B	1.24B	812.52M
Investing Cash Flow	-891.70M	―	-891.70M	-933.90M	-1.11B	-518.70M
Financing Cash Flow	-203.38M	―	-203.38M	-149.28M	-207.00M	-276.24M

National Fuel Gas Company Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 81.79
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NFG, the sentiment is Neutral. The current price of 81.79 is above the 20-day moving average (MA) of 80.86, below the 50-day MA of 83.25, and below the 200-day MA of 81.95, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 51.12 is Neutral, neither overbought nor oversold. The STOCH value of 81.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NFG.

National Fuel Gas Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NFG	78 Outperform	$7.43B	14.53	17.45%	2.57%	28.56%	593.72%
TGS	77 Outperform	$5.04B	13.14	18.27%	2.93%	30.37%	122.40%
EC	74 Outperform	$20.72B	7.44	13.79%	17.79%	-7.47%	-28.81%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
YPF	54 Neutral	$15.23B	―	-4.00%	―	-2.76%	56.81%

National Fuel Gas Company Corporate Events

National Fuel Gas Reports Strong Fiscal 2025 Earnings

National Fuel Gas Company, a prominent player in the energy sector, is engaged in the exploration, production, and distribution of natural gas, with operations spanning integrated upstream and gathering, pipeline and storage, and utility segments. The company recently released its earnings report for the fourth quarter and full fiscal year 2025, showcasing significant financial improvements and strategic advancements.

National Fuel Gas: Positive Earnings Call Highlights Growth and Challenges

National Fuel Gas Company recently held its earnings call, which was marked by a predominantly positive sentiment. The company highlighted its strong financial performance, strategic growth initiatives, and notable improvements in capital efficiency. While the expansion of core inventory and strategic acquisitions bolster future growth prospects, there are concerns about increased debt from acquisitions and the volatility in natural gas prices, which pose potential risks.

National Fuel Gas Amends Credit Facilities for Acquisition

On October 20, 2025, National Fuel Gas Company entered into a Securities Purchase Agreement to acquire Vectren Energy Delivery of Ohio, LLC from CenterPoint Energy Resources Corp. To finance this acquisition, the company will use a $1.2 billion unsecured term loan credit facility. Subsequently, on November 6, 2025, the company amended its existing credit facilities to facilitate the fulfillment of its obligations under the Seller Note Agreement, enhancing its financial flexibility for the transaction.

The most recent analyst rating on (NFG) stock is a Hold with a $106.00 price target. To see the full list of analyst forecasts on National Fuel Gas Company stock, see the NFG Stock Forecast page.

National Fuel Gas Updates Investor Presentation

On November 5, 2025, National Fuel Gas Company updated its Investor Presentation, which includes non-GAAP financial measures to provide investors with an alternative assessment of the company’s performance. The presentation highlights various factors that could impact the company’s future results, such as regulatory changes, economic conditions, and market pressures, emphasizing the uncertainty and potential variability in future financial outcomes.

The most recent analyst rating on (NFG) stock is a Hold with a $93.00 price target. To see the full list of analyst forecasts on National Fuel Gas Company stock, see the NFG Stock Forecast page.

National Fuel Gas Acquires CenterPoint Energy’s Ohio Business

On October 20, 2025, National Fuel Gas Company announced a definitive agreement to acquire CenterPoint Energy’s Ohio natural gas utility business for $2.62 billion. This acquisition is expected to double National Fuel’s gas utility rate base and expand its operations into Ohio, enhancing its regulated cash flows and investment grade balance sheet. The transaction, anticipated to close in the fourth quarter of 2026, will be financed through a combination of cash, a promissory note, and a bridge loan facility. The acquisition aligns with National Fuel’s strategic objective to grow its regulated operations and is expected to be accretive to earnings per share, supporting long-term dividend growth and improving the company’s credit profile.

The most recent analyst rating on (NFG) stock is a Buy with a $96.00 price target. To see the full list of analyst forecasts on National Fuel Gas Company stock, see the NFG Stock Forecast page.