National Fuel Gas Company
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 75.90 $ to 96.30 $ · Last price: 79.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Integrated
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| National Fuel Gas Company NFG | 7.6 | 11.2 | 6.6 | 63.2 | 42.0 | 17.1 | -6.9 |
| Exxon Mobil Corp XOM | 670.8 | 27.6 | 9.4 | 29.8 | 6.4 | -4.5 | 45.7 |
| Chevron Corp CVX | 421.4 | 36.6 | 8.0 | 44.3 | 7.3 | -4.6 | 37.4 |
| Petroleo Brasileiro Petrobras SA PBR | 134.9 | 5.4 | 3.4 | 50.6 | 32.0 | -3.6 | 73.8 |
| BP PLC ADR BP | 116.9 | 21.7 | 3.7 | 28.3 | 13.2 | 0.1 | 38.6 |
| Eni SpA E | 80.2 | 12.3 | 4.1 | 21.5 | 10.7 | -7.5 | 63.8 |
| Ecopetrol SA EC | 35.9 | 11.4 | 7.5 | 32.8 | 0.0 | -16.4 | 95.4 |
| YPF Sociedad Anonima YPF | 21.3 | – | 4.0 | 35.6 | 27.6 | 48.3 | 97.2 |
| Transportadora de Gas del Sur S.A. TGS | 4.4 | 14.5 | 5.5 | 55.0 | 49.7 | 63.0 | 32.1 |
| Median of companies shown | 80.2 | 13.4 | 5.5 | 35.6 | 13.2 | -3.6 | 45.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,452 | -417 | -291 | -3.43 | 589 | 1,527 | 5,636 |
| 2017 | 1,580 | 594 | 283 | 3.30 | 685 | 1,704 | 6,103 |
| 2018 | 1,593 | 520 | 392 | 4.53 | 615 | 1,937 | 6,036 |
| 2019 | 1,693 | 512 | 304 | 3.51 | 694 | 2,139 | 6,462 |
| 2020 | 1,546 | 30 | -124 | -1.41 | 741 | 1,972 | 7,221 |
| 2021 | 1,743 | 640 | 364 | 3.97 | 792 | 1,786 | 7,465 |
| 2022 | 2,186 | 815 | 566 | 6.15 | 813 | 2,080 | 7,896 |
| 2023 | 2,174 | 755 | 477 | 5.17 | 1,237 | 2,963 | 8,280 |
| 2024 | 1,945 | 210 | 78 | 0.84 | 1,066 | 2,848 | 8,320 |
| 2025 | 2,278 | 813 | 519 | 5.68 | 1,100 | 3,095 | 8,719 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.49 | -65.80 | 550 | 4.60 | 8.20 | 220 | -20 |
| 2025: Q1 | 2.37 | 32.00 | 730 | 15.90 | 29.60 | 254 | 60 |
| 2025: Q2 | 1.64 | – | 532 | 27.40 | 28.20 | 388 | 195 |
| 2025: Q3 | 1.18 | – | 466 | 25.30 | 23.50 | 238 | -48 |
| 2025: Q4 | 1.98 | 301.50 | 652 | 18.60 | 27.90 | 275 | -3 |
| 2026: Q1 | 2.59 | 9.10 | 858 | 17.60 | 28.90 | 382 | 162 |
| 2026: Q2 | 1.45 | -11.60 | 538 | 1.10 | 25.80 | 377 | 111 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2026 | 7.27 | 7.05 – 7.50 | 2,550 | 5.3% | 5 |
| 09/30/2027 | 7.52 | 6.75 – 8.14 | 3,011 | 3.4% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 15.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $222.3M |
|---|---|
| Market cap | $7.65B |
| Free cash flow in year ten | $905.9M |
| Terminal value as a share of market value | 62.4% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
National Fuel Gas verkauft keine KI-Produkte und weist auch keinen KI-gestützten Kernprozess aus. In den Berichten taucht künstliche Intelligenz ausschließlich im Risikoteil auf — als zusätzliche Angriffsfläche für Datenschutz- und Cybervorfälle durch die Einführung generativer KI-Werkzeuge. Eine indirekte Verbindung besteht auf der Nachfrageseite: Die Tochter Supply Corporation transportiert Erdgas zum im Bau befindlichen Kraftwerk Shippingport in Pennsylvania, das ein daneben entstehendes Rechenzentrum versorgen soll. Das ist Gastransport zu einem Stromerzeuger, kein eigenes KI-Geschäft — deshalb neutral.
View the full file — quotes, sources, reviewed filings
„In addition to existing risks and cybersecurity threats, the adoption of new technologies, including generative artificial intelligence tools, may increase the Company’s exposure to data breaches and cybersecurity incidents or the Company’s ability to detect and remediate effects of breaches and cybersecurity incidents."
Zusätzlich zu den bestehenden Risiken und Cyberbedrohungen kann die Einführung neuer Technologien, einschließlich generativer Werkzeuge künstlicher Intelligenz, die Anfälligkeit des Unternehmens für Datenschutzverletzungen und Cybervorfälle erhöhen oder seine Fähigkeit beeinträchtigen, Auswirkungen von Verletzungen und Cybervorfällen zu erkennen und zu beheben.
10-K · 2025-11-21 · View SEC filing
„The impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies;"
Die Auswirkungen von Störungen der Informationstechnik sowie von Cyber- oder Datensicherheitsverletzungen, einschließlich der Auswirkungen von Problemen, die sich aus dem Einsatz von Technologien künstlicher Intelligenz ergeben können;
10-Q · 2026-04-30 · View SEC filing
„Supply Corporation has also announced that it expects to serve as the transporter of natural gas supplies to the Shippingport Power Station, a natural gas power generation facility under development in Beaver County, Pennsylvania, which will support a co-located data center that is currently under development."
Supply Corporation hat außerdem angekündigt, dass sie voraussichtlich als Transporteur von Erdgaslieferungen an das Kraftwerk Shippingport auftreten wird — eine in Beaver County, Pennsylvania, im Bau befindliche Erdgas-Stromerzeugungsanlage, die ein daneben entstehendes Rechenzentrum versorgen soll.
10-Q · 2026-04-30 · View SEC filing
Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2026-01-29 · 10-K 2025-11-21 · 8-K 2026-06-26 · 8-K 2026-06-10 · 8-K 2026-05-27 · 8-K 2026-05-26
Rated on July 29, 2026 · How the Rating Is Built
Earnings calls
What the Earnings Calls Reveal
Between the first quarter of 2024 and the second quarter of 2026, National Fuel Gas delivered on most operational fronts: earnings guidance for the two completed fiscal years was met or clearly exceeded, the regulated utility acquisition flagged since 2024 was signed, and both pipeline expansion projects are on schedule. What stands out is the handling of one shareholder commitment: the 200 million dollar buyback launched in the second quarter of 2024 was supposed to be finished in fiscal 2025, was pushed back twice and has not been mentioned in any call since the fourth quarter of 2025, while the company issued 350 million dollars of new stock in December 2025. Management explained both postponements, but never the fate of the program itself. The core message repeated for two years, more production on less capital, also cracked for the first time in fiscal 2026. We therefore rate the communication as conspicuous, without implying operational weakness.
Buyback postponed twice, then no longer mentioned
In the second quarter 2024 call management announced a 200 million dollar share buyback. In the third quarter 2024 call it said the program would be completed by the end of fiscal 2025, with roughly 45 million dollars repurchased at that point. The fourth quarter 2024 call confirmed completion within fiscal 2025, the second quarter 2025 call moved the target to the end of calendar 2025, and the third quarter 2025 call moved it to 2026. Both postponements were explained on the call, first with broad macroeconomic uncertainty in the spring of 2025, then with the priority of growth opportunities over capital return that management has described in the same words for years. That growth opportunity did arrive in the form of the Ohio acquisition. What is missing is the closing statement: from the fourth quarter 2025 call onward the program is not mentioned again, neither as a commitment nor as a cancellation, while according to the first quarter 2026 call the company placed 350 million dollars of new stock in December 2025 to fund the acquisition. The fiscal 2025 completion date was stated unconditionally and was missed.
Fiscal 2026 growth promise cut, capital at the top end
In the third quarter 2025 call management projected six percent production growth on four percent less capital for fiscal 2026, specifically 440 to 455 Bcf of production and 470 to 500 million dollars of Seneca capital. That production range was explicitly reaffirmed in the fourth quarter 2025 and first quarter 2026 calls. In the second quarter 2026 call it was cut by three percent to 425 to 440 Bcf, leaving the midpoint just over one percent above the 427 Bcf actually produced the year before. Management did give reasons: snow and road closures in January and February cost five Bcf in the quarter alone and shift volumes into later periods, and four wells of an older design are underperforming. The combined segment capital range stayed at 560 to 610 million dollars, but management said it was trending towards the high end, after 605 million dollars in the prior year, citing extra wells from faster drilling crews and higher diesel and oil prices caused by the Iran conflict. The bottom line: for the first time since 2023 no capital efficiency gain is visible in fiscal 2026, while management continues to guide to mid single digit production growth for the coming years.
Weak wells disclosed only with the guidance cut
In most of the calls over these two years management said well results were exceeding expectations. Only in the second quarter 2026 call did it disclose that four of six wells on a pad in northwest Tioga County are underperforming projections. The same call supplies the explanation, and it holds up: the pad was drilled about 18 months earlier mainly to hold an almost 20,000 acre parcel of land, before the 3D seismic shoot and before today's subsurface model. The two wells with current designs on the same pad are performing as expected. The transcript does not date the start-up precisely, only last autumn, which may well be after the call held on 6 November 2025. What stands is this: in the call of 29 January 2026 the production outlook was reaffirmed and further productivity gains were promised, and the weak wells only came up three months later, together with the guidance cut.
Pipeline rate case later than expected in 2024
In the second quarter 2024 call the chief executive said that, given the level of modernisation investment, the FERC regulated Supply Corporation would likely file another rate case within the next year. That was phrased as an expectation rather than a firm commitment, and it concerned a decision entirely at the company's discretion: the 2024 settlement contained no stay-out provision, so it could have filed at any time. The filing was made on the day of the second quarter 2026 call, seeking an increase of roughly 95 million dollars, about a year after the window originally named. The slippage was not hidden: as early as the third quarter 2024 call management said fiscal 2025 guidance contained no further FERC rate case impacts, and from the third quarter 2025 call onward the timing was restated in every call, first fiscal 2026, then the second half of the year, then later in the year, each time justified by modernisation spending and cost inflation. Economically the delay mainly pushed revenue into later periods.
What management did deliver cleanly
The counterweight belongs in the picture. Fiscal 2024 earnings guidance was cut to 4.75 to 5.05 dollars per share in the second quarter 2024 call, raised again to 5.00 to 5.10 dollars in the third quarter 2024 call, and met with a reported quarterly total of roughly 5.01 dollars. For fiscal 2025 the first guidance, issued in the third quarter 2024 call, was 5.75 to 6.25 dollars, and the company delivered a 38 percent increase to roughly 6.90 dollars. The commitment made in the first quarter 2024 call to tighten Seneca capital guidance after one more quarter was honoured twice, downward, in the second and third quarter 2024 calls. The intention to acquire on the regulated side, repeated from the second quarter 2024 call onward, led to the Ohio utility purchase announced in the fourth quarter 2025 call. And the Tioga Pathway pipeline project is holding the late 2026 in service date first named in the second quarter 2024 call, while the Shippingport project announced only in the third quarter 2025 call is on plan as well.
Management promises
- 2024-Q3 — The 200 million dollar share buyback program will be completed by the end of fiscal 2025. Reaffirmed in the fourth quarter 2024 call, moved to end of calendar 2025 in the second quarter 2025 call citing market uncertainty, then to 2026 in the third quarter 2025 call in favour of potential acquisitions. Not completed as of the second quarter 2026 call. broken
- 2025-Q3 — Should the growth opportunities under review not materialise, the buyback program will be completed in 2026. The condition was met: the growth opportunity arrived in the form of the Ohio acquisition, so this commitment was not broken. What remains open is the fate of the program, unmentioned in three consecutive calls since, while the company issued 350 million dollars of new stock in December 2025 to fund the acquisition. open
- 2025-Q3 — Fiscal 2026 production of 440 to 455 Bcf on roughly four percent less capital. Reaffirmed twice, then cut to 425 to 440 Bcf in the second quarter 2026 call. Blamed on weather and road closures shifting volumes into later periods, plus four underperforming wells of an older design. Capital is trending towards the high end of the range. broken
- 2024-Q2 — A new rate case for the Supply Corporation pipeline business will likely be filed within a year. Phrased as an expectation, not a firm commitment. The filing was made on the day of the second quarter 2026 call, roughly a year after the window originally named. The revised timing was restated in every call from the third quarter 2025 onward and justified by modernisation spending and cost inflation. broken
- 2024-Q1 — After one more quarter the Seneca capital guidance range will be tightened. Delivered and then some: the upper bound was cut in both the second and third quarter 2024 calls, and the fiscal year finished at the low end of the range. kept
- 2025-Q2 — Acquisitions are to happen on the regulated side, most likely a local gas distribution company. Made concrete in the fourth quarter 2025 call as the purchase of the Ohio gas utility, with closing planned for the fourth calendar quarter of 2026. Financing was largely in place as of the second quarter 2026 call. kept
- 2024-Q2 — The Tioga Pathway pipeline project will go into service in late calendar 2026. The date has held across nine calls. Approval in May 2025, construction start in spring 2026, and a November 2026 target confirmed in the second quarter 2026 call. open
Based on public earnings call transcripts. Reviewed: 9 transcripts 2024-Q1 through 2026-Q2.
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.4%
- More than 10% revenue growth is expected for the coming year 17.5%
- Share count grows by less than 3% a year -0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.3%
- Gross margin at 40% or higher and without meaningful erosion 66.1%
- Goodwill from acquisitions does not grow faster than revenue 0.1%
- Net debt below twice EBITDA 2.1 x EBITDA
- Operating cash flow covers the profits of the last three years 2,330 m
- Return on capital at 15% or higher, or up versus two years ago 10.4%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.1%
- Exp. sales growth 3Y > 5% 15.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 15.0%
- Net debt < 4x EBIT 3.4x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 95.0%
- Return on equity > 15% 16.8%
- ROCE > 15% 10.4%
- Expected return > 10% 17.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
National Fuel Gas Company ist ein diversifiziertes Energieunternehmen. Es ist in den Segmenten Integrated Upstream and Gathering, Pipeline and Storage sowie Utility tätig.
- Employees
- 2,322
- Headquarters
- Williamsville, NY
- Address
- 6363 Main Street, 14221 Williamsville, United States
- Phone
- 716 857 7000
- Website
- nationalfuel.com
- IPO Date
- 09/01/1987
- ISIN
- US6361801011
- Stock Split
- 2:1 on 09/10/2001
Management
| Name | Title | Birth Year |
|---|---|---|
| David P. Bauer | President, CEO & Director | 1969 |
| Timothy J. Silverstein | CFO & Treasurer | 1984 |
| Martin A. Krebs | Chief Information Officer | 1971 |
| Justin I. Loweth | Senior Vice President | 1979 |
| Joseph N. Del Vecchio | President of National Fuel Gas Supply Corporation & Empire Pipeline, Inc | 1967 |
| Elena G. Mendel | Controller & Chief Accounting Officer | 1967 |
| Lee E. Hartz | General Counsel & Corporate Secretary | 1977 |
| Kevin J. Gilbert | Chief Information Security Officer of National Fuel Gas Distribution Corporation | – |
| Michael D. Colpoys | President of National Fuel Gas Distribution Corporation | 1965 |
| Natalie M. Fischer | Director of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/11/2026 NATIONAL FUEL GAS CO (NFG): Other Events; Financial Statements and Exhibits SEC ↗
- 07/30/2026 NATIONAL FUEL GAS CO (NFG): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/29/2026 NATIONAL FUEL GAS CO (NFG): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.