📊 NFG Key Takeaways
Is National Fuel Gas Co (NFG) a Good Investment?
NFG exhibits strong operational profitability (41.3% operating margin) and excellent debt servicing capability (9.8x interest coverage), but the 568.9% net income surge against only 2.6% revenue growth indicates material non-recurring items rather than sustainable business momentum. Weak current ratio of 0.62x raises liquidity concerns despite healthy operating cash flow of $657.3M.
NFG shows strong operating profitability (42% operating margin) and healthy interest coverage, suggesting resilient core earnings with manageable leverage. However, modest revenue growth, negative free cash flow due to capex, and weak liquidity (0.65x current ratio) temper the improvement and raise questions about earnings sustainability. Evidence of sustained positive FCF and stable margins would warrant a more constructive view.
Why Buy National Fuel Gas Co Stock? NFG Key Strengths
- Exceptional operating margin of 41.3% demonstrates pricing power and operational efficiency in regulated utility
- Strong interest coverage ratio of 9.8x provides significant debt servicing cushion
- Positive free cash flow of $159.0M with positive operating cash flow of $657.3M supports dividend and debt reduction
- Reasonable leverage with debt-to-equity ratio of 0.62x provides financial flexibility
- Consistent operating cash generation indicates reliable core business
- High operating and net margins indicating efficient operations
- Solid interest coverage and moderate leverage (Debt/Equity 0.75x)
- Significant YoY earnings and EPS rebound
NFG Stock Risks: National Fuel Gas Co Investment Risks
- Disproportionate earnings growth (568.9% YoY) versus revenue growth (2.6% YoY) suggests non-recurring gains that may not recur
- Current ratio of 0.62x indicates tight short-term liquidity; potential vulnerability to operational disruptions
- Capital expenditure of $498.3M consumes 76% of operating cash flow, limiting discretionary capital for shareholder returns
- Earnings spike may reverse in subsequent periods, creating earnings volatility and investor uncertainty
- High fixed-cost structure and regulated utility dynamics limit flexibility to offset declining volumes
- Negative free cash flow and heavy capex burden
- Weak liquidity (current and quick ratio 0.65x)
- Earnings volatility risk given outsized YoY net income jump
Key Metrics to Watch
- Earnings sustainability and composition (recurring vs. non-recurring items) in next reporting period
- Operating cash flow trend relative to capital spending requirements
- Current ratio improvement and working capital management
- Revenue growth acceleration for underlying business (excluding one-time gains)
- Impact of rate case outcomes and regulatory environment on margins
- FCF margin
- Current ratio
National Fuel Gas Co (NFG) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NFG Profit Margin, ROE & Profitability Analysis
NFG vs Utilities Sector: How National Fuel Gas Co Compares
How National Fuel Gas Co compares to Utilities sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is National Fuel Gas Co Stock Overvalued? NFG Valuation Analysis 2026
Based on fundamental analysis, National Fuel Gas Co appears fundamentally strong relative to the Utilities sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
National Fuel Gas Co Balance Sheet: NFG Debt, Cash & Liquidity
NFG Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: National Fuel Gas Co's revenue has declined by 26% over the 5-year period, indicating business contraction. The most recent EPS of $5.17 reflects profitable operations.
NFG Revenue Growth, EPS Growth & YoY Performance
NFG Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $734.8M | $216.4M | $2.37 |
| Q1 2026 | $513.8M | $45.0M | $0.49 |
| Q3 2025 | $338.6M | -$54.2M | $-0.59 |
| Q2 2025 | $558.7M | $166.3M | $1.80 |
| Q1 2025 | $500.1M | $45.0M | $0.49 |
| Q3 2024 | $338.6M | -$54.2M | $-0.59 |
| Q2 2024 | $558.7M | $140.9M | $1.53 |
| Q1 2024 | $500.1M | $133.0M | $1.44 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
National Fuel Gas Co Dividends, Buybacks & Capital Allocation
NFG SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for National Fuel Gas Co (CIK: 0000070145)
📋 Recent SEC Filings
❓ Frequently Asked Questions about NFG
What is the AI rating for NFG?
National Fuel Gas Co (NFG) has a Combined AI Rating of HOLD from Claude (HOLD) and ChatGPT (HOLD) with 66% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are NFG's key strengths?
Claude: Exceptional operating margin of 41.3% demonstrates pricing power and operational efficiency in regulated utility. Strong interest coverage ratio of 9.8x provides significant debt servicing cushion. ChatGPT: High operating and net margins indicating efficient operations. Solid interest coverage and moderate leverage (Debt/Equity 0.75x).
What are the risks of investing in NFG?
Claude: Disproportionate earnings growth (568.9% YoY) versus revenue growth (2.6% YoY) suggests non-recurring gains that may not recur. Current ratio of 0.62x indicates tight short-term liquidity; potential vulnerability to operational disruptions. ChatGPT: Negative free cash flow and heavy capex burden. Weak liquidity (current and quick ratio 0.65x).
What is NFG's revenue and growth?
National Fuel Gas Co reported revenue of $1.5B.
Does NFG pay dividends?
National Fuel Gas Co pays dividends, with $99.2M distributed to shareholders in the trailing twelve months.
Where can I find NFG SEC filings?
Official SEC filings for National Fuel Gas Co (CIK: 0000070145) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NFG's EPS?
National Fuel Gas Co has a diluted EPS of $4.58.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is NFG a good stock to buy right now?
Based on our AI fundamental analysis in May 2026, National Fuel Gas Co has a HOLD rating with 66% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NFG stock overvalued or undervalued?
Valuation metrics for NFG: ROE of 11.2% (sector avg: 10%), net margin of 28.4% (sector avg: 12%). Higher ROE suggests strong returns relative to peers.
Should I buy NFG stock in 2026?
Our dual AI analysis gives National Fuel Gas Co a combined HOLD rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is NFG's free cash flow?
National Fuel Gas Co's operating cash flow is $657.3M, with capital expenditures of $498.3M. FCF margin is 10.5%.
How does NFG compare to other Utilities stocks?
Vs Utilities sector averages: Net margin 28.4% (avg: 12%), ROE 11.2% (avg: 10%), current ratio 0.62 (avg: 0.8).