National Fuel Gas Company
NFG · Price history
Price at last available close
$81.57
+$3.81 (+4.90%) 1M
2026-10-27
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Company & revenue
About National Fuel Gas Company
Primary reporting period: 2025-09-30 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
National Fuel Gas Company (NFG) operates as a multifaceted energy enterprise, with its business structured across four primary divisions: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production (E&P) division is dedicated to discovering, developing, and producing natural gas and oil. Its operations are concentrated in California and the Appalachian region of the United States.
How they make money
National Fuel Gas Company operates as a diversified energy company with an integrated business model. It generates revenue by exploring for and producing natural gas, gathering and transporting that gas through its own pipeline and storage infrastructure, and distributing natural gas to residential, commercial, and industrial utility customers.
Products & services
Natural gas exploration and production, natural gas gathering, pipeline transportation and storage services, and natural gas utility distribution services.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
The Pipeline and Storage segment generated approximately 35% of its revenues in 2025 from services provided to the Utility segment or Integrated Upstream and Gathering segment.
Suppliers, materials & equipment
- Oil and gas field service providers — Various third-party contractors providing drilling, completion, and maintenance services for upstream and midstream operations.Source
Competitors
- Interstate pipeline companies — Entities providing natural gas transportation and storage services that compete with the company's Pipeline and Storage segment.Source
Strengths
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
40
Weak
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
68
Fair
Financial Strength
71
Business Quality / Moat
66
Management
79
Growth Quality
48
Risk / Durability
68
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
41
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
46/100
Building Historical Record
Model Score 46/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Recent buyback activity is present
- •M&A headline · Oct 1, 2026
- •M&A headline · Aug 31, 2026
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for NFG
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can NFG maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is NFG's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is NFG's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What future growth or profitability would be needed to justify NFG's current valuation?
Essential Investment Snapshot
Wall Street Score
40
Opportunity Score
41
Market Cap
$7.75B
P/E Ratio
10.8
EPS
$7.25
52-Week High
$97.06
52-Week Low
$75.03
Beta
0.41
Intrinsic Value
$81.58
Analyst Target
$88.50
Shares Outstanding
91.2M
Total Revenue
$2.50B
Total Debt
$3.57B
Reported Dividend Yield
2.53%
Liquidation Value / Share
$43.01
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for NFG
Detected from reported data — verify before acting.Dividend history reported
The provider reports a dividend yield. Confirm the latest declaration before treating it as a current payment.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
M&A headline · Oct 1, 2026
National Fuel Acquires CenterPoint's Ohio Gas Utility for $2.62B — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Zacks Investment ResearchM&A headline · Oct 1, 2026
National Fuel Gas Company Completes Acquisition of CenterPoint Energy's Ohio Natural Gas Utility — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
GlobeNewsWireM&A headline · Aug 31, 2026
9,196 Shares in National Fuel Gas Company $NFG Acquired by Freestone Grove Partners LP — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Defense WorldCommunity Sentiment
0 active · 0 total callsNo personal call yet on NFG.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Integrated business model providing operational and financial synergies.
- +Control over midstream infrastructure supporting upstream production.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Oil & Gas Integrated industry.
- −Volatility in natural gas and oil commodity prices.
- −Regulatory and environmental compliance risks.
- −Operational risks associated with drilling and pipeline infrastructure.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
42
Oct 1, 2026
Change
-1.5
points
Current Score
40
Oct 8, 2026
Category Changes
NFG decreased 1.5 points because Capital declined by 2 points, Valuation declined by 5.8 points.
Negative Contributors
- − Capital declined by 2 points
- − Valuation declined by 5.8 points
Projected Score
Projected Score
36
Projected Change
-4.2 points
Preliminary comparable-period financial changes suggest decline of approximately 4.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Near Fair ValueCurrent Price
$81.57
Model Intrinsic Value
$81.58
Difference
−$0.01
-0.0% vs IV
Margin of Safety
0.0%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.28B | $1.94B | $2.17B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $1.28B | $771.3M | $1.13B | $1.33B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $1.23B | $1.51B | $817.7M | $847.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $215.0M | $692.8M | $608.0M | $92.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $1.52B | $1.31B | $683.0M | $1.18B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $1.01B | $813.5M | $209.7M | $755.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $148.6M | $155.8M | $138.7M | $131.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $905.4M | $694.1M | $87.3M | $641.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $230.2M | $175.5M | $9.7M | $164.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $675.3M | $518.5M | $77.5M | $476.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $7.25 | $5.73 | $0.84 | $5.20 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 93.73M | 90.50M | 91.79M | 91.75M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 94.45M | 91.23M | 92.34M | 92.29M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$537.5M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.45
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+30.0%
Cash Change
+3041.6%
Margin Change
-2.4 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
What Weakened
- Margins contracted
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, cash levels. Pressure indicators included EPS growth, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 1.1%. EPS declined 11.6%. Cash increased 3041.6%. Total debt increased 30.0%. Net income margin declined by 2.4 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
49
Smart Money
49
Number of Gurus
2
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
A dividend is reported, but detailed payment history is temporarily unavailable or awaiting refresh.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Oil & Gas IntegratedNews
National Fuel Schedules Fourth Quarter and Full Year Fiscal 2026 Earnings Conference Call
National Fuel Gas Plans 2027 Spinoff to Create Utility and Appalachian Gas Producer
National Fuel Gas Company Announces Plan to Separate Its Integrated Upstream and Gathering Business
National Fuel Acquires CenterPoint's Ohio Gas Utility for $2.62B
Rumor Mill · NFG
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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