National Fuel Gas Company (NFG) AI Stock Analysis

National Fuel Gas Company functions as a diversified energy enterprise operating across four distinct segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores, develops, and extracts natural gas and oil in California and the Appalachian region. Pipeline and Storage manages an integrated interstate natural gas pipeline network and underground storage fields across Pennsylvania and New York. The Gathering segment builds, owns, and operates processing facilities and pipeline gathering systems in Appalachia. The Utility segment handles retail natural gas distribution, serving approximately 754,000 customers in select areas of New York and Pennsylvania.

From FY2020 to FY2025, NFG generated a 5-year revenue CAGR of 8.1%. Revenue grew 12.7% in FY2021 to $1.74B and 25.4% in FY2022 to $2.19B, before falling 0.6% in FY2023 to $2.17B and 10.5% in FY2024 to $1.94B. Growth resumed in FY2025 as revenue rose 17.1% to $2.28B, gross margin reached 66.1%, and net income totaled $518.5M, yielding diluted EPS of $6.91. For the trailing twelve months through June 30, 2026, revenue was $2.51B with a net profit margin of 26.9%. In the quarter ended June 30, 2026, quarterly revenue rose 1.1% year-over-year while earnings declined 11.6%.

As of June 30, 2026, National Fuel Gas Company held $1.24B in cash and short-term investments against total debt of $3.57B, resulting in net debt of $2.33B. Total assets stood at $10.45B and shareholders' equity was $3.92B, supporting a current ratio of 3.20 and a debt-to-equity ratio of 0.91. In FY2025, operating cash flow was $1.10B and free cash flow was $187.2M. Capital deployment in FY2025 included capital expenditures of $912.8M, dividends paid of $188.4M, and share buybacks of $59.1M.

NFG shares closed at $79.92 on October 16, 2026, representing a market capitalization of $7.60B and an enterprise value of $9.80B. The stock trades at a trailing P/E of 11.1x and a forward P/E of 9.8x, both below the median of its US-listed Energy peers of 15.0x and 12.7x, respectively. Its EV to EBITDA multiple is 6.4x versus the peer median of 8.0x, though its price-to-sales ratio of 3.0x exceeds the peer median of 1.8x. Over the past year, NFG returned -3.7%, lagging the S&P 500 (SPY) return of 16.8%.

National Fuel Gas Company pays a quarterly dividend with an annual forward payout of $2.22 per share, equating to a 2.78% dividend yield and a payout ratio of 28.9%. NFG has paid dividends for 40 consecutive years, delivering a 5-year annualized dividend growth rate of 3.7%. Its most recent ex-dividend date was September 30, 2026.

Wall Street coverage on NFG includes 2 Strong Buy and 2 Hold ratings, with 0 Buy, Sell, or Strong Sell ratings. The mean price target is $93.00, which sits 16.4% above the last close of $79.92. For the fiscal year ending September 30, 2026, analysts estimate EPS of $7.25 on revenue of $2.55B. For the following fiscal year, 5 analysts project revenue to expand 18.7% to $3.03B with EPS of $7.43. NFG beat EPS estimates in 3 of the last 4 quarters, with its next earnings release scheduled for November 4, 2026.

This page is an AI-written research summary of National Fuel Gas Company (NFG). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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