National Fuel Gas Company (NFG) Key Metrics
NFG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.60B
- Enterprise value
- $9.80B
- P/E (TTM)
- 11.1 10-yr median 13.3
- Forward P/E
- 9.8
- PEG ratio
- 1.55
- Price / sales
- 3.0 10-yr median 2.8
- Price / book
- 1.9 10-yr median 2.6
- EV / EBITDA
- 6.4 10-yr median 8.5
- Dividend yield
- 2.78% $2.22 a year
- Beta
- 0.41
NFG key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsNFG valuation Price multiples at each fiscal year-end price.
NFG returns How much profit the business earns on the capital it uses.
NFG per-share figures Results divided by the shares outstanding at year-end.
NFG financial health Debt, liquidity and how easily interest is covered.
NFG efficiency & capital use Working capital cycle and where the cash goes.
NFG valuation history
NFG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NFG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NFG cash returned to shareholders
NFG price vs earnings per share
NFG key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.43B | $5.60B | $4.79B | $5.67B | $4.82B | $3.57B | $4.07B | $4.85B | $4.87B | $4.59B |
| Enterprise value | $11.22B | $8.34B | $7.41B | $8.32B | $7.57B | $6.25B | $6.24B | $6.94B | $6.70B | $6.71B |
| P/E ratio | 16.3 | 72.2 | 10.0 | 10.0 | 13.2 | — | 13.4 | 12.4 | 17.2 | — |
| Price / sales | 3.7 | 2.9 | 2.2 | 2.6 | 2.8 | 2.3 | 2.4 | 3.0 | 3.1 | 3.2 |
| Price / book | 2.7 | 2.0 | 1.6 | 2.7 | 2.7 | 1.8 | 1.9 | 2.5 | 2.9 | 3.0 |
| Price / free cash flow | 45.0 | 41.5 | 21.1 | — | 120.9 | — | — | 154.8 | 20.8 | 619.7 |
| Price / operating cash flow | 7.7 | 5.3 | 3.9 | 7.0 | 6.1 | 4.8 | 5.9 | 7.9 | 7.1 | 7.8 |
| EV / sales | 4.9 | 4.3 | 3.4 | 3.8 | 4.3 | 4.0 | 3.7 | 4.4 | 4.2 | 4.6 |
| EV / EBITDA | 8.6 | 12.2 | 6.3 | 7.0 | 7.9 | 19.2 | 8.1 | 9.4 | 8.5 | — |
| EV / free cash flow | 59.9 | 61.9 | 32.6 | — | 190.1 | — | — | 221.7 | 28.6 | 906.0 |
| Earnings yield | 6.2% | 1.4% | 10.0% | 10.0% | 7.6% | −3.5% | 7.5% | 8.1% | 5.8% | −6.3% |
| Free cash flow yield | 2.2% | 2.4% | 4.7% | 0.0% | 0.8% | −13.5% | −2.3% | 0.6% | 4.8% | 0.2% |
| Dividend yield | 2.2% | 3.3% | 3.7% | 3.0% | 3.4% | 4.3% | 3.6% | 3.0% | 2.9% | 2.9% |
| Shareholder yield (dividends + buybacks) | 2.9% | 4.5% | 3.8% | 3.1% | 3.5% | 4.3% | 3.8% | 3.0% | 2.9% | 2.9% |
| Share price at fiscal year-end | $92.37 | $60.61 | $51.91 | $61.55 | $52.52 | $40.59 | $46.92 | $56.06 | $56.61 | $54.07 |
| Per share | ||||||||||
| Revenue per share | $24.97 | $21.06 | $23.55 | $23.73 | $19.01 | $17.58 | $19.51 | $18.43 | $18.37 | $17.12 |
| Earnings per share | $5.68 | $0.84 | $5.17 | $6.15 | $3.97 | −$1.41 | $3.51 | $4.53 | $3.30 | −$3.43 |
| Operating cash flow per share | $12.06 | $11.54 | $13.40 | $8.82 | $8.63 | $8.42 | $8.00 | $7.12 | $7.96 | $6.94 |
| Free cash flow per share | $2.05 | $1.46 | $2.46 | $0.01 | $0.43 | −$5.47 | −$1.09 | $0.36 | $2.72 | $0.09 |
| Cash per share | $0.47 | $0.41 | $0.60 | $0.50 | $0.34 | $0.23 | $0.24 | $2.66 | $6.46 | $1.53 |
| Book value per share | $33.92 | $30.84 | $32.11 | $22.58 | $19.48 | $22.42 | $24.65 | $22.41 | $19.81 | $18.00 |
| Tangible book value per share | $33.86 | $30.79 | $32.05 | $22.52 | $19.42 | $22.35 | $24.59 | $22.29 | $19.68 | $17.87 |
| Dividends per share | $2.07 | $1.99 | $1.91 | $1.83 | $1.78 | $1.74 | $1.70 | $1.66 | $1.62 | $1.59 |
| Capex per share | $10.01 | $10.08 | $10.94 | $8.81 | $8.20 | $13.90 | $9.09 | $6.76 | $5.24 | $6.85 |
| Debt per share | $31.05 | $30.09 | $28.95 | $29.23 | $30.40 | $30.64 | $25.23 | $26.87 | $27.71 | $26.51 |
| Shares outstanding | 91.2M | 92.3M | 92.3M | 92.1M | 91.7M | 88.0M | 86.8M | 86.4M | 86.0M | 84.8M |
| Change in shares outstanding | −1.2% | +0.1% | +0.2% | +0.5% | +4.2% | +1.4% | +0.4% | +0.5% | +1.4% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.4% | 2.7% | 18.9% | 29.3% | 19.4% | −6.0% | 14.9% | 21.5% | 17.5% | −16.4% |
| Return on invested capital (ROIC) | 10.6% | 3.3% | 10.9% | 14.6% | 10.6% | 0.5% | 9.6% | 13.7% | 10.6% | −8.4% |
| Return on assets (ROA) | 6.1% | 0.9% | 5.9% | 7.4% | 5.0% | −1.8% | 4.9% | 6.5% | 4.8% | −4.7% |
| Return on tangible assets | 6.0% | 0.9% | 5.8% | 7.2% | 4.9% | −1.7% | 4.7% | 6.5% | 4.7% | −5.2% |
| Free cash flow margin | 8.2% | 6.9% | 10.5% | 0.0% | 2.3% | −31.1% | −5.6% | 2.0% | 14.8% | 0.5% |
| Income quality (OCF / net income) | 2.12 | 13.75 | 2.59 | 1.44 | 2.18 | — | 2.28 | 1.57 | 2.41 | — |
| Financial health | ||||||||||
| Total debt | $2.83B | $2.78B | $2.67B | $2.69B | $2.79B | $2.69B | $2.19B | $2.32B | $2.38B | $2.25B |
| Cash & short-term investments | $43.2M | $38.2M | $55.4M | $46.0M | $31.5M | $20.5M | $20.4M | $229.6M | $555.5M | $130.0M |
| Net debt | $2.79B | $2.74B | $2.62B | $2.65B | $2.76B | $2.67B | $2.17B | $2.09B | $1.83B | $2.12B |
| Debt / equity | 0.92 | 0.98 | 0.90 | 1.29 | 1.56 | 1.37 | 1.02 | 1.20 | 1.40 | 1.47 |
| Debt / assets | 0.32 | 0.33 | 0.32 | 0.34 | 0.37 | 0.37 | 0.34 | 0.38 | 0.39 | 0.40 |
| Net debt / EBITDA | 2.14 | 4.01 | 2.21 | 2.24 | 2.87 | 8.21 | 2.81 | 2.83 | 2.32 | — |
| Current ratio | 0.44 | 0.32 | 0.51 | 0.39 | 0.42 | 0.68 | 0.86 | 1.24 | 1.27 | 1.36 |
| Quick ratio | 0.35 | 0.25 | 0.41 | 0.30 | 0.33 | 0.50 | 0.67 | 1.06 | 1.15 | 1.13 |
| Interest coverage | 5.2 | 1.5 | 5.7 | 6.2 | 4.4 | 0.3 | 4.8 | 4.5 | 5.0 | -3.4 |
| Working capital | −$515.0M | −$740.0M | −$391.9M | −$1.18B | −$713.7M | −$145.4M | −$59.3M | $104.5M | $172.2M | $109.3M |
| Invested capital | $5.88B | $5.59B | $5.58B | $4.73B | $4.54B | $4.65B | $4.31B | $4.03B | $3.53B | $3.65B |
| Tangible asset value | $3.09B | $2.84B | $2.96B | $2.07B | $1.78B | $1.97B | $2.13B | $1.93B | $1.69B | $1.52B |
| Net current asset value | −$5.21B | −$5.12B | −$4.90B | −$5.06B | −$5.16B | −$4.93B | −$3.96B | −$3.55B | −$3.58B | −$3.70B |
| Graham number | $65.86 | $24.14 | $61.10 | $55.88 | $41.70 | — | $44.10 | $47.79 | $38.32 | — |
| Graham net-net per share | −$58.83 | −$56.94 | −$54.77 | −$58.36 | −$58.98 | −$57.55 | −$47.31 | −$42.88 | −$42.99 | −$45.14 |
| Capital allocation | ||||||||||
| Dividends paid | $188.4M | $183.8M | $176.1M | $168.1M | $163.1M | $153.3M | $147.4M | $143.3M | $139.1M | $134.8M |
| Share buybacks (net) | $59.1M | $68.0M | $6.7M | $9.6M | $3.7M | $0 | $8.9M | $4.1M | $0 | $0 |
| Dividend payout ratio | 36.3% | 237.1% | 36.9% | 29.7% | 44.8% | — | 48.4% | 36.6% | 49.1% | — |
| Dividends + buybacks / free cash flow | 132.2% | 186.9% | 80.5% | — | 418.9% | — | — | 470.8% | 59.4% | — |
| Capex / revenue | 40.1% | 47.9% | 46.5% | 37.1% | 43.1% | 79.1% | 46.6% | 36.7% | 28.5% | 40.0% |
| Capex / operating cash flow | 83.0% | 87.4% | 81.6% | 99.9% | 95.0% | 165.0% | 113.6% | 94.9% | 65.8% | 98.7% |
| Capex / depreciation | 2.00 | 2.04 | 2.47 | 2.20 | 2.09 | 1.62 | 2.86 | 2.42 | 2.01 | 2.33 |
| Stock-based compensation / revenue | 0.9% | 1.1% | 0.9% | 0.9% | 1.0% | 1.0% | 1.3% | 1.0% | 0.8% | 0.4% |
| SG&A / revenue | — | — | 43.3% | 4.6% | 2.5% | 5.7% | 30.7% | 33.1% | 45.6% | 46.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.4 | 37.6 | 53.2 | 54.3 | 42.2 | 44.2 | 40.5 | 35.6 | 34.3 | 34.8 |
| Days of inventory on hand | 40.8 | 26.6 | 34.9 | 41.6 | 38.2 | 30.7 | 26.3 | 28.1 | 29.3 | 29.4 |
| Days payables outstanding | 82.6 | 51.4 | 45.6 | 49.9 | 58.8 | 51.7 | 48.8 | 52.9 | 47.5 | 62.7 |
| Cash conversion cycle (days) | -9.4 | 12.8 | 42.6 | 46.1 | 21.6 | 23.2 | 17.9 | 10.8 | 16.1 | 1.5 |
| Receivables turnover | 11.27 | 9.71 | 6.86 | 6.72 | 8.64 | 8.26 | 9.02 | 10.25 | 10.66 | 10.47 |
| Payables turnover | 4.42 | 7.11 | 8.01 | 7.32 | 6.21 | 7.06 | 7.48 | 6.90 | 7.69 | 5.82 |
| Inventory turnover | 8.94 | 13.73 | 10.45 | 8.77 | 9.56 | 11.88 | 13.88 | 13.00 | 12.44 | 12.40 |
| Asset turnover | 0.27 | 0.23 | 0.27 | 0.28 | 0.24 | 0.23 | 0.27 | 0.26 | 0.27 | 0.24 |
| Average receivables | $202.1M | $200.2M | $317.0M | $325.3M | $201.6M | $187.2M | $187.7M | $155.3M | $148.3M | $138.7M |
| Average payables | $174.6M | $158.6M | $165.6M | $175.3M | $158.3M | $138.6M | $146.1M | $143.2M | $117.2M | $144.2M |
| Average inventory | $86.3M | $82.1M | $126.9M | $146.3M | $102.8M | $82.4M | $78.7M | $76.0M | $72.4M | $67.7M |
| Intangibles / total assets | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% |
Computed from NFG's annual financial statements (latest annual report filed November 21, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NFG valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), National Fuel Gas traded at 16.3 times earnings, against a 10-year median of 13.3. Based on the latest twelve months, the trailing P/E is 11.1 and the forward P/E is 9.8. National Fuel Gas earned a return on equity of 17.4% and a return on invested capital of 10.6% in fiscal 2025. It ended the year with $2.8 billion of debt and $43.2 million in cash and short-term investments, net debt of $2.8 billion. It returned $247.5 million to shareholders: $188.4 million in dividends and $59.1 million in share buybacks, 132% of free cash flow. The share count rose 7.5% from 84.8M to 91.2M over 9 years.
See the NFG income statement, the NFG chart for price history, or the NFG stock overview for the latest quote and news.
NFG key metrics FAQ
What is National Fuel Gas's P/E ratio?
National Fuel Gas's trailing P/E ratio is 11.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.8. At the end of fiscal 2025 it was 16.3, compared with a 10-year median of 13.3.
What is National Fuel Gas's EV/EBITDA?
National Fuel Gas's enterprise value was 8.6 times EBITDA at the end of fiscal 2025 (enterprise value $11.2 billion, EBITDA $1.3 billion); the current EV/EBITDA is 6.4.
What is National Fuel Gas's return on equity?
National Fuel Gas's return on equity (ROE) was 17.4% in fiscal 2025: net income of $518.5 million on average shareholders' equity of $3.0 billion.
What is National Fuel Gas's ROIC?
National Fuel Gas's return on invested capital was 10.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does National Fuel Gas have?
National Fuel Gas had total debt of $2.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.92 and $2.8 billion of net debt (2.14 times EBITDA).
What is National Fuel Gas's dividend yield?
National Fuel Gas's forward dividend yield is 2.78%. National Fuel Gas paid $188.4 million in dividends in fiscal 2025 ($2.07 per share), a payout ratio of 36.3%.
Does National Fuel Gas buy back its shares?
Yes. National Fuel Gas spent $59.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.2% over the year, to 91.2M..
What is National Fuel Gas's free cash flow yield?
National Fuel Gas generated $187.2 million of free cash flow in fiscal 2025, a free cash flow yield of 2.2% on its market value at year-end ($8.4 billion).
What is National Fuel Gas's current ratio?
National Fuel Gas's current ratio was 0.44 at the end of fiscal 2025: current assets were 0.44 times current liabilities.