Is the business good?
How good a business is NFG?
National Fuel Gas Company earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
13%
Return on invested capital · cost of capital 9.0% · 4.1 points above what the capital costs: growth creates value
- Operating margin
- 41%
Operating margin · Oil & Gas Integrated median 14% · 12 months to Q2 2026
- Cash conversion
- 0.45×
Cash conversion · 1.77× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +5.0%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 1.9% |
| FY2021 | 37% |
| FY2022 | 37% |
| FY2023 | 35% |
| FY2024 | 11% |
| FY2025 | 36% |
Details›
- Gross margin12 months to Q2 2026
- 88%
- Operating margin12 months to Q2 2026
- 41%
- Net margin12 months to Q2 2026
- 27%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $2.51B
- Free cash flow, trailing twelve months
- $307M
- Net income, trailing twelve months
- $686M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Integrated
Ranks #3 of 13 by Smart Score