National Fuel Gas Company

NFG

Oil & Gas Integrated · Energy

Price

$82.48

-1.46 (-1.74%)

Market Cap

$7.84B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

National Fuel Gas Company is a natural gas business that does almost everything related to gas — it pulls gas out of the ground, moves it through pipelines, and delivers it to homes and businesses. The company operates across the full supply chain, from production in the Appalachian region to distribution in western New York and Pennsylvania. It owns the Seneca Resources subsidiary for drilling and a regulated utility that serves roughly 750,000 customers.

National Fuel makes money in several ways: selling the gas it produces, charging fees to move gas through its pipelines, and collecting regulated utility rates from residential and commercial customers. This mix of businesses spans New York, Pennsylvania, and parts of Canada, and the regulated utility segment provides steady, predictable cash flow that cushions the company from volatile commodity prices. The main risk is that natural gas prices can fall sharply, hurting the production segment's earnings even when the utility side stays stable.

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on NFG in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-12.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

National Fuel Gas Company is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 91.7M (2021) → 91.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

43.1%

Healthy — 43.1% gross margin

Profit after running costs

Operating Margin

38.9%

Excellent — 38.9% operating margin

Return on the money invested

ROCE

13.5%

Good — 13.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.7%

Fast-growing sales (+14.7% YoY)

Profit growth

EPS YoY

+166.5%

Earnings growing fast (+166.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

188%

Turns 188% of profit into real cash

Spare cash per sale

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.91

Moderate — manageable debt (0.91)

Covers its interest

Interest Cover

6.81x

Adequate interest coverage (6.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.4x

Attractive valuation — P/E 11.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.65%

Moderate income — 2.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+3.8%

Dividend growing modestly (3.8% YoY)

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