Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 8.2x · ROE 17.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $8.4B | $5.6B | $4.8B | $5.7B | $4.8B | $3.6B | $4.1B | $4.8B | $4.9B | $4.6B |
| Enterprise Value | $10.4B | $11.2B | $8.3B | $7.4B | $8.3B | $7.6B | $6.2B | $6.2B | $6.7B | $6.7B | $6.5B |
| P/E Ratio → | 14.09 | 16.26 | 72.15 | 10.04 | 10.01 | 13.23 | — | 13.37 | 12.38 | 17.15 | — |
| P/S Ratio | 3.34 | 3.70 | 2.88 | 2.20 | 2.59 | 2.76 | 2.31 | 2.40 | 3.04 | 3.08 | 3.16 |
| P/B Ratio | 2.36 | 2.72 | 1.97 | 1.62 | 2.73 | 2.70 | 1.81 | 1.90 | 2.50 | 2.86 | 3.00 |
| P/FCF | 40.63 | 45.01 | 41.54 | 21.08 | 8157.11 | 120.93 | — | — | 154.82 | 20.80 | 619.71 |
| P/OCF | 6.91 | 7.66 | 5.25 | 3.87 | 6.98 | 6.08 | 4.82 | 5.86 | 7.88 | 7.11 | 7.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.92 | 4.29 | 3.41 | 3.80 | 4.34 | 4.04 | 3.68 | 4.24 | 4.24 | 4.51 |
| EV / EBITDA | 8.19 | 8.83 | 12.51 | 6.36 | 7.02 | 7.76 | 18.59 | 7.92 | 8.87 | 8.19 | — |
| EV / EBIT | 12.78 | 13.20 | 36.90 | 9.58 | 10.23 | 12.12 | 518.52 | 12.57 | 13.53 | 11.88 | — |
| EV / FCF | — | 59.92 | 61.89 | 32.60 | 11964.82 | 190.13 | — | — | 215.58 | 28.60 | 883.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 66.1% | 42.0% | 39.0% | 41.3% | 43.6% | 36.7% | 35.5% | 37.9% | 43.0% | 42.2% |
| Operating Margin | 35.7% | 35.7% | 10.8% | 34.7% | 37.3% | 36.7% | 1.9% | 30.2% | 32.6% | 37.6% | -28.7% |
| Net Profit Margin | 22.8% | 22.8% | 4.0% | 21.9% | 25.9% | 20.9% | -8.0% | 18.0% | 24.6% | 17.9% | -20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 2.7% | 18.9% | 29.3% | 19.4% | -6.0% | 14.9% | 21.5% | 17.5% | -16.4% |
| ROA | 6.1% | 6.1% | 0.9% | 5.9% | 7.4% | 5.0% | -1.8% | 4.9% | 6.5% | 4.8% | -4.8% |
| ROIC | 10.6% | 10.6% | 2.8% | 11.0% | 13.2% | 10.4% | 0.5% | 9.4% | 10.6% | 12.7% | -8.4% |
| ROCE | 10.8% | 10.8% | 2.9% | 11.2% | 13.4% | 9.9% | 0.5% | 8.8% | 9.4% | 11.0% | -7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 0.98 | 0.90 | 1.29 | 1.56 | 1.37 | 1.02 | 1.10 | 1.40 | 1.37 |
| Debt / EBITDA | 2.23 | 2.23 | 4.17 | 2.29 | 2.27 | 2.86 | 8.02 | 2.78 | 2.80 | 2.91 | — |
| Net Debt / Equity | — | 0.90 | 0.96 | 0.88 | 1.27 | 1.54 | 1.36 | 1.01 | 0.98 | 1.07 | 1.28 |
| Net Debt / EBITDA | 2.20 | 2.20 | 4.11 | 2.25 | 2.23 | 2.83 | 7.96 | 2.75 | 2.50 | 2.23 | — |
| Debt / FCF | — | 14.90 | 20.34 | 11.52 | 3807.71 | 69.20 | — | — | 60.76 | 7.81 | 264.26 |
| Interest Coverage | 5.45 | 5.45 | 1.63 | 5.86 | 6.24 | 4.27 | 0.10 | 4.65 | 4.35 | 4.71 | -3.32 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.44 | 0.44 | 0.32 | 0.51 | 0.39 | 0.42 | 0.68 | 0.86 | 1.24 | 1.27 | 1.36 |
| Quick Ratio | 0.35 | 0.35 | 0.25 | 0.41 | 0.30 | 0.33 | 0.50 | 0.67 | 1.06 | 1.15 | 1.13 |
| Cash Ratio | 0.05 | 0.05 | 0.03 | 0.07 | 0.02 | 0.03 | 0.04 | 0.05 | 0.52 | 0.86 | 0.43 |
| Asset Turnover | — | 0.26 | 0.23 | 0.26 | 0.28 | 0.23 | 0.21 | 0.26 | 0.26 | 0.26 | 0.26 |
| Inventory Turnover | 8.59 | 8.59 | 13.62 | 16.27 | 7.44 | 8.17 | 11.48 | 13.73 | 12.70 | 12.14 | 11.88 |
| Days Sales Outstanding | — | 36.21 | 33.45 | 37.30 | 68.78 | 49.97 | 38.88 | 45.20 | 45.14 | 33.49 | 42.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 2.2% | 3.3% | 3.7% | 3.0% | 3.4% | 4.3% | 3.6% | 3.0% | 2.9% | 2.9% |
| Payout Ratio | 36.3% | 36.3% | 237.1% | 36.9% | 29.7% | 44.8% | — | 48.4% | 36.6% | 49.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 6.1% | 1.4% | 10.0% | 10.0% | 7.6% | — | 7.5% | 8.1% | 5.8% | — |
| FCF Yield | 2.5% | 2.2% | 2.4% | 4.7% | 0.0% | 0.8% | — | — | 0.6% | 4.8% | 0.2% |
| Buyback Yield | 0.8% | 0.7% | 1.2% | 0.1% | 0.2% | 0.1% | 4.5% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.4% | 2.9% | 4.5% | 3.8% | 3.1% | 3.5% | 8.8% | 3.8% | 3.0% | 2.9% | 2.9% |
| Shares Outstanding | — | $91M | $92M | $92M | $92M | $92M | $88M | $87M | $86M | $86M | $85M |
Regulatory and Commodity Volatility
Based on current market data, NFG trades at a forward P/E of 10.56, which appears to reflect a persistent conglomerate discount when compared to the higher multiples commanded by pure-play regulated utility peers like Atmos Energy, which currently trades at a forward P/E exceeding 20.0.
The market appears to struggle with valuing the disparate risk profiles of NFG's volatile E&P segment alongside its stable utility operations. This valuation gap suggests that investors may be overlooking the defensive hedge provided by the integrated model, potentially mispricing the firm's long-term earnings quality.
According to recent financial reports, NFG's ROIC has struggled to exceed 4.2% in recent quarters, a level that warrants investigation given the company's heavy reliance on capital-intensive infrastructure and the cyclical nature of its Appalachian production assets compared to broader energy sector benchmarks.
The low ROIC trend suggests that the company's massive capital reinvestment requirements may be diluting returns on invested capital. Investors should monitor whether future infrastructure projects can generate sufficient incremental returns to exceed the firm's weighted average cost of capital in a tightening regulatory environment.
As indicated by quarterly filings, NFG's cash conversion cycle has shown significant volatility, swinging from negative 6 days in 2025Q4 to 33 days in 2025Q3, reflecting the seasonal nature of utility collections and the inherent timing differences in its integrated Appalachian gas operations.
This variability in working capital efficiency suggests that the company's liquidity position is highly sensitive to seasonal demand shifts. The reliance on revolving credit to bridge these gaps appears to be a structural necessity rather than a sign of operational distress, though it requires careful monitoring.
The most commonly misapplied metric for NFG is the standard P/E ratio, which fails to account for the significant non-cash DD&A charges inherent in the company's Full Cost accounting method, thereby obscuring the firm's true cash-generating capacity relative to its integrated peer group.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better normalize for the non-cash impairments and regulatory accounting adjustments that frequently distort GAAP net income. Relying on P/E alone may lead to an inaccurate assessment of the company's ability to sustain its long-term dividend growth.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NFG stock.
National Fuel Gas Company's current P/E ratio is 14.1x. The historical average is 21.0x. This places it at the 37th percentile of its historical range.
National Fuel Gas Company's current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
National Fuel Gas Company's return on equity (ROE) is 17.4%. The historical average is 11.3%.
Based on historical data, National Fuel Gas Company is trading at a P/E of 14.1x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Fuel Gas Company's current dividend yield is 2.58% with a payout ratio of 36.3%.
National Fuel Gas Company has 66.1% gross margin and 35.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Fuel Gas Company's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.