At a glance
National Fuel Gas Company is worth $7.62B, about 14 times its fiscal 2025 earnings. Revenue grew 17.1% to $2.28B in fiscal 2025, with 22.8% kept as profit; over 5 years it has grown 8.1% a year. It pays a 2.74% dividend yield, raised every year for at least 9 years, and returned $1.00B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.7% over the past year with dividends reinvested and +10.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.7% in the 2020 crash (S&P 500: 33.7%) and 17.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 28 months after the lows.
The business in plain English
National Fuel Gas, incorporated in 1902, is a natural gas company with operations centered in western New York and Pennsylvania. It produces gas from the Marcellus and Utica shales. These are rock layers nearly a mile or more underground in the Appalachian region. It also gathers, pipes, stores and delivers gas to homes and businesses. Revenue was about $2.28 billion in the fiscal year ended September 30, 2025.
The largest segment, Integrated Upstream and Gathering, brought in about 52% of revenue, counting some minor other sources. "Upstream" means finding and producing gas. Its Seneca Resources unit drills wells. Its Midstream unit runs the gathering lines that carry gas from those wells to larger pipelines. One customer of this segment accounted for about 11.3% of total revenue. The Utility segment brought in about 36% of revenue and serves roughly 756,000 customers around Buffalo, New York, and Erie, Pennsylvania. Pipeline and Storage, about 12%, charges affiliates and outside companies to move gas through interstate pipelines and hold it in underground storage fields.
Profit leans more heavily on drilling. In fiscal 2025, upstream earned $324.7 million of net income, compared with $121.0 million for Pipeline and Storage and $83.2 million for the utility. State and federal regulators approve the utility and pipeline rates, which shape what those businesses earn. Upstream results swing with gas prices.
Price history
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NFG +2.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Production of Natural Gas | $1.10B | 48.5% |
| Natural Gas Residential Sales | $597.0M | 26.2% |
| Natural Gas Transportation Service | $433.6M | 19% |
| Natural Gas Commercial Sales | $84.5M | 3.7% |
| Other | $32.0M | 1.4% |
| Natural Gas Gathering Service | $11.8M | 0.5% |
| Natural Gas Industrial Sales | $4.4M | 0.2% |
| Production of Crude Oil | $1.8M | 0.1% |
| Natural Gas Processing | $1.2M | 0.1% |
By business segment
| Integrated Upstream and Gathering and Other Revenues | $1.18B | 52% |
| Utility | $817.3M | 35.9% |
| Pipeline and Storage | $276.1M | 12.1% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $537.5M, up 1.1% from a year earlier, and net income was $138.6M (-7.5%).
- For fiscal 2025, revenue was $2.28B (+17.1% year over year; +8.1% a year from FY2020 to FY2025) with a 22.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.1% good |
|---|---|
| Operating margin | 35.7% good |
| Free cash flow margin | 8.2% watch |
| Return on equity (FY2025) | 16.8% good |
| Return on assets (FY2025) | 5.9% watch |
| Net cash (cash minus debt) | $-2.33B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.55B | $-123.8M | $24.7M |
| FY2021 | $1.74B | $363.6M | $39.8M |
| FY2022 | $2.19B | $566.0M | $695K |
| FY2023 | $2.17B | $476.9M | $227.2M |
| FY2024 | $1.94B | $77.5M | $134.7M |
| FY2025 | $2.28B | $518.5M | $187.2M |
Valuation snapshot
| Market value | $7.62B |
|---|---|
| P/E ratio | 14.1 |
| Dividend yield | 2.74% |
Rank among 1514 US companies
Market value at each year end
National Fuel Gas’s market value went from $4.82B at the end of 2016 to $7.62B on Oct 28, 2026, up 58%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.62B | +5.4% |
| 2025 | $7.24B | +31.6% |
| 2024 | $5.50B | +19.3% |
| 2023 | $4.61B | -20.4% |
| 2022 | $5.79B | -0.7% |
| 2021 | $5.83B | +55.8% |
| 2020 | $3.74B | -6.9% |
| 2019 | $4.02B | -8.7% |
| 2018 | $4.40B | -6.4% |
| 2017 | $4.70B | -2.6% |
| 2016 | $4.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NFG price data to Oct 28, 2026 | +2.2% | +2.7% | +19.7% | +10.0% | +7.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.2% |
| 2025 | +35.3% |
| 2024 | +25.4% |
| 2023 | -17.7% |
| 2022 | +1.9% |
| 2021 | +60.8% |
| 2020 | -7.6% |
| 2019 | -5.9% |
| 2018 | -3.7% |
| 2017 | -0.2% |
| 2016 | +36.5% |
| 2015 | -36.6% |
| 2014 | -0.5% |
| 2013 | +44.2% |
| 2012 | -6.1% |
| 2011 | -13.3% |
| 2010 | +34.7% |
| 2009 | +65.0% |
| 2008 | -30.8% |
| 2007 | +24.5% |
| 2006 | +27.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 42.1% over that stretch · deepest drop along the way 55.5%, back to its old high 23.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.7% over that stretch · deepest drop along the way 23.7%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.3% over that stretch · deepest drop along the way 17.6%, back to its old high 27.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.24% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
ETFs with the most weight in NFG
| EMLP First Trust North American Energy Infrastructure Fund | 3.52% |
| PXE Invesco Energy Exploration & Production ETF | 3.47% |
| FPWR First Trust EIP Power Solutions ETF | 3.14% |
| EIPX FT Energy Income Partners Strategy ETF | 2.67% |
| FCUS Pinnacle Focused Opportunities ETF | 2.52% |
| TPYP Tortoise North American Pipeline Fund | 2.35% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.25% |
| GOP Unusual Whales Subversive Republican Trading ETF | 2.13% |
What could go wrong
- Gas prices drive the largest segment. Selling gas from its own wells brought in about 48.5% of fiscal 2025 revenue. Lower gas prices can cut revenue and cash flow. Hedging (locking in prices in advance) reduces this risk but doesn't remove it.
- New York's climate law targets gas use. New York's 2019 climate law (the CLCPA) set electrification mandates. A state climate council's plan recommends shrinking the gas system and limiting gas appliances, which could shrink the utility's customer base.
- The CenterPoint Ohio deal carries risks. The 10-K warned that the planned purchase of CenterPoint Ohio might be delayed or never close, could limit financial flexibility, and might not deliver the expected growth.
- Regulators decide what it can charge. State regulators in New York and Pennsylvania set utility rates, and federal regulators set pipeline rates. Earnings may fall if they deny increases needed to cover rising costs or delay recovery of gas costs.
- Permits and opposition can stall projects. Projects need permits. Regulatory delays, organized opposition to natural gas, or tighter rules on fracking (cracking shale rock with high-pressure fluid to free gas) could stall work, raise costs or force write-offs.
- Heavy borrowing and credit-rating risk. Debt was about $3.57 billion against $1.24 billion of cash and investments as of June 30, 2026. Some borrowing has floating rates, and a ratings downgrade could raise borrowing costs.
Recent events
- Investor presentation or announcement; Other company announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
National Fuel Gas raised its dividend per share every fiscal year from FY2016 to FY2025. That is at least nine straight increases, and the streak may be longer. The dividend rose from $1.76 in FY2020 to $2.10 in FY2025, about 3.6% a year. The FY2025 dividend used 36.3% of earnings but 100.7% of free cash flow (cash left after capital spending), so payments slightly exceeded that cash. The yield was 2.74% as of October 28, 2026. Buybacks were modest: about $122 million over FY2021–FY2025, compared with about $880 million in dividends. The share count still rose 4.2% between July 2021 and July 2026.
In the 2008 financial crisis the shares fell 55.5% and took nearly two years to recover. In the 2020 COVID crash they dropped 23.7% but recovered within about a month. In 2022 they fell 17.6% and needed about 28 months to get back to their peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does National Fuel Gas make money?
Mainly by producing and selling natural gas. Gas sales brought in about 48.5% of its $2.28 billion revenue in the fiscal year ended September 30, 2025. Residential gas sales added about 26%, and fees for transporting gas added about 19%. The utility serves roughly 756,000 customers in western New York and northwestern Pennsylvania. One customer of its production business accounted for about 11.3% of total revenue.
Does National Fuel Gas raise its dividend every year?
Yes, at least through FY2025. The dividend per share rose every fiscal year from FY2016 to FY2025. That is at least nine straight increases, and the streak may be longer. It went from $1.76 in FY2020 to $2.10 in FY2025, about 3.6% a year. The yield was 2.74% as of October 28, 2026. One caution: FY2025 dividends equaled 100.7% of free cash flow, so the cash left after capital spending did not fully cover them.
Is National Fuel Gas a utility stock?
Partly. It owns a regulated gas utility, but gas production is the bigger business. In fiscal 2025, the Integrated Upstream and Gathering segment brought in about 52% of revenue and $324.7 million of net income. The Utility segment brought in about 36% of revenue and $83.2 million of net income. Because of that mix, its earnings depend more on natural gas prices than those of a utility that only delivers gas.
How much debt does National Fuel Gas have?
About $3.57 billion in total debt as of June 30, 2026, against about $1.24 billion of cash and investments. That leaves net debt of roughly $2.33 billion. Shareholders' equity was about $3.92 billion. The 10-K says $2.4 billion of long-term debt would carry a higher interest rate if certain events involving a major subsidiary led to a downgrade below investment grade (the higher tiers of credit ratings). A filing dated October 1, 2026 reported a completed asset transaction and new debt, both after those figures.
How has National Fuel Gas stock performed?
Unevenly. Based on share price as of October 28, 2026, NFG gained about 2.7% over one year, about 10% a year over five years and about 7.9% a year over ten years. Calendar-year results swing widely: the stock fell 17.7% in 2023, then rose 25.4% in 2024 and 35.3% in 2025. Its deepest decline in about 21 years of price history was 55.5%, during the 2008 financial crisis.