National Fuel Gas Company (NFG) Stock

National Fuel Gas Company (NFG) is a Utilities stock trading at $82.47 (as of 2026-08-21), with a market capitalization of $7.84B and a trailing P/E of 11.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

National Fuel Gas Company is a diversified energy company operating in four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. It explores for and produces natural gas and oil, provides interstate transportation and storage and gathering services, and serves utilities, industrial companies, power producers, and Seneca Resources in the U.S. regions it operates.

Understand National Fuel Gas Company: how it makes money

National Fuel Gas Company produces natural gas and oil, gathers and transports natural gas through its midstream assets, and provides utility natural gas services, earning money from upstream production volumes, midstream throughput and services, and utility gas service.

Its profit model is volume and availability driven, cash flows depend on how much it can produce and move through its upstream and midstream systems, and how consistently its utility service is available.

Business quality (Strong): The business is structurally aligned to volumes and service reliability across upstream, midstream, and utility operations, but investors should watch for operational volume impacts (including curtailment) and occasional impairment in midstream assets.

Valuation: At 11× earnings, NFG trades 52% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • High service reliability: Natural Gas Service Availability was 99.9 percent, which supports consistent utility operations.
  • Healthy production and midstream activity: Net Production was 102.0 and Gathering Throughput was 133.0, indicating upstream and gathering volumes that can support cash generation.

Bear case

  • Volume disruptions: Production Curtailed was 6.0, which can reduce volumes available for sales and throughput-linked revenue.
  • Midstream asset impairment risk: Impairment (Pipeline and Storage Segment) was 0.03, highlighting that midstream asset values can be affected by underlying assumptions.
Valuation — source: SEC EDGAR (first-party)
Price$82.47
Market Cap$7.84B
P/E Ratio11.6
EV / EBITDA6.8
Price / Book2.00
Price / Sales3.12
FCF Yield2.8%
DCF Value (model)$143.88
DCF Upside vs Price74.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.28B
Net Margin22.8%
Revenue Growth (YoY)1.1%
EPS Growth (YoY)-12.0%
FCF Growth (YoY)-43.2%
Financial Health — source: SEC EDGAR
Altman Z-Score1.62 (distress)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E11.6
Sector P/E (Utilities)20.8
Industry P/E (Utilities)20.1
vs Sector-44.3%
vs Industry-42.2%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($974.40M)
Institutional Holders Tracked10
Congressional Trades (recent)8
Company
SectorUtilities
IndustryUtilities
CEODavid Bauer
Employees2,311
CountryUS
IPO Date1973-05-03

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

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  • Atmos Energy Corporation (ATO)
  • Southwest Gas Holdings, Inc. (SWX)
  • New Jersey Resources Corporation (NJR)
  • ONE Gas, Inc. (OGS)
  • Spire Inc. (SR)
  • Northwest Natural Holding Company (NWN)
  • Excelerate Energy, Inc. (EE)
NFG earnings history · NFG institutional & insider holders · NFG KPIs & operating metrics · NFG financials · NFG investor presentations & press releases · NFG SEC filings · NFG peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.