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Utilities - Regulated gas · Utilities · Fiscal year ends Sep 30
National Fuel Gas reported revenue of $2.2B in the fiscal year ended Sep 2025, up 30.0% from the year before. Operating income was $813M, an operating margin of 36.7%, and net income was $519M. Operating cash flow of $1.1B less capital expenditure of $913M left free cash flow of $187M. Net debt was $2.6B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,743 | 3,061 | 2,255 | 1,707 | 2,219 |
| Cost of revenue | 172 | 392 | 438 | 150 | 213 |
| Gross profit | 1,571 | 2,669 | 1,817 | 1,557 | 2,006 |
| Operating income | 640 | 815 | 755 | 210 | 813 |
| Interest expense | 146 | 130 | 132 | 139 | 156 |
| Pre-tax income | 478 | 683 | 641 | 87.3 | 694 |
| Income tax | 115 | 117 | 165 | 9.7 | 176 |
| Net income | 364 | 566 | 477 | 77.5 | 519 |
| Diluted EPS | 3.97 | 6.15 | 5.17 | 0.84 | 5.68 |
| Diluted shares | 91.7 | 92.1 | 92.3 | 92.3 | 91.2 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 31.5 | 46.0 | 55.4 | 38.2 | 43.2 |
| Receivables | 205 | 362 | 161 | 127 | 181 |
| Current assets | 522 | 761 | 414 | 356 | 411 |
| Net PP&E | 6,384 | 6,566 | 7,300 | 7,339 | 7,713 |
| Goodwill | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 |
| Total assets | 7,465 | 7,896 | 8,280 | 8,320 | 8,719 |
| Payables | 172 | 179 | 152 | 165 | 184 |
| Current liabilities | 1,236 | 1,943 | 806 | 1,096 | 926 |
| Short-term debt | 0.0 | 549 | 0.0 | 500 | 300 |
| Long-term debt | 2,629 | 2,083 | 2,384 | 2,188 | 2,383 |
| Total liabilities | 5,679 | 5,816 | 5,317 | 5,471 | 5,625 |
| Shareholders' equity | 1,786 | −626 | −55.1 | −15.5 | 3,095 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 792 | 813 | 1,237 | 1,066 | 1,100 |
| Capital expenditure | 752 | 812 | 1,010 | 931 | 913 |
| Free cash flow | 39.8 | 0.7 | 227 | 135 | 187 |
| Depreciation & amortisation | 335 | 370 | 410 | 457 | 457 |
| Stock-based compensation | 17.1 | 19.5 | 20.6 | 22.1 | 19.8 |
| Share buybacks | – | 0.0 | 0.0 | 64.1 | 54.4 |
| Dividends paid | 163 | 168 | 176 | 184 | 188 |
| Dividend per share | 1.80 | 1.86 | 1.94 | 2.02 | 2.10 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 75.7% | −26.3% | −24.3% | 30.0% |
| Operating income growth (YoY) | – | 27.3% | −7.3% | −72.2% | 287.9% |
| EPS growth (YoY) | – | 54.9% | −15.9% | −83.8% | 576.2% |
| Gross margin | 90.1% | 87.2% | 80.6% | 91.2% | 90.4% |
| Operating margin | 36.7% | 26.6% | 33.5% | 12.3% | 36.7% |
| Net margin | 20.9% | 18.5% | 21.1% | 4.5% | 23.4% |
| Return on equityBlank when equity is negative | 20.4% | – | – | – | 16.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.3% | 13.7% | 10.1% | 2.9% | 10.4% |
| Free cash flow margin | 2.3% | 0.0% | 10.1% | 7.9% | 8.4% |
| Cash conversion (CFO ÷ net income) | 2.18x | 1.44x | 2.59x | 13.8x | 2.12x |
| Receivable days | 43 | 43 | 26 | 27 | 30 |
| Payable days | 365 | 167 | 127 | 401 | 315 |
| Interest cover | 4.37x | 6.25x | 5.73x | 1.51x | 5.22x |
| Debt ÷ equity | 1.47x | – | – | – | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,597 | 2,586 | 2,329 | 2,650 | 2,640 |
| Current ratio | 0.42x | 0.39x | 0.51x | 0.32x | 0.44x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.