National Fuel Gas NFG
United StatesEnergy · Oil & Gas IntegratedUSD
93.00 USD (+19.7%)
2 analysts
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National Fuel Gas Company is an integrated natural gas company operating in exploration and production, pipeline transportation, storage, and regulated gas distribution in western New York and Pennsylvania.
Key points
from its scores- ✓Very solid balance sheet8.1
- ✓Favourable backdrop8.1
- ✕Poor share-price trend1.1
- ✕Weak growth3.4
- !Somewhat demanding valuation5.3
AI analysis
bottom line, main risk, context and newsThe solid balance sheet and sustainable dividend provide support, but negative growth and poor free cash flow generation limit the upside potential.
National Fuel Gas presents solid financial health (score 8.13) with an operating margin of 40.07% and an ROE of 19.58%, but its growth is weak (revenue +1.10%, earnings -11.60%) and free cash flow conversion is negative (-1.62), which weighs on its quality and valuation. The dividend is sustainable with a payout of 30.08%.
The weak free cash flow conversion (ratio of -1.62) is the main concern, as it may indicate problems financing maintenance capex and the dividend if cash generation does not improve.
Context and risks
National Fuel Gas operates in a regulated sector in the US, where tariff reviews and state and federal energy policies can affect its margins. Its pipeline and storage business is subject to FERC regulation, and the energy transition could pressure natural gas demand in the long term. Additionally, its exposure to natural gas production in the Appalachian basin is subject to natural gas price volatility, which is not captured by crude oil.
Is National Fuel Gas stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 26% below the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 10.8 | 15.7 | −31% |
| EV / EBITDA | 6.4 | 8.0 | −21% |
| Price / book | 1.9 | 2.2 | −16% |
| Price / sales | 2.9 | 1.9 | +53% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.3 out of 10 (median for Energy: 5.9).
Average analyst target: 93.00 USD, +19.7% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 8.1 (sector 6.8), Growth 3.4 (sector 7.2).
Classic formulas with standard assumptions (4.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 10.8
- Forward P/E
- 10.4
- EV / EBITDA
- 6.4
- Price / book
- 1.9
- Price / sales
- 2.9
- PEG
- 1.55
- Market cap
- 7.4B USD
- Enterprise value
- 9.7B USD
Profitability
- ROE
- 19.6%
- ROA
- 6.9%
- ROIC (approx.)
- 13.4%
- Gross margin
- 63.2%
- Operating margin
- 40.1%
- Net margin
- 26.9%
- Free cash flow
- −24.8M USD
- FCF yield
- −0.3%
- Cash conversion
- −2%
Solvency
- Total debt
- 3.6B USD
- Net debt
- 2.3B USD
- Cash
- 1.2B USD
- EBITDA
- 1.5B USD
- Net debt / EBITDA
- 1.53
- Debt / equity
- 90.92
- Current ratio
- 3.20
- Quick ratio
- 2.94
Growth
- Revenue growth
- +1.1%
- Earnings growth
- −11.6%
- EPS (TTM)
- 7.18 USD
- EPS (forward)
- 7.47 USD
Dividend
- Dividend yield
- 2.9%
- Payout
- 30.1%
Risk and market
- Beta
- 0.41
- Analyst consensus
- Buy (2)
- Target price
- 93.00 USD
- 52-week range
- 75.03 – 97.06
Recent news
All NFG news →Compare it with its sector
All 102 in Energy →Frequently asked questions about National Fuel Gas
Is National Fuel Gas stock cheap or expensive?
On P/E and EV / EBITDA, it trades 26% below the Energy median on average. Valuation score: 5.3 out of 10 (median for Energy: 5.9). Average analyst target: 93.00 USD, +19.7% versus the price. This is not investment advice.
What score does National Fuel Gas get on MeridIAn Screener?
It scores 6.1 out of 10, rank 919 of 2,130 (better than 55% of the companies analysed). Its strongest category is Financial health (8.1) and its weakest, Momentum (1.1). Analysis of 08/10/2026.
What is National Fuel Gas's P/E ratio?
Its P/E is 10.8: the share price equals 10.8 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 10.4.
How much is National Fuel Gas worth on the stock market?
Its market capitalisation is 7.4B USD and its enterprise value, debt included, is 9.7B USD.
How much debt does National Fuel Gas have?
Its net debt (debt minus cash) is 2.3B USD. That is 1.53 times its EBITDA; the Energy median is 1.23.
Does National Fuel Gas pay a dividend?
Yes: its dividend yield is 2.86% and it pays out 30% of its earnings.
How has National Fuel Gas stock performed over the last year?
It has fallen 5.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 75.03 and 97.06 USD. Past performance does not guarantee future results.
What do analysts think of National Fuel Gas?
2 analysts cover it; their average recommendation is “Buy” and their average target is 93.00 USD (+19.7% versus the price). It is an estimate, not market data.