National Fuel Gas Company (NFG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-130.9%

-$24.44

vs $79.19 price

Levered DCF

$5.12

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.72

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.12×	72.15×	9.98×	9.94×	13.16×	-28.79×	13.29×	12.3×
P/B	2.7×	1.95×	1.61×	2.71×	2.68×	1.81×	1.89×	2.48×
P/S	3.67×	2.86×	2.19×	2.57×	2.75×	2.31×	2.39×	3.02×
EV / EBITDA	8.53×	12.16×	6.24×	6.99×	7.86×	19.17×	8.05×	9.08×
Gross margin	66.1%	42.0%	39.0%	41.3%	43.6%	36.7%	35.5%	37.9%
Operating margin	35.7%	10.8%	34.7%	37.3%	36.7%	1.9%	30.2%	32.6%
Net margin	22.8%	4.0%	21.9%	25.9%	20.9%	-8.0%	18.0%	24.6%
Current ratio	0.44×	0.32×	0.51×	0.39×	0.42×	0.68×	0.86×	1.24×
Debt / equity	0.92×	0.98×	0.9×	1.29×	1.56×	1.37×	1.02×	1.1×
Interest coverage	5.22×	1.51×	5.73×	6.25×	4.37×	0.26×	4.79×	4.54×
Dividend yield	2.3%	3.3%	3.7%	3.0%	3.4%	4.3%	3.6%	3.0%
Payout ratio	36.3%	237.1%	36.9%	29.7%	44.8%	-123.9%	48.4%	36.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	2.7%	16.1%	27.2%	20.4%	-6.3%	14.2%	20.2%
Return on invested capital	7.4%	2.4%	7.2%	10.3%	7.6%	0.4%	6.6%	9.3%
Return on assets	5.9%	0.9%	5.8%	7.2%	4.9%	-1.7%	4.7%	6.5%
Free cash flow yield	2.2%	2.4%	4.8%	0.0%	0.8%	-13.5%	-2.3%	0.7%
Earnings yield	6.2%	1.4%	10.0%	10.1%	7.6%	-3.5%	7.5%	8.1%
Enterprise value	$11.1B	$8.3B	$7.4B	$8.3B	$7.5B	$6.2B	$6.2B	$6.7B
Net debt / EBITDA	2.14×	4.01×	2.21×	2.24×	2.87×	8.21×	2.81×	2.57×
Cash conversion cycle (days)	-8	7	18	67	31	17	28	15