National Fuel Gas
NFG · Gas Utilities
$80.53
0.5%NW Natural
NWN · Gas Utilities
$49.87
0.1%The short version
- National Fuel Gas is the larger business, with $2.3B of revenue in fiscal 2025 against $1.3B for NW Natural, about 1.8 times as much.
- National Fuel Gas grew revenue faster (17.1%, against 11.8%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 21.8% operating margin).
- National Fuel Gas turned more of its sales into free cash flow (8.2% FCF margin, against −15.3% FCF margin).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 5.7%).
- Investors pay more for each dollar of NW Natural’s earnings: a P/E of 16.5x against 11.2x for National Fuel Gas.
| Latest fiscal year | NFG · FY25 | NWN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $2.1B |
| Revenue | $2.3B | $1.3B |
| Free cash flow | $187M | −$198M |
| Net income | $519M | $113M |
| Growth | ||
| Revenue growth | 17.1% | 11.8% |
| 5-year growth | 8.1% | 10.8% |
| Share count change | −1.2% | 5.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 35.7% | 21.8% |
| Net margin | 22.8% | 8.8% |
| FCF margin | 8.2% | −15.3% |
| Return on capital | 10.6% | 5.7% |
| Return on equity | 33.7% | 7.9% |
| Balance sheet | ||
| Net debt | $2.8B | $2.6B |
| Net debt / EBITDA | 2.2x | 5.8x |
| Dividends and buybacks | $243M | $77.3M |
| Valuation & quality | ||
| P/E | 11.2x | 16.5x |
| Piotroski F-score | 8 | 5 |
FY16
NFG $1.5B
NWN $668M
FY17
NFG $1.6B
NWN $755M
FY18
NFG $1.6B
NWN $706M
FY19
NFG $1.7B
NWN $746M
FY20
NFG $1.5B
NWN $774M
FY21
NFG $1.7B
NWN $860M
FY22
NFG $2.2B
NWN $1.0B
FY23
NFG $2.2B
NWN $1.2B
FY24
NFG $1.9B
NWN $1.2B
FY25
NFG $2.3B
NWN $1.3B
NFG
NWN
FY16
NFG −28.7%
NWN 22.6%
FY17
NFG 37.6%
NWN 20.0%
FY18
NFG 32.6%
NWN 18.7%
FY19
NFG 30.2%
NWN 19.2%
FY20
NFG 1.9%
NWN 19.2%
FY21
NFG 36.7%
NWN 19.0%
FY22
NFG 37.3%
NWN 16.1%
FY23
NFG 34.7%
NWN 15.4%
FY24
NFG 10.8%
NWN 16.6%
FY25
NFG 35.7%
NWN 21.8%
NFG
NWN
FY16
NFG $7.4M
NWN $83.8M
FY17
NFG $234M
NWN −$6.6M
FY18
NFG $31.3M
NWN −$45.9M
FY19
NFG −$94.5M
NWN −$37.5M
FY20
NFG $24.7M
NWN −$128M
FY21
NFG $39.8M
NWN −$134M
FY22
NFG $0.7M
NWN −$191M
FY23
NFG $227M
NWN −$47.4M
FY24
NFG $135M
NWN −$194M
FY25
NFG $187M
NWN −$198M
NFG
NWN
FY16
NFG −8.8%
NWN —
FY17
NFG 10.8%
NWN —
FY18
NFG 14.1%
NWN 5.9%
FY19
NFG 9.8%
NWN 6.7%
FY20
NFG 0.5%
NWN 5.7%
FY21
NFG 10.6%
NWN 5.4%
FY22
NFG 14.6%
NWN 4.9%
FY23
NFG 10.9%
NWN 4.9%
FY24
NFG 3.3%
NWN 4.5%
FY25
NFG 10.6%
NWN 5.7%
NFG
NWN
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.