National Fuel Gas
NFG · Gas Utilities
$80.53
0.5%One Gas
OGS · Gas Utilities
$77.93
0.4%The short version
- One Gas is the larger business, with $2.4B of revenue in fiscal 2025 against $2.3B for National Fuel Gas.
- National Fuel Gas grew revenue faster (17.1%, against 16.5%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 18.9% operating margin).
- National Fuel Gas turned more of its sales into free cash flow (8.2% FCF margin, against −5.3% FCF margin).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 6.2%).
- Investors pay more for each dollar of One Gas’s earnings: a P/E of 16.8x against 11.2x for National Fuel Gas.
| Latest fiscal year | NFG · FY25 | OGS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $4.9B |
| Revenue | $2.3B | $2.4B |
| Free cash flow | $187M | −$128M |
| Net income | $519M | $264M |
| Growth | ||
| Revenue growth | 17.1% | 16.5% |
| 5-year growth | 8.1% | 9.7% |
| Share count change | −1.2% | 6.1% |
| Profitability | ||
| Gross margin | — | 58.9% |
| Operating margin | 35.7% | 18.9% |
| Net margin | 22.8% | 10.9% |
| FCF margin | 8.2% | −5.3% |
| Return on capital | 10.6% | 6.2% |
| Return on equity | 33.7% | 8.1% |
| Balance sheet | ||
| Net debt | $2.8B | $3.4B |
| Net debt / EBITDA | 2.2x | — |
| Dividends and buybacks | $243M | $161M |
| Valuation & quality | ||
| P/E | 11.2x | 16.8x |
| Piotroski F-score | 8 | 5 |
FY16
NFG $1.5B
OGS $1.4B
FY17
NFG $1.6B
OGS $1.5B
FY18
NFG $1.6B
OGS $1.6B
FY19
NFG $1.7B
OGS $1.7B
FY20
NFG $1.5B
OGS $1.5B
FY21
NFG $1.7B
OGS $1.8B
FY22
NFG $2.2B
OGS $2.6B
FY23
NFG $2.2B
OGS $2.4B
FY24
NFG $1.9B
OGS $2.1B
FY25
NFG $2.3B
OGS $2.4B
NFG
OGS
FY16
NFG −28.7%
OGS 20.3%
FY17
NFG 37.6%
OGS 20.6%
FY18
NFG 32.6%
OGS 17.7%
FY19
NFG 30.2%
OGS 17.9%
FY20
NFG 1.9%
OGS 19.8%
FY21
NFG 36.7%
OGS 17.2%
FY22
NFG 37.3%
OGS 13.6%
FY23
NFG 34.7%
OGS 15.9%
FY24
NFG 10.8%
OGS 19.2%
FY25
NFG 35.7%
OGS 18.9%
NFG
OGS
FY16
NFG $7.4M
OGS −$18.5M
FY17
NFG $234M
OGS −$103M
FY18
NFG $31.3M
OGS $73.2M
FY19
NFG −$94.5M
OGS −$107M
FY20
NFG $24.7M
OGS −$107M
FY21
NFG $39.8M
OGS −$2.0B
FY22
NFG $0.7M
OGS $961M
FY23
NFG $227M
OGS $273M
FY24
NFG $135M
OGS −$335M
FY25
NFG $187M
OGS −$128M
NFG
OGS
FY16
NFG −8.8%
OGS 5.9%
FY17
NFG 10.8%
OGS 6.5%
FY18
NFG 14.1%
OGS 6.8%
FY19
NFG 9.8%
OGS 7.1%
FY20
NFG 0.5%
OGS 6.9%
FY21
NFG 10.6%
OGS 5.3%
FY22
NFG 14.6%
OGS 5.1%
FY23
NFG 10.9%
OGS 5.9%
FY24
NFG 3.3%
OGS 6.2%
FY25
NFG 10.6%
OGS 6.2%
NFG
OGS
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