National Fuel Gas vs Spire
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The short version
- Spire is the larger business, with $2.5B of revenue in fiscal 2025 against $2.3B for National Fuel Gas.
- National Fuel Gas grew revenue faster (17.1%, against −4.5%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 21.2%).
- National Fuel Gas turned more of its sales into free cash flow (8.2% FCF margin, against −13.9%).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 5.2%).
- Investors pay more for each dollar of Spire’s earnings: a P/E of 15.0x against 11.2x for National Fuel Gas.
| Latest fiscal year | NFG · FY25 | SR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $5.0B |
| Revenue | $2.3B | $2.5B |
| Free cash flow | $187M | −$344M |
| Net income | $519M | $272M |
| Growth | ||
| Revenue growth | 17.1% | −4.5% |
| 5-year growth | 8.1% | 5.9% |
| Share count change | −1.2% | 4.3% |
| Profitability | ||
| Gross margin | — | 58.8% |
| Operating margin | 35.7% | 21.2% |
| Net margin | 22.8% | 11.0% |
| FCF margin | 8.2% | −13.9% |
| Return on capital | 10.6% | 5.2% |
| Return on equity | 33.7% | 8.2% |
| Balance sheet | ||
| Net debt | $2.8B | $5.2B |
| Net debt / EBITDA | 2.2x | 6.3x |
| Dividends and buybacks | $243M | $182M |
| Valuation & quality | ||
| P/E | 11.2x | 15.0x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
NFG $1.5B
SR $1.5B
FY17
NFG $1.6B
SR $1.7B
FY18
NFG $1.6B
SR $2.0B
FY19
NFG $1.7B
SR $2.0B
FY20
NFG $1.5B
SR $1.9B
FY21
NFG $1.7B
SR $2.2B
FY22
NFG $2.2B
SR $2.2B
FY23
NFG $2.2B
SR $2.7B
FY24
NFG $1.9B
SR $2.6B
FY25
NFG $2.3B
SR $2.5B
NFG
SR
Operating margin
FY16
NFG −28.7%
SR 18.4%
FY17
NFG 37.6%
SR 19.6%
FY18
NFG 32.6%
SR 15.0%
FY19
NFG 30.2%
SR 15.5%
FY20
NFG 1.9%
SR 11.1%
FY21
NFG 36.7%
SR 20.1%
FY22
NFG 37.3%
SR 18.6%
FY23
NFG 34.7%
SR 15.7%
FY24
NFG 10.8%
SR 18.8%
FY25
NFG 35.7%
SR 21.2%
NFG
SR
Free cash flow
FY16
NFG $7.4M
SR $35.0M
FY17
NFG $234M
SR −$150M
FY18
NFG $31.3M
SR −$42.8M
FY19
NFG −$94.5M
SR −$372M
FY20
NFG $24.7M
SR −$169M
FY21
NFG $39.8M
SR −$375M
FY22
NFG $0.7M
SR −$497M
FY23
NFG $227M
SR −$222M
FY24
NFG $135M
SR $51.1M
FY25
NFG $187M
SR −$344M
NFG
SR
Return on capital
FY16
NFG −8.8%
SR 4.9%
FY17
NFG 10.8%
SR 5.0%
FY18
NFG 14.1%
SR 6.0%
FY19
NFG 9.8%
SR —
FY20
NFG 0.5%
SR —
FY21
NFG 10.6%
SR 10.1%
FY22
NFG 14.6%
SR 6.7%
FY23
NFG 10.9%
SR 5.2%
FY24
NFG 3.3%
SR 5.1%
FY25
NFG 10.6%
SR 5.2%
NFG
SR
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.