National Fuel Gas vs Spire
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KIRA’s take AI analyst
I put National Fuel Gas and Spire side by side, using each one’s latest annual report. Here is what stands out:
- 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 15.1x against 11.4x for National Fuel Gas.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
National Fuel Gas
NFG
10/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Spire
SR
0/10
Side by side
Best in the row
| Latest fiscal year | NFG FY25 | SR FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $5.1B |
| 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 | 11.4x | 15.1x |
| Piotroski F-score | 8 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.