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National Fuel Gas Valuation Multiples
Discover revenue and EBITDA valuation multiples for National Fuel Gas and similar public comparables like Frontline, Keyera, APA Group, Meridian Energy and more.
National Fuel Gas Overview
About National Fuel Gas
National Fuel Gas Co is a diversified energy company involved in natural gas production, gathering, transportation, distribution, and marketing. It operates through three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. The majority of revenue comes from the Integrated Upstream and Gathering segment, which focuses on Seneca’s natural gas exploration and development in the Appalachian region and Midstream operations supporting gas processing and gathering. The Pipeline and Storage segment transports and stores natural gas for customers in the northeastern United States and Canada, while the Utility segment supplies natural gas to retail customers in western New York and northwestern Pennsylvania. the company opeartes in United States.
Founded
1902
HQ
Employees
2.3K
Website
Financials (LTM)
EV
$11B
National Fuel Gas Financials
National Fuel Gas reported last 12-month revenue of $2B and EBITDA of $2B.
In the same LTM period, National Fuel Gas generated $2B in EBITDA and $618M in net income.
Revenue (LTM)
National Fuel Gas P&L
In the most recent fiscal year, National Fuel Gas reported revenue of $2B and EBITDA of $1B.
National Fuel Gas expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $1B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 46% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 62% | XXX | 62% | XXX | XXX | XXX |
| EBIT Margin | 39% | XXX | 42% | XXX | XXX | XXX |
| Net Profit | $618M | XXX | $519M | XXX | XXX | XXX |
| Net Margin | 25% | XXX | 23% | XXX | XXX | XXX |
| Net Debt | — | — | $3B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
National Fuel Gas Stock Performance
National Fuel Gas has current market cap of $9B, and enterprise value of $11B.
Market Cap Evolution
National Fuel Gas' stock price is $92.66.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $11B | $9B | 0.0% | XXX | XXX | XXX | $5.46 |
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Start Free TrialNational Fuel Gas Valuation Multiples
National Fuel Gas trades at 4.6x EV/Revenue multiple, and 7.5x EV/EBITDA.
EV / Revenue (LTM)
National Fuel Gas Financial Valuation Multiples
As of March 15, 2026, National Fuel Gas has market cap of $9B and EV of $11B.
Equity research analysts estimate National Fuel Gas' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
National Fuel Gas has a P/E ratio of 14.3x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $9B | XXX | $9B | XXX | XXX | XXX |
| EV (current) | $11B | XXX | $11B | XXX | XXX | XXX |
| EV/Revenue | 4.6x | XXX | 5.0x | XXX | XXX | XXX |
| EV/EBITDA | 7.5x | XXX | 8.0x | XXX | XXX | XXX |
| EV/EBIT | 12.0x | XXX | 11.8x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 10.8x | XXX | XXX | XXX |
| P/E | 14.3x | XXX | 17.0x | XXX | XXX | XXX |
| EV/FCF | 32.5x | XXX | 33.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified National Fuel Gas Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
National Fuel Gas Margins & Growth Rates
National Fuel Gas' revenue in the last 12 month grew by 19%.
National Fuel Gas' revenue per employee in the last FY averaged $1.0M.
National Fuel Gas' rule of 40 is 81% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
National Fuel Gas' rule of X is 110% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
National Fuel Gas Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 19% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Margin | 62% | XXX | 62% | XXX | XXX | XXX |
| EBITDA Growth | 15% | XXX | 15% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 81% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 110% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.0M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 4% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
National Fuel Gas Public Comps
See public comps and valuation multiples for other Energy Production and Energy Services comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Frontline | XXX | XXX | XXX | XXX | XXX | XXX |
| Keyera | XXX | XXX | XXX | XXX | XXX | XXX |
| APA Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Meridian Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Enel Americas | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
National Fuel Gas M&A Activity
National Fuel Gas acquired XXX companies to date.
Last acquisition by National Fuel Gas was on XXXXXXXX, XXXXX. National Fuel Gas acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by National Fuel Gas
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNational Fuel Gas Investment Activity
National Fuel Gas invested in XXX companies to date.
National Fuel Gas made its latest investment on XXXXXXXX, XXXXX. National Fuel Gas invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by National Fuel Gas
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout National Fuel Gas
| When was National Fuel Gas founded? | National Fuel Gas was founded in 1902. |
| Where is National Fuel Gas headquartered? | National Fuel Gas is headquartered in United States. |
| How many employees does National Fuel Gas have? | As of today, National Fuel Gas has over 2K employees. |
| Who is the CEO of National Fuel Gas? | National Fuel Gas' CEO is David P. Bauer. |
| Is National Fuel Gas publicly listed? | Yes, National Fuel Gas is a public company listed on NYSE. |
| What is the stock symbol of National Fuel Gas? | National Fuel Gas trades under NFG ticker. |
| When did National Fuel Gas go public? | National Fuel Gas went public in 1955. |
| Who are competitors of National Fuel Gas? | National Fuel Gas main competitors are Frontline, Keyera, APA Group, Meridian Energy. |
| What is the current market cap of National Fuel Gas? | National Fuel Gas' current market cap is $9B. |
| What is the current revenue of National Fuel Gas? | National Fuel Gas' last 12 months revenue is $2B. |
| What is the current revenue growth of National Fuel Gas? | National Fuel Gas revenue growth (NTM/LTM) is 19%. |
| What is the current EV/Revenue multiple of National Fuel Gas? | Current revenue multiple of National Fuel Gas is 4.6x. |
| Is National Fuel Gas profitable? | Yes, National Fuel Gas is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of National Fuel Gas? | National Fuel Gas' last 12 months EBITDA is $2B. |
| What is National Fuel Gas' EBITDA margin? | National Fuel Gas' last 12 months EBITDA margin is 62%. |
| What is the current EV/EBITDA multiple of National Fuel Gas? | Current EBITDA multiple of National Fuel Gas is 7.5x. |
| What is the current FCF of National Fuel Gas? | National Fuel Gas' last 12 months FCF is $348M. |
| What is National Fuel Gas' FCF margin? | National Fuel Gas' last 12 months FCF margin is 14%. |
| What is the current EV/FCF multiple of National Fuel Gas? | Current FCF multiple of National Fuel Gas is 32.5x. |
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