National Fuel Gas - Public Comps and Valuation Multiples

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

nationalfuel.com

Sectors

Energy Services
Fossil Fuels
Energy Exploration & Generation

Financials

LTM Revenue $2.4B

LTM EBITDA $1.4B

EV

$10.2B

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National Fuel Gas Financials

As of November 2025, National Fuel Gas reported last 12-month revenue of $2.4B and EBITDA of $1.4B.

In the same period, National Fuel Gas achieved $558M in LTM net income.

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National Fuel Gas P&L

In the most recent fiscal year, National Fuel Gas reported revenue of $2.3B and EBITDA of $1.3B.

National Fuel Gas expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.4B	XXX	$2.3B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$1.0B	XXX	XXX	XXX
Gross Margin	n/a	XXX	46%	XXX	XXX	XXX
EBITDA	$1.4B	XXX	$1.3B	XXX	XXX	XXX
EBITDA Margin	61%	XXX	57%	XXX	XXX	XXX
EBIT	$852M	XXX	$955M	XXX	XXX	XXX
EBIT Margin	36%	XXX	42%	XXX	XXX	XXX
Net Profit	$558M	XXX	$519M	XXX	XXX	XXX
Net Margin	24%	XXX	23%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for National Fuel Gas including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.4B. EBITDA for the last twelve months was $1.4B. In the most recent fiscal year, National Fuel Gas achieved $2.3B in revenue and $1.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.4B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	46.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	61.5% EBITDA margin	Analyst estimates available to subscribers	57.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$852M	Analyst estimates available to subscribers	$955M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	36.2% EBIT margin	Analyst estimates available to subscribers	41.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$558M	Analyst estimates available to subscribers	$519M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	23.7% net profit margin	Analyst estimates available to subscribers	22.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for National Fuel Gas

This financial data table provides comprehensive performance metrics for National Fuel Gas, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

National Fuel Gas generated $2.4B in revenue over the last twelve months.
The company achieved $1.4B in EBITDA over the last twelve months.
Net income over the last twelve months reached $558M.

Fiscal Year Performance

In the most recent fiscal year, National Fuel Gas reported $2.3B in total revenue.
Fiscal year EBITDA was $1.3B.
The company maintained a gross profit margin of 46.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 57.4%.
Net profit margin reached 22.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for National Fuel Gas. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

National Fuel Gas Stock Performance

National Fuel Gas has current market cap of $7.4B, and EV of $10.2B.

Market Cap Evolution

National Fuel Gas Stock Data

As of December 3, 2025, National Fuel Gas's stock price is $82.

See National Fuel Gas trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$10.2B	$7.4B	XXX	XXX	XXX	XXX	$7.15

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National Fuel Gas Valuation Multiples

National Fuel Gas's trades at 5.0x EV/Revenue multiple, and 12.2x EV/EBITDA.

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National Fuel Gas Financial Valuation Multiples

As of December 3, 2025, National Fuel Gas has market cap of $7.4B and EV of $10.2B.

Equity research analysts estimate National Fuel Gas's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

National Fuel Gas has a P/E ratio of 13.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$7.4B	XXX	$7.4B	XXX	XXX	XXX
EV (current)	$10.2B	XXX	$10.2B	XXX	XXX	XXX
EV/Revenue	4.3x	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	7.1x	XXX	12.2x	XXX	XXX	XXX
EV/EBIT	12.0x	XXX	13.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	13.3x	XXX	39.6x	XXX	XXX	XXX
EV/FCF	30.0x	XXX	69.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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National Fuel Gas Margins & Growth Rates

National Fuel Gas's last 12 month revenue growth is 19%

National Fuel Gas's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $41K for the same period.

National Fuel Gas's rule of 40 is 61% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

National Fuel Gas's rule of X is 110% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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National Fuel Gas Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	19%	XXX	19%	XXX	XXX	XXX
EBITDA Margin	61%	XXX	41%	XXX	XXX	XXX
EBITDA Growth	15%	XXX	41%	XXX	XXX	XXX
Rule of 40	61%	XXX	61%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	110%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$41K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	4%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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