$77.45
+0.28%National Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil in California and in the Appalachian region of the United States. As of September 30, 2021, it had proved developed and undeveloped reserves of 21,537 thousand barrels of oil and 3,723,433 million cubic feet of natural gas. The Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields. This segment also transports natural gas for National Fuel Gas Distribution Corporation, as well as for other utilities, industrial companies, and power producers in New York State; and owns and operates the Empire Pipeline. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, as well as provides gathering services to Seneca Resources Company, LLC. The Utility segment sells natural gas or provides natural gas transportation services to approximately 753,000 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company markets gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2021, the company also owned approximately 95,000 acres of timber property; and managed approximately 2,500 additional acres of timber cutting rights. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.
Weak cash conversion. Significant portion of earnings not converting to cashโreview working capital trends and capital intensity.
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extensionโmonitor closely.
Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.
NFG โข NYSE
| National Fuel Gas Company Cash Flow Statement | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | Sep 2020 | Sep 2019 | Sep 2018 | Sep 2017 | Sep 2016 | Sep 2015 | Sep 2014 | Sep 2013 | Sep 2012 | Sep 2011 | Sep 2010 | Sep 2009 | Sep 2008 | Sep 2007 | Sep 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
518.5M | 77.5M | 476.9M | 566M | 363.6M | -123.8M | 304.3M | 391.5M | 283.5M | -291M | -379.4M | 299.4M | 260M | 220.1M | 258.4M | 219.1M | 100.7M | 268.7M | 337.5M | 138.1M | |
456.6M | 457M | 409.6M | 369.8M | 335.3M | 755.6M | 275.7M | 241M | 224.2M | 249.4M | 336.2M | 383.8M | 326.8M | 271.5M | 226.5M | 178.7M | 173.4M | 170.6M | 170.8M | 179.6M | |
121.3M | -2.6M | 151.4M | 104.4M | 106M | 54.3M | 122.3M | -18.2M | 118M | -246.8M | -357.6M | 142.4M | 167.9M | 144.2M | 164.3M | 134.7M | -2.5M | 72.5M | 52.8M | -5.2M | |
19.8M | 22.1M | 20.6M | 19.5M | 17.1M | 14.9M | 21.2M | 15.8M | 12.3M | 5.8M | 3.2M | 11.8M | 12.4M | -985K | 1.2M | 13.2K | -5.9M | -16.3M | -13.7M | -6.5M | |
169.1M | 543.5M | 19.6M | 714K | 51.7M | 6.5M | 8.6M | 16.1M | 16.5M | 968.7M | 1.1B | 9.4M | 14.3M | -6.9M | -33.8M | 5.6M | 201.6M | 6.8M | -146.8M | 110.6M | |
(48.9M) | (4.1M) | (38.1M) | (16.7M) | (6.4M) | (0.0) | (0.0) | (31.8M) | (34.8M) | (34.2M) | (18.7M) | (40.9M) | (13.2M) | (474K) | (63.1M) | (31M) | (40.6M) | (103.2M) | (98M) | (54.4M) | |
-185.2M | -31.6M | 159M | -247.9M | -82.2M | 33.2M | -37.5M | -30.9M | 30.1M | -97.1M | 123.2M | 62.6M | -42.8M | 33M | 62.1M | -78.4M | 142.2M | -19.6M | -6.4M | 54.8M | |
1.1B | 1.1B | 1.2B | 812.5M | 791.6M | 740.8M | 694.5M | 615.3M | 684.5M | 589M | 853.6M | 909.4M | 738.6M | 660.8M | 678.7M | 459.7M | 609.4M | 482.8M | 394.2M | 471.4M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-912.8M | -931.2M | -1B | -811.8M | -751.7M | -1.2B | -788.9M | -584M | -450.3M | -581.6M | -1B | -914.4M | -703.5M | -1B | -837.6M | -455.8M | -309.9M | -397.7M | -276.7M | -294.2M | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (59.4M) | (53.8M) | -31.3M | (0.0) | (232.1M) | (0.0) | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -1.3M | (0.0) | (0.0) | (0.0) | |
0.0 | 0.0 | 10M | 30M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
21.1M | -2.7M | -112.5M | 263.1M | 118.5M | -1.2M | -10.2M | 55.1M | 27.8M | 128.1M | -6.6M | 6M | -2.5M | 446K | 59.2M | -251K | -4.8M | 68.7M | -57.1M | -3.2M | |
-891.7M | -933.9M | -1.1B | -518.7M | -633.2M | -1.2B | -799.2M | -528.9M | -422.6M | -453.5M | -1B | -908.4M | -706M | -1B | -719M | -402.2M | -347.3M | -329M | -101.8M | -297.4M | |
FINANCING ACTIVITIES | ||||||||||||||||||||
-59.1M | -68M | -6.7M | -9.6M | -3.7M | 161.6M | -8.9M | 4.1M | 7.8M | 13.8M | 10.5M | 7.5M | 5.4M | 10.3M | -592K | 26.1M | 28.2M | -219.6M | -30.6M | 23.3M | |
44.1M | 102.6M | -24.2M | -98.5M | 108.1M | 467.8M | 0.0 | -271.5M | 295.2M | 0.0 | 359M | 85.6M | 74.4M | 477.1M | -160M | 0.0 | 147.8M | 96.6M | -119.6M | -9.8M | |
-188.4M | -183.8M | -176.1M | -168.1M | -163.1M | -153.3M | -147.4M | -143.3M | -139.1M | -134.8M | -130.7M | -126.6M | -122.7M | -118.8M | -114.6M | -109.6M | -104.2M | -103.7M | -100.6M | -98.3M | |
-59.1M | -68M | -6.7M | -9.6M | -3.7M | (161.6M) | -8.9M | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (5.4M) | (10.3M) | -592K | (0.0) | (0.0) | -237M | -48.1M | (0.0) | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 55.2M | 0.0 | 0.0 | 1.9M | 9.1M | 4.6M | 675K | 985K | -1.2M | 13.2M | 5.9M | 16.3M | 13.7M | -78.7M | |
-203.4M | -149.3M | -207M | -276.2M | -58.7M | 476.1M | -101.1M | -410.6M | 163.9M | -119.1M | 247.9M | -28.9M | -42.2M | 369.6M | -276.4M | -70.3M | 77.7M | -210.4M | -237.1M | -163.4M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -139K | 1.4M | |
4.9M | -17.2M | -82.3M | 17.6M | 99.6M | -6.7M | -205.8M | -324.2M | 427.3M | 16.4M | 76.7M | -28M | -9.6M | -5.9M | -316.7M | -12.9M | 339.8M | -56.6M | 55.2M | 12M | |
38.2M | 55.4M | 137.7M | 120.1M | 20.5M | 27.3M | 233M | 557.3M | 130M | 113.6M | 36.9M | 64.9M | 74.5M | 80.4M | 397.2M | 408.1M | 68.2M | 124.8M | 69.6M | 57.6M | |
43.2M | 38.2M | 55.4M | 137.7M | 120.1M | 20.5M | 27.3M | 233M | 557.3M | 130M | 113.6M | 36.9M | 64.9M | 74.5M | 80.4M | 395.2M | 408.1M | 68.2M | 124.8M | 69.6M | |
187.2M | 134.7M | 227.2M | 695K | 39.8M | -481.6M | -94.5M | 31.3M | 234.2M | 7.4M | -164.6M | -5M | 35.1M | -376M | -160.3M | 3.9M | 299.5M | 85M | 117.5M | 177.2M |
NFG - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 27, 2026 | May 27, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 26, 2026 | May 26, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | April 30, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 30, 2026 | April 29, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 29, 2026 | April 29, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 27, 2026 | March 27, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 13, 2026 | March 12, 2026 | 2026 | |
8-K 8-K 2026 N/A | January 29, 2026 | January 28, 2026 | 2026 | |
10-Q 10-Q 2025 Q4 Q4 | January 29, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | January 28, 2026 | January 28, 2026 | 2026 |
Continue your NFG research with focused valuation guides.
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.