CluenexNational Fuel Gas NFG
National Fuel Gas scores good on business quality (6.9 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What National Fuel Gas does
National Fuel Gas explores for, produces, and transports natural gas, generating revenue primarily through regulated utility operations and energy production. Customers pay for reliable energy delivery and supply across its footprint.
- What it does best
National Fuel delivers elite capital efficiency within its utility peer group, posting a return on equity of 18.7% that outpaces peers like UGI at 12.2% and ATO at 9.7%. This edge stems from pairing regulated utility cash flows with upstream production assets.
- The main risk
Integration risks loom over the $2.62B acquisition of CenterPoint's Ohio gas utility. Absorbing a massive new asset base stretches operational execution and increases debt exposure, testing management's ability to preserve cash flows during the transition.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins stand at 40.3% and FCF margin sits in the top quartile of its sector at 92nd percentile, driven by high gross margins of 87.8%. This cost structure converts revenue into cash efficiently as volume expands.
Natural gas infrastructure creates a localized delivery monopoly that locks in utility consumers. Operating margins sit in the top decile of its sector at 40.3%, protected by entrenched pipeline networks that rivals cannot replicate.
Revenue grew 17.1% to $2.5B over the latest period, accelerating past prior annual levels as exploration and utility segments scale up together.
Total debt sits at $2.8B with an interest coverage ratio of 6.8x, meaning debt servicing is manageable. Free cash flow reached $222M following past capital outlays, pointing to a steadily firming balance sheet.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on NFG
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
National Fuel Gas scores good on the Cluenex quality check (6.9 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health strong.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 3, 2026, after the close.
See NFG today
- Today's verdict on NFG, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “National Fuel Gas (NFG)”, https://cluenex.com/stocks/nfg/, data as of Oct 10, 2026.