National Fuel Gas Co. (NFG) intrinsic value & 10-year financials
National Fuel Gas Co. (NFG) has a Graham intrinsic value of $110.45 per share. At $79.92 on Oct 17, 2026, the stock trades 28% below that value. Over the last 10 fiscal years revenue grew 4.8% a year to $2.2B, with an average return on invested capital of 10.7%.
- Graham intrinsic value
- $110.45
- Share price (Oct 17, 2026)
- $79.92
- Price vs Graham value
- 28% below
- Market cap
- $7.3B
- Revenue (FY2025)
- $2.2B
- Revenue growth (10-yr CAGR)
- 4.8%
- ROIC (10-yr avg)
- 10.7%
- Free cash flow (FY2025)
- $187.2M
NFG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2B | $518.5M | $5.68 | $187.2M | 36.7% | 14.4% |
| FY2024 | $1.7B | $77.5M | $0.84 | $134.7M | 12.3% | 7.5% |
| FY2023 | $2.3B | $476.9M | $5.17 | $227.2M | 33.5% | 26.2% |
| FY2022 | $3.1B | $566.0M | $6.15 | $695.0K | 26.6% | 21.1% |
| FY2021 | $1.7B | $363.6M | $3.97 | $39.8M | 36.7% | 10.8% |
| FY2020 | $1.5B | -$123.8M | -$1.41 | $24.7M | 1.9% | 0.7% |
| FY2019 | $1.7B | $304.3M | $3.51 | -$94.5M | 30.2% | 9.9% |
| FY2018 | $1.6B | $391.5M | $4.53 | $31.3M | 30.6% | 13.2% |
| FY2017 | $1.6B | $283.5M | $3.30 | $234.2M | 35.0% | 10.1% |
| FY2016 | $1.5B | -$291.0M | -$3.43 | $7.4M | -28.7% | -6.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NATIONAL FUEL GAS CO has demonstrated mature, steady growth, with revenue compounding at 4.8% annually over the past decade.
NATIONAL FUEL GAS CO returns on capital have been average, hovering around 10.7% ROIC over the decade.
NATIONAL FUEL GAS CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NATIONAL FUEL GAS CO is modeled at 7.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $110.45 per share.