National Fuel Gas Company Stock Price and Value Analysis

National Fuel Gas Company (NYSE:NFG) in our automated value investing analysis, with the cash flow history and price comparison below.

Key Facts

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NFG Free Cash Flow Trend

Free Cash Flow trendline for NFG
Free Cash Flow trendline for National Fuel Gas Company
CSV

Based on historical returns, we believe that National Fuel Gas Company can grow its free cash at a rate of about 1%. That's positive!

AdvantagesDisadvantages
  • This company has a high dividend yield.
  • This stock looks overpriced.
  • This company has wild ups and downs.
  • This company is less known than others.
  • This company is making money at a modest rate.

Inside the NFG Numbers

NFG Price
(National Fuel Gas Company stock price per share)
$77.19
[?] PE Ratio versus Sector 29% lower than other Utilities stocks
[?] PE Ratio versus Industry 32% lower than other Utilities - Regulated Gas stocks
[?] Cash Yield 2.32%
[?] Free Cash Flow Jitter 162%
[?] Dividend Yield 3% (tax impact)
Shares Shorted 4,741,357

Insider Activity Summary

No open-market insider buys or sells are recorded for the last 12 months.

This stock has short interest! This means that people have shorted it.

Why does that matter? They've made a bet that price will decrease from where they bought it. Maybe there are financial problems, or maybe there's a value play.

As of the latest analysis, there are 4,741,357 shares shorted. With 93,680,099 shares available for purchase and an average trading volume over the past 10 trading days of 1,383,260, it would take at least 3.4 days for all of the short holders to cover their shorts.

Related guides: good annual rate of return · high-yield stocks · forecasting earnings growth

Free Cash Flow by Fiscal Year

Each year names the SEC filer that reported it, so a change of filer shows up here.

Fiscal yearSEC filer (CIK)Free cash flow (USD millions)
2008 70145 85.0
2009 70145 256.1
2010 70145 62.2
2011 70145 168.4
2012 70145 60.0
2013 70145 76.7
2014 70145 127.3
2015 70145 -43.5
2016 70145 -261.5
2017 70145 -49.1
2018 70145 -94.4
2019 70145 9.9
2020 70145 116.6
2021 70145 133.3
2022 70145 82.0
2023 70145 421.4
2024 70145 221.8
2025 70145 216.5

Download the yearly data as CSV.

Price Versus Our Estimated Value

Free cash flow was positive in 14 out of 18 reported years for National Fuel Gas Company, using only its current SEC filer.

National Fuel Gas Company's average free cash flow rose sharply, from $134.5 million in its earliest three years to $286.6 million in its latest three.

Free cash flow is volatile from year to year, with a variability measure of 162%.

National Fuel Gas Company is priced at $77.19, above our fair value estimate of $21.38 and its safe value of $12.83.

The dividend yield for National Fuel Gas Company is 2.88%.

Our value investing guide explains how to test these numbers against the filings themselves.

Compared With Its Sector and Industry

Its trailing P/E ratio is 29% below the average for stocks in the Utilities sector.

Its trailing P/E ratio is 32% below the average for stocks in the Utilities - Regulated Gas industry.

A P/E ratio depends on trailing earnings, which one-time items can distort, so a lower P/E is not by itself evidence of value.

SEC Filer History

Every fiscal year on this page is reported by one SEC filer, CIK 70145.

Each figure on this page comes from that filer.

Risks to This Analysis

  • Free cash flow was negative in 4 of the 18 years we have.
  • Free cash flow is volatile from year to year, so the estimates depend heavily on which years are included.
  • These figures are automated calculations from SEC filings and the recent price. They may contain errors, and they do not reflect lawsuits, management changes, or other events the filings do not show.

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Questions to Answer Before You Invest in NFG

Does National Fuel Gas Company have a coherent story? Does it have a plan to continue to make money? Is it worth your time? Only you can decide where to go from here. Our investment guide helps you ask the right questions, including how to buy stocks. Use these research links for more information.

Worked example: NFG

This example shows how we apply the Trendshare checklist to NFG: earnings power, cash generation, valuation, and margin of safety.

We check: business quality, free cash flow, P/E, and margin of safety.

  1. Step 1 — Snapshot

    • Price: 77.19
    • Market cap: $7.3B
    • EPS: 7.02
  2. Step 2 — Valuation checks

    • P/E: 10.996
    • FCF yield: 2.3%
    • Date checked: Nov 12, 2026
  3. Step 3 — Margin of safety

    • Compare price to fair value and safety price.
    • Look for durable cash generation and reasonable leverage.
    • Decide if it passes your personal checklist.