National Fuel Gas Company

NFGNYSEEnergy● Active

$76.35

$-1.07(-1.38%)

Market Cap$7.3B

P/E Ratio—

52W High$97.06

52W Low$75.85

Avg Volume839K

Open$77.37

Beta0.39

Free Cash Flow Financials Revenue

National Fuel Gas Company (NFG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NFG · free cash flow · updated Jun 8, 2026

Core FCF metrics

NFG · FCF · TTM · margin & CAGR

Free cash flow was $187.2M for FY2025 (fiscal year ending 2025-09-30), up 39.0% year-over-year The FCF margin was 8.2%.

FY2025 Free Cash Flow$187.2M▲ +39.0% YoY

Trailing 12M (TTM)$306.6Mtrailing 4 quarters sum

FCF Margin8.2%$187.2M ÷ revenue

3-Year CAGR+545.8%FY2022 → FY2025

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NFG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.10B(913M)$187.2M▲ +39.0%8.2%

FY2024$1.07B(931M)$134.7M▼ 40.7%6.9%

FY2023$1.24B(1.01B)$227.2M▲ +32591.7%10.4%

FY2022$812.5M(812M)$695,000▼ 98.3%0.0%

FY2021$791.6M(752M)$39.8M▲ +108.3%2.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NFG · P/FCF · FCF yield · FCF per share

National Fuel Gas Company (NFG) trades at a FCF yield of 4.17% and a price-to-free-cash-flow ratio of 22.5x. FCF per share stands at $3.39, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.17%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.39

TTM FCF ÷ Shares Outstanding

Price / FCF

x22.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x31.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-09-30

Cash flow statement summary

NFG · cash flow statement · operating / investing / financing

For FY2025, National Fuel Gas Company generated $1.10B in operating cash flow and spent 913M in capital expenditures, yielding $187.2M in free cash flow.

Operating Activities

+$1.10B

Cash from core business operations

2025-09-30

Investing Activities

−$891.7M

CapEx, acquisitions & investments

2025-09-30

Financing Activities

−$203.4M

Buybacks, dividends & debt

2025-09-30

FCF FormulaOperating CF ($1.10B) − |CapEx| (913M) = FCF ($187.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

NFG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

National Fuel Gas CompanyYOU

NFG

$187.2M+39.0%8.2%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

National Fuel Gas Company (NFG) reported free cash flow of $187.2M for FY2025 (fiscal year ending 2025-09-30), up 39.0% year-over-year. The FCF margin was 8.2%.

Based on available data, National Fuel Gas Company has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $234.2M in FY2017.

National Fuel Gas Company's FCF yield is 4.17% and price-to-FCF ratio is 22.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NFG free cash flow · 8 questions

National Fuel Gas Company free cash flow was $187.2M for FY2025, up 39.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $306.6M.

NFG free cash flowNFG FCFNFG FCF 2025NFG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · National Fuel Gas Company · National Fuel Gas Company SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026