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NFG, National Fuel Gas

Oil & Gas Producers capital-intensive Regulated utilityCyclical

National Fuel Gas is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas.

National Fuel Gas operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin.

Current natural gas production development activities are focused in the Marcellus and Utica shales, geological formations that are present nearly a mile or more below the surface in the Appalachian region of the United States.

Latest annual: FY2025 10-K

NFG · National Fuel Gas

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.3B

+17.1% YoY · 8% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.5B 5-yr avg $2.1B

Gross margin 88% 5-yr avg 87%

Operating margin 40.3% 5-yr avg 31.0%

ROIC 12% 5-yr avg 10%

Owner-earnings margin 31% 5-yr avg 29%

Free cash flow margin 9% 5-yr avg 6%

Next report By 11/28 · the annual report (10-K) for the fiscal year ended late September · due within 60 days of period end · has filed ~52 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Integrated Upstream and Gathering and Other (52%), Utility (36%) and Pipeline and Storage (12%).
Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 83% and operating margin about 34% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The margin is cyclical, swinging between −29% and 38% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −140 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 11%). By owner earnings: roughly 27% of revenue reaches owners as cash, consistently. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest Integrated Upstream and Gathering and Other at 52%.

Revenue by reportable segment, FY2025

Integrated Upstream and Gathering and Other52%$1.2B
Utility36%$817M
Pipeline and Storage12%$276M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$1.5B	$1.6B	$1.6B	$1.7B	$1.5B	$1.7B	$2.2B	$2.2B	$1.9B	$2.3B	$2.5B	RevenueRevenue
—	—	$1.3B	$1.3B	$1.3B	$1.6B	$1.8B	$1.7B	$1.8B	$2.1B	$2.2B	Gross profitGross prof.
—	—	79%	77%	85%	90%	82%	80%	92%	91%	88%	Gross marginGross mgn
—	—	—	—	—	—	—	3%	4%	3%	3%	SG&A / revenueSG&A/rev
($417M)	$594M	$520M	$512M	$30M	$640M	$815M	$755M	$210M	$813M	$1.0B	Operating incomeOp. inc.
−28.7%	37.6%	32.6%	30.2%	1.9%	36.7%	37.3%	34.7%	10.8%	35.7%	40.3%	Operating marginOp. mgn
($524M)	$444M	$384M	$390M	($105M)	$478M	$683M	$641M	$87M	$694M	—	Pretax incomePretax
($291M)	$283M	$392M	$304M	($124M)	$364M	$566M	$477M	$78M	$519M	$675M	Net incomeNet inc.
—	36%	-2%	22%	—	24%	17%	26%	11%	25%	25%	Effective tax rateTax rate
											Cash flow & returns
$589M	$685M	$615M	$694M	$741M	$792M	$813M	$1.2B	$1.1B	$1.1B	$1.3B	Operating cash flowOp. cash
$249M	$224M	$241M	$276M	$306M	$335M	$370M	$410M	$457M	$457M	$482M	Depreciation & amortizationD&A
$625M	$165M	($33M)	$93M	$543M	$76M	($143M)	$330M	$509M	$105M	$96M	Working capital & otherWC & other
$582M	$450M	$584M	$789M	$716M	$752M	$812M	$1.0B	$931M	$913M	$1.1B	CapexCapex
40.0%	28.5%	36.7%	46.6%	46.3%	43.1%	37.1%	46.5%	47.9%	40.1%	41.8%	Capex / revenueCapex/rev
$340M	$460M	$374M	$419M	$435M	$456M	$443M	$828M	$609M	$643M	$790M	Owner earningsOwner earn.
23.4%	29.1%	23.5%	24.7%	28.1%	26.2%	20.3%	38.1%	31.3%	28.3%	31.4%	Owner earnings marginOE mgn
$7M	$234M	$31M	($94M)	$25M	$40M	$695K	$227M	$135M	$187M	$222M	Free cash flowFCF
0.5%	14.8%	2.0%	−5.6%	1.6%	2.3%	0.0%	10.5%	6.9%	8.2%	8.8%	Free cash flow marginFCF mgn
$135M	$139M	$143M	$147M	$153M	$163M	$168M	$176M	$184M	$188M	$198M	Dividends paidDiv. paid
—	—	—	—	—	—	$0	$0	$64M	$54M	—	BuybacksBuybacks
($453M)	($423M)	($529M)	($799M)	($1.2B)	($633M)	($519M)	($1.1B)	($934M)	($892M)	—	Investing cash flowInv. cash
($119M)	$164M	($411M)	($101M)	$476M	($59M)	($276M)	($207M)	($149M)	($203M)	—	Financing cash flowFin. cash
$16M	$426M	($326M)	($206M)	($7M)	$100M	$18M	($82M)	($17M)	$5M	—	Change in cashΔ cash
-9%	11%	13%	9%	—	11%	14%	11%	3%	11%	12%	ROICROIC
-19%	17%	20%	14%	-6%	20%	27%	16%	3%	17%	17%	Return on equityROE
−28%	8%	13%	7%	−14%	11%	19%	10%	−4%	11%	12%	Retained to equityRetained/eq
											Balance sheet
$130M	$556M	$230M	$20M	$21M	$32M	$46M	$55M	$38M	$43M	$1.2B	Cash & investmentsCash+inv
$133M	$112M	$141M	$140M	—	—	—	—	—	—	—	ReceivablesReceiv.
$108M	$126M	$160M	$132M	$134M	$172M	$179M	$152M	$165M	$184M	$146M	Accounts payablePayables
$25M	($14M)	($19M)	$8M	—	—	—	—	—	—	—	Operating working capitalOper. WC
$413M	$818M	$545M	$363M	$314M	$522M	$761M	$414M	$356M	$411M	$1.6B	Current assetsCur. assets
$304M	$646M	$440M	$422M	$460M	$1.2B	$1.9B	$806M	$1.1B	$926M	$504M	Current liabilitiesCur. liab.
1.4×	1.3×	1.2×	0.9×	0.7×	0.4×	0.4×	0.5×	0.3×	0.4×	3.2×	Current ratioCurr. ratio
$4.5B	$4.7B	$5.0B	$5.5B	$6.0B	$6.4B	$6.6B	$7.3B	$7.3B	$7.7B	—	Net PP&ENet PP&E
$336M	$190M	$123M	$179M	$173M	$89M	$88M	—	$232M	—	—	Regulatory assetsReg. assets
$134M	$148M	$208M	$197M	$217M	$262M	$843M	$809M	$822M	—	—	Regulatory liabilitiesReg. liab.
$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	GoodwillGoodwill
$5.6B	$6.1B	$6.0B	$6.5B	$7.0B	$7.5B	$7.9B	$8.3B	$8.3B	$8.7B	$10.5B	Total assetsAssets
$2.1B	$2.4B	$2.1B	$2.1B	$2.6B	$2.6B	$2.6B	$2.4B	$2.7B	$2.7B	$3.6B	Total debtDebt
$2.0B	$1.8B	$1.9B	$2.1B	$2.6B	$2.6B	$2.6B	$2.3B	$2.7B	$2.7B	$2.3B	Net debt / (cash)Net debt
$121M	$120M	$115M	$107M	$117M	$146M	$130M	$132M	$139M	$156M	$149M	Interest expenseInt. exp.
-3.4×	5.0×	4.5×	4.8×	0.3×	4.4×	6.2×	5.7×	1.5×	5.2×	6.8×	Interest coverageInt. cov.
$1.5B	$1.7B	$1.9B	$2.1B	$2.0B	$1.8B	$2.1B	$3.0B	$2.8B	$3.1B	$3.9B	Shareholders’ equityEquity
0.4%	0.8%	1.0%	1.3%	1.0%	1.0%	0.9%	0.9%	1.1%	0.9%	0.7%	Stock comp / revenueSBC/rev
											Per share
84.8M	86.0M	86.4M	86.8M	88.0M	91.7M	92.1M	92.3M	92.3M	91.2M	94.4M	Shares out (diluted)Shares
$17.12	$18.37	$18.43	$19.51	$17.58	$19.01	$23.73	$23.55	$21.06	$24.97	$26.61	Revenue / shareRev/sh
$-3.43	$3.30	$4.53	$3.51	$-1.41	$3.97	$6.15	$5.17	$0.84	$5.68	$7.15	EPS (diluted)EPS
$4.00	$5.35	$4.33	$4.83	$4.94	$4.98	$4.81	$8.97	$6.59	$7.05	$8.37	Owner earnings / shareOE/sh
$0.09	$2.72	$0.36	$-1.09	$0.28	$0.43	$0.01	$2.46	$1.46	$2.05	$2.35	Free cash flow / shareFCF/sh
$1.59	$1.62	$1.66	$1.70	$1.74	$1.78	$1.83	$1.91	$1.99	$2.07	$2.10	Dividends / shareDiv/sh
$6.85	$5.24	$6.76	$9.09	$8.14	$8.20	$8.81	$10.94	$10.08	$10.01	$11.12	Cap. spending / shareCapex/sh
$18.00	$19.81	$22.41	$24.65	$22.42	$19.48	$22.58	$32.11	$30.84	$33.92	$41.54	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+4.3%/yr	+7.3%/yr
Owner earnings / share	+6.5%/yr	+7.4%/yr
Dividends / share	+3.0%/yr	+3.5%/yr
Capital spending / share	+4.3%/yr	+4.2%/yr
Book value / share	+7.3%/yr	+8.6%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $643M of owner earnings, the operating cash left after the $457M it takes just to hold its position. It put $456M more into growth; free cash flow, after that spending, was $187M.

Reported net income$519M

Owner earnings$643M · 28% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$519M	$78M	$477M	$566M	$364M
Depreciation & amortizationnon-cash charge added back	+$457M	+$457M	+$410M	+$370M	+$335M
Stock-based compensationreal costnon-cash, but a real cost	+$20M	+$22M	+$21M	+$20M	+$17M
Working capital & othertiming of cash in and out, other non-cash items	+$105M	+$509M	+$330M	−$143M	+$76M
Cash from operations	$1.1B	$1.1B	$1.2B	$813M	$792M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$457M	−$457M	−$410M	−$370M	−$335M
Owner earnings	$643M	$609M	$828M	$443M	$456M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$456M	−$474M	−$600M	−$442M	−$416M
Free cash flow	$187M	$135M	$227M	$695K	$40M
Owner-earnings marginowner earnings ÷ revenue	28%	31%	38%	20%	26%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $457M, roughly its depreciation, the rate its assets wear out). The other $456M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $20M), owner earnings is nearer $624M.

A regulated utility reads differently here. What it spends above depreciation goes into rate base, where the commission lets it earn the allowed return and recover the capital, with interest, over decades — growth that is financed, not taken out of owners' pockets this year. So the truth sits between the bridge's two ends: owner earnings excuses the build-out entirely, free cash flow charges it entirely, and the scorecard's utility-plant figure shows how fast the base earning that return is compounding.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

The allowed return, earned and credited

Earned return on equity 16.4%

Above the typical allowed band

Median over 10 readable years · latest FY2025: 16.8% (net income $519M ÷ equity $3.1B)

What this means
A commission caps what a regulated utility may earn on shareholders' capital, so the question is not whether the return is high but whether the company actually earns what it is allowed — persistent under-earning means costs the regulator will not put in rates, and a return above the band usually means unregulated businesses in the mix. Read through the record, because a single year carries rate-case timing noise.
AFUDC in earnings —

Not enough data

What this means
The equity allowance for funds used during construction is not tagged in this filer's structured data — the construction credit, if any, lives in the 10-K's rate-matters note.

The invested base and the regulatory ledger

Net utility plant —

Not enough data

What this means
No undimensioned utility-plant figure is tagged in this filer's structured data.
Regulatory assets & liabilities —

Not enough data

What this means
The regulatory balance-sheet lines are not tagged undimensioned in this filer's structured data; the regulatory-matters note in the 10-K carries them.

Graham’s defensive tests · 4 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Pass

Debt ≤ 2× equity (Graham's utility test) · $2.7B vs $3.1B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +179%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.76/share (latest year $5.46), the averaged base the calculator's gate runs on, and book value is $32.56/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 14% → 27% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 14% early to 27% lately, median 33% — pricing power intact or improving.
Reinvestment, incremental ROIC 14%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +5%/yr

What this means
Owner earnings grew about 5% a year over the record.
Worst year 2016 · −28.7% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Share count +0.8%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.6B

Cash & short-term investments$1.2B
Other current assets$379M

Current liabilities$504M

Accounts payable$146M
Other current liabilities$358M

Current ratio3.20×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.20×stricter: inventory excluded

Cash ratio2.45×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+1.1%the freshest read on whether the business is still growing

Current ratio, recent quarters0.3× → 3.2×

Deeper floors

Tangible book value$3.9Bequity stripped of goodwill & intangibles

Debt incl. operating leases$3.6B$41M of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$600M

'28$300M

'29$0

'30$500M

later$1.0B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$600Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$600Min 2027the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$2.4Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Sep 30, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $8.3B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$7.5B · 90%
Dividends$1.6B · 19%
Buybacks$119M · 1%

Returned to owners$1.7B
34% of the owner earnings the business produced over the span, $1.6B as dividends and $119M as buybacks.
Source of funding−$923M
Reinvestment and shareholder returns ran $923M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $2.1B to $3.6B.
Average price paid for buybacks—
Buybacks ran $119M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count11.3%
The diluted count rose from 85M to 94M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$2.07/sh
Paid in 10 of the years on record, the per-share dividend growing about 3% a year. It was never cut over the span.
Return on what it retained35%
Of the earnings it kept rather than paid out ($851M over the span), annual owner earnings (first three years vs last three) grew $302M, so each retained $1 added about 0.35 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	David P. Bauer	$7.0M	$8.8M	$456M
2022	David P. Bauer	$6.5M	$9.3M	$443M
2023	David P. Bauer	$7.8M	$4.7M	$828M
2024	David P. Bauer	$8.7M	$8.2M	$609M
2025	David P. Bauer	$9.1M	$19.2M	$643M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio98:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$20M
The slice of the business handed to employees in shares in fiscal 2025, 0.9% of revenue, equal to 2.4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, nearest by economic model

No close industry peers in the catalog yet, so these are the nearest by economic model (capital-intensive), compared on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	Plant growthannualized over the record	Dividend / cashmedian over the record
ATOAtmos Energy Corporation	$4.7B	9%	13.2%	25%
SRSpire	$2.5B	8%	8.3%	29%
OGSONE Gas	$2.4B	8%	7.4%	28%
BKHBlack Hills	$2.3B	8%	—	25%
NFGNational Fuel Gas	$2.3B	16%	—	21%
NJRNew Jersey Resources	$2.0B	12%	8.6%	39%
SWXSouthwest Gas Holdings	$1.9B	8%	8.6%	24%
NWNNorthwest Natural	$1.3B	7%	—	30%
Group median	—	8%	—	27%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what National Fuel Gas has delivered.

Today’s price $

Through the cycle, National Fuel Gas earns about $618M on its 27.1% median owner-earnings margin. This year’s 28.3% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($618M) Net of stock comp (−$19M TTM) Steady-state · maintenance capex ($816M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+9%/yr

Owner-earnings growth · ’16→’25+3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $222M on 95M shares outstanding, per the 10-Q cover, as of 2026-07-29; net debt $2.3B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($1.1B) runs well above depreciation ($482M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $816M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh NFG against another business →

Cite: Owner Scorecard, "National Fuel Gas (NFG), the owner's record," https://ownerscorecard.com/c/NFG, data as of 2026-08-17.

Manual order: ← NFBK its page in the Manual NFLX →

Industry order: ← MUR the Oil & Gas Producers chapter NOG →