National Fuel Gas
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | NFG | Checked against | |
|---|---|---|---|
| Owner earnings | $62.28m | positive | ✓ |
| Return on equity | 16.8% | median 11.7% | ✓ |
| Debt to equity | 0.87x | median 0.79x | ✗ |
| Operating margin | 36.7% | median 15.0% | ✓ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 3/4
| Measure | NFG | Checked against | |
|---|---|---|---|
| Return on capital employed | 14.1% | median 10.1% | ✓ |
| Cash conversion | 2.12x | median 1.78x | ✓ |
| Operating margin | 36.7% | median 15.0% | ✓ |
| Debt to equity | 0.87x | median 0.79x | ✗ |
Passes 3 of 4. To be clear: Terry Smith has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 3/3
| Measure | NFG | Checked against | |
|---|---|---|---|
| Return on capital employed | 14.1% | median 10.1% | ✓ |
| Return on equity | 16.8% | median 11.7% | ✓ |
| Operating margin | 36.7% | median 15.0% | ✓ |
Passes 3 of 3. To be clear: Charlie Munger has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 2/3
| Measure | NFG | Checked against | |
|---|---|---|---|
| Return on equity | 16.8% | median 11.7% | ✓ |
| Debt to equity | 0.87x | median 0.79x | ✗ |
| Cash conversion | 2.12x | median 1.78x | ✓ |
Passes 2 of 3. To be clear: Chuck Akre has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 4/4
| Measure | NFG | Checked against | |
|---|---|---|---|
| Operating margin | 36.7% | median 15.0% | ✓ |
| Net margin | 23.4% | median 10.2% | ✓ |
| Return on capital employed | 14.1% | median 10.1% | ✓ |
| Operating margin, held or improving | 36.7% | 10-yr median 30.2% | ✓ |
Passes 4 of 4. To be clear: Philip Fisher has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/2
| Measure | NFG | Checked against | |
|---|---|---|---|
| Current ratio | 0.44x | median 1.25x | ✗ |
| Debt to equity | 0.87x | median 0.79x | ✗ |
Passes 0 of 2. To be clear: Walter Schloss has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 0/2
| Measure | NFG | Checked against | |
|---|---|---|---|
| Current ratio | 0.44x | 2.00x published | ✗ |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 5 yrs | 10 published | ✗ |
Passes 0 of 2. To be clear: Benjamin Graham has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | NFG | Checked against | |
|---|---|---|---|
| Return on capital employed | 14.1% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | NFG | Checked against | |
|---|---|---|---|
| Debt to equity | 0.87x | median 0.79x | ✗ |
| Net margin | 23.4% | median 10.2% | ✓ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about National Fuel Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 37.0% | whyThe dividend is set against the allowed return on the rate base. |
| Operating cash flow | 17.1% | whyBefore the capital programme the regulator expects. |
| Free cash flow | 100.7% | whySwings with the capex cycle by design — growth into the rate base is recovered through rates. Says little about the dividend. |
Spread between highest and lowest: 83.5 percentage points. Same filings, different denominators.
Coverage rating 69 / 100 — Adequate. ? Peer standing 44/50Direction 25/30Stability 0/20
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-09-30 | 37.0% |
| 2024-09-30 | 240.5% |
| 2023-09-30 | 37.5% |
| 2022-09-30 | 30.2% |
| 2021-09-30 | 45.3% |
| 2019-09-30 | 49.0% |
88% of the 57 utilities here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $2.10 ÷ diluted EPS $5.68
- Operating cash flow — dividends paid $188m ÷ operating cash flow $1,100m
- Free cash flow — dividends paid $188m ÷ (operating cash flow $1,100m − capex $913m)
Where the figures came from
- 10-K filed 2025-11-21 · accession 0000070145-25-000039
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the GAAP earnings payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
When this changes
Every figure above is recomputed whenever National Fuel Gas files. The monthly letter carries what filed, what moved, and one finding computed across every company here.