What is National Fuel Gas's net debt?

National Fuel Gas (NFG) reported net debt of $2.1B in Q1 2026.

How has National Fuel Gas's net debt changed year-over-year?

National Fuel Gas's net debt decreased by 16.0% year-over-year, from $2.5B to $2.1B.

What is the long-term trend for National Fuel Gas's net debt?

Over 5 years (2020 to 2025), National Fuel Gas's net debt has grown at a -0.9% compound annual growth rate (CAGR), from $2.64B to $2.53B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

National Fuel Gas NFG Net debt

Discontinued — last reported Q2 '26

Net debt at other companies

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40×—

Armstrong World IndustriesAWI

0.9×-0.1×

LAD

Lithia MotorsLAD

0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Karman Holdings Inc.KRMN

5.9×+2.7×

Pilgrim's Pride CorporationPPC

1.5×+0.9×

Other financials

Income statement

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Revenue$858.4M+17.6%

Gross profit$650.5M+9.4%

Operating income$347.1M+9.4%

Net income$247.7M+14.5%

EPS (diluted)$2.59+9.3%

Balance sheet

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Cash & equivalents$26.6M-70.9%

Total debt$2.1B-17.9%

Total equity$3.8B+38.3%

Total assets$9.1B+7.6%

Cash flow

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Operating cash flow$382.4M+50.7%

CapEx$220.6M+13.8%

Free cash flow$161.7M+170%

Valuation

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Market cap$7.21B+24.5%

Enterprise value$9.31B+14.1%

P/E10.5×—

P/S2.9×+0.1×

Profitability

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Gross margin87.8%-3.1pp

Operating margin41.2%—

Net margin27.4%—

FCF margin7.2%—

Returns & leverage

See full

Return on equity20.8%—

Debt / equity0.6×-0.4×

Current ratio0.6×+0.1×

Where this comes from

Calculated from National Fuel Gas’s reported figures.

$2.1Btotal debt−$26.6Mcash and equivalents=$2.1B

The official record: National Fuel Gas’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is National Fuel Gas's net debt?: National Fuel Gas (NFG) reported net debt of $2.1B in Q1 2026.
How has National Fuel Gas's net debt changed year-over-year?: National Fuel Gas's net debt decreased by 16.0% year-over-year, from $2.5B to $2.1B.
What is the long-term trend for National Fuel Gas's net debt?: Over 5 years (2020 to 2025), National Fuel Gas's net debt has grown at a -0.9% compound annual growth rate (CAGR), from $2.64B to $2.53B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.