What is National Fuel Gas's operating margin?

National Fuel Gas (NFG) reported operating margin of 41.2% in Q1 2026.

What is the long-term trend for National Fuel Gas's operating margin?

Over 4 years (2020 to 2025), National Fuel Gas's operating margin has grown at a 107.4% compound annual growth rate (CAGR), from 1.9% to 35.7%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

National Fuel Gas NFG Operating margin

Operating margin at other companies

EQT CorporationEQT

46.6%+28.7pp

Williams CompaniesWMB

34.3%-0.2pp

EnbridgeENB

15.2%-2.2pp

Consolidated EdisonED

17.4%-0.3pp

DT MidstreamDTM

49.5%+0.4pp

Enterprise Products PartnersEPD

14.4%+1.6pp

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

Net margin27.4%—

FCF margin7.2%—

Returns & leverage

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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.

operating income/total revenue=41.2%

Based on trailing twelve months.

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 operating margin?: National Fuel Gas (NFG) reported operating margin of 41.2% in Q1 2026.
What is the long-term trend for National Fuel Gas's operating margin?: Over 4 years (2020 to 2025), National Fuel Gas's operating margin has grown at a 107.4% compound annual growth rate (CAGR), from 1.9% to 35.7%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.