What is National Fuel Gas's price / book?

National Fuel Gas (NFG) reported price / book of 2.3× in Q1 2026.

How has National Fuel Gas's price / book changed year-over-year?

National Fuel Gas's price / book decreased by 10.0% year-over-year, from 2.6× to 2.3×.

What is the long-term trend for National Fuel Gas's price / book?

Over 2 years (2020 to 2025), National Fuel Gas's price / book has grown at a 19.9% compound annual growth rate (CAGR), from 1.9× to 2.7×.

What does price / book mean?

Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.

National Fuel Gas NFG Price / book

Price / book at other companies

EQT CorporationEQT

1.6×0.0×

Williams CompaniesWMB

6.2×+1.7×

EnbridgeENB

1.8×+0.4×

Consolidated EdisonED

1.6×0.0×

DT MidstreamDTM

2.9×+0.8×

Enterprise Products PartnersEPD

2.7×+0.2×

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

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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.

market cap/total stockholders equity=2.3×

Based on the most recent quarter.

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 price / book?: National Fuel Gas (NFG) reported price / book of 2.3× in Q1 2026.
How has National Fuel Gas's price / book changed year-over-year?: National Fuel Gas's price / book decreased by 10.0% year-over-year, from 2.6× to 2.3×.
What is the long-term trend for National Fuel Gas's price / book?: Over 2 years (2020 to 2025), National Fuel Gas's price / book has grown at a 19.9% compound annual growth rate (CAGR), from 1.9× to 2.7×.
What does price / book mean?: Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.