What is National Fuel Gas's return on invested capital?

National Fuel Gas (NFG) reported return on invested capital of 13.8% in Q1 2026.

What is the long-term trend for National Fuel Gas's return on invested capital?

Over 4 years (2020 to 2025), National Fuel Gas's return on invested capital has grown at a 119.0% compound annual growth rate (CAGR), from 0.7% to 15.4%.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

National Fuel Gas NFG Return on invested capital

Return on invested capital at other companies

EQT CorporationEQT

12.5%+9.0pp

Williams CompaniesWMB

7%-2.5pp

EnbridgeENB

8.1%+2.2pp

Consolidated EdisonED

4.6%-0.3pp

DT MidstreamDTM

6.1%+1.2pp

Enterprise Products PartnersEPD

11.8%-0.3pp

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow$382.4M+50.7%

CapEx$220.6M+13.8%

Free cash flow$161.7M+170%

Valuation

See full

Market cap$7.21B+24.5%

Enterprise value$9.31B+14.1%

P/E10.5×—

P/S2.9×+0.1×

Profitability

See full

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.

nopat/invested capital=13.8%

Based on trailing twelve months.

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

Ask your AI about National Fuel Gas's return on invested capital.

Connect your AI assistant and compare it to peers, right in your chat.

Connect your AI

Claude

Questions, answered.

What is National Fuel Gas's return on invested capital?: National Fuel Gas (NFG) reported return on invested capital of 13.8% in Q1 2026.
What is the long-term trend for National Fuel Gas's return on invested capital?: Over 4 years (2020 to 2025), National Fuel Gas's return on invested capital has grown at a 119.0% compound annual growth rate (CAGR), from 0.7% to 15.4%.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.