What is the 13F Pro Quality Score for NFG?

13F Pro ranks NATIONAL FUEL GAS CO (NFG) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NFG's current score at https://13fpro.ai/research/NFG (free sign-up required for the full ranking).

Where does 13F Pro source NFG data?

All NATIONAL FUEL GAS CO fundamentals and ownership data come directly from SEC EDGAR. NATIONAL FUEL GAS CO files with the SEC under CIK 70145. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NFG in?

NATIONAL FUEL GAS CO (NFG) is classified in the Energy sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/energy.

What drives NFG's revenue?

Per NATIONAL FUEL GAS CO's latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Utility ($684.8M, +20% YoY); Integrated Upstream and Gathering ($682.0M, +20% YoY); Pipeline and Storage ($143.0M, +2% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/NFG.

What are NFG's largest expenses?

NATIONAL FUEL GAS CO's latest 10-Q reports these as the largest expense items: Purchased Gas ($293.5M, +46% YoY); Depreciation, Depletion and Amortization ($241.4M, +9% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (six months ended March 31, 2026).

How often is NFG research updated on 13F Pro?

NFG's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NATIONAL FUEL GAS CO(NFG)Stock Analysis

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13F Pro Quality Score

80.4/100

Rank #42 of 2,879 stocksTOP 5%

View Energy peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

85.6/100

Profitability

91.3/100

Balance Sheet

84.9/100

Earnings Quality

87.1/100

Free Cash Flow

72.2/100

Institutional Flow

75.1/100

Revenue Scale

68.5/100

Dilution Risk

61.0/100

NFG Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NATIONAL FUEL GAS CO (NFG), a Energy sector company. 13F Pro's AI-powered ranking engine scores NFG at 80.4/100 on a 32-signal composite quality model, placing it at rank #42 of 2,879 stocks — the top 5% of the AI-ranked universe. NFG scores in the top quartile across profitability (91.3), earnings quality (87.1), revenue growth (85.6). Based on the latest XBRL financial filings (Q2 2026), NATIONAL FUEL GAS CO reports quarterly revenue of $858.4M, net income of $247.7M, free cash flow of $161.7M. Top institutional holders of NFG by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. NFG trades on the NYSE exchange and files with the SEC under CIK 70145. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NFG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NATIONAL FUEL GAS CO directly from SEC EDGAR. NATIONAL FUEL GAS CO's 13F Pro composite quality score has ranged between 8 and 81 since 2021, currently 80.4 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

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Fun facts about NATIONAL FUEL GAS CO

Quirks, history, and lore behind NFG — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. energy utility · mid-cap · listed on the NYSE · headquartered in western New York.
2
The Numbers
Annual revenue in the low single-digit billions, with operations spanning five business segments — from pipelines to exploration to retail gas delivery.
3
The History
Tracing its roots back to the late 1800s, it has been continuously delivering natural gas to customers longer than most American companies have existed.
4
The Secret
Unlike a pure utility, it's also in the oil and gas exploration business and owns significant pipeline and storage infrastructure — a one-stop shop along the gas value chain.
5
The Lore
It serves customers in New York and Pennsylvania and is one of the few regulated utilities that also pumps gas straight out of the ground itself.
6
The Giveaway
Its ticker is three letters that sound like a golf score, its utility arm literally has the word "gas" in the corporate name, and Buffalo winters keep its customers very, very loyal.

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What's Driving NFG's Business? Latest 10-Q Breakdown

AI-extracted from NATIONAL FUEL GAS CO's 10-Q filed 2026-04-30 — Q2 FY2026 (six months ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Net income of $429.3M for H1 FY2026, up 64% YoY, driven by higher natural gas prices in Integrated Upstream and Gathering segment and absence of prior-year $141.8M impairment charge.

Biggest Revenue Drivers

Total revenue: $1,509.9M+18% YoY

Utility$684.8M+20% YoY

Higher base delivery rates from New York three-year rate settlement and DSIC modernization tracker in Pennsylvania; higher purchased gas cost recovery; increased throughput from colder weather.

Integrated Upstream and Gathering$682.0M+20% YoY

Natural gas production revenue increased due to $0.42 per Mcf higher weighted average price after hedging and 8.0 Bcf increased production from timing of new wells brought online.

Pipeline and Storage$143.0M+2% YoY

Higher transportation and storage revenues from new long-term contracts, rate increases, and increased throughput from colder weather.

Largest Expense Items

Purchased Gas$293.5M+46% YoY

Increase in cost of gas sold per Mcf and higher throughput; under purchased gas adjustment clauses, Utility segment earnings unaffected as revenues match expenses.

Depreciation, Depletion and Amortization$241.4M+9% YoY

Higher depletion from increased production and higher depletion rate in Integrated Upstream and Gathering; additional depreciation from new plant in-service.

Watch Items from the Filing

Pending $2.62 billion CenterPoint Ohio acquisition expected to close Q4 2026; includes $1.42B cash and $1.2B promissory note at 6.5% maturing in 364 days, with potential financing needs dependent on capital markets and commodity prices.
Ceiling test impairment risk remains: at March 31, 2026, ceiling exceeded book value by ~$1.6B after-tax, but a $0.25/MMBtu gas price decline would reduce cushion to $1.2B; December 2024 saw $108.3M ceiling test impairment.
Utility segment DSIC cap has been met in Pennsylvania; Company unable to earn return on incremental plant investments until new base rates effective from pending rate case (suspended until October 29, 2026).
Supply Corporation filed FERC Section 4 rate case April 30, 2026 requesting $404M annual cost of service (+$95M vs. 2023 settlement); effective November 1, 2026 if approved.
Debt to capitalization ratio of 0.37 at March 31, 2026; Credit Agreement permits additional $5.26B in debt before reaching 0.65 covenant limit; $300M of 5.50% notes due October 2026 must be refinanced.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$858.4M

Net Income

Q2 2026

$247.7M

Free Cash Flow

Q2 2026

$161.7M

D/E Ratio

Q2 2026

0.71

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+4.2% YoY

$2.28BFY 2025

FY20 $1.55BFY21 $1.74BFY22 $2.19BFY25 $2.28B

Net Income

-8.4% YoY

$518.5MFY 2025

FY20 $-123.8MFY21 $363.6MFY22 $566.0MFY25 $518.5M

Operating Income

-0.1% YoY

$813.5MFY 2025

FY20 $29.9MFY21 $639.9MFY22 $814.5MFY25 $813.5M

EPS (Diluted)

-7.6% YoY

$5.68FY 2025

FY20 $-1.41FY21 $3.97FY22 $6.15FY25 $5.68

Total Assets

+10.4% YoY

$8.72BFY 2025

FY20 $6.96BFY21 $7.46BFY22 $7.90BFY25 $8.72B

Total Debt

-3.3% YoY

$3.13BFY 2025

FY20 $2.66BFY21 $2.79BFY22 $3.24BFY25 $3.13B

Op. Cash Flow

+35.4% YoY

$1.10BFY 2025

FY20 $740.8MFY21 $791.6MFY22 $812.5MFY25 $1.10B

Metric	FY 2025	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Revenue	$2.28B +4.2%	$2.19B +25.4%	$1.74B +12.7%	$1.55B -8.7%	$1.69B +6.3%	$1.59B
Net Income	$518.5M -8.4%	$566.0M +55.7%	$363.6M +393.8%	$-123.8M -140.7%	$304.3M -22.3%	$391.5M
Operating Income	$813.5M -0.1%	$814.5M +27.3%	$639.9M +2043.2%	$29.9M -94.2%	$511.8M -1.5%	$519.7M
EPS (Diluted)	$5.68 -7.6%	$6.15 +54.9%	$3.97 +381.6%	$-1.41 -140.2%	$3.51 -22.5%	$4.53
Total Assets	$8.72B +10.4%	$7.90B +5.8%	$7.46B +7.2%	$6.96B +7.8%	$6.46B +7.1%	$6.04B
Total Debt	$3.13B -3.3%	$3.24B +16.3%	$2.79B +4.8%	$2.66B +21.5%	$2.19B +2.7%	$2.13B
Operating Cash Flow	$1.10B +35.4%	$812.5M +2.6%	$791.6M +6.8%	$740.8M +6.7%	$694.5M +12.9%	$615.3M

AI Insight: NFG Financial Trends

NFG transformed from deep losses to consistent profitability, with Q1 2026 revenue hitting $858M versus $730M in Q1 2025.

• Revenue grew 18% year-over-year from $730M in Q1 2025 to $858M in Q1 2026.

• Net income swung from -$168M loss in Q3 2024 to $248M profit in Q1 2026.

• Operating income turned positive from -$197M in Q3 2024 to $347M in Q1 2026.

• Total debt declined from $3,374M in Q4 2025 to $2,726M in Q1 2026.

⚠ Operating cash flow declined to $238M in Q3 2025 from $388M in Q2 2025.

⚠ Equity data missing for recent quarters, limiting balance sheet visibility.

AI Insight: NFG Ratio Trends

National Fuel Gas dramatically recovered from deep losses in mid-2024 to sustained 40%+ operating margins by Q1 2025.

• Operating margin surged from -52.8% in Q3 2024 to 40.4% in Q1 2026, maintaining 38-43% range for five consecutive quarters.

• Net profit margin similarly recovered from -45.1% in Q3 2024 to consistently above 23% since Q1 2025.

• ROIC jumped to 50.9% in Q1 2026 from 32.7% in Q4 2025, reaching highest level in the dataset.

⚠ ROA declined to 4.9% in Q3 2025 before recovering to 10.8% in Q1 2026, showing some quarterly volatility.

⚠ Strong seasonal patterns evident with Q3 historically weaker than other quarters across multiple metrics.

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Available Research

13F Pro tracks comprehensive data for NATIONAL FUEL GAS CO including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NFG

BlackRock, Inc.
$860.3M9,156,505 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$735.1M7,823,429 sh
VANGUARD CAPITAL MANAGEMENT LLC
$399.0M4,246,963 sh
STATE STREET CORP
$365.7M3,870,572 sh
Energy Income Partners, LLC
$243.3M2,589,824 sh
GABELLI FUNDS LLC
$219.1M2,331,863 sh
GEODE CAPITAL MANAGEMENT, LLC
$182.7M1,943,537 sh
GAMCO INVESTORS, INC. ET AL
$128.7M1,369,326 sh
MORGAN STANLEY
$116.3M1,238,042 sh
VICTORY CAPITAL MANAGEMENT INC
$115.0M1,223,561 sh

Fund	Value	Shares
BlackRock, Inc.	$860.3M	9,156,505
VANGUARD PORTFOLIO MANAGEMENT LLC	$735.1M	7,823,429
VANGUARD CAPITAL MANAGEMENT LLC	$399.0M	4,246,963
STATE STREET CORP	$365.7M	3,870,572
Energy Income Partners, LLC	$243.3M	2,589,824
GABELLI FUNDS LLC	$219.1M	2,331,863
GEODE CAPITAL MANAGEMENT, LLC	$182.7M	1,943,537
GAMCO INVESTORS, INC. ET AL	$128.7M	1,369,326
MORGAN STANLEY	$116.3M	1,238,042
VICTORY CAPITAL MANAGEMENT INC	$115.0M	1,223,561

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Is NFG a good stock to buy?

13F Pro's AI-powered analysis of NATIONAL FUEL GAS CO (NFG) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NFG are available on the NFG stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NFG?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NFG. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NATIONAL FUEL GAS CO's investment landscape.