NFGNATIONAL FUEL GAS CO
Natural Gas Distribution
- Revenue
- $2.2B
- 30% YoY
- Operating margin
- 36.7%
- 198% YoY
- EBITDA
- $1.3B
- 90% YoY
- Market cap
- $7.6B
- Employees
- 2,322
- $956K revenue each
- Net debt / EBITDA
- 1.8×
- $2.3B net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo212% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$956K · 31st pctBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 13th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $3.1B | $2.3B | $1.7B | $2.2B | 30% |
| Operating income | $640M | $815M | $755M | $210M | $813M | 288% |
| Net income | $364M | $566M | $477M | $78M | $519M | 569% |
| Operating cash flow | $792M | $813M | $1.2B | $1.1B | $1.1B | 3.2% |
| Capex | $752M | $812M | $1.0B | $931M | $913M | 2.0% |
| Stock-based comp | $17M | $20M | $21M | $22M | $20M | 11% |
| Buybacks | — | $0 | $0 | $64M | $54M | 15% |
| Dividends | $163M | $168M | $176M | $184M | $188M | 2.5% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 7, 2022 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 4.1% | Passive |
| Jul 20, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | — | Passive |
| Mar 17, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 6.1% | Passive |
| Mar 17, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 6.1% | Passive |
| Nov 19, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 6.3% | Passive |
| Sep 19, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 6.3% | Passive |
| Sep 11, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | — | Passive |
| Jun 25, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 2.7% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.