Question 1

What is National Fuel Gas's P/FCF ratio?

Accepted Answer

National Fuel Gas (NFG) P/FCF ratio is 25.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for National Fuel Gas?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For National Fuel Gas specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is National Fuel Gas's P/FCF ratio high or low?

Accepted Answer

National Fuel Gas's P/FCF ratio of 25.9× is below its own 5-year average of 550.7× and above the sector median of 22.1×. That places the current reading at the 25th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is National Fuel Gas's historical P/FCF ratio range?

Accepted Answer

In the available daily series, National Fuel Gas (NFG) P/FCF ratio has ranged from a low of 7.6× in 2003 to a high of 8788.0× in 2022. The 5-year average is 550.7× and the 5-year median is 41.1×.

Question 7

What was National Fuel Gas's P/FCF ratio in 2025?

Accepted Answer

National Fuel Gas (NFG) P/FCF ratio at the end of 2025 was 44.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does National Fuel Gas's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$8.35B	$187M	44.6×	+3.5×	Sep 30, 2025
2024	$5.53B	$135M	41.1×	+20.1×	Sep 30, 2024
2023	$4.77B	$227M	21.0×	-8080.3×	Sep 30, 2023
2022	$5.63B	$695K	8101.3×	+7981.0×	Sep 30, 2022
2021	$4.79B	$39.8M	120.3×	—	Sep 30, 2021
2020	$3.69B	-$482M	—	—	Sep 30, 2020
2019	$4.05B	-$94.5M	—	—	Sep 30, 2019
2018	$4.82B	$30.1M	160.0×	+139.3×	Sep 30, 2018
2017	$4.84B	$234M	20.7×	-600.2×	Sep 30, 2017
2016	$4.6B	$7.4M	620.9×	—	Sep 30, 2016
2015	$4.22B	-$165M	—	—	Sep 30, 2015
2014	$5.95B	-$5.03M	—	—	Sep 30, 2014
2013	$5.81B	$35.1M	165.5×	—	Sep 30, 2013
2012	$4.4B	-$376M	—	—	Sep 30, 2012
2011	$4.03B	-$160M	—	—	Sep 30, 2011
2010	$4.23B	$3.93M	1075.4×	+1063.1×	Sep 30, 2010
2009	$3.65B	$299M	12.2×	-27.1×	Sep 30, 2009
2008	$3.34B	$85M	39.3×	+5.7×	Sep 30, 2008
2007	$3.95B	$117M	33.6×	+16.7×	Sep 30, 2007
2006	$3.01B	$177M	17.0×	-12.1×	Sep 30, 2006
2005	$2.87B	$98.8M	29.0×	+20.5×	Sep 30, 2005
2004	$2.32B	$272M	8.5×	-2.0×	Sep 30, 2004
2003	$1.84B	$175M	10.6×	-3.5×	Sep 30, 2003
2002	$1.59B	$113M	14.1×	—	Sep 30, 2002


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Halliburton (HAL)	16.5×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.9×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for National Fuel Gas (NFG) 2002-2026

P/FCF Ratio daily chart for National Fuel Gas (NFG)

Historical P/FCF Ratio for National Fuel Gas (NFG) from 2002 to 2025

About P/FCF Ratio at National Fuel Gas (NFG)

National Fuel Gas P/FCF Ratio by Year

National Fuel Gas P/FCF Ratio 2025: 44.6×

National Fuel Gas P/FCF Ratio 2024: 41.1×

National Fuel Gas P/FCF Ratio 2023: 21.0×

National Fuel Gas P/FCF Ratio 2022: 8101.3×

National Fuel Gas P/FCF Ratio 2021: 120.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

National Fuel Gas (NFG) Key Financials