Question 1

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

Accepted Answer

National Fuel Gas (NFG) P/B ratio is 1.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For National Fuel Gas specifically, the relevant sector benchmark is the current sector median of 2.4×.

Question 5

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

Accepted Answer

National Fuel Gas's P/B ratio of 1.9× is below its own 5-year average of 2.2× and below the sector median of 2.4×. That places the current reading at the 32th 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/B ratio range?

Accepted Answer

In the available daily series, National Fuel Gas (NFG) P/B ratio has ranged from a low of 1.4× in 2024 to a high of 3.7× in 2022. The 5-year average is 2.2× and the 5-year median is 2.3×.

Question 7

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

Accepted Answer

National Fuel Gas (NFG) P/B ratio at the end of 2025 was 2.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$3.09B	2.7×	+0.8×	Sep 30, 2025
2024	$5.53B	$2.85B	1.9×	+0.3×	Sep 30, 2024
2023	$4.77B	$2.96B	1.6×	-1.1×	Sep 30, 2023
2022	$5.63B	$2.08B	2.7×	+0.0×	Sep 30, 2022
2021	$4.79B	$1.79B	2.7×	+0.8×	Sep 30, 2021
2020	$3.69B	$1.97B	1.9×	-0.0×	Sep 30, 2020
2019	$4.05B	$2.14B	1.9×	-0.6×	Sep 30, 2019
2018	$4.82B	$1.94B	2.5×	-0.4×	Sep 30, 2018
2017	$4.84B	$1.70B	2.8×	-0.2×	Sep 30, 2017
2016	$4.60B	$1.53B	3.0×	+0.9×	Sep 30, 2016
2015	$4.22B	$2.03B	2.1×	-0.4×	Sep 30, 2015
2014	$5.95B	$2.41B	2.5×	-0.2×	Sep 30, 2014
2013	$5.81B	$2.19B	2.6×	+0.4×	Sep 30, 2013
2012	$4.40B	$1.96B	2.2×	+0.1×	Sep 30, 2012
2011	$4.03B	$1.89B	2.1×	-0.3×	Sep 30, 2011
2010	$4.23B	$1.75B	2.4×	+0.1×	Sep 30, 2010
2009	$3.65B	$1.59B	2.3×	+0.2×	Sep 30, 2009
2008	$3.34B	$1.60B	2.1×	-0.3×	Sep 30, 2008
2007	$3.95B	$1.63B	2.4×	+0.3×	Sep 30, 2007
2006	$3.01B	$1.44B	2.1×	-0.3×	Sep 30, 2006
2005	$2.87B	$1.23B	2.3×	+0.5×	Sep 30, 2005
2004	$2.32B	$1.25B	1.8×	+0.2×	Sep 30, 2004
2003	$1.84B	$1.14B	1.6×	+0.0×	Sep 30, 2003
2002	$1.59B	$1.01B	1.6×	—	Sep 30, 2002


Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
Halliburton (HAL)	3.0×
SLB (SLB)	2.9×
Exxon Mobil (XOM)	2.8×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
Kinder Morgan (KMI)	2.4×
APA (APA)	2.3×
Chevron (CVX)	2.2×
First Solar (FSLR)	2.1×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
EQT (EQT)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
Sunrun (RUN)	1.0×
NACCO Industries (NC)	0.9×

P/B Ratio for National Fuel Gas (NFG)

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

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

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

National Fuel Gas P/B Ratio by Year

National Fuel Gas P/B Ratio 2025: 2.7×

National Fuel Gas P/B Ratio 2024: 1.9×

National Fuel Gas P/B Ratio 2023: 1.6×

National Fuel Gas P/B Ratio 2022: 2.7×

National Fuel Gas P/B Ratio 2021: 2.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

National Fuel Gas (NFG) Key Financials

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

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

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

National Fuel Gas P/B Ratio by Year

National Fuel Gas P/B Ratio 2025: 2.7×

National Fuel Gas P/B Ratio 2024: 1.9×

National Fuel Gas P/B Ratio 2023: 1.6×

National Fuel Gas P/B Ratio 2022: 2.7×

National Fuel Gas P/B Ratio 2021: 2.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is National Fuel Gas's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

National Fuel Gas (NFG) Key Financials