Question 1

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

Accepted Answer

National Fuel Gas (NFG) P/E ratio is 10.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For National Fuel Gas specifically, the relevant sector benchmark is the current sector median of 17.9×.

Question 5

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

Accepted Answer

National Fuel Gas's P/E ratio of 10.8× is below its own 5-year average of 26.2× and below the sector median of 17.9×. That places the current reading at the 28th 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/E ratio range?

Accepted Answer

In the available daily series, National Fuel Gas (NFG) P/E ratio has ranged from a low of 7.9× in 2023 to a high of 205.5× in 2025. The 5-year average is 26.2× and the 5-year median is 13.0×.

Question 7

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

Accepted Answer

National Fuel Gas (NFG) P/E ratio at the end of 2025 was 16.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$518.50M	16.1×	-55.3×	Sep 30, 2025
2024	$5.53B	$77.51M	71.4×	+61.4×	Sep 30, 2024
2023	$4.77B	$476.87M	10.0×	+0.0×	Sep 30, 2023
2022	$5.63B	$566.02M	9.9×	-3.2×	Sep 30, 2022
2021	$4.79B	$363.65M	13.2×	—	Sep 30, 2021
2020	$3.69B	−$123.77M	—	—	Sep 30, 2020
2019	$4.05B	$304.29M	13.3×	+1.0×	Sep 30, 2019
2018	$4.82B	$391.52M	12.3×	-4.8×	Sep 30, 2018
2017	$4.84B	$283.48M	17.1×	—	Sep 30, 2017
2016	$4.60B	−$290.96M	—	—	Sep 30, 2016
2015	$4.22B	−$379.43M	—	—	Sep 30, 2015
2014	$5.95B	$299.41M	19.9×	-2.5×	Sep 30, 2014
2013	$5.81B	$260.00M	22.3×	+2.3×	Sep 30, 2013
2012	$4.40B	$220.08M	20.0×	+4.4×	Sep 30, 2012
2011	$4.03B	$258.40M	15.6×	-3.1×	Sep 30, 2011
2010	$4.23B	$225.91M	18.7×	-17.5×	Sep 30, 2010
2009	$3.65B	$100.71M	36.2×	+23.8×	Sep 30, 2009
2008	$3.34B	$268.73M	12.4×	+0.7×	Sep 30, 2008
2007	$3.95B	$337.45M	11.7×	-10.1×	Sep 30, 2007
2006	$3.01B	$138.09M	21.8×	+6.6×	Sep 30, 2006
2005	$2.87B	$189.49M	15.1×	+1.2×	Sep 30, 2005
2004	$2.32B	$166.59M	13.9×	+3.6×	Sep 30, 2004
2003	$1.84B	$178.94M	10.3×	-3.2×	Sep 30, 2003
2002	$1.59B	$117.68M	13.5×	—	Sep 30, 2002


Chevron (CVX)	37.2×
Enphase Energy (ENPH)	36.8×
Williams Companies (WMB)	31.4×
Exxon Mobil (XOM)	28.0×
Targa Resources (TRGP)	25.4×
SLB (SLB)	23.3×
Kinder Morgan (KMI)	22.5×
ConocoPhillips (COP)	22.1×
Enbridge (ENB)	21.6×
Halliburton (HAL)	21.2×
Baker Hughes (BKR)	19.4×
NACCO Industries (NC)	18.1×
Phillips 66 (PSX)	17.8×
Valero Energy (VLO)	17.5×
ONEOK (OKE)	16.1×
Marathon Petroleum (MPC)	15.6×
EOG Resources (EOG)	14.0×
Devon Energy (DVN)	13.8×
Energy Transfer LP (ET)	13.7×
Occidental Petroleum (OXY)	13.5×
First Solar (FSLR)	12.7×
EQT (EQT)	11.9×
APA (APA)	9.8×
Expand Energy (EXE)	8.2×
Sunrun (RUN)	5.6×

P/E Ratio for National Fuel Gas (NFG)

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

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

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

National Fuel Gas P/E Ratio by Year

National Fuel Gas P/E Ratio 2025: 16.1×

National Fuel Gas P/E Ratio 2024: 71.4×

National Fuel Gas P/E Ratio 2023: 10.0×

National Fuel Gas P/E Ratio 2022: 9.9×

National Fuel Gas P/E Ratio 2021: 13.2×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

National Fuel Gas (NFG) Key Financials

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

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

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

National Fuel Gas P/E Ratio by Year

National Fuel Gas P/E Ratio 2025: 16.1×

National Fuel Gas P/E Ratio 2024: 71.4×

National Fuel Gas P/E Ratio 2023: 10.0×

National Fuel Gas P/E Ratio 2022: 9.9×

National Fuel Gas P/E Ratio 2021: 13.2×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

National Fuel Gas (NFG) Key Financials