Question 1

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

Accepted Answer

National Fuel Gas (NFG) P/S ratio is 3.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For National Fuel Gas specifically, the relevant sector benchmark is the current sector median of 2.2×.

Question 5

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

Accepted Answer

National Fuel Gas's P/S ratio of 3.0× is above its own 5-year average of 2.8× and above the sector median of 2.2×. That places the current reading at the 50th 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/S ratio range?

Accepted Answer

In the available daily series, National Fuel Gas (NFG) P/S ratio has ranged from a low of 0.9× in 2003 to a high of 3.9× in 2025. The 5-year average is 2.8× and the 5-year median is 2.8×.

Question 7

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

Accepted Answer

National Fuel Gas (NFG) P/S ratio at the end of 2025 was 3.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$2.27B	3.7×	+0.8×	Sep 30, 2025
2024	$5.53B	$1.94B	2.8×	+0.7×	Sep 30, 2024
2023	$4.77B	$2.17B	2.2×	-0.4×	Sep 30, 2023
2022	$5.63B	$2.19B	2.6×	-0.2×	Sep 30, 2022
2021	$4.79B	$1.74B	2.7×	+0.4×	Sep 30, 2021
2020	$3.69B	$1.55B	2.4×	-0.0×	Sep 30, 2020
2019	$4.05B	$1.69B	2.4×	-0.6×	Sep 30, 2019
2018	$4.82B	$1.59B	3.0×	-0.0×	Sep 30, 2018
2017	$4.84B	$1.58B	3.1×	-0.1×	Sep 30, 2017
2016	$4.60B	$1.45B	3.2×	+0.8×	Sep 30, 2016
2015	$4.22B	$1.76B	2.4×	-0.4×	Sep 30, 2015
2014	$5.95B	$2.11B	2.8×	-0.4×	Sep 30, 2014
2013	$5.81B	$1.83B	3.2×	+0.5×	Sep 30, 2013
2012	$4.40B	$1.63B	2.7×	+0.4×	Sep 30, 2012
2011	$4.03B	$1.78B	2.3×	-0.1×	Sep 30, 2011
2010	$4.23B	$1.75B	2.4×	+0.6×	Sep 30, 2010
2009	$3.65B	$2.06B	1.8×	+0.4×	Sep 30, 2009
2008	$3.34B	$2.40B	1.4×	-0.6×	Sep 30, 2008
2007	$3.95B	$2.00B	2.0×	+0.7×	Sep 30, 2007
2006	$3.01B	$2.31B	1.3×	-0.1×	Sep 30, 2006
2005	$2.87B	$1.98B	1.4×	+0.3×	Sep 30, 2005
2004	$2.32B	$2.01B	1.2×	+0.2×	Sep 30, 2004
2003	$1.84B	$2.04B	0.9×	-0.2×	Sep 30, 2003
2002	$1.59B	$1.47B	1.1×	—	Sep 30, 2002


Kinder Morgan (KMI)	4.3×
EQT (EQT)	4.0×
First Solar (FSLR)	3.9×
Diamondback Energy (FANG)	3.7×
Enphase Energy (ENPH)	3.5×
Targa Resources (TRGP)	3.3×
EOG Resources (EOG)	3.3×
ConocoPhillips (COP)	2.8×
Occidental Petroleum (OXY)	2.7×
Chevron (CVX)	2.2×
Exxon Mobil (XOM)	2.2×
Baker Hughes (BKR)	2.2×
SLB (SLB)	2.1×
Enbridge (ENB)	2.1×
Devon Energy (DVN)	1.9×
Expand Energy (EXE)	1.9×
APA (APA)	1.7×
ONEOK (OKE)	1.6×
Halliburton (HAL)	1.5×
NACCO Industries (NC)	1.4×
Sunrun (RUN)	1.0×
Energy Transfer LP (ET)	0.7×
Valero Energy (VLO)	0.6×
Phillips 66 (PSX)	0.5×
Marathon Petroleum (MPC)	0.5×

P/S Ratio for National Fuel Gas (NFG)

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

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

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

National Fuel Gas P/S Ratio by Year

National Fuel Gas P/S Ratio 2025: 3.7×

National Fuel Gas P/S Ratio 2024: 2.8×

National Fuel Gas P/S Ratio 2023: 2.2×

National Fuel Gas P/S Ratio 2022: 2.6×

National Fuel Gas P/S Ratio 2021: 2.7×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

National Fuel Gas (NFG) Key Financials

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

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

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

National Fuel Gas P/S Ratio by Year

National Fuel Gas P/S Ratio 2025: 3.7×

National Fuel Gas P/S Ratio 2024: 2.8×

National Fuel Gas P/S Ratio 2023: 2.2×

National Fuel Gas P/S Ratio 2022: 2.6×

National Fuel Gas P/S Ratio 2021: 2.7×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

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

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

National Fuel Gas (NFG) Key Financials