National Fuel Gas Company (NFG) — Capital Reinvestment Ratio
National Fuel Gas Company (NFG) has a Capital Reinvestment Ratio of 1.01x as of December 2025, meaning it reinvests 1% of its operating cash flow ($274.92 Million) in capital expenditures ($277.63 Million). See how leveraged is National Fuel Gas Company's balance sheet to measure how much of total assets are equity-financed.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
National Fuel Gas Company Capital Reinvestment Ratio (1994–2025)
This chart tracks National Fuel Gas Company's Capital Reinvestment Ratio across 32 annual periods. Check NFG total capital reinvestment ratio to assess the company's total reinvestment commitment from operating cash flow.
Annual Capital Reinvestment Ratio for National Fuel Gas Company (1994–2025)
Year-by-year Capital Reinvestment Ratio for National Fuel Gas Company from 1994 to 2025. For live market cap and broader valuation context, see NFG stock market capitalisation.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.83x | $1.10 Billion | $912.82 Million | ▼ -5.0% |
| 2024 | 0.87x | $1.07 Billion | $931.24 Million | ▲ +7.0% |
| 2023 | 0.82x | $1.24 Billion | $1.01 Billion | ▼ -18.3% |
| 2022 | 1.00x | $812.52 Million | $811.83 Million | ▲ +5.2% |
| 2021 | 0.95x | $791.55 Million | $751.73 Million | ▼ -42.4% |
| 2020 | 1.65x | $740.81 Million | $1.22 Billion | ▲ +45.3% |
| 2019 | 1.14x | $694.48 Million | $788.94 Million | ▲ +19.7% |
| 2018 | 0.95x | $615.30 Million | $584.00 Million | ▲ +44.3% |
| 2017 | 0.66x | $684.51 Million | $450.33 Million | ▼ -33.4% |
| 2016 | 0.99x | $588.98 Million | $581.58 Million | ▼ -17.2% |
| 2015 | 1.19x | $853.58 Million | $1.02 Billion | ▲ +18.6% |
| 2014 | 1.01x | $909.39 Million | $914.42 Million | ▲ +5.6% |
| 2013 | 0.95x | $738.57 Million | $703.46 Million | ▼ -39.3% |
| 2012 | 1.57x | $660.79 Million | $1.04 Billion | ▲ +27.1% |
| 2011 | 1.23x | $678.68 Million | $837.61 Million | ▲ +24.5% |
| 2010 | 0.99x | $459.69 Million | $455.76 Million | ▲ +95.0% |
| 2009 | 0.51x | $609.43 Million | $309.93 Million | ▼ -38.3% |
| 2008 | 0.82x | $482.78 Million | $397.73 Million | ▲ +17.4% |
| 2007 | 0.70x | $394.20 Million | $276.73 Million | ▲ +12.5% |
| 2006 | 0.62x | $471.40 Million | $294.16 Million | ▼ -9.8% |
| 2005 | 0.69x | $317.35 Million | $219.53 Million | ▲ +75.5% |
| 2004 | 0.39x | $437.15 Million | $172.34 Million | ▼ -15.4% |
| 2003 | 0.47x | $326.84 Million | $152.25 Million | ▼ -30.7% |
| 2002 | 0.67x | $345.55 Million | $232.37 Million | ▼ -4.9% |
| 2001 | 0.71x | $414.14 Million | $292.71 Million | ▼ -37.5% |
| 2000 | 1.13x | $238.25 Million | $269.37 Million | ▲ +18.0% |
| 1999 | 0.96x | $271.90 Million | $260.50 Million | ▼ -38.4% |
| 1998 | 1.55x | $253.00 Million | $393.20 Million | ▲ +114.0% |
| 1997 | 0.73x | $294.70 Million | $214.00 Million | ▼ -28.7% |
| 1996 | 1.02x | $168.50 Million | $171.60 Million | ▼ -3.3% |
| 1995 | 1.05x | $173.50 Million | $182.80 Million | ▲ +55.3% |
| 1994 | 0.68x | $199.20 Million | $135.10 Million | — |