National Fuel Gas Company (NFG) — Capital Reinvestment Ratio
National Fuel Gas Company (NFG) has a Capital Reinvestment Ratio of 0.71x as of June 2026, meaning it reinvests 1% of its operating cash flow ($377.26 Million) in capital expenditures ($266.25 Million). Check National Fuel Gas Company tangible equity quality to evaluate the tangible quality of the company's equity base.
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. For the full cash flow conversion analysis, see NFG 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. See National Fuel Gas Company (NFG) FCF generation index to measure how efficiently the company converts operating cash flow to free cash.
| 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 | — |