National Fuel Gas Company (NFG) - Net Assets
Based on the latest financial reports, National Fuel Gas Company (NFG) has net assets worth $3.59 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($9.21 Billion) and total liabilities ($5.62 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check NFG asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.59 Billion |
| % of Total Assets | 38.97% |
| Annual Growth Rate | 4.54% |
| 5-Year Change | 73.25% |
| 10-Year Change | 102.66% |
| Growth Volatility | 11.54 |
National Fuel Gas Company - Net Assets Trend (1994–2025)
This chart illustrates how National Fuel Gas Company's net assets have evolved over time, based on quarterly financial data. Also explore National Fuel Gas Company balance sheet assets for the complete picture of this company's asset base.
Annual Net Assets for National Fuel Gas Company (1994–2025)
The table below shows the annual net assets of National Fuel Gas Company from 1994 to 2025. For live valuation and market cap data, see NFG market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | $3.09 Billion | +8.65% |
| 2024-09-30 | $2.85 Billion | -3.88% |
| 2023-09-30 | $2.96 Billion | +42.48% |
| 2022-09-30 | $2.08 Billion | +16.44% |
| 2021-09-30 | $1.79 Billion | -9.42% |
| 2020-09-30 | $1.97 Billion | -7.81% |
| 2019-09-30 | $2.14 Billion | +10.41% |
| 2018-09-30 | $1.94 Billion | +13.71% |
| 2017-09-30 | $1.70 Billion | +11.57% |
| 2016-09-30 | $1.53 Billion | -24.61% |
| 2015-09-30 | $2.03 Billion | -15.98% |
| 2014-09-30 | $2.41 Billion | +9.84% |
| 2013-09-30 | $2.19 Billion | +11.97% |
| 2012-09-30 | $1.96 Billion | +3.61% |
| 2011-09-30 | $1.89 Billion | +8.36% |
| 2010-09-30 | $1.75 Billion | +9.86% |
| 2009-09-30 | $1.59 Billion | -0.90% |
| 2008-09-30 | $1.60 Billion | -1.63% |
| 2007-09-30 | $1.63 Billion | +12.92% |
| 2006-09-30 | $1.44 Billion | +17.40% |
| 2005-09-30 | $1.23 Billion | -5.17% |
| 2004-09-30 | $1.30 Billion | +10.75% |
| 2003-09-30 | $1.17 Billion | +13.04% |
| 2002-09-30 | $1.04 Billion | +1.01% |
| 2001-09-30 | $1.03 Billion | +2.91% |
| 2000-09-30 | $996.33 Million | +3.04% |
| 1999-09-30 | $966.90 Million | +5.60% |
| 1998-09-30 | $915.60 Million | +0.21% |
| 1997-09-30 | $913.70 Million | +6.74% |
| 1996-09-30 | $856.00 Million | +6.72% |
| 1995-09-30 | $802.10 Million | +2.79% |
| 1994-09-30 | $780.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to National Fuel Gas Company's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 453.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $2.01 Billion | 65.03% |
| Common Stock | $90.38 Million | 2.92% |
| Other Comprehensive Income | $-59.22 Million | -1.91% |
| Other Components | $1.05 Billion | 33.96% |
| Total Equity | $3.09 Billion | 100.00% |
National Fuel Gas Company Competitors by Market Cap
The table below lists competitors of National Fuel Gas Company ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
XP Inc
F:XP9
|
$7.89 Billion |
|
Frontline Ltd
OL:FRO
|
$7.89 Billion |
|
Eastman Chemical Company
NYSE:EMN
|
$7.90 Billion |
|
Sibanye Stillwater Limited
F:47VS
|
$7.90 Billion |
|
Axsome Therapeutics Inc
NASDAQ:AXSM
|
$7.88 Billion |
|
Indoritel Makmur Internasional
JK:DNET
|
$7.87 Billion |
|
Flughafen Zurich
SW:FHZN
|
$7.87 Billion |
|
KakaoBank Corp
KO:323410
|
$7.86 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in National Fuel Gas Company's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,848,343,000 to 3,094,604,000, a change of 246,261,000 (8.6%).
- Net income of 518,504,000 contributed positively to equity growth.
- Dividend payments of 188,438,000 reduced retained earnings.
- Share repurchases of 59,088,000 reduced equity.
- Other comprehensive income decreased equity by 43,746,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $518.50 Million | +16.76% |
| Dividends Paid | $188.44 Million | -6.09% |
| Share Repurchases | $59.09 Million | -1.91% |
| Other Comprehensive Income | $-43.75 Million | -1.41% |
| Other Changes | $19.03 Million | +0.61% |
| Total Change | $- | 8.65% |
Book Value vs Market Value Analysis
This analysis compares National Fuel Gas Company's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.45x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 7.59x to 2.45x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-09-30 | $10.94 | $82.98 | x |
| 1995-09-30 | $10.71 | $82.98 | x |
| 1996-09-30 | $11.32 | $82.98 | x |
| 1997-09-30 | $11.87 | $82.98 | x |
| 1998-09-30 | $11.50 | $82.98 | x |
| 1999-09-30 | $12.03 | $82.98 | x |
| 2000-09-30 | $12.47 | $82.98 | x |
| 2001-09-30 | $12.55 | $82.98 | x |
| 2002-09-30 | $12.50 | $82.98 | x |
| 2003-09-30 | $14.03 | $82.98 | x |
| 2004-09-30 | $15.16 | $82.98 | x |
| 2005-09-30 | $14.50 | $82.98 | x |
| 2006-09-30 | $16.78 | $82.98 | x |
| 2007-09-30 | $19.11 | $82.98 | x |
| 2008-09-30 | $18.98 | $82.98 | x |
| 2009-09-30 | $19.71 | $82.98 | x |
| 2010-09-30 | $21.12 | $82.98 | x |
| 2011-09-30 | $22.61 | $82.98 | x |
| 2012-09-30 | $23.41 | $82.98 | x |
| 2013-09-30 | $26.02 | $82.98 | x |
| 2014-09-30 | $28.38 | $82.98 | x |
| 2015-09-30 | $24.00 | $82.98 | x |
| 2016-09-30 | $18.00 | $82.98 | x |
| 2017-09-30 | $19.81 | $82.98 | x |
| 2018-09-30 | $22.41 | $82.98 | x |
| 2019-09-30 | $24.65 | $82.98 | x |
| 2020-09-30 | $22.42 | $82.98 | x |
| 2021-09-30 | $19.48 | $82.98 | x |
| 2022-09-30 | $22.58 | $82.98 | x |
| 2023-09-30 | $32.11 | $82.98 | x |
| 2024-09-30 | $30.84 | $82.98 | x |
| 2025-09-30 | $33.92 | $82.98 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently National Fuel Gas Company utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 16.76%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 22.77%
- • Asset Turnover: 0.26x
- • Equity Multiplier: 2.82x
- Recent ROE (16.76%) is above the historical average (10.66%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 10.97% | 7.50% | 0.58x | 2.54x | $7.57 Million |
| 1995 | 9.48% | 7.78% | 0.48x | 2.55x | $-4.16 Million |
| 1996 | 12.23% | 8.67% | 0.56x | 2.51x | $19.10 Million |
| 1997 | 12.55% | 9.06% | 0.56x | 2.48x | $23.33 Million |
| 1998 | 2.61% | 1.86% | 0.46x | 3.02x | $-65.81 Million |
| 1999 | 12.24% | 9.10% | 0.44x | 3.03x | $21.07 Million |
| 2000 | 12.88% | 9.01% | 0.44x | 3.28x | $28.46 Million |
| 2001 | 6.53% | 3.18% | 0.60x | 3.44x | $-34.77 Million |
| 2002 | 11.69% | 8.04% | 0.43x | 3.38x | $17.00 Million |
| 2003 | 15.73% | 9.31% | 0.52x | 3.28x | $65.20 Million |
| 2004 | 13.29% | 8.73% | 0.51x | 2.97x | $41.22 Million |
| 2005 | 15.41% | 10.18% | 0.50x | 3.03x | $66.53 Million |
| 2006 | 9.57% | 6.17% | 0.60x | 2.61x | $-6.27 Million |
| 2007 | 20.70% | 16.55% | 0.52x | 2.39x | $174.44 Million |
| 2008 | 16.76% | 11.20% | 0.58x | 2.58x | $108.37 Million |
| 2009 | 6.34% | 4.91% | 0.43x | 3.00x | $-58.22 Million |
| 2010 | 12.94% | 12.83% | 0.34x | 2.92x | $51.32 Million |
| 2011 | 13.66% | 14.53% | 0.34x | 2.79x | $69.21 Million |
| 2012 | 11.23% | 13.53% | 0.27x | 3.03x | $24.07 Million |
| 2013 | 11.85% | 14.21% | 0.29x | 2.83x | $40.53 Million |
| 2014 | 12.42% | 14.17% | 0.31x | 2.80x | $58.34 Million |
| 2015 | -18.73% | -21.55% | 0.26x | 3.32x | $-581.97 Million |
| 2016 | -19.05% | -20.03% | 0.26x | 3.69x | $-443.66 Million |
| 2017 | 16.64% | 17.94% | 0.26x | 3.58x | $113.11 Million |
| 2018 | 20.21% | 24.58% | 0.26x | 3.12x | $197.79 Million |
| 2019 | 14.23% | 17.97% | 0.26x | 3.02x | $90.39 Million |
| 2020 | -6.28% | -8.00% | 0.21x | 3.66x | $-320.97 Million |
| 2021 | 20.36% | 20.87% | 0.23x | 4.18x | $185.03 Million |
| 2022 | 27.21% | 25.89% | 0.28x | 3.80x | $358.03 Million |
| 2023 | 16.09% | 21.94% | 0.26x | 2.79x | $180.53 Million |
| 2024 | 2.72% | 3.99% | 0.23x | 2.92x | $-207.32 Million |
| 2025 | 16.76% | 22.77% | 0.26x | 2.82x | $209.04 Million |
Industry Comparison
This section compares National Fuel Gas Company's net assets metrics with peer companies in the Oil & Gas Integrated industry.
Industry Context
- Industry: Oil & Gas Integrated
- Average net assets among peers: $3,015,499,709,870
- Average return on equity (ROE) among peers: 6.62%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| National Fuel Gas Company (NFG) | $3.59 Billion | 10.97% | 1.57x | $7.89 Billion |
| BP PLC ADR (BP) | $11.24 Billion | 15.02% | 1.73x | $119.34 Billion |
| Crown LNG Holdings Limited Ordinary Shares (CGBS) | $292.85 Million | 3.97% | 0.04x | $293.65K |
| Crown LNG Holdings Limited Warrants (CGBSW) | $222.60 Million | -1.87% | 0.11x | $2.23 Million |
| Chevron Corp (CVX) | $92.56 Billion | 11.33% | 0.78x | $372.46 Billion |
| Eni SpA ADR (E) | $55.69 Billion | 4.71% | 1.64x | $74.54 Billion |
| Ecopetrol SA ADR (EC) | $26.81 Trillion | 19.16% | 0.79x | $26.82 Billion |
| Shell PLC ADR (SHEL) | $171.00 Billion | 18.08% | 1.02x | $239.42 Billion |
| Sky Quarry Inc (SKYQ) | $13.09 Million | -33.90% | 1.15x | $8.46 Million |
| Stabilis Solutions Inc (SLNG) | $5.85 Million | 23.05% | 0.14x | $67.32 Million |
About National Fuel Gas Company
National Fuel Gas Company operates as a diversified energy company. It operates through Integrated Upstream and Gathering, Pipeline and Storage, and Utility segments. The Integrated Upstream and Gathering segment explores for, develops, and produces natural gas and oil. It also builds, owns, and operates gathering facilities in the Appalachian region, as well as provides gathering services to Sen… Read more