NFG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $76.43

Market Cap (MRQ) $7.26B

P/E (TTM) 10.6

EPS (TTM) $7.20

Revenue (TTM) $2.51B

Div Yield 2.6%

ROE (TTM) 19.6%

Debt/Equity (MRQ) 0.9

52W Range $75–$97

NFG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 4

Ex-date	Split	Type
Sept. 10, 2001	2-for-1	Forward
June 17, 1987	2-for-1	Forward
May 25, 1984	11-for-10	Forward
May 21, 1984	2-for-1	Forward

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$2.28B

2016-09-30 → 2025-09-30

EPS$5.68

2016-09-30 → 2025-09-30

Free Cash Flow$187M

2016-09-30 → 2025-09-30

Net margin26.9%

2018-09-30 → 2025-09-30

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	NFG	5Y avg	Peer Median	Verdict
P/E (TTM)	10.65Y avg ≈24.3	≈24.3	·	·
P/S (TTM)	2.95Y avg ≈2.8	≈2.8	·	·
P/B (MRQ)	1.95Y avg ≈-69.3	≈-69.3	·	·
EV / EBITDA	7.95Y avg ≈8.4	≈8.4	·	·
Price / FCF (TTM)	32.75Y avg ≈1665.6	≈1665.6	·	·
Price / Cash Flow (TTM)	5.75Y avg ≈5.9	≈5.9	·	·
EV / Revenue	4.45Y avg ≈4.1	≈4.1	·	·
EV / FCF	53.75Y avg ≈2450.4	≈2450.4	·	·
Price / Tangible Book	2.45Y avg ≈2.4	≈2.4	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	NFG	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	40.3%5Y avg ≈31.0%	≈31.0%	·	·
EBITDA Margin (TTM)	59.4%5Y avg ≈50.8%	≈50.8%	·	·
Pretax Margin (TTM)	36.0%5Y avg ≈24.6%	≈24.6%	·	·
Net Profit Margin (TTM)	26.9%5Y avg ≈19.1%	≈19.1%	·	·
ROA (TTM)	7.1%5Y avg ≈5.1%	≈5.1%	·	·
ROE (TTM)	19.6%5Y avg ≈71.6%	≈71.6%	·	·
ROIC	10.2%5Y avg ≈10.3%	≈10.3%	·	·

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	NFG	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.95Y avg ≈-35.0	≈-35.0	·	·
Current Ratio (MRQ)	3.25Y avg ≈0.4	≈0.4	·	·
Quick Ratio	0.05Y avg ≈0.0	≈0.0	·	·
Long-Term Debt / Equity (MRQ)	0.95Y avg ≈-27.5	≈-27.5	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	NFG	5Y avg	Peer Median	Verdict
Revenue YoY	17.1%5Y avg ≈8.8%	≈8.8%	·	·
Revenue CAGR 3Y	1.4%5Y avg ≈5.7%	≈5.7%	·	·
Revenue CAGR 5Y	8.1%	·	·	·
EPS YoY	576.2%5Y avg ≈132.9%	≈132.9%	·	·
Net Income YoY	568.9%5Y avg ≈131.3%	≈131.3%	·	·
EPS CAGR 3Y	-2.6%	·	·	·
Net Income CAGR 3Y	-2.9%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	NFG	5Y avg	Peer Median	Verdict
EPS (Diluted)	$5.685Y avg ≈$4.36	≈$4.36	·	·
Revenue / Share	$24.975Y avg ≈$22.46	≈$22.46	·	·
Cash Flow / Share	$12.065Y avg ≈$10.89	≈$10.89	·	·
Cash / Share	$0.485Y avg ≈$0.47	≈$0.47	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	NFG	5Y avg	Peer Median	Verdict
Asset Turnover		0.35Y avg ≈0.3	≈0.3	·	·
Revenue / Employee		≈$980.9K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Dividend Yield2.6%

Payout Ratio36.3%

Annualized Payout≈$2.22Paid quarterly

5Y Div CAGR≈3.8%Per share, split-adjusted

Growth Streak≈37Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Sep 30, 2026	$0.56	USD	≈2.9%
Jun 30, 2026	$0.56	USD	≈2.8%
Mar 31, 2026	$0.54	USD	≈2.3%
Dec 31, 2025	$0.54	USD	≈2.6%
Sep 30, 2025	$0.54	USD	≈2.3%
Jun 30, 2025	$0.54	USD	≈2.5%
Mar 31, 2025	$0.52	USD	≈2.6%
Dec 31, 2024	$0.52	USD	≈3.4%
Sep 30, 2024	$0.52	USD	≈3.3%
Jun 28, 2024	$0.52	USD	≈3.7%
Mar 27, 2024	$0.50	USD	≈3.7%
Dec 28, 2023	$0.50	USD	≈3.9%
Sep 28, 2023	$0.50	USD	≈3.7%
Jun 29, 2023	$0.50	USD	≈3.7%
Mar 30, 2023	$0.48	USD	≈3.3%
Dec 29, 2022	$0.48	USD	≈2.9%
Sep 29, 2022	$0.48	USD	≈3.0%
Jun 29, 2022	$0.48	USD	≈2.8%
Mar 30, 2022	$0.46	USD	≈2.6%
Dec 30, 2021	$0.46	USD	≈2.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 5.1%

Next Report Nov 03, 2026

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$1.54	$1.43	7.6%
March 31, 2026	$2.71	$2.82	-4.0%
Dec. 31, 2025	$2.06	$2.00	3.2%
Sept. 30, 2025	$1.22	$1.13	8.4%
June 30, 2025	$1.64	$1.51	8.4%
March 31, 2025	$2.39	$2.23	7.1%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$2.28B	$1.94B	$2.17B	$2.19B	$1.74B	$1.55B	$1.69B	$1.59B	$1.58B	$1.45B	·	·
Cost of Revenue	$213M	$150M	$438M	$392M	$172M	$234M	$386M	$338M	·	·	·	·
SG&A Expense	$75M	$71M	$66M	·	·	·	·	·	·	·	·	·
Operating Expenses	$1.46B	$1.74B	$1.42B	$1.38B	$1.15B	$1.52B	$1.18B	$1.07B	$986M	$1.87B	$2.37B	$1.54B
Operating Income	$813M	$210M	$755M	$815M	$640M	$30M	$512M	$520M	$594M	$-417M	$-611M	$570M
Interest Expense	·	$139M	$132M	$130M	$146M	$117M	$107M	$115M	$120M	$121M	$99M	$94M
Other Non-op	$36M	$16M	$18M	$-2M	$-15M	$-18M	$-16M	$-21M	$-30M	·	·	·
Pretax Income	$694M	$87M	$641M	$683M	$478M	$-105M	$390M	$384M	$444M	$-524M	$-699M	$489M
Income Tax	$176M	$10M	$165M	$117M	$115M	$19M	$85M	$-7M	$161M	$-233M	$-319M	$190M
Net Income	$519M	$78M	$477M	$566M	$364M	$-124M	$304M	$392M	$283M	$-291M	$-379M	$299M
EPS (Basic)	$5.73	$0.84	$5.20	$6.19	$3.99	$-1.41	$3.53	$4.56	$3.32	$-3.43	$-4.50	$3.57
EPS (Diluted)	$5.68	$0.84	$5.17	$6.15	$3.97	$-1.41	$3.51	$4.53	$3.30	$-3.43	$-4.50	$3.52
Shares (Basic)	90,500,916	91,791,167	91,748,890	91,410,625	91,130,941	87,968,895	86,235,550	85,830,597	85,364,929	84,847,993	84,387,755	83,929,989
Shares (Diluted)	91,227,473	92,344,511	92,285,918	92,107,066	91,684,583	87,968,895	86,773,259	86,439,698	86,021,386	84,847,993	84,387,755	84,952,347
EBITDA	$1.27B	$667M	$1.16B	$1.18B	$975M	$336M	$787M	$728M	$777M	$-167M	·	$953M

Balance Sheet 26

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$43M	$38M	$55M	$46M	$32M	$21M	$20M	$230M	$556M	$130M	$114M	$37M
Receivables	·	·	·	·	·	·	$140M	$141M	$112M	$133M	$105M	$150M
Other Current Assets	$81M	$92M	$100M	$59M	$60M	$48M	$97M	$68M	$52M	$59M	$61M	$55M
Current Assets	$411M	$356M	$414M	$761M	$522M	$314M	$363M	$545M	$818M	$413M	$376M	$377M
PP&E (Net)	$7.71B	$7.34B	$7.30B	$6.57B	$6.38B	$6.00B	$5.51B	$4.98B	$4.67B	$4.45B	$5.33B	$5.74B
PP&E (Gross)	$15.41B	$14.52B	$13.64B	$12.55B	$13.10B	$12.35B	$11.20B	$10.44B	$9.95B	$9.54B	$9.26B	$8.25B
Accum. Depreciation	$7.69B	$7.19B	$6.34B	$5.99B	$6.72B	$6.35B	$5.70B	$5.46B	$5.27B	$5.09B	$3.93B	$2.50B
Goodwill	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M
Other Non-current Assets	$8M	$6M	$5M	$3M	$1M	$81.0K	$80.0K	$102.0K	$742.0K	$604.0K	$167.0K	$1M
Total Assets	$8.72B	$8.32B	$8.28B	$7.90B	$7.46B	$6.96B	$6.46B	$6.04B	$6.10B	$5.64B	$6.56B	$6.69B
Accounts Payable	$184M	$165M	$152M	$179M	$172M	$134M	$132M	$160M	$126M	$108M	$180M	$137M
Accrued Liabilities	$175M	$163M	$161M	$257M	$194M	$140M	$140M	$133M	$112M	$33M	$31M	$32M
Short-term Debt	$150M	$91M	$288M	$60M	$158M	$30M	$55M	$0	$0	$0	$0	$86M
Current Liabilities	$926M	$1.10B	$806M	$1.94B	$1.24B	$460M	$422M	$440M	$646M	$304M	$446M	$491M
Capital Leases	$30M	$33M	$30M	$23M	$20M	$15M	·	·	·	·	·	·
Deferred Tax	$1.23B	$1.11B	$1.12B	$698M	$660M	$696M	$653M	$513M	$891M	$824M	$1.14B	$1.46B
Other Non-current Liabilities	$113M	$120M	$122M	$117M	$136M	$139M	·	·	·	·	·	·
Long-term Debt	$2.68B	$2.69B	$2.38B	$2.63B	$2.63B	$2.63B	$2.13B	$2.13B	$2.38B	$2.09B	$2.10B	$1.65B
Total Debt	$2.83B	$2.78B	$2.67B	$2.69B	$2.79B	$2.66B	$2.19B	$2.13B	$2.38B	$0	·	$1.73B
Common Stock	$90M	$91M	$92M	$91M	$91M	$91M	$86M	$86M	$86M	$85M	$85M	$84M
Paid-in Capital	$1.05B	$1.05B	$1.04B	$1.03B	$1.02B	$1.00B	$832M	$820M	$797M	$771M	$744M	$716M
Retained Earnings	$2.01B	$1.73B	$1.89B	$1.59B	$1.19B	$992M	$1.27B	$1.10B	$852M	$676M	$1.10B	$1.61B
AOCI	$-59M	$-15M	$-55M	$-626M	$-514M	$-115M	$-52M	$-68M	$-30M	$-6M	$93M	$-4M
Stockholders' Equity	$3.09B	$2.85B	$-55M	$-626M	$1.79B	$1.97B	$2.14B	$1.94B	$1.70B	$1.53B	$2.03B	$2.41B
Liabilities + Equity	$8.72B	$8.32B	$8.28B	$7.90B	$7.46B	$6.96B	$6.46B	$6.04B	$6.10B	$5.64B	$6.56B	$6.73B
Shares Outstanding	90,379,095	91,006,000	91,819,000	91,478,000	91,182,000	90,955,000	86,315,000	85,957,000	85,543,000	85,119,000	84,594,000	84,157,000

Cash Flow 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$457M	$457M	$410M	$370M	$335M	$306M	$276M	$241M	$224M	$249M	$336M	$384M
Stock-based Comp	$20M	$22M	$21M	$20M	$17M	$15M	$21M	$16M	$12M	$6M	$3M	$12M
Other Non-cash	$105M	$509M	$330M	$-143M	$76M	$543M	$93M	$-35M	$164M	$625M	·	$214M
Operating Cash Flow	$1.10B	$1.07B	$1.24B	$813M	$792M	$741M	$694M	$615M	$685M	$589M	$854M	$909M
CapEx	$913M	$931M	$1.01B	$812M	$752M	$716M	$789M	$584M	$450M	$582M	$1.02B	$914M
Investing Cash Flow	$-892M	$-934M	$-1.11B	$-519M	$-633M	$-1.22B	$-799M	$-529M	$-423M	·	·	·
Debt Issued	$989M	$299M	$297M	$0	$495M	$493M	$0	$295M	$295M	$0	$445M	$0
Net Debt Issued	$-15M	$299M	$-252M	$0	$-20M	$493M	$0	$-271M	$295M	$0	·	$0
Stock Repurchased	$54M	$64M	$0	$0	·	·	·	·	·	·	·	·
Net Stock Activity	$-54M	$-64M	·	·	·	·	·	·	·	·	·	·
Dividends Paid	$188M	$184M	$176M	$168M	$163M	$153M	$147M	$143M	$139M	$135M	$131M	$127M
Financing Cash Flow	$-203M	$-149M	$-207M	$-276M	$-59M	$476M	$-101M	$-411M	$164M	·	·	·
Net Change in Cash	·	·	·	·	·	·	·	$-326M	$426M	$16M	$77M	$-28M
Taxes Paid	$49M	$4M	$38M	$17M	$6M	·	·	$32M	$35M	$34M	$19M	$41M
Free Cash Flow	$187M	$135M	$227M	$695.0K	$40M	$25M	$-94M	$30M	$234M	$7M	·	$-5M
Levered FCF	·	$12M	$129M	$-107M	$-71M	$-113M	$-178M	$-87M	$157M	$-60M	·	$-63M

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	35.7%	10.8%	34.7%	37.3%	36.7%	1.9%	30.2%	30.6%	·	·	·	·
Net Margin	22.8%	4.0%	21.9%	25.9%	20.9%	-8.0%	18.0%	24.6%	·	·	·	·
Pretax Margin	30.5%	4.5%	29.5%	31.2%	27.5%	-6.8%	23.0%	24.1%	·	·	·	·
EBITDA Margin	55.8%	34.3%	53.6%	54.2%	56.0%	21.7%	46.5%	45.7%	·	·	·	·
ROA	6.1%	0.93%	5.9%	7.4%	5.0%	-1.8%	4.9%	6.5%	4.8%	-4.8%	·	4.6%
ROE	17.4%	259.0%	32.7%	29.3%	19.4%	-6.0%	14.9%	21.5%	17.5%	-16.4%	·	13.0%
ROIC	10.2%	6.7%	10.0%	14.1%	10.6%	0.76%	9.2%	12.2%	8.6%	-15.2%	·	8.4%

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.4	0.3	0.5	0.4	0.4	0.7	0.9	1.2	1.3	1.4	·	0.8
Quick Ratio	0.0	0.0	0.1	0.0	0.0	0.0	0.4	0.8	1.0	0.9	·	0.4
Debt / Equity	0.9	-179.6	0.9	1.3	1.6	1.3	1.0	1.1	1.4	0.0	·	0.7
LT Debt / Equity	0.8	-141.4	0.8	1.0	1.5	1.3	1.0	1.1	1.2	·	·	0.7
Interest Coverage	·	1.5	5.7	6.2	4.4	0.3	4.8	4.3	4.6	-3.4	·	6.0

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.3	0.2	0.3	0.3	0.2	0.2	0.3	0.3	·	·	·	·
Receivables Turnover		·	·	·	·	·	·	12.0	12.5	·	·	·	·

Per Share 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$34.24	$-0.17	$32.27	$22.74	$19.59	$21.68	$24.78	$22.54	$19.92	$17.94	·	$28.64
Revenue / Share	$24.97	$21.06	$23.55	$23.73	$19.01	$17.58	$19.51	$18.43	·	·	·	·
Cash Flow / Share	$12.06	$11.54	$13.40	$8.82	$8.63	$8.42	$8.00	$7.10	$7.95	$6.94	·	$10.70
Cash / Share	$0.48	$0.42	$0.60	$0.50	$0.35	$0.23	$0.24	$2.67	$6.49	$1.53	·	$0.44
Dividend / Share	$2.10	$2.02	$1.94	·	·	·	·	·	·	·	·	·
Dividend Paid / Share	·	$2.02	$1.94	$1.86	$1.80	$1.76	$1.72	$1.68	$1.64	$1.60	$1.56	$1.52
EPS (TTM)	$5.68	$0.84	$5.17	$6.15	$3.97	$-1.41	$3.51	$4.53	$3.30	$-3.43	$-4.50	$3.52

Growth Rates 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	17.1%	-10.5%	-0.56%	25.4%	12.7%	·	·	·	·	·	·	·
Revenue CAGR 3Y	1.4%	3.7%	12.0%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	8.1%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	576.2%	-83.8%	-15.9%	54.9%	·	·	·	·	·	·	·	·
EPS CAGR 3Y	-2.6%	-40.4%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	568.9%	-83.8%	-15.8%	55.6%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	-2.9%	-40.3%	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	4.2%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$2.28B	$1.94B	$2.17B	$2.19B	$1.74B	$1.55B	$1.69B	$1.59B	$1.58B	$1.45B	$1.93B	$1.93B
Net Income TTM	$519M	$78M	$477M	$566M	$364M	$-124M	$304M	$392M	$283M	$-291M	$-379M	$299M
Market Cap	$8.35B	$5.52B	$4.77B	$5.63B	$4.79B	$3.69B	$4.05B	$4.82B	$4.84B	$4.60B	·	$5.89B
Enterprise Value	$11.14B	$8.26B	$7.38B	$8.28B	$7.54B	$6.33B	$6.22B	$6.72B	$6.67B	$4.47B	·	$7.59B
P/E	16.3	72.2	10.0	10.0	13.2	-28.8	13.4	12.4	17.2	-15.8	-11.1	19.9
P/S	3.7	2.8	2.2	2.6	2.7	2.4	2.4	3.0	3.1	3.2	·	3.0
P/B	2.7	-356.4	1.6	2.7	2.7	1.9	1.9	2.5	2.8	3.0	·	2.4
P / Tangible Book	2.7	1.9	·	·	2.7	1.9	·	·	·	·	·	·
P / Cash Flow	7.6	5.2	3.9	6.9	6.0	5.0	5.8	7.9	7.1	7.8	·	6.5
P / FCF	44.6	40.9	21.0	8101.4	120.3	149.7	-42.9	162.8	20.7	621.7	·	-1171.7
EV / EBITDA	8.8	12.4	6.3	7.0	7.7	18.8	7.9	9.2	8.6	-26.8	·	8.0
EV / FCF	59.5	61.3	32.5	11909.1	189.5	256.8	-65.8	227.1	28.5	604.1	·	-1509.4
EV / Revenue	4.9	4.2	3.4	3.8	4.3	4.1	3.7	4.2	4.2	3.1	·	3.9
Dividend Yield	2.3%	3.3%	3.7%	3.0%	3.4%	4.2%	3.6%	3.0%	2.9%	2.9%	·	2.1%
Earnings Yield	6.2%	1.4%	10.0%	10.0%	7.6%	-3.5%	7.5%	8.1%	5.8%	-6.3%	-9.0%	5.0%
Payout Ratio	36.3%	237.1%	36.9%	29.7%	44.9%	-123.9%	48.4%	36.6%	49.1%	-46.3%	·	42.3%
Annual Payout	$188M	$184M	$176M	$168M	$163M	$153M	$147M	$143M	$139M	$135M	$131M	$127M

Income Statement 14

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Revenue	$537M	$858M	$652M	$466M	$532M	$730M	$549M	$372M	$417M	$630M	$525M	$369M	$429M	$717M	$659M	$435M
Cost of Revenue	$30M	$208M	$86M	$-15M	$28M	$135M	$65M	$-17M	$5M	$106M	$57M	$-13M	$35M	$244M	$171M	$23M
SG&A Expense	$17M	$18M	$19M	$18M	$19M	$19M	$19M	·	·	·	·	·	·	·	·	·
Operating Expenses	$329M	$511M	$375M	$287M	$302M	$413M	$463M	$569M	$469M	$379M	$318M	$244M	$275M	$496M	$404M	$257M
Operating Income	$209M	$347M	$276M	$180M	$230M	$317M	$86M	$-197M	$-51M	$251M	$207M	$125M	$154M	$221M	$254M	$178M
Other Non-op	$12M	$17M	$8M	$5M	$9M	$15M	$8M	$3M	$3M	$6M	$4M	$5M	$4M	$3M	$6M	$-5M
Pretax Income	$185M	$330M	$241M	$149M	$201M	$288M	$56M	$-228M	$-82M	$222M	$176M	$98M	$126M	$191M	$227M	$140M
Income Tax	$46M	$83M	$59M	$42M	$51M	$71M	$11M	$-60M	$-28M	$55M	$43M	$24M	$33M	$50M	$58M	$-19M
Net Income	$139M	$248M	$182M	$107M	$150M	$216M	$45M	$-168M	$-54M	$166M	$133M	$74M	$93M	$141M	$170M	$158M
EPS (Basic)	$1.46	$2.61	$1.99	$1.18	$1.66	$2.39	$0.50	$-1.83	$-0.59	$1.81	$1.45	$0.81	$1.01	$1.53	$1.85	$1.73
EPS (Diluted)	$1.45	$2.59	$1.98	$1.18	$1.64	$2.37	$0.49	$-1.81	$-0.59	$1.80	$1.44	$0.80	$1.00	$1.53	$1.84	$1.72
Shares (Basic)	95,034,935	95,026,278	91,171,715	·	90,358,018	90,500,162	90,777,446	·	91,874,049	92,114,415	91,910,244	·	91,803,638	91,794,765	91,579,814	·
Shares (Diluted)	95,736,482	95,691,950	91,962,479	·	91,139,556	91,176,327	91,434,741	·	91,874,049	92,512,447	92,442,145	·	92,294,666	92,256,348	92,268,210	·
EBITDA	·	$466M	$398M	·	$347M	$429M	$196M	·	$62M	$370M	$323M	·	$257M	$322M	$351M	·

Balance Sheet 25

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Cash & Equivalents	$1.24B	$27M	$271M	$43M	$39M	$40M	$49M	$38M	$81M	$51M	$42M	$55M	$53M	$72M	$244M	$46M
Other Current Assets	$68M	$64M	$62M	$81M	$64M	$79M	$83M	$92M	$83M	$85M	$99M	·	$72M	$75M	$61M	·
Current Assets	$1.61B	$508M	$759M	$411M	$408M	$568M	$465M	$356M	$399M	$419M	$454M	·	$407M	$543M	$873M	·
PP&E (Net)	$8.09B	$7.93B	$7.82B	$7.71B	$7.46B	$7.35B	$7.28B	$7.34B	$7.41B	$7.51B	$7.42B	·	$7.08B	$6.82B	$6.70B	·
PP&E (Gross)	$16.10B	$15.83B	$15.62B	$15.41B	$15.04B	$14.83B	$14.68B	$14.52B	$14.25B	$14.06B	$13.86B	·	$13.33B	$12.98B	$12.77B	·
Accum. Depreciation	$8.00B	$7.90B	$7.80B	$7.69B	$7.59B	$7.49B	$7.39B	$7.19B	$6.83B	$6.55B	$6.44B	·	$6.25B	$6.16B	$6.07B	·
Goodwill	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	·	$5M	$5M	$5M	·
Other Non-current Assets	$10M	$10M	$8M	$8M	$8M	$8M	$8M	$6M	$5M	$5M	$5M	·	$4M	$2M	$2M	·
Total Assets	$10.45B	$9.13B	$9.21B	$8.72B	$8.45B	$8.48B	$8.30B	$8.32B	$8.48B	$8.68B	$8.59B	$8.28B	$8.11B	$7.97B	$8.13B	$7.90B
Accounts Payable	$146M	$143M	$142M	$184M	$123M	$128M	$121M	$165M	$101M	$94M	$105M	·	$92M	$119M	$168M	·
Accrued Liabilities	$241M	$243M	$209M	$175M	$207M	$185M	$172M	$163M	$169M	$184M	$200M	·	$261M	$258M	$239M	·
Short-term Debt	$0	$41M	$90M	$150M	$62M	$208M	$200M	$91M	$0	$279M	$300M	·	$138M	$410M	$250M	·
Current Liabilities	$504M	$820M	$1.17B	$926M	$890M	$1.20B	$1.20B	$1.10B	$517M	$728M	$807M	·	$666M	$917M	$1.54B	·
Capital Leases	·	·	·	$30M	·	·	·	$33M	·	·	·	·	·	·	·	·
Deferred Tax	$1.35B	$1.33B	$1.27B	$1.23B	$1.15B	$1.07B	$1.09B	$1.11B	$1.17B	$1.20B	$1.16B	·	$1.03B	$1.00B	$880M	·
Other Non-current Liabilities	$137M	$106M	$111M	$113M	$116M	$117M	$120M	$120M	$125M	$125M	$120M	·	$117M	$112M	$119M	·
Long-term Debt	$3.57B	$2.38B	$2.68B	$2.68B	$2.68B	$2.73B	$2.69B	$2.69B	$2.69B	$2.39B	$2.39B	·	$2.38B	$2.09B	$2.48B	·
Total Debt	·	$2.43B	$2.77B	·	$2.74B	$2.94B	$2.89B	·	$2.69B	$2.67B	$2.69B	·	$2.52B	$2.50B	$2.73B	·
Common Stock	$95M	$95M	$95M	$90M	$90M	$90M	$91M	$91M	$92M	$92M	$92M	·	$92M	$92M	$92M	·
Paid-in Capital	$1.39B	$1.39B	$1.38B	$1.05B	$1.05B	$1.04B	$1.04B	$1.05B	$1.05B	$1.05B	$1.04B	·	$1.04B	$1.03B	$1.03B	·
Retained Earnings	$2.43B	$2.34B	$2.14B	$2.01B	$1.95B	$1.86B	$1.70B	$1.73B	$1.97B	$2.09B	$1.97B	$1.89B	$1.86B	$1.81B	$1.71B	$1.59B
AOCI	$10M	$1M	$-33M	$-59M	$-116M	$-223M	$-76M	$-15M	$5M	$75M	$67M	·	$-49M	$-55M	$-294M	·
Stockholders' Equity	$3.92B	$3.82B	$3.59B	$3.09B	$2.98B	$2.77B	$-76M	$2.85B	$5M	$75M	$67M	·	$2.94B	$2.88B	$2.54B	$-626M
Liabilities + Equity	$10.45B	$9.13B	$9.21B	$8.72B	$8.45B	$8.48B	$8.30B	$8.32B	$8.48B	$8.68B	$8.59B	·	$8.11B	$7.97B	$8.13B	·
Shares Outstanding	95,035,675	95,027,447	95,017,438	90,379,095	90,355,956	90,397,698	90,612,955	91,005,993	91,612,488	92,031,724	92,115,581	91,819,000	91,803,996	91,795,080	91,786,806	91,478,000

Cash Flow 14

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
D&A	$121M	$119M	$122M	$120M	$116M	$111M	$109M	$109M	$113M	$119M	$116M	$110M	$102M	$101M	$97M	$94M
Stock-based Comp	$5M	$6M	$4M	$4M	$5M	$6M	$5M	$6M	$6M	$6M	$5M	$5M	$5M	$6M	$6M	$4M
Other Non-cash	·	·	$-33M	·	·	·	$61M	·	·	·	$17M	·	·	·	$55M	·
Operating Cash Flow	$377M	$382M	$275M	$238M	$388M	$254M	$220M	$198M	$282M	$315M	$271M	$182M	$344M	$384M	$327M	$159M
CapEx	$266M	$221M	$278M	$286M	$193M	$194M	$240M	$247M	$202M	$235M	$247M	$282M	$231M	$263M	$233M	$219M
Investing Cash Flow	$-256M	$-219M	$-279M	$-274M	$-193M	$-191M	$-235M	$-248M	$-202M	$-235M	$-248M	$-283M	$-344M	$-276M	$-209M	$-224M
Debt Issued	$1.48B	·	·	$-2.0K	$-288.0K	·	·	$-37.0K	$299M	·	·	$-227.0K	·	·	·	$0
Net Debt Issued	·	·	·	·	·	·	·	·	·	·	$0	·	·	·	$-150M	·
Stock Issued	$-7.0K	$-9M	$347M	·	$0	$0	$0	·	·	·	·	·	·	·	·	·
Stock Repurchased	$0	$0	$0	$0	$4M	$17M	$34M	$36M	$24M	$4M	$0	$0	$0	·	·	·
Net Stock Activity	·	·	$347M	·	·	·	$-34M	·	·	·	·	·	·	·	·	·
Dividends Paid	$51M	$51M	$48M	$48M	$47M	$47M	$47M	$47M	$46M	$46M	$45M	$45M	$44M	$44M	$43M	$43M
Financing Cash Flow	$1.09B	$-408M	$232M	$40M	$-248M	$-20M	$25M	$7M	$-49M	$-71M	$-37M	$103M	$-18M	$-283M	$-10M	$-384M
Free Cash Flow	·	·	$-3M	·	·	·	$-20M	·	·	·	$24M	·	·	·	$94M	·

Profitability 7

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Operating Margin	·	40.4%	42.4%	·	43.3%	43.5%	15.7%	·	-12.3%	39.8%	39.4%	·	35.9%	30.9%	38.6%	·
Net Margin	·	28.8%	27.9%	·	28.2%	29.6%	8.2%	·	-13.0%	26.4%	25.3%	·	21.6%	19.6%	25.8%	·
Pretax Margin	·	38.5%	37.0%	·	37.8%	39.4%	10.2%	·	-19.8%	35.2%	33.5%	·	29.3%	26.6%	34.5%	·
EBITDA Margin	·	54.3%	61.1%	·	65.2%	58.7%	35.6%	·	14.9%	58.7%	61.5%	·	59.8%	44.9%	53.3%	·
ROA	·	2.8%	2.1%	·	1.8%	2.5%	0.53%	·	-0.65%	2.0%	1.6%	·	1.1%	1.8%	2.2%	·
ROE	·	7.5%	10.3%	·	10.1%	15.2%	-1025.7%	·	-3.7%	11.3%	10.2%	·	3.8%	5.9%	7.3%	·
ROIC	·	4.2%	3.3%	·	3.0%	4.2%	2.5%	·	-1.2%	6.9%	5.7%	·	2.1%	3.0%	3.6%	·

Liquidity & Solvency 4

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Current Ratio	·	0.6	0.6	·	0.5	0.5	0.4	·	0.8	0.6	0.6	·	0.6	0.6	0.6	·
Quick Ratio	·	0.0	0.2	·	0.0	0.0	0.0	·	0.2	0.1	0.1	·	0.1	0.1	0.2	·
Debt / Equity	·	0.6	0.8	·	0.9	1.1	-37.9	·	532.1	35.4	39.9	·	0.9	0.9	1.1	·
LT Debt / Equity	·	0.5	0.6	·	0.8	0.9	-28.8	·	522.2	31.7	35.4	·	0.8	0.7	0.8	·

Efficiency 1

Metric	Trend	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Asset Turnover		·	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·

Per Share 7

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Book Value / Share	·	$40.25	$37.76	·	$32.93	$30.59	$-0.84	·	$0.06	$0.82	$0.73	·	$31.98	$31.36	$27.64	·
Revenue / Share	·	$8.97	$7.08	·	$5.84	$8.01	$6.01	·	$4.54	$6.81	$5.68	·	$4.64	$7.77	$7.14	·
Cash Flow / Share	·	·	$2.99	·	·	·	$2.41	·	·	·	$2.93	·	·	·	$3.55	·
Cash / Share	·	$0.28	$2.86	·	$0.44	$0.44	$0.54	·	$0.89	$0.55	$0.45	·	$0.58	$0.78	$2.66	·
Dividend / Share	$0.56	$0.54	$0.54	$0.54	$0.54	$0.52	$0.52	$0.52	$0.52	$0.49	$0.49	$0.49	$0.49	$0.47	$0.47	·
Dividend Paid / Share	·	·	·	·	·	·	$0.52	·	$0.52	$0.49	$0.49	·	$0.49	$0.47	$0.47	$0.47
EPS (TTM)	$7.66	$7.39	$7.17	·	$2.69	$0.46	$-0.11	·	$3.45	$5.04	$4.77	·	$6.09	$6.26	$6.55	·

Valuation (TTM) 14

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Revenue TTM	$2.58B	$2.51B	$2.38B	·	$2.18B	$2.07B	$1.97B	·	$1.94B	$1.95B	$2.04B	·	$2.24B	$2.31B	$2.30B	·
Net Income TTM	$718M	$686M	$655M	·	$244M	$40M	$-11M	·	$319M	$466M	$440M	·	$561M	$577M	$603M	·
Market Cap	·	$8.93B	$7.61B	·	$7.65B	$7.16B	$5.50B	·	$4.96B	$4.94B	$4.62B	·	$4.72B	$5.30B	$5.81B	·
Enterprise Value	·	$11.33B	$10.11B	·	$10.36B	$10.06B	$8.34B	·	$7.57B	$7.56B	$7.27B	·	$7.18B	$7.72B	$8.30B	·
P/E	10.1	12.7	11.2	·	31.5	172.2	-551.6	·	15.7	10.7	10.5	·	8.4	9.2	9.7	·
P/S	·	3.6	3.2	·	3.5	3.5	2.8	·	2.6	2.5	2.3	·	2.1	2.3	2.5	·
P/B	·	2.3	2.1	·	2.6	2.6	-72.2	·	983.1	65.6	68.6	·	1.6	1.8	2.3	·
P / Tangible Book	1.9	2.3	2.1	·	2.6	2.6	·	·	·	70.8	74.7	·	1.6	1.8	2.3	·
P / Cash Flow	·	·	27.7	·	·	·	25.0	·	·	·	17.1	·	·	·	17.7	·
EV / Revenue	·	4.5	4.2	·	4.7	4.9	4.2	·	3.9	3.9	3.6	·	3.2	3.3	3.6	·
Dividend Yield	·	2.2%	2.5%	·	2.5%	2.6%	3.4%	·	3.7%	3.6%	3.9%	·	3.7%	3.2%	2.9%	·
Earnings Yield	9.9%	7.9%	9.0%	·	3.2%	0.58%	-0.18%	·	6.4%	9.4%	9.5%	·	11.9%	10.8%	10.3%	·
Payout Ratio	·	·	26.6%	·	·	·	104.2%	·	·	·	34.2%	·	·	·	25.6%	·
Annual Payout	·	$194M	$190M	·	$187M	$186M	$185M	·	$182M	$180M	$178M	·	$174M	$172M	$170M	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Revenue	$2.28B	$1.94B	$2.17B	$2.19B	$1.74B
Operating Margin %	35.7%	10.8%	34.7%	37.3%	36.7%
Net Income	$519M	$78M	$477M	$566M	$364M
Diluted EPS	$5.68	$0.84	$5.17	$6.15	$3.97

Metric	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Debt / Equity	0.9	-179.6	0.9	1.3	1.6
Current Ratio	0.4	0.3	0.5	0.4	0.4
Quick Ratio	0.0	0.0	0.1	0.0	0.0

Metric	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Free Cash Flow	$187M	$135M	$227M	$695.0K	$40M

Institutional owners (13F) 703 filers · $6.7B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 703

Value held $6.7B

New positions 91

Exited positions 85

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
91 (-21 vs prior Q)	85 (+33 vs prior Q)	259 (+13 vs prior Q)	178 (-14 vs prior Q)	+5.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$974,402,734	12,170,906	14.62%	Shares
BlackRock, Inc.	$748,568,705	9,695,230	11.23%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$620,022,706	8,030,342	9.30%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$330,786,788	4,284,248	4.96%	Shares
STATE STREET CORP	$326,473,016	4,198,608	4.90%	Shares
Energy Income Partners, LLC	$231,309,038	2,995,843	3.47%	Shares
GABELLI FUNDS LLC	$179,618,487	2,326,363	2.69%	Shares
AQR CAPITAL MANAGEMENT LLC	$152,100,204	1,969,955	2.28%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$151,715,288	1,964,373	2.28%	Shares
Yaupon Capital Management LP	$120,418,106	1,559,618	1.81%	Shares
GAMCO INVESTORS, INC. ET AL	$105,804,492	1,370,347	1.59%	Shares
MORGAN STANLEY	$105,610,384	1,367,831	1.58%	Shares
Blackstone Inc.	$95,385,157	1,235,399	1.43%	Shares
DIMENSIONAL FUND ADVISORS LP	$93,819,455	1,215,038	1.41%	Shares
NORGES BANK	$84,277,417	1,091,535	1.26%	Shares
FIRST TRUST ADVISORS LP	$82,383,446	1,067,005	1.24%	Shares
EQUITY INVESTMENT CORP	$78,210,445	1,012,957	1.17%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$76,193,762	986,838	1.14%	Shares
Invesco Ltd.	$74,884,974	969,887	1.12%	Shares
VICTORY CAPITAL MANAGEMENT INC	$74,066,009	959,280	1.11%	Shares
NORTHERN TRUST CORP	$71,990,295	932,396	1.08%	Shares
Sound Shore Management Inc /CT/	$69,703,489	902,778	1.05%	Shares
Bank of New York Mellon Corp	$68,339,808	885,116	1.03%	Shares
BANK OF AMERICA CORP /DE/	$58,343,263	755,644	0.88%	Shares
Aventail Capital Group, LP	$55,692,036	721,306	0.84%	Shares
AMERIPRISE FINANCIAL INC	$47,294,717	612,436	0.71%	Shares
Gotham Asset Management, LLC	$46,423,285	601,260	0.70%	Shares
VANGUARD FIDUCIARY TRUST CO	$46,378,966	600,686	0.70%	Shares
Allspring Global Investments Holdings, LLC	$38,413,418	495,657	0.58%	Shares
TOCQUEVILLE ASSET MANAGEMENT L.P.	$34,551,321	447,498	0.52%	Shares
JPMORGAN CHASE & CO	$33,749,640	425,072	0.51%	Shares
NEUBERGER BERMAN GROUP LLC	$32,308,293	418,447	0.48%	Shares
MANAGED ASSET PORTFOLIOS, LLC	$30,391,617	393,623	0.46%	Shares
Poplar Forest Capital LLC	$30,219,300	381,605	0.45%	Shares
GOLDMAN SACHS GROUP INC	$29,915,255	387,453	0.45%	Shares
Arbejdsmarkedets Tillaegspension	$27,803,321	360,100	0.42%	Shares
SEI INVESTMENTS CO	$25,847,361	334,768	0.39%	Shares
VIRGINIA RETIREMENT SYSTEMS ET Al	$25,488,565	330,120	0.38%	Shares
REAVES W H & CO INC	$24,279,843	314,465	0.36%	Shares
ProShare Advisors LLC	$23,858,816	309,012	0.36%	Shares
Yaupon Capital Management LP	$23,163,000	300,000	0.35%	Call option
WESTWOOD HOLDINGS GROUP INC	$23,103,702	299,232	0.35%	Shares
Quantinno Capital Management LP	$21,979,018	284,665	0.33%	Shares
ROYAL BANK OF CANADA	$21,908,000	283,747	0.33%	Shares
UBS Group AG	$20,697,529	268,068	0.31%	Shares
RAYMOND JAMES FINANCIAL INC	$20,552,908	266,195	0.31%	Shares
VALLEY WEALTH MANAGERS, INC.	$20,068,745	259,924	0.30%	Shares
RENAISSANCE TECHNOLOGIES LLC	$19,958,785	258,500	0.30%	Shares
RHUMBLINE ADVISERS	$18,699,820	242,195	0.28%	Shares
California Public Employees Retirement System	$17,580,177	227,693	0.26%	Shares

Show all 703 institutional owners →

Activists & 5%+ owners 6 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., MJG Associates, Inc. I.D. No ., Gabelli Foundation, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×3 filings	March 7, 2022	·	Initial filing	·	SEC
Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Gabelli & Company Investment Advisers, Inc. I.D. No., MJG Associates, Inc. I.D. No., Gabelli Foundation, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×15 filings	July 20, 2020	·	Initial filing	·	SEC
Gabelli Funds, LLC ; I.D. No ., GAMCO Asset Management Inc. I.D. No ., Gabelli Securities, Inc. ; I.D. No ., MJG Associates, Inc. I.D. No .& #160;, Gabelli Foundation, Inc. 0; I.D. No ., MJG-IV Limited Partnership & #160; I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. 0; I.D. No ., Mario J. Gabelli ×3 filings	Dec. 29, 2010	·	Initial filing	·	SEC
New Mountain Vantage GP, L.L.C., New Mountain Vantage, L.P., New Mountain Vantage (California), L.P., New Mountain Vantage (California) II, L.P., New Mountain Vantage LO, L.P., New Mountain Vantage Advisers, L.L.C., New Mountain Vantage (Cayman) Ltd., New Mountain Vantage HoldCo Ltd., Steven B. Klinsky, F. Fox Benton, III, NMV Special Holdings, LLC, California Public Employees’ Retirement System ×13 filings	Dec. 9, 2010	·	Initial filing	·	SEC
	Nov. 19, 2007	·	Initial filing	·	SEC
	Sept. 14, 2007	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 51 insiders · 25 officers · 24 directors

19

Insider	Role	Last activity	Shares owned	Net 12m
David P Bauer	President and CEO	Sept. 16, 2026 A	72,047	$0
Timothy J Silverstein	Treasurer & CFO	Sept. 16, 2026 F	8,177	$0
Michael D Colpoys	President - NFG Dist. Corp.	Sept. 16, 2026 F	14,065	$0
Joseph N Del Vecchio	President, NFG Supply Corp.	Sept. 16, 2026 A	16,017	$0
Donna L Decarolis	President - NFG Dist. Corp.	Dec. 5, 2024 F	85,415	$0
Kasprzak Michael P	President NFG Midstream Co	Dec. 19, 2021 M	16,965	$0
Carl M Carlotti	President - NFG Dist. Corp.	Dec. 19, 2018 F	65,449	$0
Matthew D Cabell	President-Seneca Resources	May 1, 2016 D	57,491	$0
Anna Marie Cellino	President - NFG Dist. Corp.	Dec. 22, 2015 M	176,945	$0
Dennis J Seeley	President, NFGDC	Feb. 9, 2006 J	4,346	$0
Ronald C Kraemer	Chief Operating Officer	Dec. 5, 2024 F	46,737	$0
John R Pustulka	COO	Dec. 21, 2020 G	113,784	$0
Lee E Hartz	Secretary and General Counsel	Sept. 16, 2026 F	17,424	$0
Justin I Loweth	Pres - Seneca Resources	Sept. 16, 2026 F	76,757	$0
Elena G Mendel	Controller & Chf Acct Officer	Sept. 16, 2026 F	13,660	$0
Martin A Krebs	Chief Information Officer	Sept. 16, 2026 A	4,164	$0
Michael W Reville	General Counsel and Secretary	Dec. 5, 2024 F	9,322	$0
Karen M Camiolo	Treasurer & Prin. Fin. Officer	Dec. 10, 2022 M	52,910	$0
Sarah J Mugel	General Counsel and Secretary	Feb. 28, 2022 I	0	$0
John P Mcginnis	Pres - Seneca Resources	Jan. 15, 2021 G	94,110	$0
Paula M Ciprich	Senior VP & Gen Counsel	Dec. 27, 2019 S	25,202	$0
Ann M Wegrzyn	Chief Information Officer	Dec. 20, 2018 M	20,020	$0
James D Ramsdell	Senior Vice President	Aug. 30, 2016 M	82,962	$0
Walter E Deforest	Retired officer as of 08/01/04	Aug. 4, 2004 M	11,799	$0
Joseph P Pawlowski	Retired Treasurer, NFGDC	April 27, 2004 J	5,114	$0
Steven C. Finch	Director	Oct. 1, 2026 A	8,104	$0
Rebecca Ranich	Director	Oct. 1, 2026 A	18,150	$0
David C. Carroll	Director	Oct. 1, 2026 A	31,018	$0
Joseph N Jaggers	Director	Oct. 1, 2026 A	35,091	$0
David Hugo Anderson	Director	Oct. 1, 2026 A	222	$0
Thomas E Skains	Director	Oct. 1, 2026 A	12,973	$0
David F Smith	Director	Oct. 1, 2026 A	210,772	$0
Ronald J Tanski	Director	Oct. 1, 2026 A	358,674	$0
Barbara M Baumann	Director	Oct. 1, 2026 A	22,900	$0
Jeffrey W Shaw	Director	Oct. 1, 2026 A	37,375	$0
Stephen E Ewing	Director	Jan. 2, 2020 A	31,378	$0
Philip C Ackerman	Director	Nov. 28, 2018 G	0	$0
Craig G Matthews	Director	Jan. 2, 2018 A	34,873	$0
Ron W Jibson	Director	April 1, 2016 A	5,416	$0
R D Cash	Director	Jan. 2, 2015 A	18,417	$0
BRADY ROBERT T	Director	Jan. 2, 2014 A	21,790	$0
Rolland E Kidder	Director	Jan. 2, 2014 A	18,680	$0
Richard G Reiten	Director	Jan. 2, 2013 A	12,856	$0
George L Mazanec	Director	Jan. 3, 2012 A	17,986	$0
John F Riordan	Director	July 1, 2008 A	16,397	$0
Bernard S Lee	Director	Jan. 3, 2005 A	10,158	$0
KENNEDY BERNARD J	Director	March 30, 2004 M	741,365	$0
James V Glynn	Director	Jan. 2, 2004 A	6,211	$0
Frederic V Salerno	·	April 1, 2013 A	6,915	$0
James A Beck	·	Oct. 5, 2006 S	36,351	$0
Bruce H Hale	·	Aug. 2, 2005 S	86,764	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 91 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
FXU · First Trust Exchange-Traded AlphaDE…	4.52%	456,273 NS	July 31, 2026	N-PORT
EMLP · First Trust Exchange-Traded Fund IV	3.91%	1,961,222 NS	July 31, 2026	N-PORT
FPWR · First Trust Exchange-Traded Fund IV	3.66%	13,170 NS	July 31, 2026	N-PORT
EIPX · First Trust Exchange-Traded Fund IV	3.44%	235,215 NS	July 31, 2026	N-PORT
PXE · Invesco Exchange-Traded Fund Trust	2.56%	44,981 SH	Oct. 1, 2026	Daily
PUI · Invesco Exchange-Traded Fund Trust	2.51%	15,656 SH	Oct. 1, 2026	Daily
FCPI · FIDELITY COVINGTON TRUST	2.10%	68,900 NS	July 31, 2026	N-PORT
OSCV · ETF Series Solutions	1.66%	142,111 NS	July 31, 2026	N-PORT
XMLV · Invesco Exchange-Traded Fund Trust …	1.34%	120,090 SH	Oct. 1, 2026	Daily
XMVM · Invesco Exchange-Traded Fund Trust	1.07%	69,448 SH	Oct. 1, 2026	Daily
FLRG · FIDELITY COVINGTON TRUST	0.98%	34,537 NS	July 31, 2026	N-PORT
FNK · First Trust Exchange-Traded AlphaDE…	0.76%	20,982 NS	July 31, 2026	N-PORT
IDU · iShares Trust	0.50%	77,911 SH	Sept. 11, 2026	Daily
FUTY · FIDELITY COVINGTON TRUST	0.48%	136,713 NS	July 31, 2026	N-PORT
VMAX · Lattice Strategies Trust	0.46%	2,725 NS	July 31, 2026	N-PORT
VPU · VANGUARD WORLD FUND	0.44%	618,023 SH	Aug. 19, 2026	Daily
QIDX · Spinnaker ETF Series	0.43%	2,042 NS	July 31, 2026	N-PORT
FNX · First Trust Exchange-Traded AlphaDE…	0.40%	66,703 NS	July 31, 2026	N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr…	0.34%	18,993 NS	July 31, 2026	N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr…	0.34%	19,049 NS	July 31, 2026	N-PORT
HSMV · First Trust Exchange-Traded Fund III	0.33%	1,425 NS	July 31, 2026	N-PORT
PAMC · Pacer Funds Trust	0.31%	2,046 NS	July 31, 2026	N-PORT
IVOG · VANGUARD ADMIRAL FUNDS	0.24%	58,139 SH	Aug. 19, 2026	Daily
QVMM · Invesco Exchange-Traded Fund Trust …	0.24%	12,765 SH	Oct. 1, 2026	Daily
FAB · First Trust Exchange-Traded AlphaDE…	0.23%	4,640 NS	July 31, 2026	N-PORT
PTMC · Pacer Funds Trust	0.22%	10,527 NS	July 31, 2026	N-PORT
ROUS · Lattice Strategies Trust	0.21%	18,021 NS	July 31, 2026	N-PORT
ESML · iShares Trust	0.20%	69,017 SH	Sept. 11, 2026	Daily
IVOO · VANGUARD ADMIRAL FUNDS	0.20%	153,713 SH	Aug. 19, 2026	Daily
JQUA · J.P. Morgan Exchange-Traded Fund Tr…	0.19%	190,629 NS	July 31, 2026	N-PORT
EQAL · Invesco Exchange-Traded Fund Trust …	0.19%	19,725 SH	Oct. 1, 2026	Daily
BKMC · BNY Mellon ETF Trust	0.18%	14,206 NS	July 31, 2026	N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr…	0.17%	41,649 NS	July 31, 2026	N-PORT
FSMD · FIDELITY COVINGTON TRUST	0.17%	51,002 NS	July 31, 2026	N-PORT
MIDU · Direxion Shares ETF Trust	0.17%	1,396 NS	July 31, 2026	N-PORT
VBR · VANGUARD INDEX FUNDS	0.16%	1,383,824 SH	Aug. 19, 2026	Daily
IVOV · VANGUARD ADMIRAL FUNDS	0.16%	31,022 SH	Aug. 19, 2026	Daily
FQAL · FIDELITY COVINGTON TRUST	0.16%	26,936 NS	July 31, 2026	N-PORT
FVAL · FIDELITY COVINGTON TRUST	0.15%	23,865 NS	July 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.14%	258,883 NS	July 31, 2026	N-PORT
BSCU · Invesco Exchange-Traded Self-Indexe…	0.14%	3,739,000	Oct. 1, 2026	Daily
BSCT · Invesco Exchange-Traded Self-Indexe…	0.11%	3,355,000	Oct. 1, 2026	Daily
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	0.11%	10,983 NS	July 31, 2026	N-PORT
SMMD · iShares Trust	0.11%	50,410 SH	Sept. 11, 2026	Daily
HDV · iShares Trust	0.10%	182,473 SH	Sept. 11, 2026	Daily
RWK · Invesco Exchange-Traded Fund Trust …	0.09%	14,987 SH	Oct. 1, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.09%	2,180,290 SH	Aug. 19, 2026	Daily
PFIG · Invesco Exchange-Traded Fund Trust …	0.09%	120,000	Oct. 1, 2026	Daily
ISCG · iShares Trust	0.09%	10,123 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.08%	1,091,005 SH	Aug. 19, 2026	Daily
IWS · iShares Trust	0.08%	139,649 SH	Sept. 11, 2026	Daily
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	0.07%	21,667 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.07%	5,628 SH	Sept. 11, 2026	Daily
TILT · FlexShares Trust	0.07%	18,302 NS	July 31, 2026	N-PORT
IWR · iShares Trust	0.06%	385,230 SH	Sept. 11, 2026	Daily
DGRO · iShares Trust	0.05%	248,973 SH	Sept. 11, 2026	Daily
CCNR · Financial Investors Trust	0.05%	2,443 NS	July 31, 2026	N-PORT
SMDX · Tidal Trust III	0.04%	680 NS	July 31, 2026	N-PORT
VIG · VANGUARD SPECIALIZED FUNDS	0.03%	536,909 SH	Aug. 19, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.03%	375,612 SH	Aug. 19, 2026	Daily
PFM · Invesco Exchange-Traded Fund Trust	0.03%	2,706 SH	Oct. 1, 2026	Daily
IWD · iShares Trust	0.02%	208,632 SH	Sept. 11, 2026	Daily
VONV · VANGUARD SCOTTSDALE FUNDS	0.02%	56,795 SH	Aug. 19, 2026	Daily
DCOR · Dimensional ETF Trust	0.02%	8,065 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.02%	114,325 NS	July 31, 2026	N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe…	0.02%	11,470 SH	Oct. 1, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	0.02%	20,772 SH	Oct. 1, 2026	Daily
DFAU · Dimensional ETF Trust	0.02%	23,375 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.01%	32,770 NS	July 31, 2026	N-PORT
IUSG · iShares Trust	0.01%	49,976 SH	Sept. 11, 2026	Daily
IWB · iShares Trust	0.01%	65,635 SH	Sept. 11, 2026	Daily
IYY · iShares Trust	0.01%	4,036 SH	Sept. 10, 2026	Daily
ITOT · iShares Trust	0.01%	121,557 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.01%	25,228 SH	Sept. 10, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.01%	3,018,018 SH	Aug. 19, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.01%	74,569 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.01%	15,707 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.01%	8,005 SH	Aug. 19, 2026	Daily
IUSV · iShares Trust	0.01%	32,818 SH	Sept. 11, 2026	Daily
DIVB · iShares Trust	0.01%	2,195 SH	Sept. 11, 2026	Daily
BSV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BND · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
VCSH · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
BNDW · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
IJH · iShares Trust	·	3,334,458 SH	Sept. 11, 2026	Daily
IJK · iShares Trust	·	341,233 SH	Sept. 11, 2026	Daily
IJJ · iShares Trust	·	184,649 SH	Aug. 21, 2026	Daily
ISCB · iShares Trust	·	4,281 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	13,968 SH	Sept. 11, 2026	Daily
SMLF · iShares Trust	·	77,717 SH	Sept. 11, 2026	Daily
SMMV · iShares Trust	·	6,629 SH	Aug. 19, 2026	Daily

NFG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 8 analysts BUY

Median target $93.00 +21.7%

2 25.0% Strong Buy

3 37.5% Buy

3 37.5% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

2 analysts · 2026-10-03

Mean target $93.00 +21.7%

← Below all targets Current price $76.43

Low$91.00 Mean$93.00 High$95.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
NFG	$8.35B	16.3	17.1%	22.8%	17.4%	·
ATO	$27.59B	22.9	12.9%	25.5%	9.0%	·
UGI	$7.13B	10.8	1.1%	9.3%	14.5%	·
SWX	$5.78B	13.2	9.6%	·	11.2%	·
NJR	$4.84B	14.5	9.9%	24.8%	13.8%	·
SR	·	·	·	·	·	·
OGS	$4.84B	17.7	·	·	8.0%	·
MDU	·	21.0	6.7%	10.2%	6.9%	·
CPK	·	20.9	18.1%	15.1%	9.1%	·
NWN	$1.94B	16.9	11.8%	8.8%	7.9%	·
SPH	·	11.5	7.9%	7.4%	·	·

Latest News Recent headlines mentioning this company

23

Analyst Report: National Fuel Gas Co Yahoo Finance · 4 months, 2 weeks ago National Fuel Gas At $110 — Why Is This Name Flying Under The Radar? Yahoo Finance · 5 months, 2 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

NFG National Fuel Gas Company Common Stock

NFG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

NFG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Financial Health Debt, liquidity, solvency — balance sheet strength

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Institutional owners (13F) 703 filers · $6.7B total · As of Sept. 30, 2026

Activists & 5%+ owners 6 positions

Company insiders 51 insiders · 25 officers · 24 directors

ETF ownership Held by 91 ETFs

NFG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

12-Month Price Target

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Latest News Recent headlines mentioning this company

My Metrics Your personal watchlist — selected rows from Full Fundamentals