NFG National Fuel Gas Company Common Stock
$83.14
Price · Aug 18, 2026
Fundamentals as of Jul 30, 2026
52W Range
$75–$97
36% of range
Analyst Rating
BUY
8 analysts
Price Target
$92
+11% upside
P/E (TTM)
15.4
ROE
17.4%
Net Profit Margin
22.8%
NFG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$83.14
Market Cap
$7.90B
P/E (TTM)
15.4
EPS (TTM)
$5.68
Revenue (TTM)
$2.28B
Div Yield
2.4%
ROE
17.4%
Debt/Equity
0.9
52W Range
$75 – $97
NFG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$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
Margins
22.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NFG
Peer Median
P/E (TTM)
15.4
17.0
P/S (TTM)
3.5
2.7
P/B
2.6
1.5
EV / EBITDA
8.4
—
Price / FCF
42.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NFG
Peer Median
Operating Margin
35.7%
—
Net Profit Margin
22.8%
15.1%
ROA
6.1%
4.0%
ROE
17.4%
10.0%
ROIC
10.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NFG
Peer Median
Debt / Equity
0.9
—
Current Ratio
0.4
0.8
Quick Ratio
0.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NFG
Peer Median
Revenue YoY
17.1%
—
Revenue CAGR 3Y
1.4%
—
Revenue CAGR 5Y
8.1%
—
EPS YoY
576.2%
—
Net Income YoY
568.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NFG
Peer Median
Payout Ratio
36.3%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.4%
Payout Ratio
36.3%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.5550 |
| March 31, 2026 | $0.5350 |
| Dec. 31, 2025 | $0.5350 |
| Sept. 30, 2025 | $0.5350 |
| June 30, 2025 | $0.5350 |
| March 31, 2025 | $0.5150 |
| Dec. 31, 2024 | $0.5150 |
| Sept. 30, 2024 | $0.5150 |
| June 28, 2024 | $0.5150 |
| March 27, 2024 | $0.4950 |
| Dec. 28, 2023 | $0.4950 |
| Sept. 28, 2023 | $0.4950 |
| June 29, 2023 | $0.4950 |
| March 30, 2023 | $0.4750 |
| Dec. 29, 2022 | $0.4750 |
| Sept. 29, 2022 | $0.4750 |
| June 29, 2022 | $0.4750 |
| March 30, 2022 | $0.4550 |
| Dec. 30, 2021 | $0.4550 |
| Sept. 29, 2021 | $0.4550 |
NFG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 3 37.5%
- Hold 3 37.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-15
Median
$92.00
← Below all targets
$83.14
Low
$89.00
High
$95.00
Median target
$92.00
+10.7%
Mean target
$92.00
+10.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.54 | $1.43 | 0.11% |
| March 31, 2026 | $2.71 | $2.82 | -0.11% |
| Dec. 31, 2025 | $2.06 | $2.00 | 0.06% |
| Sept. 30, 2025 | $1.22 | $1.13 | 0.09% |
| June 30, 2025 | $1.64 | $1.51 | 0.13% |
| March 31, 2025 | $2.39 | $2.23 | 0.16% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| 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% | — |
| OGS | $4.84B | 17.7 | — | — | 8.0% | — |
| SR | — | — | — | — | — | — |
| 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% | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 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 | Trend | 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 | Trend | 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 | Trend | 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 | Trend | 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 | · | · | · | · |
Growth Rates 8
| Metric | Trend | 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% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -181,134,710 | 90,358,018 | 90,500,162 | 90,777,446 | -184,107,541 | 91,874,049 | 92,114,415 | 91,910,244 | -183,429,327 | 91,803,638 | 91,794,765 | 91,579,814 | -182,756,578 | |
| Shares (Diluted) | 95,736,482 | 95,691,950 | 91,962,479 | -182,523,151 | 91,139,556 | 91,176,327 | 91,434,741 | -184,484,130 | 91,874,049 | 92,512,447 | 92,442,145 | -184,533,306 | 92,294,666 | 92,256,348 | 92,268,210 | -184,158,938 | |
| EBITDA | $330M | $466M | $398M | · | $347M | $429M | $196M | · | $62M | $370M | $323M | · | $257M | $322M | $351M | · |
Balance Sheet 25
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $3.57B | $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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 38.9% | 40.4% | 42.4% | · | 43.3% | 43.5% | 15.7% | · | -12.3% | 39.8% | 39.4% | · | 35.9% | 30.9% | 38.6% | · | |
| Net Margin | 25.8% | 28.8% | 27.9% | · | 28.2% | 29.6% | 8.2% | · | -13.0% | 26.4% | 25.3% | · | 21.6% | 19.6% | 25.8% | · | |
| Pretax Margin | 34.4% | 38.5% | 37.0% | · | 37.8% | 39.4% | 10.2% | · | -19.8% | 35.2% | 33.5% | · | 29.3% | 26.6% | 34.5% | · | |
| EBITDA Margin | 61.4% | 54.3% | 61.1% | · | 65.2% | 58.7% | 35.6% | · | 14.9% | 58.7% | 61.5% | · | 59.8% | 44.9% | 53.3% | · | |
| ROA | 1.5% | 2.8% | 2.1% | · | 1.8% | 2.5% | 0.53% | · | -0.65% | 2.0% | 1.6% | · | 1.1% | 1.8% | 2.2% | · | |
| ROE | 4.0% | 7.5% | 10.3% | · | 10.1% | 15.2% | -1025.7% | · | -3.7% | 11.3% | 10.2% | · | 3.8% | 5.9% | 7.3% | · | |
| ROIC | 2.1% | 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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.4 | · | 0.8 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | |
| Quick Ratio | 2.4 | 0.0 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | |
| Debt / Equity | 0.9 | 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 | 0.9 | 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 | 0.1 | · |
Valuation (TTM) 15
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.58B | $2.77B | $2.46B | · | $2.23B | $2.33B | $2.12B | · | $2.00B | $2.30B | $2.33B | · | $2.31B | $2.58B | $2.41B | · | |
| Net Income TTM | $718M | $795M | $593M | · | $357M | $373M | $290M | · | $338M | $533M | $536M | · | $511M | $586M | $578M | · | |
| Market Cap | $7.34B | $8.93B | $7.61B | · | $7.65B | $7.16B | $5.50B | · | $4.96B | $4.94B | $4.62B | · | $4.72B | $5.30B | $5.81B | · | |
| Enterprise Value | $9.67B | $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 | 11.0 | 12.4 | · | 21.7 | 19.5 | 19.3 | · | 14.8 | 9.3 | 8.6 | · | 9.3 | 9.1 | 10.1 | · | |
| P/S | 2.8 | 3.2 | 3.1 | · | 3.4 | 3.1 | 2.6 | · | 2.5 | 2.1 | 2.0 | · | 2.0 | 2.1 | 2.4 | · | |
| P/B | 1.9 | 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 | · | |
| P / FCF | · | · | -2807.0 | · | · | · | -270.3 | · | · | · | 192.5 | · | · | · | 61.9 | · | |
| EV / EBITDA | 29.3 | 24.3 | 25.4 | · | 29.9 | 23.5 | 42.6 | · | 122.1 | 20.5 | 22.5 | · | 28.0 | 24.0 | 23.6 | · | |
| EV / FCF | · | · | -3730.5 | · | · | · | -410.0 | · | · | · | 302.6 | · | · | · | 88.4 | · | |
| EV / Revenue | 3.7 | 4.1 | 4.1 | · | 4.6 | 4.3 | 3.9 | · | 3.8 | 3.3 | 3.1 | · | 3.1 | 3.0 | 3.4 | · | |
| Earnings Yield | 9.9% | 9.1% | 8.1% | · | 4.6% | 5.1% | 5.2% | · | 6.7% | 10.7% | 11.6% | · | 10.8% | 11.0% | 9.9% | · | |
| Payout Ratio | · | · | 26.6% | · | · | · | 104.2% | · | · | · | 34.2% | · | · | · | 25.6% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $187M | $135M | $227M | $695.0K | $40M |
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Institutional owners (13F) 706 filers · $4.0B total · As of June 30, 2026
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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 97 (-8 vs prior Q) | 82 (+30 vs prior Q) | 240 (+4 vs prior Q) | 176 (-16 vs prior Q) | +20.6M |
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 PORTFOLIO MANAGEMENT LLC | $620,022,706 | 8,030,342 | 15.38% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $330,786,788 | 4,284,248 | 8.21% | Shares |
| STATE STREET CORP | $326,473,016 | 4,198,608 | 8.10% | Shares |
| Energy Income Partners, LLC | $184,813,099 | 2,393,642 | 4.58% | Shares |
| GABELLI FUNDS LLC | $179,618,487 | 2,326,363 | 4.46% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $151,369,024 | 1,960,485 | 3.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $122,632,598 | 1,587,703 | 3.04% | Shares |
| Yaupon Capital Management LP | $120,418,106 | 1,559,618 | 2.99% | Shares |
| GAMCO INVESTORS, INC. ET AL | $105,804,492 | 1,370,347 | 2.62% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $87,820,902 | 1,137,430 | 2.18% | Shares |
| NORGES BANK | $84,277,417 | 1,091,535 | 2.09% | Shares |
| EQUITY INVESTMENT CORP | $78,210,445 | 1,012,957 | 1.94% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $76,189,747 | 986,786 | 1.89% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $74,066,009 | 959,280 | 1.84% | Shares |
| Sound Shore Management Inc /CT/ | $69,703,489 | 902,778 | 1.73% | Shares |
| Aventail Capital Group, LP | $55,692,036 | 721,306 | 1.38% | Shares |
| Gotham Asset Management, LLC | $46,423,285 | 601,260 | 1.15% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $46,378,966 | 600,686 | 1.15% | Shares |
| AMERIPRISE FINANCIAL INC | $43,732,657 | 566,331 | 1.08% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $34,551,321 | 447,498 | 0.86% | Shares |
| NEUBERGER BERMAN GROUP LLC | $32,269,688 | 417,947 | 0.80% | Shares |
| MANAGED ASSET PORTFOLIOS, LLC | $30,391,617 | 393,623 | 0.75% | Shares |
| Poplar Forest Capital LLC | $30,219,300 | 381,605 | 0.75% | Shares |
| Arbejdsmarkedets Tillaegspension | $27,803,321 | 360,100 | 0.69% | Shares |
| Allspring Global Investments Holdings, LLC | $26,347,443 | 339,967 | 0.65% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $25,716,873 | 321,220 | 0.64% | Shares |
| REAVES W H & CO INC | $24,279,843 | 314,465 | 0.60% | Shares |
| ProShare Advisors LLC | $23,858,816 | 309,012 | 0.59% | Shares |
| Yaupon Capital Management LP | $23,163,000 | 300,000 | 0.57% | Call option |
| WESTWOOD HOLDINGS GROUP INC | $23,103,702 | 299,232 | 0.57% | Shares |
| Quantinno Capital Management LP | $21,979,018 | 284,665 | 0.55% | Shares |
| MORGAN STANLEY | $21,410,444 | 277,301 | 0.53% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $19,958,785 | 258,500 | 0.50% | Shares |
| RHUMBLINE ADVISERS | $18,699,820 | 242,195 | 0.46% | Shares |
| California Public Employees Retirement System | $17,580,177 | 227,693 | 0.44% | Shares |
| Retirement Systems of Alabama | $16,978,016 | 219,894 | 0.42% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $15,266,225 | 197,723 | 0.38% | Shares |
| ALLIANCEBERNSTEIN L.P. | $14,022,309 | 149,237 | 0.35% | Shares |
| Swiss National Bank | $13,982,731 | 181,100 | 0.35% | Shares |
| GOLDMAN SACHS GROUP INC | $13,353,624 | 172,952 | 0.33% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $12,031,943 | 155,834 | 0.30% | Shares |
| PRUDENTIAL FINANCIAL INC | $11,316,052 | 146,562 | 0.28% | Shares |
| Aptus Capital Advisors, LLC | $10,409,607 | 134,822 | 0.26% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $10,241,134 | 132,640 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $10,203,810 | 132,157 | 0.25% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,977,049 | 106,184 | 0.25% | Shares |
| ROYAL BANK OF CANADA | $9,634,000 | 124,776 | 0.24% | Shares |
| Knights of Columbus Asset Advisors LLC | $9,512,661 | 123,205 | 0.24% | Shares |
| LOOMIS SAYLES & CO L P | $9,497,679 | 123,011 | 0.24% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $8,802,867 | 114,012 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $8,432,669 | 91,292 | 0.21% | Shares |
| FMR LLC | $8,348,374 | 108,126 | 0.21% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $7,982,819 | 103,391 | 0.20% | Shares |
| Cardinal Capital Management | $7,826,729 | 100,653 | 0.19% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $7,720,228 | 99,990 | 0.19% | Shares |
| LPL Financial LLC | $7,624,513 | 98,750 | 0.19% | Shares |
| KWMG, LLC | $7,621,032 | 98,705 | 0.19% | Shares |
| IBEX WEALTH ADVISORS | $7,500,247 | 97,141 | 0.19% | Shares |
| BlackRock, Inc. | $7,255,115 | 93,966 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,053,211 | 91,351 | 0.17% | Shares |
| Ensign Peak Advisors, Inc | $6,980,479 | 90,409 | 0.17% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $6,869,637 | 88,973 | 0.17% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $6,836,637 | 88,546 | 0.17% | Shares |
| Meiji Yasuda Asset Management Co Ltd. | $6,824,129 | 88,384 | 0.17% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $6,686,926 | 86,607 | 0.17% | Shares |
| Engineers Gate Manager LP | $6,603,308 | 85,524 | 0.16% | Shares |
| Rodgers Brothers Inc. | $6,446,663 | 83,495 | 0.16% | Shares |
| Man Group plc | $6,340,099 | 82,115 | 0.16% | Shares |
| HENNESSY ADVISORS INC | $6,273,776 | 81,256 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $6,039,366 | 78,220 | 0.15% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $5,941,463 | 76,952 | 0.15% | Shares |
| UBS Group AG | $5,888,729 | 76,269 | 0.15% | Shares |
| Bleakley Financial Group, LLC | $5,850,687 | 75,776 | 0.15% | Shares |
| CWM, LLC | $5,722,493 | 60,903 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,613,167 | 72,700 | 0.14% | Call option |
| VAN ECK ASSOCIATES CORP | $5,491,098 | 71,119 | 0.14% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $5,440,378 | 57,901 | 0.13% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $5,178,503 | 67,070 | 0.13% | Shares |
| Schonfeld Strategic Advisors LLC | $5,051,308 | 65,423 | 0.13% | Shares |
| Phocas Financial Corp. | $5,050,847 | 65,417 | 0.13% | Shares |
| Covalis Capital LLP | $4,947,771 | 64,082 | 0.12% | Shares |
| Qube Research & Technologies Ltd | $4,923,064 | 63,762 | 0.12% | Shares |
| Mariner, LLC | $4,732,345 | 61,281 | 0.12% | Shares |
| Brandywine Global Investment Management, LLC | $4,698,001 | 58,681 | 0.12% | Shares |
| AMERICAN CENTURY COMPANIES INC | $4,687,616 | 60,712 | 0.12% | Shares |
| OPPENHEIMER & CO INC | $4,668,966 | 60,471 | 0.12% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $4,614,301 | 59,763 | 0.11% | Shares |
| Horizon Investments, LLC | $4,558,864 | 59,045 | 0.11% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,502,115 | 58,310 | 0.11% | Shares |
| BERNZOTT CAPITAL ADVISORS | $4,460,352 | 52,654 | 0.11% | Shares |
| Baird Financial Group, Inc. | $4,314,881 | 55,885 | 0.11% | Shares |
| Glenmede Investment Management, LP | $4,307,582 | 46,634 | 0.11% | Shares |
| Legal & General Group Plc | $4,281,295 | 55,450 | 0.11% | Shares |
| COBBLESTONE CAPITAL ADVISORS LLC /NY/ | $4,262,229 | 46,143 | 0.11% | Shares |
| Huber Capital Management LLC | $4,260,139 | 55,176 | 0.11% | Shares |
| Holocene Advisors, LP | $4,155,674 | 53,823 | 0.10% | Shares |
| KLP KAPITALFORVALTNING AS | $4,140,437 | 53,300 | 0.10% | Shares |
| CANTOR FITZGERALD INVESTMENT ADVISORS L.P. | $4,037,370 | 52,291 | 0.10% | Shares |
| GLENMEDE TRUST CO NA | $3,910,377 | 50,646 | 0.10% | Shares |
| JANUS HENDERSON GROUP PLC | $3,856,580 | 41,034 | 0.10% | Shares |
Company insiders 39 insiders · 13 officers · 23 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Carl M Carlotti | President - NFG Dist. Corp. | March 22, 2017 M | 52,421 | 0 | 0 | $0 |
| John P Mcginnis | President-Seneca Resources | Dec. 19, 2016 M | 33,474 | 0 | 0 | $0 |
| Matthew D Cabell | President-Seneca Resources | May 1, 2016 D | 57,491 | 0 | 0 | $0 |
| Anna Marie Cellino | President - NFG Dist. Corp. | Dec. 22, 2015 M | 176,945 | 0 | 0 | $0 |
| Dennis J Seeley | President, NFGDC | Feb. 9, 2006 J | 4,346 | 0 | 0 | $0 |
| John R Pustulka | Chief Operating Officer | Dec. 19, 2016 M | 55,755 | 0 | 0 | $0 |
| Paula M Ciprich | Sr VP, Gen Counsel & Sec | March 31, 2017 S | 65,922 | 0 | 0 | $0 |
| David P Bauer | Treasurer & Prin. Fin. Officer | Dec. 19, 2016 M | 15,999 | 0 | 0 | $0 |
| Donna L Decarolis | VP Business Development | Dec. 19, 2016 M | 49,724 | 0 | 0 | $0 |
| Karen M Camiolo | Controller | Dec. 19, 2016 M | 25,229 | 0 | 0 | $0 |
| James D Ramsdell | Senior Vice President | Aug. 30, 2016 M | 82,962 | 0 | 0 | $0 |
| Walter E Deforest | Retired officer as of 08/01/04 | Aug. 4, 2004 M | 11,799 | 0 | 0 | $0 |
| Joseph P Pawlowski | Retired Treasurer, NFGDC | April 27, 2004 J | 5,114 | 0 | 0 | $0 |
| Steven C. Finch | Director | July 1, 2026 A | — | 0 | 0 | $0 |
| Rebecca Ranich | Director | July 1, 2026 A | 18,025 | 0 | 0 | $0 |
| David C. Carroll | Director | July 1, 2026 A | 30,804 | 0 | 0 | $0 |
| Joseph N Jaggers | Director | July 1, 2026 A | 34,514 | 0 | 0 | $0 |
| David Hugo Anderson | Director | July 1, 2026 A | 221 | 0 | 0 | $0 |
| Thomas E Skains | Director | July 1, 2026 A | 1,597 | 0 | 0 | $0 |
| David F Smith | Director | July 1, 2026 A | 186,699 | 0 | 0 | $0 |
| Ronald J Tanski | Director | July 1, 2026 A | 358,097 | 0 | 0 | $0 |
| Barbara M Baumann | Director | July 1, 2026 A | 22,323 | 0 | 0 | $0 |
| Jeffrey W Shaw | Director | July 1, 2026 A | 36,798 | 0 | 0 | $0 |
| Craig G Matthews | Director | April 3, 2017 A | 31,848 | 0 | 0 | $0 |
| Philip C Ackerman | Director | April 3, 2017 A | 240,285 | 0 | 0 | $0 |
| Stephen E Ewing | Director | April 3, 2017 A | 22,486 | 0 | 0 | $0 |
| Ron W Jibson | Director | April 1, 2016 A | 5,416 | 0 | 0 | $0 |
| R D Cash | Director | Jan. 2, 2015 A | 18,417 | 0 | 0 | $0 |
| BRADY ROBERT T | Director | Jan. 2, 2014 A | 21,790 | 0 | 0 | $0 |
| Rolland E Kidder | Director | Jan. 2, 2014 A | 18,680 | 0 | 0 | $0 |
| Richard G Reiten | Director | Jan. 2, 2013 A | 12,856 | 0 | 0 | $0 |
| George L Mazanec | Director | Jan. 3, 2012 A | 17,986 | 0 | 0 | $0 |
| John F Riordan | Director | July 1, 2008 A | 16,397 | 0 | 0 | $0 |
| Bernard S Lee | Director | Jan. 3, 2005 A | 10,158 | 0 | 0 | $0 |
| KENNEDY BERNARD J | Director | March 30, 2004 M | 741,365 | 0 | 0 | $0 |
| James V Glynn | Director | Jan. 2, 2004 A | 6,211 | 0 | 0 | $0 |
| Frederic V Salerno | — | April 1, 2013 A | 6,915 | 0 | 0 | $0 |
| James A Beck | — | Oct. 5, 2006 S | 36,351 | 0 | 0 | $0 |
| Bruce H Hale | — | Aug. 2, 2005 S | 86,764 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 positions
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.
ETF ownership Held by 123 ETFs
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… | 3.73% | 396,652 NS | April 30, 2026 | N-PORT |
| EMLP · First Trust Exchange-Traded Fund IV | 3.25% | 1,567,057 NS | April 30, 2026 | N-PORT |
| FPWR · First Trust Exchange-Traded Fund IV | 3.10% | 9,861 NS | April 30, 2026 | N-PORT |
| LNGX · Global X Funds | 2.98% | 22,066 NS | May 31, 2026 | N-PORT |
| EIPX · First Trust Exchange-Traded Fund IV | 2.87% | 180,665 NS | April 30, 2026 | N-PORT |
| PXE · Invesco Exchange-Traded Fund Trust | 2.72% | 27,034 SH | Aug. 8, 2026 | Daily |
| EIPI · First Trust Exchange-Traded Fund VI… | 2.55% | 347,709 NS | May 31, 2026 | N-PORT |
| PUI · Invesco Exchange-Traded Fund Trust | 2.39% | 16,219 SH | Aug. 8, 2026 | Daily |
| FCPI · FIDELITY COVINGTON TRUST | 2.22% | 71,611 NS | April 30, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 2.03% | 220,359 NS | May 31, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 1.66% | 134,019 NS | April 30, 2026 | N-PORT |
| REGL · ProShares Trust | 1.41% | 305,454 NS | May 31, 2026 | N-PORT |
| TMDV · ProShares Trust | 1.31% | 748 NS | May 31, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.21% | 112,788 SH | Aug. 8, 2026 | Daily |
| FLRG · FIDELITY COVINGTON TRUST | 1.05% | 35,027 NS | April 30, 2026 | N-PORT |
| XMVM · Invesco Exchange-Traded Fund Trust | 1.05% | 65,843 SH | Aug. 8, 2026 | Daily |
| SNPD · DBX ETF Trust | 1.04% | 351 NS | May 29, 2026 | N-PORT |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.87% | 18,254 NS | May 31, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 0.58% | 547,641 SH | Aug. 8, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.51% | 12,976 NS | April 30, 2026 | N-PORT |
| VMAX · Lattice Strategies Trust | 0.51% | 2,788 NS | April 30, 2026 | N-PORT |
| IDU · iShares Trust | 0.48% | 80,102 SH | Aug. 8, 2026 | Daily |
| FUTY · FIDELITY COVINGTON TRUST | 0.48% | 138,356 NS | April 30, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0.46% | 2,078 NS | April 30, 2026 | N-PORT |
| VPU · VANGUARD WORLD FUND | 0.44% | 618,023 SH | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.36% | 8,792 NS | May 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 18,608 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.35% | 1,260 NS | April 30, 2026 | N-PORT |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 17,958 NS | April 30, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.32% | 2,370 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.30% | 129 NS | May 29, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 0.26% | 29,622 NS | May 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.25% | 23,280 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.25% | 344,362 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.25% | 38,732 NS | April 30, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.24% | 58,139 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.23% | 10,905 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.23% | 12,655 SH | Aug. 8, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.23% | 15,742 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.21% | 3,278,958 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.21% | 21,544 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.20% | 14,770 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.20% | 153,713 SH | Aug. 8, 2026 | Daily |
| DEUS · DBX ETF Trust | 0.20% | 7,009 NS | May 29, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 172,613 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.19% | 68,757 SH | Aug. 8, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 47,977 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.19% | 6,683 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.19% | 5,141 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.18% | 49,631 NS | April 30, 2026 | N-PORT |