National Fuel Gas's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of National Fuel Gas (NFG) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: National Fuel Gas vs Its Competitors
- TTM: Trailing 12-month revenue of 2,514M vs -M combined for its competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-14.5% annualized vs trailing 12 months).
- Scale: National Fuel Gas ranks #20 of 45 companies by market capitalization in the Natural Gas Utilities industry, holding 0.7% of industry market cap.
- Peer revenue share: National Fuel Gas accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $1.08M compares with $1.56M for the peer group (0.7x).
- Structure: National Fuel Gas operates in the following segments: Utility, Integrated Upstream and Gathering, Pipeline and Storage.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NFG Sales vs. its Competitors, Q3 2026
National Fuel Gas generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
API endpoints for this dataset
For context: the Natural Gas Utilities industry grew revenue 42.8% year over year, combined, vs 1.1% for National Fuel Gas. National Fuel Gas's share of combined industry revenue moved from 0.26% to 0.18%, a loss of 0.07 percentage points.
National Fuel Gas's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| National Fuel Gas Company | Yes | Yes | Yes | No |
| Competitors combined (1) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NFG Stock Performance relative to its Competitors
NFG Stock Performance relative to High-Confidence Competitors
NFG Stock Performance relative to Similar-Size Competitors
NFG Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Tc Energy Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for National Fuel Gas's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
National Fuel Gas's Comment on Competition and Industry Peers
Publicly Traded Peers of National Fuel Gas Company
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 National Fuel Gas Company |
7,029.93 | 2,513.66 |
 Tc Energy Corporation |
64,396.80 | 10,909.87 |
| SUBTOTAL | 71,426.73 | 13,423.53 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on National Fuel Gas Company versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
National Fuel Gas's Competitors Named by the Company
Competitive relationships identified from National Fuel Gas reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Supply Corporation | Company report | 85% |
| Midstream Company | Company report | 85% |
| Seneca | Company report | 85% |
| Tc Energy Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for National Fuel Gas's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
National Fuel Gas's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| National Fuel Gas Company | Utility 49.62 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
National Fuel Gas's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| National Fuel Gas Company | 7,030 | 1,082,539 | 290,817 |
| Tc Energy Corporation | 64,397 | 1,558,553 | 359,902 |
| PEERS TOTAL | 64,397 | 1,558,553 | 359,902 |
National Fuel Gas's Position in Industry Market Structure
Market-capitalization share and concentration across all 44 companies in National Fuel Gas's industry classification, broader than the peer set above. Market cap in millions of $.National Fuel Gas ranks #20 of 44 companies by market capitalization in its industry, holding 0.73 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 525, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Enbridge Inc | 102,689 | 10.67 % |
| 2 | Enterprise Products Partners L p | 80,911 | 8.41 % |
| 3 | Williams companies inc | 78,498 | 8.16 % |
| 4 | Kinder Morgan Inc | 66,661 | 6.93 % |
| 5 | Energy Transfer Lp | 1,234 | 5.2% |
| 6 | Tc Energy Corporation | 1,234 | 5.2% |
| 8 | Cheniere Energy Inc | 1,234 | 5.2% |
| 10 | Targa Resources Corp | 1,234 | 5.2% |
| 11 | Oneok Inc | 1,234 | 5.2% |
| 12 | Venture Global Inc | 1,234 | 5.2% |
| 20 | National Fuel Gas Company | 7,030 | 0.73 % |
Market cap and industry share for the rest of National Fuel Gas's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
National Fuel Gas's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 15 | Western Midstream Partners Lp | 15,963 | 3.28 % |
| 17 | Dt Midstream Inc | 11,662 | 3.92 % |
| 18 | Antero Midstream Corporation | 9,056 | 10.79 % |
| 19 | Ugi Corporation | 7,952 | 9.67 % |
| 20 | National Fuel Gas Company | 7,030 | -6.37 % |
| 21 | Southwest Gas Holdings Inc | 1,234 | 12.3% |
| 22 | South Bow Corporation | 1,234 | 12.3% |
| 23 | New Jersey Resources Corporation | 1,234 | 12.3% |
| 24 | Spire Inc | 1,234 | 12.3% |
| 25 | One Gas Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of National Fuel Gas's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
National Fuel Gas's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Natural Gas Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (100 companies). See the full Natural Gas Utilities industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.88 % | 41.15 % (avg) | -40.3 pp |
| Operating Margin | 0.42 % | industry median | -15.1 pp |
| EBITDA Margin | 0.61 % | 30.82 % (avg) | -30.2 pp |
| Capital Intensity (Capex / Revenue) | - | 21.06 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
National Fuel Gas's Valuation vs Competitive Position
Valuation multiples vs the Natural Gas Utilities industry average (100 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Natural Gas Utilities industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 11.5x | 25.2x | -13.7x |
| EV / EBITDA | 5.9x | 11.2x | -5.3x |
| P/B | 2.3x | 2.5x | -0.2x |
| Return on Equity | 0.19 % | industry aggregate | -28.96 % |
| Return on Invested Capital | 0.16 % | 5.82 % (avg) | -5.66 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
National Fuel Gas's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | - | - | - | - | -11.23 % | -3.50 % | 20.86 % |
| Operating Margin | - | - | - | - | - | - | - | - |
| Return on Invested Capital | - | - | - | - | - | - | - | - |
| P/E | - | - | - | - | - | 10.8x | - | 11.5x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
National Fuel Gas's Strategic Group Map
National Fuel Gas is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
National Fuel Gas's trailing-12-month revenue growth of 15.1% and operating margin of 0.4% compares with an average of 10.0% growth and 1.3% margin across its 8 closest peers by combined growth, margin and ROIC -- National Fuel Gas sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
National Fuel Gas's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
National Fuel Gas falls in the Dog quadrant: relative market share of 0.07x vs its largest competitor, in an industry growing revenue 6.5% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
National Fuel Gas's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 525 (see Industry Market Structure & Concentration above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on National Fuel Gas's dedicated Suppliers and Customers pages, not here.
National Fuel Gas's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
National Fuel Gas falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
National Fuel Gas's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 15.1 points below the industry median.
- Return on equity 29.0 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-14.5% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.07x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
National Fuel Gas's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| National Fuel Gas Company | 0.42 | 0.93 | 0.84 |
| Tc Energy Corporation | 0.02 | 0.63 | 2.87 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
National Fuel Gas's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| National Fuel Gas Company | Q2 2026 | +1.1 % | -7.5 % |
| Tc Energy Corporation | Q4 2025 | +8.5 % | -26.6 % |
| PEERS TOTAL | +8.1 % | -25.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
National Fuel Gas's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| National Fuel Gas Company | Q2 2026 | +6.8 % | +37.9 % |
| Tc Energy Corporation | Q4 2025 | +46.3 % | -34.4 % |
National Fuel Gas's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| National Fuel Gas Company | 7.30% | 8.98% | 19.38% |
| Tc Energy Corporation | 2.91% | 1.88% | 9.36% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
National Fuel Gas's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| National Fuel Gas Company | 10.20 | 2.80 |
| Tc Energy Corporation | 18.94 | 5.90 |
| PEERS AVERAGE | 22.36 | 5.32 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.