United States 12 Month Natural Gas Fund Lp's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of United States 12 Month Natural Gas Fund Lp (UNL) 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: United States 12 Month Natural Gas Fund Lp vs Its Competitors
- Peer differentiation: Revenue per employee of $-0.77M compares with $18.08M for the peer group (0.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
United States 12 Month Natural Gas Fund Lp's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | - | No | No | No |
| Competitors combined (3) | - | - | - |
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.
UNL Stock Performance relative to its Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | United States Brent Oil Fund Lp | 282.9% | Outperformed |
| 2 | United States Gasoline Fund Lp | 282.9% | Outperformed |
| 3 | Invesco Db Oil Fund | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for United States 12 Month Natural Gas Fund Lp's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
United States 12 Month Natural Gas Fund Lp's Comment on Competition and Industry Peers
Publicly Traded Peers of United States 12 month Natural Gas Fund Lp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| United States 12 month Natural Gas Fund Lp | 14.20 | -1.54 |
| United States Brent Oil Fund Lp | 1,072.86 | 2.13 |
| United States Gasoline Fund Lp | 169.19 | 66.61 |
| Invesco Db Oil Fund | - | 3.59 |
| SUBTOTAL | 1,256.25 | 70.79 |
Sources: United States 12 month Natural Gas Fund Lp's official press releases and company reports; CSIMarket.com's market research; and the company reports and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on United States 12 month Natural Gas Fund Lp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
United States 12 Month Natural Gas Fund Lp's Competitors Named by the Company
Competitive relationships identified from United States 12 Month Natural Gas Fund Lp reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| NYMEX | Company report | 85% |
| Invesco Db Oil Fund | Company report | 85% |
| United States Brent Oil Fund Lp | Company report | 85% |
| United States Gasoline Fund Lp | Company report | 85% |
Company report basis, confidence, active dates and source counts for United States 12 Month Natural Gas Fund Lp's named competitors require a Commercial License.
Methodology: relationships are extracted from United States 12 Month Natural Gas Fund Lp reports (named-competitor disclosures) and corroborating sources. Confidence reflects evidence strength.
United States 12 Month Natural Gas Fund Lp'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 |
|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | 14 | -768,261 | -2,269,195 |
| United States Brent Oil Fund Lp | 1,073 | 1,065,699 | -22,526,670 |
| United States Gasoline Fund Lp | 169 | 33,303,949 | 27,830,646 |
| Invesco Db Oil Fund | - | - | - |
| PEERS TOTAL | 1,242 | 18,081,173 | 29,182,037 |
United States 12 Month Natural Gas Fund Lp's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Exchange Traded Funds Etf industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (33 companies). See the full Exchange Traded Funds Etf industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 44.04 % | 5.14 % (avg) | +38.9 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | 13.46 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 0.00 % | 0.15 % (avg) | -0.1 pp |
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.
United States 12 Month Natural Gas Fund Lp's Valuation vs Competitive Position
Valuation multiples vs the Exchange Traded Funds Etf industry average (33 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 Exchange Traded Funds Etf industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 43.5x | - |
| EV / EBITDA | - | 3.5x | - |
| P/B | 1.1x | 1.1x | 0.0x |
| Return on Equity | 91.41 % | industry aggregate | 86.36 % |
| Return on Invested Capital | - | 2.43 % (avg) | - |
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.
United States 12 Month Natural Gas Fund Lp's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | -213.46 % | - | - | -500.00 % | -432.08 % | - | - |
| Operating Margin | 54.22 % | 114.54 % | 159.92 % | 92.95 % | 100.01 % | - | - | - |
| Return on Invested Capital | 2.05 % | -7.32 % | -1.72 % | 8.01 % | - | - | -2.33 % | 2.14 % |
| P/E | 11.6x | - | - | - | 3.4x | - | - | - |
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.
United States 12 Month Natural Gas Fund Lp'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 |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 0.15 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See United States 12 Month Natural Gas Fund Lp's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See United States 12 Month Natural Gas Fund Lp's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
United States 12 Month Natural Gas Fund Lp'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
- Return on equity 86.4 points above the industry aggregate.
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
Opportunities
- A meaningful share of tracked competitors (66.70 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-94.7% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
United States 12 Month Natural Gas Fund Lp'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 |
|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | 200.26 | 225.24 | - |
| United States Brent Oil Fund Lp | 2,790.55 | 853.23 | - |
| United States Gasoline Fund Lp | 728.47 | 730.08 | - |
| Invesco Db Oil Fund | - | 2.48 | - |
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.
United States 12 Month Natural Gas Fund Lp'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 |
|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | Q2 2026 | - | - |
| United States Brent Oil Fund Lp | Q2 2026 | - | - |
| United States Gasoline Fund Lp | Q2 2026 | - | - |
| Invesco Db Oil Fund | Q2 2026 | +2,388.8 % | - |
| PEERS TOTAL | - | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
United States 12 Month Natural Gas Fund Lp'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 |
|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | Q2 2026 | - | - |
| United States Brent Oil Fund Lp | Q2 2026 | - | - |
| United States Gasoline Fund Lp | Q2 2026 | - | - |
| Invesco Db Oil Fund | Q2 2026 | - | - |
United States 12 Month Natural Gas Fund Lp's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| United States 12 month Natural Gas Fund Lp | - | - | - |
| United States Brent Oil Fund Lp | - | - | - |
| United States Gasoline Fund Lp | 54.35% | 27.22% | 54.46% |
| Invesco Db Oil Fund | 41.25% | 21.16% | 42.45% |
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).
United States 12 Month Natural Gas Fund Lp's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| United States 12 month Natural Gas Fund Lp | - | - |
| United States Brent Oil Fund Lp | 6.00 | 503.36 |
| United States Gasoline Fund Lp | 3.57 | 2.54 |
| Invesco Db Oil Fund | - | - |
| PEERS AVERAGE | 11.20 | 17.75 |
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.