公司概述
National Fuel Gas Company operates as a diversified energy entity with a workforce of 2,322 employees, managing operations across three distinct segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Through its Integrated Upstream and Gathering segment, the firm engages in the exploration, development, and production of natural gas and oil, while its other segments focus on infrastructure and utility services. The company is classified within the Energy sector and the Oil & Gas Integrated industry, positioning it as a comprehensive player in the hydrocarbon value chain. With a market capitalization of $8.97 billion and annual revenue reaching $2.38 billion, the company demonstrates a substantial financial footprint that reflects a significant market position within the mid-to-large cap energy landscape. These valuation and revenue figures indicate that National Fuel Gas Company possesses the scale required to invest in capital-intensive upstream projects while maintaining stable utility operations.
财务健康
The company reported a trailing twelve-month revenue of $2.38 billion and a net income of $655.16 million, generating an EBITDA of $1.50 billion. The substantial gap between the $2.38 billion revenue and the $655.16 million net income reveals a robust cost structure with a gross margin of 66.0%, effectively shielding core operations from input cost inflation. However, the free cash flow stands at -$2,352,625, which indicates a period of significant capital expenditure where cash outflows for asset development exceed operating cash generation, temporarily limiting immediate financial flexibility for shareholder returns. The operating margin of 43.5% and profit margin of 27.5% further illustrate high profitability relative to sales volume, while the gross margin of 66.0% underscores the pricing power or cost efficiency inherent in its integrated business model. In terms of leverage, the company holds $271.40 million in cash against $2.77 billion in total debt, resulting in a debt-to-equity ratio of 77.31%, which characterizes a highly leveraged balance sheet typical of capital-intensive utility and exploration firms. This leverage is moderated by a current ratio of 0.65, suggesting that short-term current assets are less than current liabilities, a common characteristic for utilities relying on long-term debt financing for infrastructure. Return on Equity stands at 20.7% and Return on Assets is 7.4%, metrics that reveal management's effectiveness in generating returns despite the heavy asset base and elevated debt levels.
估值评估
The stock trades with a trailing P/E ratio of 13.17 and a forward P/E of 11.35, implying that the market expects earnings growth that would justify a lower multiple in the future. The difference between these two multiples suggests an anticipated expansion in profitability, as the forward P/E is significantly lower than the trailing P/E. The price-to-book ratio is 2.50, indicating that the market values the company at a premium of 150% over its net asset book value, reflecting intangible assets or growth prospects not captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 3.77 and an EV/EBITDA of 7.63, which provide context for the stock's valuation relative to its revenue generation and earnings before interest, taxes, depreciation, and amortization. The 52-week price range spans from a low of $69.93 to a high of $97.06, providing a historical volatility band for analysis. Without a specific current price listed in the facts, the exact percentage deviation cannot be calculated, but the range establishes the recent trading volatility relative to the broader market. The beta value of 0.53 indicates that the stock exhibits low price volatility, moving at less than half the magnitude of the broader market index.
Growth & Income
Revenue growth over the last year was 18.6%, while earnings growth surged by 304.1%, indicating that earnings are expanding significantly faster than top-line revenue, likely driven by margin expansion or one-time gains. For dividend investors, the company offers a yield of 2.3% with a payout ratio of 29.6%, a level that appears sustainable given the high earnings growth and strong operating margins. The relatively low payout ratio suggests the company retains a majority of its earnings to fund its capital-intensive upstream and pipeline projects rather than distributing them entirely. The overall growth and income profile presents a mix of substantial earnings acceleration and a modest but sustainable dividend yield, catering to investors seeking both capital appreciation and income stability within the energy sector.