National Fuel Gas Co
$10.61B- Market cap
- $7.83B
- Debt
- +$2.83B
- Cash
- −$43.17M
Capital structure 73% equity / 27% debt · EV / Revenue 4.66x · EV proxy / EBITDA proxy 8.36x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 ·
Decision snapshot: NFG stock price at discount vs NRG $82.33 current versus $158.15 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at NRG's multiple
Implied fair value · at NFG's multiple
Snapshot Sep 10, 2026, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Reported gross margin
Operating income + D&A
Multiple premium
Lower P/E
Lower leverage
Statements
Annual statements in reported currencies, with calculations and source evidence.
Values retain reported currencies and share bases. Select a figure to inspect its period, calculation and filing inputs. Differences require compatible units and periods.
Explore enterprise value and market valuation multiples in the valuation sections.
Trendline
Eight period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
USD market cap plus reported borrowing debt, less cash and equivalents. This EV proxy excludes investments, preferred stock and noncontrolling-interest adjustments.
Capital structure 73% equity / 27% debt · EV / Revenue 4.66x · EV proxy / EBITDA proxy 8.36x
Capital structure 59% equity / 41% debt · EV / Revenue 1.15x · EV proxy / EBITDA proxy 10.88x
NRG carries the larger enterprise value at $35.36B against $10.61B; NRG trades on the lower EV / Revenue multiple (1.15x vs 4.66x); NFG on the lower EV / EBITDA (8.36x vs 10.88x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
NATIONAL FUEL GAS CO · implied price per share
Bear
-$9.77
Base
-$6.10
Bull
-$1.32
NRG Energy, Inc · implied price per share
Bear
-$26.26
Base
-$21.49
Bull
-$13.00
Balance sheet health
Inspect reported liquidity and leverage alongside historical financial-health checks.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Cash excludes investments. EBITDA is an operating-income-plus-D&A proxy. Missing borrowing categories remain unavailable; select a value to inspect its inputs.
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe NFG’s superior margins and quality score deserve only a modest relative premium, then hold or add selectively rather than chase the full NRG-implied upside, because the current price already sits inside both the historical band and DCF range and the valuation case is highly sensitive to the chosen multiple.
On a P/E basis, NFG looks materially cheaper than NRG at 14.5x versus 33.5x, which is why NRG-implied price points to substantial upside. However, the actual current price of $82.31 already falls inside both the historical band and the DCF range, so the valuation gap is compelling but not unambiguous.
Supporting Metrics