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National Fuel Gas CoNFG +1.90%86 Debt-to-EBITDA is 1.26 as of Mar. 2026, which is 56% below its 10-year median of 2.86. GuruFocus rates NFG with a GF Score™ of 86/100 and a GF Value™ of $78.60 (Fairly Valued). The stock has 1 warning sign investors should review. Among 704 Oil & Gas companies, National Fuel Gas Co ranks better than 58.24% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for National Fuel Gas Co's Debt-to-EBITDA or its related term are showing as below:
NFG'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -13.63 Med: 2.86 Max: 8.36
Current: 1.57
During the past 13 years, the highest Debt-to-EBITDA Ratio of National Fuel Gas Co was 8.36. The lowest was -13.63. And the median was 2.86.
NFG's Debt-to-EBITDA is ranked better than 58.24% of 704
companies
in the Oil & Gas industry
Industry Median: 2.015
vs NFG: 1.57
National Fuel Gas Co (NYSE:NFG) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
National Fuel Gas Co Debt-to-EBITDA Related Terms
National Fuel Gas Co Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Fuel Gas Co Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
National Fuel Gas Co (NFG) has a Debt-to-EBITDA of 1.26 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on National Fuel Gas Co. This is 56% below median its historical median of 2.86. According to the industry distribution chart, National Fuel Gas Co ranks #294 out of 704 companies in the Oil & Gas industry, placing it in the top 41.8%.
Is National Fuel Gas Co's Debt-to-EBITDA too high?
National Fuel Gas Co's current Debt-to-EBITDA of 1.26 is 56% below median its 10-year median of 2.86. The Oil & Gas industry median Debt-to-EBITDA is 2.02. National Fuel Gas Co's value of 1.26 is 37.5% below this industry median. Based on the distribution chart, National Fuel Gas Co ranks #294 out of 704 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, National Fuel Gas Co has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Fuel Gas Co's Debt-to-EBITDA compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #294 out of 704 companies for Debt-to-EBITDA. This puts National Fuel Gas Co in the upper half of its industry. The industry median Debt-to-EBITDA is 2.02. National Fuel Gas Co's value of 1.26 is 37.5% below this benchmark. While the company's 10-year median is 2.86 vs. the industry median of 2.02, National Fuel Gas Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.02, based on 704 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Debt-to-EBITDA of 1.26 is 37.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on National Fuel Gas Co. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Debt-to-EBITDA is 1.26, which is 56% below median its own 10-year median of 2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Fuel Gas Co stock overvalued right now?
Based on GuruFocus' analysis, National Fuel Gas Co (NFG) is currently considered Fairly Valued. The stock's GF Value™ is $78.60, compared to a current price of $81.51 — trading 3.7% above its estimated fair value. The current Debt-to-EBITDA is 1.26, which is 56% below median its 10-year median of 2.86 and 37.5% below the Oil & Gas industry median of 2.02. National Fuel Gas Co's overall GF Score™ is 86/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Debt-to-EBITDA is 1.26 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Fuel Gas Co (NFG) Overvalued in 2026?
Based on GuruFocus' analysis, National Fuel Gas Co stock appears to be overvalued.
The current stock price of $81.51 is trading 3.7% above its estimated GF Value™ of $78.60.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Debt-to-EBITDA: 1.26 (56% below median its 10-year median of 2.86)
GF Value™: $78.60 vs. price of $81.51 (3.7% above fair value)
Industry Position: 37.5% below the Oil & Gas median (#294 of 704)
No single metric tells the full story. See the NFG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Fuel Gas Co is a diversified energy company involved in natural gas production, gathering, transportation, distribution, and marketing. It operates through three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. The majority of revenue comes from the Integrated Upstream and Gathering segment, which focuses on Seneca's natural gas exploration and development in the Appalachian region and Midstream operations supporting gas processing and gathering. The Pipeline and Storage segment transports and stores natural gas for customers in the northeastern United States and Canada, while the Utility segment supplies natural gas to retail customers in western New York and northwestern Pennsylvania. the company opeartes in United States.
86GF Score
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