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National Fuel Gas CoNFG +1.68%81 Debt-to-Equity is 0.63 as of Mar. 2026, which is 42% below its 10-year median of 1.08. GuruFocus rates NFG with a GF Score™ of 81/100 and a GF Value™ of $78.42 (Fairly Valued). The stock has 1 warning sign investors should review. Among 796 Oil & Gas companies, National Fuel Gas Co ranks worse than 58.42% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for National Fuel Gas Co's Debt-to-Equity or its related term are showing as below:
NFG'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.63 Med: 1.08 Max: 1.56
Current: 0.63
During the past 13 years, the highest Debt-to-Equity Ratio of National Fuel Gas Co was 1.56. The lowest was 0.63. And the median was 1.08.
NFG's Debt-to-Equity is ranked worse than 58.42% of 796
companies
in the Oil & Gas industry
Industry Median: 0.465
vs NFG: 0.63
National Fuel Gas Co (NYSE:NFG) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
National Fuel Gas Co Debt-to-Equity Related Terms
National Fuel Gas Co Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Debt-to-Equity 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-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Debt-to-Equity 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.
National Fuel Gas Co (NFG) has a Debt-to-Equity of 0.63 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Fuel Gas Co and its competitors. This is 42% below median its historical median of 1.08. Over the past decade, National Fuel Gas Co's Debt-to-Equity has ranged from 0.63 to 1.56. According to the industry distribution chart, National Fuel Gas Co ranks #465 out of 796 companies in the Oil & Gas industry, placing it in the top 58.4%.
Is National Fuel Gas Co's Debt-to-Equity too high?
National Fuel Gas Co's current Debt-to-Equity of 0.63 is 42% below median its 10-year median of 1.08. Over the past 10 years, this metric has ranged from a low of 0.63 to a high of 1.56. The Oil & Gas industry median Debt-to-Equity is 0.47. National Fuel Gas Co's value of 0.63 is 35.5% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #465 out of 796 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, National Fuel Gas Co has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Fuel Gas Co's Debt-to-Equity compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #465 out of 796 companies for Debt-to-Equity. This places National Fuel Gas Co in the lower half of its industry. The industry median Debt-to-Equity is 0.47. National Fuel Gas Co's value of 0.63 is 35.5% above this benchmark. Historically, National Fuel Gas Co's own Debt-to-Equity has ranged from 0.63 to 1.56 over the past decade. While the company's 10-year median is 1.08 vs. the industry median of 0.47, National Fuel Gas Co has consistently been above 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-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.47, based on 796 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity 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-Equity of 0.63 is 35.5% above 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-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.47 — 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-Equity is 0.63, which is 42% below median its own 10-year median of 1.08. 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 $78.42, compared to a current price of $82.24 — trading 4.9% above its estimated fair value. The current Debt-to-Equity is 0.63, which is 42% below median its 10-year median of 1.08 and 35.5% above the Oil & Gas industry median of 0.47. National Fuel Gas Co's overall GF Score™ is 81/100 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-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Debt-to-Equity is 0.63 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 $82.24 is trading 4.9% above its estimated GF Value™ of $78.42.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Debt-to-Equity: 0.63 (42% below median its 10-year median of 1.08)
GF Value™: $78.42 vs. price of $82.24 (4.9% above fair value)
Industry Position: 35.5% above the Oil & Gas median (#465 of 796)
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.
81GF Score
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