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National Fuel Gas CoNFG +0.81%85 Earnings Yield (Joel Greenblatt) % is 9.46% as of Mar. 2026, which is 20% above its 10-year median of 7.87. GuruFocus rates NFG with a GF Score™ of 85/100 and a GF Value™ of $78.42 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,037 Oil & Gas companies, National Fuel Gas Co ranks better than 75.02% on this metric.
National Fuel Gas Co's Enterprise Value for the quarter that ended in Mar. 2026 was $11,328 Mil.
National Fuel Gas Co's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was $1,072 Mil. National Fuel Gas Co's Earnings Yield (Joel Greenblatt) for the quarter that ended in Mar. 2026 was 9.46%.
The historical rank and industry rank for National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
NFG'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: -12.08 Med: 7.87 Max: 11.9
Current: 10.58
During the past 13 years, the highest Earnings Yield (Joel Greenblatt) of National Fuel Gas Co was 11.90%. The lowest was -12.08%. And the median was 7.87%.
NFG's Earnings Yield (Joel Greenblatt) % is ranked better than 75.02% of 1037
companies
in the Oil & Gas industry
Industry Median: 4.86
vs NFG: 10.58
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. National Fuel Gas Co's Forward Rate of Return (Yacktman) % for the quarter that ended in Mar. 2026 was 6.55%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
National Fuel Gas Co (NYSE:NFG) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
National Fuel Gas Co Earnings Yield (Joel Greenblatt) % Related Terms
National Fuel Gas Co Earnings Yield (Joel Greenblatt) % Historical Data
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The historical data trend for National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % 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.
National Fuel Gas Co Earnings Yield (Joel Greenblatt) % Chart
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % 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 Earnings Yield (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % falls into.
National Fuel Gas Co Earnings Yield (Joel Greenblatt) % Calculation
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
National Fuel Gas Cos Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Sep. 2025 is calculated as
National Fuel Gas Co's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,072 Mil.
What does a Earnings Yield (Joel Greenblatt) % of 9.46% mean?
National Fuel Gas Co (NFG) has a Earnings Yield (Joel Greenblatt) % of 9.46% as of Mar. 2026. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on National Fuel Gas Co and its competitors. This is 20% above median its historical median of 7.87. According to the industry distribution chart, National Fuel Gas Co ranks #259 out of 1037 companies in the Oil & Gas industry, placing it in the top 25%.
Is National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % too high?
National Fuel Gas Co's current Earnings Yield (Joel Greenblatt) % of 9.46% is 20% above median its 10-year median of 7.87. The Oil & Gas industry median Earnings Yield (Joel Greenblatt) % is 4.86. National Fuel Gas Co's value of 9.46% is 94.7% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #259 out of 1037 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, National Fuel Gas Co has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Fuel Gas Co's Earnings Yield (Joel Greenblatt) % compare to DEC and SLNG?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #259 out of 1037 companies for Earnings Yield (Joel Greenblatt) %. This places National Fuel Gas Co in the top 25% of its industry — outperforming the majority of peers. The industry median Earnings Yield (Joel Greenblatt) % is 4.86. National Fuel Gas Co's value of 9.46% is 94.7% above this benchmark. While the company's 10-year median is 7.87 vs. the industry median of 4.86, 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 Earnings Yield (Joel Greenblatt) % for an Oil & Gas company?
The median Earnings Yield (Joel Greenblatt) % among Oil & Gas companies is 4.86, based on 1,037 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Earnings Yield (Joel Greenblatt) % of 9.46% is 94.7% 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 Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Earnings Yield (Joel Greenblatt) % is 4.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Earnings Yield (Joel Greenblatt) % is 9.46%, which is 20% above median its own 10-year median of 7.87. 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 $81.39 — trading 3.8% above its estimated fair value. The current Earnings Yield (Joel Greenblatt) % is 9.46%, which is 20% above median its 10-year median of 7.87 and 94.7% above the Oil & Gas industry median of 4.86. National Fuel Gas Co's overall GF Score™ is 85/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Earnings Yield (Joel Greenblatt) % is 9.46% 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 $81.39 is trading 3.8% above its estimated GF Value™ of $78.42.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Earnings Yield (Joel Greenblatt) %: 9.46% (20% above median its 10-year median of 7.87)
GF Value™: $78.42 vs. price of $81.39 (3.8% above fair value)
Industry Position: 94.7% above the Oil & Gas median (#259 of 1037)
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.
85GF Score
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