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National Fuel Gas CoNFG +2.19%86 Equity-to-Asset is 0.38 as of Jun. 2026, which is 19% above its 10-year median of 0.32. GuruFocus rates NFG with a GF Score™ of 86/100 and a GF Value™ of $79.89 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,033 Oil & Gas companies, National Fuel Gas Co ranks worse than 62.63% on this metric.
Equity to Asset ratio is calculated as total stockholders equity divided by total asset. National Fuel Gas Co's Total Stockholders Equity for the quarter that ended in Jun. 2026 was $3,924 Mil. National Fuel Gas Co's Total Assets for the quarter that ended in Jun. 2026 was $10,452 Mil.
Therefore, National Fuel Gas Co's Equity to Asset Ratio for the quarter that ended in Jun. 2026 was 0.38.
The historical rank and industry rank for National Fuel Gas Co's Equity-to-Asset or its related term are showing as below:
NFG'
s Equity-to-Asset Range Over the Past 10 Years
Min: 0.24 Med: 0.32 Max: 0.42
Current: 0.38
During the past 13 years, the highest Equity to Asset Ratio of National Fuel Gas Co was 0.42. The lowest was 0.24. And the median was 0.32.
NFG's Equity-to-Asset is ranked worse than 62.63% of 1033
companies
in the Oil & Gas industry
Industry Median: 0.49
vs NFG: 0.38
National Fuel Gas Co (NYSE:NFG) Equity-to-Asset Explanation
Equity to Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity to Asset ratio (more leveraged) may have higher ROE % because of the leverage.
For banks, the required minimum Equity to Asset ratio by regulation is 5%. Some stronger banks may have Equity to Asset Ratio of more than 10%.
National Fuel Gas Co Equity-to-Asset Related Terms
National Fuel Gas Co Equity-to-Asset Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Equity-to-Asset 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.
NFG vs DEC, SLNG, SKYQ: Equity-to-Asset Comparison
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Equity-to-Asset, along with its competitors' market caps and Equity-to-Asset 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 Equity-to-Asset vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Equity-to-Asset distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Equity-to-Asset falls into.
Equity to Asset ratio measures the ratios of the portion of the asset owned by shareholders out of the total asset. It indicates the leverage of the company, and the amount of debt the company uses in its operation.
Equity to Asset ratio is calculated by dividing total stockholders equity by total asset.
National Fuel Gas Co's Equity to Asset Ratio for the fiscal year that ended in Sep. 2025 is calculated as
* 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 Equity-to-Asset of 0.38 as of Jun. 2026. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on National Fuel Gas Co and its competitors. This is 19% above median its historical median of 0.32. Over the past decade, National Fuel Gas Co's Equity-to-Asset has ranged from 0.24 to 0.42. According to the industry distribution chart, National Fuel Gas Co ranks #647 out of 1033 companies in the Oil & Gas industry, placing it in the top 62.6%.
Is National Fuel Gas Co's Equity-to-Asset too high?
National Fuel Gas Co's current Equity-to-Asset of 0.38 is 19% above median its 10-year median of 0.32. Over the past 10 years, this metric has ranged from a low of 0.24 to a high of 0.42. The Oil & Gas industry median Equity-to-Asset is 0.49. National Fuel Gas Co's value of 0.38 is 22.4% below this industry median. Based on the distribution chart, National Fuel Gas Co ranks #647 out of 1033 companies in the Oil & Gas industry, which is below 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 Equity-to-Asset compare to DEC and SLNG?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #647 out of 1033 companies for Equity-to-Asset. This places National Fuel Gas Co in the lower half of its industry. The industry median Equity-to-Asset is 0.49. National Fuel Gas Co's value of 0.38 is 22.4% below this benchmark. Historically, National Fuel Gas Co's own Equity-to-Asset has ranged from 0.24 to 0.42 over the past decade. While the company's 10-year median is 0.32 vs. the industry median of 0.49, 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 Equity-to-Asset for an Oil & Gas company?
The median Equity-to-Asset among Oil & Gas companies is 0.49, based on 1,033 companies in the industry. Companies in the top quartile (top 25%) have a Equity-to-Asset significantly above this median, while those in the bottom quartile fall well below. However, Equity-to-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Equity-to-Asset of 0.38 is 22.4% 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 Equity-to-Asset mean?
A high Equity-to-Asset can signal that a stock is expensive relative to its fundamentals. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Equity-to-Asset is 0.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Equity-to-Asset is 0.38, which is 19% above median its own 10-year median of 0.32. 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 $79.89, compared to a current price of $80.63 — trading 0.9% above its estimated fair value. The current Equity-to-Asset is 0.38, which is 19% above median its 10-year median of 0.32 and 22.4% below the Oil & Gas industry median of 0.49. National Fuel Gas Co's overall GF Score™ is 86/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Equity-to-Asset calculated?
Equity-to-Asset is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Equity-to-Asset is 0.38 as of Jun. 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 $80.63 is trading 0.9% above its estimated GF Value™ of $79.89.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Equity-to-Asset: 0.38 (19% above median its 10-year median of 0.32)
GF Value™: $79.89 vs. price of $80.63 (0.9% above fair value)
Industry Position: 22.4% below the Oil & Gas median (#647 of 1033)
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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