National Fuel Gas CoFRA:NFG +2.27%86 Piotroski F-Score is 8 as of Jun. 25, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates FRA:NFG with a GF Score™ of 86/100 and a GF Value™ of €69.21 (Fairly Valued). The stock has 1 warning sign investors should review. Among 975 Oil & Gas companies, National Fuel Gas Co ranks better than 98.36% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Fuel Gas Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for National Fuel Gas Co's Piotroski F-Score or its related term are showing as below:
FRA:NFG'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of National Fuel Gas Co was 8. The lowest was 3. And the median was 6.
National Fuel Gas Co (FRA:NFG) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
National Fuel Gas Co Piotroski F-Score Related Terms
National Fuel Gas Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Piotroski F-Score 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.
FRA:NFG vs DEC, UNTC, SLNG: Piotroski F-Score Comparison
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Piotroski F-Score 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
National Fuel Gas Co's current Net Income (TTM) was 591.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
National Fuel Gas Co's return on assets of this year was 0.07530693. National Fuel Gas Co's return on assets of last year was 0.00523033.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
National Fuel Gas Co's gearing of this year was 0.23511057. National Fuel Gas Co's gearing of last year was 0.28144115.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
National Fuel Gas Co's current ratio of this year was 0.61890935. National Fuel Gas Co's current ratio of last year was 0.47248372.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
National Fuel Gas Co's number of shares in issue this year was 95.692. National Fuel Gas Co's number of shares in issue last year was 91.176.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
National Fuel Gas Co's gross margin of this year was 0.45075042. National Fuel Gas Co's gross margin of last year was 0.43876742.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
National Fuel Gas Co's asset turnover of this year was 0.27501993. National Fuel Gas Co's asset turnover of last year was 0.24089052.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Fuel Gas Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
National Fuel Gas Co (FRA:NFG) has a Piotroski F-Score of 8 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on National Fuel Gas Co and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, National Fuel Gas Co's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, National Fuel Gas Co ranks #16 out of 975 companies in the Oil & Gas industry, placing it in the top 1.6%.
Is National Fuel Gas Co's Piotroski F-Score too high?
National Fuel Gas Co's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Oil & Gas industry median Piotroski F-Score is 5.00. National Fuel Gas Co's value of 8 is 60% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #16 out of 975 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 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Fuel Gas Co's Piotroski F-Score compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #16 out of 975 companies for Piotroski F-Score. This places National Fuel Gas Co in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. National Fuel Gas Co's value of 8 is 60% above this benchmark. Historically, National Fuel Gas Co's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, 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 Piotroski F-Score for an Oil & Gas company?
The median Piotroski F-Score among Oil & Gas companies is 5.00, based on 975 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Piotroski F-Score of 8 is 60% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. 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 (FRA:NFG) is currently considered Fairly Valued. The stock's GF Value™ is €69.21, compared to a current price of €67.50 — trading 2.5% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Oil & Gas industry median of 5.00. 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 Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For National Fuel Gas Co (FRA:NFG), the current Piotroski F-Score is 8 as of Jun. 25, 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 (FRA:NFG) Overvalued in 2026?
Based on GuruFocus' analysis, National Fuel Gas Co stock appears to be undervalued.
The current stock price of €67.50 is trading 2.5% below its estimated GF Value™ of €69.21.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for FRA:NFG:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: €69.21 vs. price of €67.50 (2.5% below fair value)
Industry Position: 60% above the Oil & Gas median (#16 of 975)
No single metric tells the full story. See the FRA: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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