Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The historical rank and industry rank for National Fuel Gas Co's Net Cash per Share or its related term are showing as below:
NFG's Price-to-Net-Cash is not ranked *
in the Oil & Gas industry.
Industry Median: 5.8 * Ranked among companies with meaningful Price-to-Net-Cash only.
National Fuel Gas Co (NYSE:NFG) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
National Fuel Gas Co Net Cash per Share Related Terms
National Fuel Gas Co Net Cash per Share Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Net Cash per Share 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: Net Cash per Share Comparison
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash 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 Price-to-Net-Cash vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Price-to-Net-Cash falls into.
National Fuel Gas Co Net Cash per Share Calculation
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
National Fuel Gas Co's Net Cash per Share 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 Net Cash per Share of $-55.69 as of Jun. 2026. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on National Fuel Gas Co and its competitors. According to the industry distribution chart, National Fuel Gas Co ranks #999999 out of 131 companies in the Oil & Gas industry.
Is National Fuel Gas Co's Net Cash per Share too high?
National Fuel Gas Co's current Net Cash per Share is $-55.69. Based on the distribution chart, National Fuel Gas Co ranks #999999 out of 131 companies in the Oil & Gas industry, which is in the bottom quartile 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 Net Cash per Share compare to DEC and SLNG?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #999999 out of 131 companies for Net Cash per Share. This places National Fuel Gas Co in the lower half of its industry. The industry median Net Cash per Share is 5.80. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for an Oil & Gas company?
The median Net Cash per Share among Oil & Gas companies is 5.80, based on 131 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Net Cash per Share is 5.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Net Cash per Share is $-55.69. 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 $79.96, compared to a current price of $82.87 — trading 3.6% above its estimated fair value. The current Net Cash per Share is $-55.69. National Fuel Gas Co's overall GF Score™ is 85/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Net Cash per Share is $-55.69 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 $82.87 is trading 3.6% above its estimated GF Value™ of $79.96.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Net Cash per Share: $-55.69
GF Value™: $79.96 vs. price of $82.87 (3.6% above fair value)
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
Get the complete analysis for NFG
Net Cash per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NFG has been successfully added to your 
