National Fuel Gas CoFRA:NFG -1.48%86 PB Ratio is 1.91 as of Jun. 25, 2026, which is 18% below its 10-year median of 2.33. 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 923 Oil & Gas companies, National Fuel Gas Co ranks worse than 63.71% on this metric.
National Fuel Gas Co stock PB Ratio (=1.9) is close to 1-year low of 1.89.
The historical rank and industry rank for National Fuel Gas Co's PB Ratio or its related term are showing as below:
FRA:NFG'
s PB Ratio Range Over the Past 10 Years
Min: 1.35 Med: 2.33 Max: 3.64
Current: 1.9
During the past 13 years, National Fuel Gas Co's highest PB Ratio was 3.64. The lowest was 1.35. And the median was 2.33.
FRA:NFG's PB Ratio is ranked worse than 63.71% of 923
companies
in the Oil & Gas industry
Industry Median: 1.42
vs FRA:NFG: 1.90
During the past 12 months, National Fuel Gas Co's average Book Value Per Share Growth Rate was 31.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 14.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 12.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 4.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of National Fuel Gas Co was 16.90% per year. The lowest was -11.90% per year. And the median was 4.10% per year.
Back to Basics: PB Ratio
National Fuel Gas Co (FRA:NFG) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
National Fuel Gas Co PB Ratio Related Terms
National Fuel Gas Co PB Ratio Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's PB Ratio distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
National Fuel Gas Co (FRA:NFG) has a PB Ratio of 1.91 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Fuel Gas Co and its competitors. This is 18% below median its historical median of 2.33. Over the past decade, National Fuel Gas Co's PB Ratio has ranged from 1.35 to 3.64. According to the industry distribution chart, National Fuel Gas Co ranks #588 out of 923 companies in the Oil & Gas industry, placing it in the top 63.7%.
Is National Fuel Gas Co's PB Ratio too high?
National Fuel Gas Co's current PB Ratio of 1.91 is 18% below median its 10-year median of 2.33. Over the past 10 years, this metric has ranged from a low of 1.35 to a high of 3.64. The Oil & Gas industry median PB Ratio is 1.42. National Fuel Gas Co's value of 1.91 is 34.5% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #588 out of 923 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 PB Ratio compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #588 out of 923 companies for PB Ratio. This places National Fuel Gas Co in the lower half of its industry. The industry median PB Ratio is 1.42. National Fuel Gas Co's value of 1.91 is 34.5% above this benchmark. Historically, National Fuel Gas Co's own PB Ratio has ranged from 1.35 to 3.64 over the past decade. While the company's 10-year median is 2.33 vs. the industry median of 1.42, 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 PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.42, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current PB Ratio of 1.91 is 34.5% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current PB Ratio is 1.91, which is 18% below median its own 10-year median of 2.33. 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 €66.50 — trading 3.9% below its estimated fair value. The current PB Ratio is 1.91, which is 18% below median its 10-year median of 2.33 and 34.5% above the Oil & Gas industry median of 1.42. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For National Fuel Gas Co (FRA:NFG), the current PB Ratio is 1.91 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 €66.50 is trading 3.9% below its estimated GF Value™ of €69.21.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for FRA:NFG:
PB Ratio: 1.91 (18% below median its 10-year median of 2.33)
GF Value™: €69.21 vs. price of €66.50 (3.9% below fair value)
Industry Position: 34.5% above the Oil & Gas median (#588 of 923)
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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