National Fuel Gas CoNFG -1.74%86 Return-on-Tangible-Equity is 26.77% as of Mar. 2026, which is 53% above its 10-year median of 17.55. GuruFocus rates NFG with a GF Score™ of 86/100 and a GF Value™ of $78.57 (Fairly Valued). The stock has 1 warning sign investors should review. Among 945 Oil & Gas companies, National Fuel Gas Co ranks better than 80.21% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. National Fuel Gas Co's annualized net income for the quarter that ended in Mar. 2026 was $991 Mil. National Fuel Gas Co's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $3,701 Mil. Therefore, National Fuel Gas Co's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 26.77%.
The historical rank and industry rank for National Fuel Gas Co's Return-on-Tangible-Equity or its related term are showing as below:
NFG'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -16.43 Med: 17.55 Max: 29.36
Current: 21.16
During the past 13 years, National Fuel Gas Co's highest Return-on-Tangible-Equity was 29.36%. The lowest was -16.43%. And the median was 17.55%.
NFG's Return-on-Tangible-Equity is ranked better than 80.21% of 945
companies
in the Oil & Gas industry
Industry Median: 6.74
vs NFG: 21.16
National Fuel Gas Co (NYSE:NFG) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
National Fuel Gas Co Return-on-Tangible-Equity Related Terms
National Fuel Gas Co Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Return-on-Tangible-Equity 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 Return-on-Tangible-Equity Chart
NFG vs DEC, UNTC, SLNG: Return-on-Tangible-Equity Comparison
For the Oil & Gas Integrated subindustry, National Fuel Gas Co's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 26.77% mean?
National Fuel Gas Co (NFG) has a Return-on-Tangible-Equity of 26.77% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on National Fuel Gas Co and its competitors. This is 53% above median its historical median of 17.55. According to the industry distribution chart, National Fuel Gas Co ranks #187 out of 945 companies in the Oil & Gas industry, placing it in the top 19.8%.
Is National Fuel Gas Co's Return-on-Tangible-Equity too high?
National Fuel Gas Co's current Return-on-Tangible-Equity of 26.77% is 53% above median its 10-year median of 17.55. The Oil & Gas industry median Return-on-Tangible-Equity is 6.74. National Fuel Gas Co's value of 26.77% is 297.2% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #187 out of 945 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 Return-on-Tangible-Equity compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #187 out of 945 companies for Return-on-Tangible-Equity. This places National Fuel Gas Co in the top 20% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.74. National Fuel Gas Co's value of 26.77% is 297.2% above this benchmark. While the company's 10-year median is 17.55 vs. the industry median of 6.74, 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 Return-on-Tangible-Equity for an Oil & Gas company?
The median Return-on-Tangible-Equity among Oil & Gas companies is 6.74, based on 945 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Return-on-Tangible-Equity of 26.77% is 297.2% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Equity is 6.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Return-on-Tangible-Equity is 26.77%, which is 53% above median its own 10-year median of 17.55. 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 $78.57, compared to a current price of $77.21 — trading 1.7% below its estimated fair value. The current Return-on-Tangible-Equity is 26.77%, which is 53% above median its 10-year median of 17.55 and 297.2% above the Oil & Gas industry median of 6.74. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Return-on-Tangible-Equity is 26.77% 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 undervalued.
The current stock price of $77.21 is trading 1.7% below its estimated GF Value™ of $78.57.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
Return-on-Tangible-Equity: 26.77% (53% above median its 10-year median of 17.55)
GF Value™: $78.57 vs. price of $77.21 (1.7% below fair value)
Industry Position: 297.2% above the Oil & Gas median (#187 of 945)
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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