National Fuel Gas CoNFG -0.57%86 ROA % is 10.81% as of Mar. 2026, which is 118% above its 10-year median of 4.96. 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 1,025 Oil & Gas companies, National Fuel Gas Co ranks better than 81.27% on this metric.
ROA % is calculated as Net Income divided by its average Total Assets over a certain period of time. National Fuel Gas Co's annualizedNet Income for the quarter that ended in Mar. 2026 was $991 Mil.
National Fuel Gas Co's average Total Assets over the quarter that ended in Mar. 2026 was $9,167 Mil. Therefore, National Fuel Gas Co's annualized ROA % for the quarter that ended in Mar. 2026 was 10.81%.
The historical rank and industry rank for National Fuel Gas Co's ROA % or its related term are showing as below:
NFG'
s ROA % Range Over the Past 10 Years
Min: -4.77 Med: 4.96 Max: 7.8
Current: 7.8
During the past 13 years, National Fuel Gas Co's highest ROA % was 7.80%. The lowest was -4.77%. And the median was 4.96%.
NFG's ROA % is ranked better than 81.27% of 1025
companies
in the Oil & Gas industry
Industry Median: 1.89
vs NFG: 7.80
National Fuel Gas Co (NYSE:NFG) ROA % Explanation
ROA % measures the rate of return on the total assets (shareholder equity plus liabilities). It measures a firm's efficiency at generating profits from shareholders' equity plus its liabilities. ROA % shows how well a company uses what it has to generate earnings. ROA %s can vary drastically across industries. Therefore, ROA % should not be used to compare companies in different industries. For retailers, a ROA % of higher than 5% is expected. For example, Wal-Mart (WMT) has a ROA % of about 8% as of 2012. For banks, ROA % is close to their interest spread. A banks ROA % is typically well under 2%.
Similar to ROE, ROA % is affected by profit margins and asset turnover. This can be seen from the Du Pont Formula:
Note:
The Net Income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data.
* 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.
Be Aware
Like ROE, ROA % is calculated with only 12 months data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. ROA % can be affected by events such as stock buyback or issuance, and by goodwill, a company's tax rate and its interest payment. ROA % may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high ROA % may indicate vulnerability in the durability of the competitive advantage.
E.g. Raising $43b to take on KO is impossible, but $1.7b to take on Moody's is. Although Moody's ROA % and underlying economics is far superior to Coca Cola, the durability is far weaker because of lower entry cost.
* 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 ROA %, along with its competitors' market caps and ROA % 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 ROA % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's ROA % distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's ROA % 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 ROA %, the net income of the last fiscal year and the average total assets 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.
ROA % is displayed in the 30-year financial page.
National Fuel Gas Co (NFG) has a ROA % of 10.81% as of Mar. 2026. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on National Fuel Gas Co and its competitors. This is 118% above median its historical median of 4.96. According to the industry distribution chart, National Fuel Gas Co ranks #192 out of 1025 companies in the Oil & Gas industry, placing it in the top 18.7%.
Is National Fuel Gas Co's ROA % too high?
National Fuel Gas Co's current ROA % of 10.81% is 118% above median its 10-year median of 4.96. The Oil & Gas industry median ROA % is 1.89. National Fuel Gas Co's value of 10.81% is 472% above this industry median. Based on the distribution chart, National Fuel Gas Co ranks #192 out of 1025 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 ROA % compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #192 out of 1025 companies for ROA %. This places National Fuel Gas Co in the top 19% of its industry — outperforming the majority of peers. The industry median ROA % is 1.89. National Fuel Gas Co's value of 10.81% is 472% above this benchmark. While the company's 10-year median is 4.96 vs. the industry median of 1.89, 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 ROA % for an Oil & Gas company?
The median ROA % among Oil & Gas companies is 1.89, based on 1,025 companies in the industry. Companies in the top quartile (top 25%) have a ROA % significantly above this median, while those in the bottom quartile fall well below. However, ROA % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current ROA % of 10.81% is 472% 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 ROA % mean?
A high ROA % can signal that a stock is expensive relative to its fundamentals. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median ROA % is 1.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current ROA % is 10.81%, which is 118% above median its own 10-year median of 4.96. 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 $76.63 — trading 2.5% below its estimated fair value. The current ROA % is 10.81%, which is 118% above median its 10-year median of 4.96 and 472% above the Oil & Gas industry median of 1.89. 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 ROA % calculated?
ROA % is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current ROA % is 10.81% 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 $76.63 is trading 2.5% below its estimated GF Value™ of $78.57.
GuruFocus considers National Fuel Gas Co to be Fairly Valued.
Key valuation signals for NFG:
ROA %: 10.81% (118% above median its 10-year median of 4.96)
GF Value™: $78.57 vs. price of $76.63 (2.5% below fair value)
Industry Position: 472% above the Oil & Gas median (#192 of 1025)
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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