NFG (National Fuel Gas Co) ROCE %: 17.83% (As of Mar. 2026)


NFG National Fuel Gas Co NFG
86 GF Score
Price $76.63
GF Value $78.57
Valuation Fairly Valued
! 1 Warning Sign
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What is National Fuel Gas Co ROCE %?

National Fuel Gas Co NFG -0.57% 86 ROCE % is 17.83% as of Mar. 2026. 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.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. National Fuel Gas Co's annualized ROCE % for the quarter that ended in Mar. 2026 was 17.83%.

National Fuel Gas Co  (NYSE:NFG) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

National Fuel Gas Co ROCE % Related Terms

National Fuel Gas Co ROCE % Historical Data

* Premium members only.

The historical data trend for National Fuel Gas Co's ROCE % 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 ROCE % Chart

National Fuel Gas Co Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 9.81 13.35 11.52 3.07 11.32

National Fuel Gas Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 18.50 12.88 9.63 14.37 17.83
NFG
86GF Score
National Fuel Gas Co NFG
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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National Fuel Gas Co ROCE % Calculation

National Fuel Gas Co's annualized ROCE % for the fiscal year that ended in Sep. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Sep. 2025 )  (A: Sep. 2024 )(A: Sep. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Sep. 2025 )  (A: Sep. 2024 )(A: Sep. 2025 )
=849.887/( ( (8319.77 - 1095.892) + (8719.104 - 925.764) )/ 2 )
=849.887/( (7223.878+7793.34)/ 2 )
=849.887/7508.609
=11.32 %

National Fuel Gas Co's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=1456.548/( ( (9205.872 - 1173.968) + (9127.604 - 820.147) )/ 2 )
=1456.548/( ( 8031.904 + 8307.457 )/ 2 )
=1456.548/8169.6805
=17.83 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 17.83% mean?
National Fuel Gas Co (NFG) has a ROCE % of 17.83% as of Mar. 2026.
Is National Fuel Gas Co's ROCE % too high?
National Fuel Gas Co's current ROCE % is 17.83%. The Oil & Gas industry median ROCE % is 6.79. National Fuel Gas Co's value of 17.83% is 162.6% above this industry median. 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 ROCE % compare to DEC and UNTC?
National Fuel Gas Co's ROCE % of 17.83% can be compared against companies in the Oil & Gas industry. The industry median ROCE % is 6.79. National Fuel Gas Co's value of 17.83% is 162.6% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for an Oil & Gas company?
The median ROCE % among Oil & Gas companies is 6.79, based on 977 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current ROCE % of 17.83% is 162.6% 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median ROCE % is 6.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current ROCE % is 17.83%. 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 ROCE % is 17.83% and 162.6% above the Oil & Gas industry median of 6.79. 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 ROCE % calculated?
ROCE % is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current ROCE % is 17.83% 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:

  • ROCE %: 17.83%
  • GF Value™: $78.57 vs. price of $76.63 (2.5% below fair value)
  • GF Score™: 86/100 with 1 warning sign
  • Industry Position: 162.6% above the Oil & Gas median

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 Business Description

Industry EnergyOil & Gas
Other Exchanges NFG:MexicoNFG:Germany
Address 6363 Main Street, Williamsville, NY, USA, 14221
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

Get the complete analysis for NFG

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$76.63
Price
$78.57
GF Value