National Fuel Gas CoNFG -0.57%86 Altman Z-Score is 1.80 as of Jun. 25, 2026, which is 33% above its 10-year median of 1.35. 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 897 Oil & Gas companies, National Fuel Gas Co ranks worse than 52.4% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 1.81 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
National Fuel Gas Co has a Altman Z-Score of 1.80, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for National Fuel Gas Co's Altman Z-Score or its related term are showing as below:
NFG'
s Altman Z-Score Range Over the Past 10 Years
Min: 0.69 Med: 1.35 Max: 1.99
Current: 1.81
During the past 13 years, National Fuel Gas Co's highest Altman Z-Score was 1.99. The lowest was 0.69. And the median was 1.35.
National Fuel Gas Co (NYSE:NFG) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
National Fuel Gas Co Altman Z-Score Related Terms
National Fuel Gas Co Altman Z-Score Historical Data
* Premium members only.
The historical data trend for National Fuel Gas Co's Altman Z-Score 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 Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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 Altman Z-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Fuel Gas Co's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where National Fuel Gas Co's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
National Fuel Gas Co's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
-0.0342
+
1.4
*
0.2564
+
3.3
*
0.1174
+
0.6
*
1.3733
+
1.0
*
0.2748
=
1.80
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
National Fuel Gas Co (NFG) has a Altman Z-Score of 1.80 as of Jun. 25, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on National Fuel Gas Co and its competitors. This is 33% above median its historical median of 1.35. Over the past decade, National Fuel Gas Co's Altman Z-Score has ranged from 0.69 to 1.99. According to the industry distribution chart, National Fuel Gas Co ranks #470 out of 897 companies in the Oil & Gas industry, placing it in the top 52.4%.
Is National Fuel Gas Co's Altman Z-Score too high?
National Fuel Gas Co's current Altman Z-Score of 1.80 is 33% above median its 10-year median of 1.35. Over the past 10 years, this metric has ranged from a low of 0.69 to a high of 1.99. The Oil & Gas industry median Altman Z-Score is 1.91. National Fuel Gas Co's value of 1.80 is 5.8% below this industry median. Based on the distribution chart, National Fuel Gas Co ranks #470 out of 897 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 Altman Z-Score compare to DEC and UNTC?
According to the Oil & Gas industry distribution chart, National Fuel Gas Co ranks #470 out of 897 companies for Altman Z-Score. This places National Fuel Gas Co in the lower half of its industry. The industry median Altman Z-Score is 1.91. National Fuel Gas Co's value of 1.80 is 5.8% below this benchmark. Historically, National Fuel Gas Co's own Altman Z-Score has ranged from 0.69 to 1.99 over the past decade. While the company's 10-year median is 1.35 vs. the industry median of 1.91, National Fuel Gas Co has consistently been below 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 Altman Z-Score for an Oil & Gas company?
The median Altman Z-Score among Oil & Gas companies is 1.91, based on 897 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Fuel Gas Co's current Altman Z-Score of 1.80 is 5.8% below 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 Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on National Fuel Gas Co and its competitors. For the Oil & Gas industry, the median Altman Z-Score is 1.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Fuel Gas Co's current Altman Z-Score is 1.80, which is 33% above median its own 10-year median of 1.35. 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 Altman Z-Score is 1.80, which is 33% above median its 10-year median of 1.35 and 5.8% below the Oil & Gas industry median of 1.91. 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 Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For National Fuel Gas Co (NFG), the current Altman Z-Score is 1.80 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 (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:
Altman Z-Score: 1.80 (33% above median its 10-year median of 1.35)
GF Value™: $78.57 vs. price of $76.63 (2.5% below fair value)
Industry Position: 5.8% below the Oil & Gas median (#470 of 897)
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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