NFG

National Fuel Gas is a vertically integrated natural-gas company spanning Appalachian E&P, regulated utility distribution, and pipeline/storage. FY2025 was a sharp rebound: revenue rose 30.0% to $2.22B and net income surged to $519M (+568.9%) with diluted EPS of $5.68 (+576.2%), recovering from a depressed FY2024 ($77.5M net income) that reflected weak natural-gas prices and likely ceiling-test/impairment effects. Operating margin recovered to 36.7% and ROE to 16.8%. The earnings history makes the cyclicality plain — net income was $566M (FY2022), $477M (FY2023), $77.5M (FY2024), then $519M (FY2025) — so the strong FY2025 should be read as a commodity-driven recovery, not a step-change in run-rate.

The regulated and midstream segments provide ballast and fund a long-standing, growing dividend ($188M paid, +2.5%; NFG is one of the longest-running dividend growers). Operating cash flow of $1.10B comfortably covers the $188M dividend, though capex is heavy at $913M, leaving the company reliant on debt markets — long-term debt rose 8.9% to $2.38B and the 10-K flags floating-rate exposure (including a 2024 Term Loan) and credit-rating sensitivity, with $2.4B of notes subject to a rate step-up on certain downgrade events.