National Fuel Gas vs One Gas
One Gas reported revenue of $2.4 billion in fiscal 2025, about the same as National Fuel Gas' $2.3 billion in fiscal 2025. National Fuel Gas' revenue grew 17.1% in its latest year, and One Gas' grew 16.5%. National Fuel Gas had an operating margin of 35.7%, against 18.9% at One Gas. Free cash flow was $187 million at National Fuel Gas and −$128 million at One Gas. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| National Fuel Gas | One Gas | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.3B | $2.4B |
| Revenue growth | 17.1% | 16.5% |
| Revenue growth a year, last 5 years | 8.1% | 9.7% |
| Gross margin | — | 58.9% |
| Operating margin | 35.7% | 18.9% |
| Net margin | 22.8% | 10.9% |
| Free cash flow | $187M | −$128M |
| Free cash flow margin | 8.2% | −5.3% |
| Return on capital | 10.6% | 6.2% |
| Net debt to EBITDA | 2.2x | — |
| Dividends and buybacks | $243M | $161M |
| Change in diluted share count | −1.2% | 6.1% |
| Last close | $81.68 | $78.36 |
| P/E at the last close | 11.4× | 16.9× |
| Insider trades, last 12 months | — | sold $396,409 |
| Piotroski F-score | 8 of 8 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
National Fuel GasOne Gas
Operating margin
Percent of revenue
National Fuel GasOne Gas
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
National Fuel GasOne Gas
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the National Fuel Gas and One Gas pages.