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Side-by-side financial comparison of Andersons, Inc. (ANDE) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $329.5M, roughly 1.3× Andersons, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 20.5%, a 15.2% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -2.4%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
ANDE vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $425.9M |
| Net Profit | $67.4M | $152.0M |
| Gross Margin | 70.3% | — |
| Operating Margin | 26.6% | 81.5% |
| Net Margin | 20.5% | 35.7% |
| Revenue YoY | -2.4% | 1.7% |
| Net Profit YoY | 49.6% | — |
| EPS (diluted) | — | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $329.5M | $637.9M | ||
| Q3 25 | $295.8M | $443.1M | ||
| Q2 25 | $535.0M | $527.4M | ||
| Q1 25 | $370.8M | $734.8M | ||
| Q4 24 | $337.5M | $513.8M | ||
| Q3 24 | $231.9M | $310.0M | ||
| Q2 24 | $492.5M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $67.4M | $181.6M | ||
| Q3 25 | $20.1M | $107.3M | ||
| Q2 25 | $7.9M | $149.8M | ||
| Q1 25 | $284.0K | $216.4M | ||
| Q4 24 | $45.1M | $45.0M | ||
| Q3 24 | $27.4M | $-167.6M | ||
| Q2 24 | $36.0M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 70.3% | 86.6% | ||
| Q3 25 | 57.8% | — | ||
| Q2 25 | 29.6% | 94.7% | ||
| Q1 25 | 41.2% | 81.6% | ||
| Q4 24 | 63.1% | 87.3% | ||
| Q3 24 | 76.4% | — | ||
| Q2 24 | 35.6% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 26.6% | 43.3% | ||
| Q3 25 | 8.7% | 40.6% | ||
| Q2 25 | 4.6% | 43.7% | ||
| Q1 25 | 0.9% | 43.2% | ||
| Q4 24 | 19.9% | 16.8% | ||
| Q3 24 | 26.8% | -63.4% | ||
| Q2 24 | 11.6% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 20.5% | 28.5% | ||
| Q3 25 | 6.8% | 24.2% | ||
| Q2 25 | 1.5% | 28.4% | ||
| Q1 25 | 0.1% | 29.4% | ||
| Q4 24 | 13.4% | 8.8% | ||
| Q3 24 | 11.8% | -54.1% | ||
| Q2 24 | 7.3% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | — | $1.98 | ||
| Q3 25 | $0.59 | $1.18 | ||
| Q2 25 | $0.23 | $1.64 | ||
| Q1 25 | $0.01 | $2.37 | ||
| Q4 24 | $1.31 | $0.49 | ||
| Q3 24 | $0.80 | $-1.81 | ||
| Q2 24 | $1.05 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $98.3M | — |
| Total DebtLower is stronger | $560.0M | $300.0M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $3.7B | $9.1B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $98.3M | $271.4M | ||
| Q3 25 | — | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $561.8M | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $560.0M | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $608.2M | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.4B | $2.8B | ||
| Q4 24 | $1.4B | $-76.2M | ||
| Q3 24 | $1.3B | $-15.5M | ||
| Q2 24 | $1.3B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.7B | $9.2B | ||
| Q3 25 | $3.3B | $8.7B | ||
| Q2 25 | $3.4B | $8.4B | ||
| Q1 25 | $3.8B | $8.5B | ||
| Q4 24 | $4.1B | $8.3B | ||
| Q3 24 | $3.4B | $8.3B | ||
| Q2 24 | $3.3B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.2M | $657.3M |
| Free Cash FlowOCF − Capex | $-77.1M | — |
| FCF MarginFCF / Revenue | -23.4% | — |
| Capex IntensityCapex / Revenue | 21.5% | 117.0% |
| Cash ConversionOCF / Net Profit | -0.09× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $-6.2M | $274.9M | ||
| Q3 25 | $233.9M | $237.8M | ||
| Q2 25 | $299.3M | $388.4M | ||
| Q1 25 | $-350.0M | $253.8M | ||
| Q4 24 | $268.8M | $220.1M | ||
| Q3 24 | $-2.1M | $197.9M | ||
| Q2 24 | $304.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-77.1M | $-2.7M | ||
| Q3 25 | $167.0M | $-47.8M | ||
| Q2 25 | $250.5M | $195.3M | ||
| Q1 25 | $-396.6M | $59.9M | ||
| Q4 24 | $212.9M | $-20.3M | ||
| Q3 24 | $-40.0M | $-49.1M | ||
| Q2 24 | $275.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -23.4% | -0.4% | ||
| Q3 25 | 56.5% | -10.8% | ||
| Q2 25 | 46.8% | 37.0% | ||
| Q1 25 | -106.9% | 8.2% | ||
| Q4 24 | 63.1% | -4.0% | ||
| Q3 24 | -17.2% | -15.8% | ||
| Q2 24 | 56.0% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 21.5% | 43.5% | ||
| Q3 25 | 22.6% | 64.4% | ||
| Q2 25 | 9.1% | 36.6% | ||
| Q1 25 | 12.6% | 26.4% | ||
| Q4 24 | 16.6% | 46.8% | ||
| Q3 24 | 16.3% | 79.7% | ||
| Q2 24 | 5.8% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | -0.09× | 1.51× | ||
| Q3 25 | 11.61× | 2.21× | ||
| Q2 25 | 38.10× | 2.59× | ||
| Q1 25 | -1232.46× | 1.17× | ||
| Q4 24 | 5.96× | 4.89× | ||
| Q3 24 | -0.08× | — | ||
| Q2 24 | 8.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
