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Side-by-side financial comparison of ASHLAND INC. (ASH) 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 ($637.9M vs $386.0M, roughly 1.7× ASHLAND INC.). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -3.1%, a 31.6% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs -4.7%). ASHLAND INC. produced more free cash flow last quarter ($111.0M vs $-2.7M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs -18.1%).
Ashland, Inc., is an American chemical company headquartered in Wilmington, Delaware. The company began as an oil refinery in the city of Ashland, Kentucky, in 1924, before moving to Wilmington in 1994. The company has five wholly owned divisions, which include Chemical Intermediates and Solvents, composites, industrial specialties, personal and home care, pharmaceuticals, food and beverage, and agriculture. Until 2017, the company was the primary manufacturer of Valvoline.
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.
ASH vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $386.0M | $637.9M |
| Net Profit | $-12.0M | $181.6M |
| Gross Margin | 27.2% | 86.6% |
| Operating Margin | -1.6% | 43.3% |
| Net Margin | -3.1% | 28.5% |
| Revenue YoY | -4.7% | 24.1% |
| Net Profit YoY | 92.7% | 303.8% |
| EPS (diluted) | $-0.26 | $1.98 |
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.
| Q4 25 | $386.0M | $637.9M | ||
| Q3 25 | $477.0M | $443.1M | ||
| Q2 25 | $463.0M | $527.4M | ||
| Q1 25 | $479.0M | $734.8M | ||
| Q4 24 | $405.0M | $513.8M | ||
| Q3 24 | $521.0M | $310.0M | ||
| Q2 24 | $544.0M | $338.6M | ||
| Q1 24 | $575.0M | $558.7M |
| Q4 25 | $-12.0M | $181.6M | ||
| Q3 25 | $31.0M | $107.3M | ||
| Q2 25 | $-742.0M | $149.8M | ||
| Q1 25 | $31.0M | $216.4M | ||
| Q4 24 | $-165.0M | $45.0M | ||
| Q3 24 | $17.0M | $-167.6M | ||
| Q2 24 | $6.0M | $-54.2M | ||
| Q1 24 | $120.0M | $166.3M |
| Q4 25 | 27.2% | 86.6% | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 28.5% | 94.7% | ||
| Q1 25 | 30.7% | 81.6% | ||
| Q4 24 | 27.4% | 87.3% | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 34.2% | 98.5% | ||
| Q1 24 | 28.0% | 81.0% |
| Q4 25 | -1.6% | 43.3% | ||
| Q3 25 | 12.8% | 40.6% | ||
| Q2 25 | -152.9% | 43.7% | ||
| Q1 25 | 10.6% | 43.2% | ||
| Q4 24 | -44.2% | 16.8% | ||
| Q3 24 | 6.1% | -63.4% | ||
| Q2 24 | -11.2% | -15.2% | ||
| Q1 24 | 3.7% | 44.9% |
| Q4 25 | -3.1% | 28.5% | ||
| Q3 25 | 6.5% | 24.2% | ||
| Q2 25 | -160.3% | 28.4% | ||
| Q1 25 | 6.5% | 29.4% | ||
| Q4 24 | -40.7% | 8.8% | ||
| Q3 24 | 3.3% | -54.1% | ||
| Q2 24 | 1.1% | -16.0% | ||
| Q1 24 | 20.9% | 29.8% |
| Q4 25 | $-0.26 | $1.98 | ||
| Q3 25 | $0.83 | $1.18 | ||
| Q2 25 | $-16.21 | $1.64 | ||
| Q1 25 | $0.65 | $2.37 | ||
| Q4 24 | $-3.50 | $0.49 | ||
| Q3 24 | $0.34 | $-1.81 | ||
| Q2 24 | $0.12 | $-0.59 | ||
| Q1 24 | $2.39 | $1.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $304.0M | $271.4M |
| Total DebtLower is stronger | $1.4B | $2.7B |
| Stockholders' EquityBook value | $1.9B | $3.6B |
| Total Assets | $4.5B | $9.2B |
| Debt / EquityLower = less leverage | 0.74× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.0M | $271.4M | ||
| Q3 25 | $215.0M | $43.2M | ||
| Q2 25 | $207.0M | $39.3M | ||
| Q1 25 | $168.0M | $40.0M | ||
| Q4 24 | $219.0M | $48.7M | ||
| Q3 24 | $300.0M | $38.2M | ||
| Q2 24 | $399.0M | $81.4M | ||
| Q1 24 | $439.0M | $50.8M |
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.4B | $2.7B | ||
| Q1 25 | $1.3B | $2.7B | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.3B | $2.4B |
| Q4 25 | $1.9B | $3.6B | ||
| Q3 25 | $1.9B | $3.1B | ||
| Q2 25 | $1.9B | $3.0B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.6B | $-76.2M | ||
| Q3 24 | $2.9B | $-15.5M | ||
| Q2 24 | $3.0B | $5.0M | ||
| Q1 24 | $3.1B | $75.3M |
| Q4 25 | $4.5B | $9.2B | ||
| Q3 25 | $4.6B | $8.7B | ||
| Q2 25 | $4.6B | $8.4B | ||
| Q1 25 | $5.2B | $8.5B | ||
| Q4 24 | $5.2B | $8.3B | ||
| Q3 24 | $5.6B | $8.3B | ||
| Q2 24 | $5.7B | $8.5B | ||
| Q1 24 | $5.9B | $8.7B |
| Q4 25 | 0.74× | 0.75× | ||
| Q3 25 | 0.73× | 0.87× | ||
| Q2 25 | 0.73× | 0.90× | ||
| Q1 25 | 0.52× | 0.99× | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | 532.10× | ||
| Q1 24 | 0.42× | 31.68× |
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 | $125.0M | $274.9M |
| Free Cash FlowOCF − Capex | $111.0M | $-2.7M |
| FCF MarginFCF / Revenue | 28.8% | -0.4% |
| Capex IntensityCapex / Revenue | 3.6% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $200.0M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.0M | $274.9M | ||
| Q3 25 | $40.0M | $237.8M | ||
| Q2 25 | $115.0M | $388.4M | ||
| Q1 25 | $9.0M | $253.8M | ||
| Q4 24 | $-30.0M | $220.1M | ||
| Q3 24 | $80.0M | $197.9M | ||
| Q2 24 | $127.0M | $281.8M | ||
| Q1 24 | $54.0M | $315.3M |
| Q4 25 | $111.0M | $-2.7M | ||
| Q3 25 | $6.0M | $-47.8M | ||
| Q2 25 | $95.0M | $195.3M | ||
| Q1 25 | $-12.0M | $59.9M | ||
| Q4 24 | $-53.0M | $-20.3M | ||
| Q3 24 | $42.0M | $-49.1M | ||
| Q2 24 | $98.0M | $79.5M | ||
| Q1 24 | $20.0M | $80.3M |
| Q4 25 | 28.8% | -0.4% | ||
| Q3 25 | 1.3% | -10.8% | ||
| Q2 25 | 20.5% | 37.0% | ||
| Q1 25 | -2.5% | 8.2% | ||
| Q4 24 | -13.1% | -4.0% | ||
| Q3 24 | 8.1% | -15.8% | ||
| Q2 24 | 18.0% | 23.5% | ||
| Q1 24 | 3.5% | 14.4% |
| Q4 25 | 3.6% | 43.5% | ||
| Q3 25 | 7.1% | 64.4% | ||
| Q2 25 | 4.3% | 36.6% | ||
| Q1 25 | 4.4% | 26.4% | ||
| Q4 24 | 5.7% | 46.8% | ||
| Q3 24 | 7.3% | 79.7% | ||
| Q2 24 | 5.3% | 59.7% | ||
| Q1 24 | 5.9% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | 1.29× | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | 0.29× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
