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Side-by-side financial comparison of AvalonBay Communities (AVB) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $637.9M, roughly 1.2× NATIONAL FUEL GAS CO). AvalonBay Communities runs the higher net margin — 9040.6% vs 28.5%, a 9012.1% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $-2.7M). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
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.
AVB vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $637.9M |
| Net Profit | $166.0M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | 64.2% | 43.3% |
| Net Margin | 9040.6% | 28.5% |
| Revenue YoY | 3.7% | 24.1% |
| Net Profit YoY | -41.2% | 303.8% |
| EPS (diluted) | $1.18 | $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 | $767.9M | $637.9M | ||
| Q3 25 | $766.8M | $443.1M | ||
| Q2 25 | $760.2M | $527.4M | ||
| Q1 25 | $745.9M | $734.8M | ||
| Q4 24 | $740.5M | $513.8M | ||
| Q3 24 | $734.3M | $310.0M | ||
| Q2 24 | $726.0M | $338.6M | ||
| Q1 24 | $712.9M | $558.7M |
| Q4 25 | $166.0M | $181.6M | ||
| Q3 25 | $381.3M | $107.3M | ||
| Q2 25 | $268.7M | $149.8M | ||
| Q1 25 | $236.6M | $216.4M | ||
| Q4 24 | $282.1M | $45.0M | ||
| Q3 24 | $372.5M | $-167.6M | ||
| Q2 24 | $253.9M | $-54.2M | ||
| Q1 24 | $173.4M | $166.3M |
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | 64.2% | 43.3% | ||
| Q3 25 | 65.7% | 40.6% | ||
| Q2 25 | 67.6% | 43.7% | ||
| Q1 25 | 68.5% | 43.2% | ||
| Q4 24 | 63.1% | 16.8% | ||
| Q3 24 | 65.4% | -63.4% | ||
| Q2 24 | 66.6% | -15.2% | ||
| Q1 24 | 67.2% | 44.9% |
| Q4 25 | 9040.6% | 28.5% | ||
| Q3 25 | 49.7% | 24.2% | ||
| Q2 25 | 35.3% | 28.4% | ||
| Q1 25 | 31.7% | 29.4% | ||
| Q4 24 | 38.1% | 8.8% | ||
| Q3 24 | 50.7% | -54.1% | ||
| Q2 24 | 35.0% | -16.0% | ||
| Q1 24 | 24.3% | 29.8% |
| Q4 25 | $1.18 | $1.98 | ||
| Q3 25 | $2.68 | $1.18 | ||
| Q2 25 | $1.88 | $1.64 | ||
| Q1 25 | $1.66 | $2.37 | ||
| Q4 24 | $1.99 | $0.49 | ||
| Q3 24 | $2.61 | $-1.81 | ||
| Q2 24 | $1.78 | $-0.59 | ||
| Q1 24 | $1.22 | $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 | $187.2M | $271.4M |
| Total DebtLower is stronger | $9.3B | $2.7B |
| Stockholders' EquityBook value | $11.6B | $3.6B |
| Total Assets | $22.2B | $9.2B |
| Debt / EquityLower = less leverage | 0.80× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $271.4M | ||
| Q3 25 | $123.3M | $43.2M | ||
| Q2 25 | $102.8M | $39.3M | ||
| Q1 25 | $53.3M | $40.0M | ||
| Q4 24 | $108.6M | $48.7M | ||
| Q3 24 | $552.4M | $38.2M | ||
| Q2 24 | $545.8M | $81.4M | ||
| Q1 24 | $287.9M | $50.8M |
| Q4 25 | $9.3B | $2.7B | ||
| Q3 25 | $8.7B | $2.7B | ||
| Q2 25 | $8.7B | $2.7B | ||
| Q1 25 | $8.3B | $2.7B | ||
| Q4 24 | $8.1B | $2.7B | ||
| Q3 24 | $8.4B | $2.7B | ||
| Q2 24 | $8.4B | $2.7B | ||
| Q1 24 | $8.0B | $2.4B |
| Q4 25 | $11.6B | $3.6B | ||
| Q3 25 | $11.9B | $3.1B | ||
| Q2 25 | $11.9B | $3.0B | ||
| Q1 25 | $11.9B | $2.8B | ||
| Q4 24 | $11.9B | $-76.2M | ||
| Q3 24 | $11.9B | $-15.5M | ||
| Q2 24 | $11.7B | $5.0M | ||
| Q1 24 | $11.7B | $75.3M |
| Q4 25 | $22.2B | $9.2B | ||
| Q3 25 | $21.9B | $8.7B | ||
| Q2 25 | $21.8B | $8.4B | ||
| Q1 25 | $21.2B | $8.5B | ||
| Q4 24 | $21.0B | $8.3B | ||
| Q3 24 | $21.3B | $8.3B | ||
| Q2 24 | $21.0B | $8.5B | ||
| Q1 24 | $20.6B | $8.7B |
| Q4 25 | 0.80× | 0.75× | ||
| Q3 25 | 0.73× | 0.87× | ||
| Q2 25 | 0.72× | 0.90× | ||
| Q1 25 | 0.70× | 0.99× | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.71× | 532.10× | ||
| Q1 24 | 0.68× | 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 | $1.7B | $274.9M |
| Free Cash FlowOCF − Capex | $1.4B | $-2.7M |
| FCF MarginFCF / Revenue | 183.5% | -0.4% |
| Capex IntensityCapex / Revenue | 34.1% | 43.5% |
| Cash ConversionOCF / Net Profit | 10.07× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $274.9M | ||
| Q3 25 | $477.0M | $237.8M | ||
| Q2 25 | $377.8M | $388.4M | ||
| Q1 25 | $415.9M | $253.8M | ||
| Q4 24 | $1.6B | $220.1M | ||
| Q3 24 | $486.2M | $197.9M | ||
| Q2 24 | $380.0M | $281.8M | ||
| Q1 24 | $412.9M | $315.3M |
| Q4 25 | $1.4B | $-2.7M | ||
| Q3 25 | $402.2M | $-47.8M | ||
| Q2 25 | $317.1M | $195.3M | ||
| Q1 25 | $367.5M | $59.9M | ||
| Q4 24 | $1.4B | $-20.3M | ||
| Q3 24 | $434.2M | $-49.1M | ||
| Q2 24 | $333.0M | $79.5M | ||
| Q1 24 | $375.4M | $80.3M |
| Q4 25 | 183.5% | -0.4% | ||
| Q3 25 | 52.5% | -10.8% | ||
| Q2 25 | 41.7% | 37.0% | ||
| Q1 25 | 49.3% | 8.2% | ||
| Q4 24 | 191.0% | -4.0% | ||
| Q3 24 | 59.1% | -15.8% | ||
| Q2 24 | 45.9% | 23.5% | ||
| Q1 24 | 52.7% | 14.4% |
| Q4 25 | 34.1% | 43.5% | ||
| Q3 25 | 9.8% | 64.4% | ||
| Q2 25 | 8.0% | 36.6% | ||
| Q1 25 | 6.5% | 26.4% | ||
| Q4 24 | 26.1% | 46.8% | ||
| Q3 24 | 7.1% | 79.7% | ||
| Q2 24 | 6.5% | 59.7% | ||
| Q1 24 | 5.3% | 42.1% |
| Q4 25 | 10.07× | 1.51× | ||
| Q3 25 | 1.25× | 2.21× | ||
| Q2 25 | 1.41× | 2.59× | ||
| Q1 25 | 1.76× | 1.17× | ||
| Q4 24 | 5.70× | 4.89× | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 2.38× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
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% |
