vs
Side-by-side financial comparison of Brookfield Asset Management Ltd. (BAM) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Brookfield Asset Management Ltd. is the larger business by last-quarter revenue ($1.1B vs $637.9M, roughly 1.7× NATIONAL FUEL GAS CO). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs 28.5%, a 28.2% gap on every dollar of revenue.
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
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.
BAM vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $637.9M |
| Net Profit | $615.0M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | 84.2% | 43.3% |
| Net Margin | 56.7% | 28.5% |
| Revenue YoY | — | 24.1% |
| Net Profit YoY | — | 303.8% |
| EPS (diluted) | — | $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 | $1.1B | $637.9M | ||
| Q3 25 | $974.0M | $443.1M | ||
| Q2 25 | $931.0M | $527.4M | ||
| Q1 25 | $954.0M | $734.8M | ||
| Q4 24 | — | $513.8M | ||
| Q3 24 | $873.0M | $310.0M | ||
| Q2 24 | $821.0M | $338.6M | ||
| Q1 24 | $786.0M | $558.7M |
| Q4 25 | $615.0M | $181.6M | ||
| Q3 25 | $692.0M | $107.3M | ||
| Q2 25 | $584.0M | $149.8M | ||
| Q1 25 | $507.0M | $216.4M | ||
| Q4 24 | — | $45.0M | ||
| Q3 24 | $537.0M | $-167.6M | ||
| Q2 24 | $124.0M | $-54.2M | ||
| Q1 24 | $373.0M | $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 | 84.2% | 43.3% | ||
| Q3 25 | 79.1% | 40.6% | ||
| Q2 25 | 70.8% | 43.7% | ||
| Q1 25 | 61.0% | 43.2% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 72.5% | -63.4% | ||
| Q2 24 | 80.4% | -15.2% | ||
| Q1 24 | 56.5% | 44.9% |
| Q4 25 | 56.7% | 28.5% | ||
| Q3 25 | 71.0% | 24.2% | ||
| Q2 25 | 62.7% | 28.4% | ||
| Q1 25 | 53.1% | 29.4% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | 61.5% | -54.1% | ||
| Q2 24 | 15.1% | -16.0% | ||
| Q1 24 | 47.5% | 29.8% |
| Q4 25 | — | $1.98 | ||
| Q3 25 | — | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.59 | ||
| Q1 24 | — | $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 | $1.6B | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $8.9B | $3.6B |
| Total Assets | $17.0B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $271.4M | ||
| Q3 25 | $1.1B | $43.2M | ||
| Q2 25 | $480.0M | $39.3M | ||
| Q1 25 | $332.0M | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | $10.0M | $81.4M | ||
| Q1 24 | — | $50.8M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | $8.9B | $3.6B | ||
| Q3 25 | $8.5B | $3.1B | ||
| Q2 25 | $8.5B | $3.0B | ||
| Q1 25 | $8.5B | $2.8B | ||
| Q4 24 | — | $-76.2M | ||
| Q3 24 | $9.0B | $-15.5M | ||
| Q2 24 | $3.2B | $5.0M | ||
| Q1 24 | $2.2B | $75.3M |
| Q4 25 | $17.0B | $9.2B | ||
| Q3 25 | $16.5B | $8.7B | ||
| Q2 25 | $16.1B | $8.4B | ||
| Q1 25 | $15.0B | $8.5B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | $4.2B | $8.5B | ||
| Q1 24 | — | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 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 | $562.0M | $274.9M |
| Free Cash FlowOCF − Capex | — | $-2.7M |
| FCF MarginFCF / Revenue | — | -0.4% |
| Capex IntensityCapex / Revenue | — | 43.5% |
| Cash ConversionOCF / Net Profit | 0.91× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $562.0M | $274.9M | ||
| Q3 25 | $745.0M | $237.8M | ||
| Q2 25 | $529.0M | $388.4M | ||
| Q1 25 | $265.0M | $253.8M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | $567.0M | $197.9M | ||
| Q2 24 | $159.0M | $281.8M | ||
| Q1 24 | $516.0M | $315.3M |
| Q4 25 | — | $-2.7M | ||
| Q3 25 | — | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $-20.3M | ||
| Q3 24 | — | $-49.1M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $80.3M |
| Q4 25 | — | -0.4% | ||
| Q3 25 | — | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | — | -15.8% | ||
| Q2 24 | — | 23.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 64.4% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | — | 46.8% | ||
| Q3 24 | — | 79.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 42.1% |
| Q4 25 | 0.91× | 1.51× | ||
| Q3 25 | 1.08× | 2.21× | ||
| Q2 25 | 0.91× | 2.59× | ||
| Q1 25 | 0.52× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.38× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
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% |
