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Side-by-side financial comparison of BELDEN INC. (BDC) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($720.1M vs $637.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 9.4%, a 19.0% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 8.1%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $-2.7M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 6.9%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
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.
BDC vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $637.9M |
| Net Profit | $67.9M | $181.6M |
| Gross Margin | 36.6% | 86.6% |
| Operating Margin | 12.2% | 43.3% |
| Net Margin | 9.4% | 28.5% |
| Revenue YoY | 8.1% | 24.1% |
| Net Profit YoY | 16.3% | 303.8% |
| EPS (diluted) | $1.70 | $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 | $720.1M | $637.9M | ||
| Q3 25 | $698.2M | $443.1M | ||
| Q2 25 | $672.0M | $527.4M | ||
| Q1 25 | $624.9M | $734.8M | ||
| Q4 24 | $666.0M | $513.8M | ||
| Q3 24 | $654.9M | $310.0M | ||
| Q2 24 | $604.3M | $338.6M | ||
| Q1 24 | $535.7M | $558.7M |
| Q4 25 | $67.9M | $181.6M | ||
| Q3 25 | $56.7M | $107.3M | ||
| Q2 25 | $61.0M | $149.8M | ||
| Q1 25 | $51.9M | $216.4M | ||
| Q4 24 | $58.4M | $45.0M | ||
| Q3 24 | $53.7M | $-167.6M | ||
| Q2 24 | $49.0M | $-54.2M | ||
| Q1 24 | $37.3M | $166.3M |
| Q4 25 | 36.6% | 86.6% | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | 94.7% | ||
| Q1 25 | 39.3% | 81.6% | ||
| Q4 24 | 37.5% | 87.3% | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | 98.5% | ||
| Q1 24 | 37.6% | 81.0% |
| Q4 25 | 12.2% | 43.3% | ||
| Q3 25 | 10.9% | 40.6% | ||
| Q2 25 | 11.8% | 43.7% | ||
| Q1 25 | 11.6% | 43.2% | ||
| Q4 24 | 10.4% | 16.8% | ||
| Q3 24 | 11.5% | -63.4% | ||
| Q2 24 | 11.4% | -15.2% | ||
| Q1 24 | 9.9% | 44.9% |
| Q4 25 | 9.4% | 28.5% | ||
| Q3 25 | 8.1% | 24.2% | ||
| Q2 25 | 9.1% | 28.4% | ||
| Q1 25 | 8.3% | 29.4% | ||
| Q4 24 | 8.8% | 8.8% | ||
| Q3 24 | 8.2% | -54.1% | ||
| Q2 24 | 8.1% | -16.0% | ||
| Q1 24 | 7.0% | 29.8% |
| Q4 25 | $1.70 | $1.98 | ||
| Q3 25 | $1.41 | $1.18 | ||
| Q2 25 | $1.53 | $1.64 | ||
| Q1 25 | $1.27 | $2.37 | ||
| Q4 24 | $1.41 | $0.49 | ||
| Q3 24 | $1.30 | $-1.81 | ||
| Q2 24 | $1.19 | $-0.59 | ||
| Q1 24 | $0.90 | $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 | $389.9M | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $1.3B | $3.6B |
| Total Assets | $3.5B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $389.9M | $271.4M | ||
| Q3 25 | $314.3M | $43.2M | ||
| Q2 25 | $301.5M | $39.3M | ||
| Q1 25 | $259.0M | $40.0M | ||
| Q4 24 | $370.3M | $48.7M | ||
| Q3 24 | $323.0M | $38.2M | ||
| Q2 24 | $564.8M | $81.4M | ||
| Q1 24 | $506.8M | $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 | $1.3B | $3.6B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.3B | $-76.2M | ||
| Q3 24 | $1.2B | $-15.5M | ||
| Q2 24 | $1.2B | $5.0M | ||
| Q1 24 | $1.2B | $75.3M |
| Q4 25 | $3.5B | $9.2B | ||
| Q3 25 | $3.4B | $8.7B | ||
| Q2 25 | $3.4B | $8.4B | ||
| Q1 25 | $3.3B | $8.5B | ||
| Q4 24 | $3.3B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.5B | $8.5B | ||
| Q1 24 | $3.1B | $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 | $160.4M | $274.9M |
| Free Cash FlowOCF − Capex | $121.3M | $-2.7M |
| FCF MarginFCF / Revenue | 16.8% | -0.4% |
| Capex IntensityCapex / Revenue | 5.4% | 43.5% |
| Cash ConversionOCF / Net Profit | 2.36× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $160.4M | $274.9M | ||
| Q3 25 | $105.0M | $237.8M | ||
| Q2 25 | $82.0M | $388.4M | ||
| Q1 25 | $7.4M | $253.8M | ||
| Q4 24 | $174.7M | $220.1M | ||
| Q3 24 | $91.7M | $197.9M | ||
| Q2 24 | $83.0M | $281.8M | ||
| Q1 24 | $2.7M | $315.3M |
| Q4 25 | $121.3M | $-2.7M | ||
| Q3 25 | $65.3M | $-47.8M | ||
| Q2 25 | $56.9M | $195.3M | ||
| Q1 25 | $-24.8M | $59.9M | ||
| Q4 24 | $116.4M | $-20.3M | ||
| Q3 24 | $67.2M | $-49.1M | ||
| Q2 24 | $61.0M | $79.5M | ||
| Q1 24 | $-21.5M | $80.3M |
| Q4 25 | 16.8% | -0.4% | ||
| Q3 25 | 9.4% | -10.8% | ||
| Q2 25 | 8.5% | 37.0% | ||
| Q1 25 | -4.0% | 8.2% | ||
| Q4 24 | 17.5% | -4.0% | ||
| Q3 24 | 10.3% | -15.8% | ||
| Q2 24 | 10.1% | 23.5% | ||
| Q1 24 | -4.0% | 14.4% |
| Q4 25 | 5.4% | 43.5% | ||
| Q3 25 | 5.7% | 64.4% | ||
| Q2 25 | 3.7% | 36.6% | ||
| Q1 25 | 5.2% | 26.4% | ||
| Q4 24 | 8.8% | 46.8% | ||
| Q3 24 | 3.7% | 79.7% | ||
| Q2 24 | 3.6% | 59.7% | ||
| Q1 24 | 4.5% | 42.1% |
| Q4 25 | 2.36× | 1.51× | ||
| Q3 25 | 1.85× | 2.21× | ||
| Q2 25 | 1.34× | 2.59× | ||
| Q1 25 | 0.14× | 1.17× | ||
| Q4 24 | 2.99× | 4.89× | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — | ||
| Q1 24 | 0.07× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
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% |
