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Side-by-side financial comparison of Compass Diversified Holdings (CODI) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Compass Diversified Holdings is the larger business by last-quarter revenue ($468.6M vs $425.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -16.8%, a 52.5% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs -5.1%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 6.8%).
Compass Diversified Holdings is a publicly traded holding firm that acquires and operates a diverse portfolio of middle-market businesses across sectors including consumer goods, industrial manufacturing, outdoor recreation, and food & beverage. It partners with portfolio company leadership teams to drive long-term operational growth and value creation, primarily serving North American 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.
CODI vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $468.6M | $425.9M |
| Net Profit | $-78.8M | $152.0M |
| Gross Margin | 43.1% | — |
| Operating Margin | 9.8% | 81.5% |
| Net Margin | -16.8% | 35.7% |
| Revenue YoY | -5.1% | 1.7% |
| Net Profit YoY | -14.4% | — |
| EPS (diluted) | $-0.91 | $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 | $468.6M | $637.9M | ||
| Q3 25 | $472.6M | $443.1M | ||
| Q2 25 | $478.7M | $527.4M | ||
| Q1 25 | $453.8M | $734.8M | ||
| Q4 24 | $493.9M | $513.8M | ||
| Q3 24 | $456.6M | $310.0M | ||
| Q2 24 | $426.7M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-78.8M | $181.6M | ||
| Q3 25 | $-74.0M | $107.3M | ||
| Q2 25 | $-51.2M | $149.8M | ||
| Q1 25 | $-30.0M | $216.4M | ||
| Q4 24 | $-68.9M | $45.0M | ||
| Q3 24 | $-36.0M | $-167.6M | ||
| Q2 24 | $-73.1M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 43.1% | 86.6% | ||
| Q3 25 | 44.0% | — | ||
| Q2 25 | 43.6% | 94.7% | ||
| Q1 25 | 43.2% | 81.6% | ||
| Q4 24 | 38.6% | 87.3% | ||
| Q3 24 | 43.1% | — | ||
| Q2 24 | 44.1% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 9.8% | 43.3% | ||
| Q3 25 | -2.3% | 40.6% | ||
| Q2 25 | -5.7% | 43.7% | ||
| Q1 25 | 0.8% | 43.2% | ||
| Q4 24 | -3.8% | 16.8% | ||
| Q3 24 | 1.8% | -63.4% | ||
| Q2 24 | 1.8% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -16.8% | 28.5% | ||
| Q3 25 | -15.7% | 24.2% | ||
| Q2 25 | -10.7% | 28.4% | ||
| Q1 25 | -6.6% | 29.4% | ||
| Q4 24 | -13.9% | 8.8% | ||
| Q3 24 | -7.9% | -54.1% | ||
| Q2 24 | -17.1% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.91 | $1.98 | ||
| Q3 25 | $-1.21 | $1.18 | ||
| Q2 25 | $-0.88 | $1.64 | ||
| Q1 25 | $-0.59 | $2.37 | ||
| Q4 24 | $-0.57 | $0.49 | ||
| Q3 24 | $-0.62 | $-1.81 | ||
| Q2 24 | $-1.12 | $-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 | $68.0M | — |
| Total DebtLower is stronger | $1.9B | $300.0M |
| Stockholders' EquityBook value | $442.0M | — |
| Total Assets | $3.0B | $9.1B |
| Debt / EquityLower = less leverage | 4.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $68.0M | $271.4M | ||
| Q3 25 | $61.1M | $43.2M | ||
| Q2 25 | $73.8M | $39.3M | ||
| Q1 25 | $146.2M | $40.0M | ||
| Q4 24 | $59.7M | $48.7M | ||
| Q3 24 | $64.9M | $38.2M | ||
| Q2 24 | $61.5M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.9B | $2.7B | ||
| Q2 25 | $1.9B | $2.7B | ||
| Q1 25 | $1.9B | $2.7B | ||
| Q4 24 | $1.8B | $2.7B | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.7B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $442.0M | $3.6B | ||
| Q3 25 | $519.2M | $3.1B | ||
| Q2 25 | $601.9M | $3.0B | ||
| Q1 25 | $680.7M | $2.8B | ||
| Q4 24 | $678.6M | $-76.2M | ||
| Q3 24 | $672.2M | $-15.5M | ||
| Q2 24 | $711.3M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.0B | $9.2B | ||
| Q3 25 | $3.2B | $8.7B | ||
| Q2 25 | $3.3B | $8.4B | ||
| Q1 25 | $3.4B | $8.5B | ||
| Q4 24 | $3.3B | $8.3B | ||
| Q3 24 | $3.3B | $8.3B | ||
| Q2 24 | $3.2B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 4.25× | 0.75× | ||
| Q3 25 | 3.62× | 0.87× | ||
| Q2 25 | 3.09× | 0.90× | ||
| Q1 25 | 2.73× | 0.99× | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | 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 | $47.0M | $657.3M |
| Free Cash FlowOCF − Capex | $36.9M | — |
| FCF MarginFCF / Revenue | 7.9% | — |
| Capex IntensityCapex / Revenue | 2.2% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-51.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $47.0M | $274.9M | ||
| Q3 25 | $10.7M | $237.8M | ||
| Q2 25 | $-35.2M | $388.4M | ||
| Q1 25 | $-29.3M | $253.8M | ||
| Q4 24 | $-16.1M | $220.1M | ||
| Q3 24 | $-48.4M | $197.9M | ||
| Q2 24 | $-61.3M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $36.9M | $-2.7M | ||
| Q3 25 | $481.0K | $-47.8M | ||
| Q2 25 | $-46.0M | $195.3M | ||
| Q1 25 | $-42.4M | $59.9M | ||
| Q4 24 | $-39.0M | $-20.3M | ||
| Q3 24 | $-63.5M | $-49.1M | ||
| Q2 24 | $-72.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | -0.4% | ||
| Q3 25 | 0.1% | -10.8% | ||
| Q2 25 | -9.6% | 37.0% | ||
| Q1 25 | -9.4% | 8.2% | ||
| Q4 24 | -7.9% | -4.0% | ||
| Q3 24 | -13.9% | -15.8% | ||
| Q2 24 | -16.9% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.2% | 43.5% | ||
| Q3 25 | 2.2% | 64.4% | ||
| Q2 25 | 2.3% | 36.6% | ||
| Q1 25 | 2.9% | 26.4% | ||
| Q4 24 | 4.6% | 46.8% | ||
| Q3 24 | 3.3% | 79.7% | ||
| Q2 24 | 2.6% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
