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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) 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 ($425.9M vs $233.0M, roughly 1.8× CSW INDUSTRIALS, INC.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 4.4%, a 31.3% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 5.1%).
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.
CSW vs NFG — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $425.9M |
| Net Profit | $10.3M | $152.0M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 81.5% |
| Net Margin | 4.4% | 35.7% |
| Revenue YoY | 20.3% | 1.7% |
| Net Profit YoY | -61.9% | — |
| EPS (diluted) | $0.62 | $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 | $233.0M | $637.9M | ||
| Q3 25 | $277.0M | $443.1M | ||
| Q2 25 | $263.6M | $527.4M | ||
| Q1 25 | $230.5M | $734.8M | ||
| Q4 24 | $193.6M | $513.8M | ||
| Q3 24 | $227.9M | $310.0M | ||
| Q2 24 | $226.2M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $10.3M | $181.6M | ||
| Q3 25 | $40.7M | $107.3M | ||
| Q2 25 | $40.9M | $149.8M | ||
| Q1 25 | $35.1M | $216.4M | ||
| Q4 24 | $26.9M | $45.0M | ||
| Q3 24 | $36.1M | $-167.6M | ||
| Q2 24 | $38.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 39.7% | 86.6% | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | 94.7% | ||
| Q1 25 | 44.2% | 81.6% | ||
| Q4 24 | 41.4% | 87.3% | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 7.4% | 43.3% | ||
| Q3 25 | 20.5% | 40.6% | ||
| Q2 25 | 20.8% | 43.7% | ||
| Q1 25 | 19.5% | 43.2% | ||
| Q4 24 | 15.3% | 16.8% | ||
| Q3 24 | 22.6% | -63.4% | ||
| Q2 24 | 24.3% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 4.4% | 28.5% | ||
| Q3 25 | 14.7% | 24.2% | ||
| Q2 25 | 15.5% | 28.4% | ||
| Q1 25 | 15.2% | 29.4% | ||
| Q4 24 | 13.9% | 8.8% | ||
| Q3 24 | 15.8% | -54.1% | ||
| Q2 24 | 17.1% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.62 | $1.98 | ||
| Q3 25 | $2.41 | $1.18 | ||
| Q2 25 | $2.43 | $1.64 | ||
| Q1 25 | $2.05 | $2.37 | ||
| Q4 24 | $1.60 | $0.49 | ||
| Q3 24 | $2.26 | $-1.81 | ||
| Q2 24 | $2.47 | $-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 | $40.2M | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $2.3B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $40.2M | $271.4M | ||
| Q3 25 | $31.5M | $43.2M | ||
| Q2 25 | $38.0M | $39.3M | ||
| Q1 25 | $225.8M | $40.0M | ||
| Q4 24 | $213.8M | $48.7M | ||
| Q3 24 | $273.2M | $38.2M | ||
| Q2 24 | $18.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | $800.1M | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.1B | $3.0B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.0B | $-76.2M | ||
| Q3 24 | $1.0B | $-15.5M | ||
| Q2 24 | $650.2M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.3B | $9.2B | ||
| Q3 25 | $1.5B | $8.7B | ||
| Q2 25 | $1.5B | $8.4B | ||
| Q1 25 | $1.4B | $8.5B | ||
| Q4 24 | $1.4B | $8.3B | ||
| Q3 24 | $1.4B | $8.3B | ||
| Q2 24 | $1.1B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | 0.75× | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 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 | $28.9M | $657.3M |
| Free Cash FlowOCF − Capex | $22.7M | — |
| FCF MarginFCF / Revenue | 9.8% | — |
| Capex IntensityCapex / Revenue | 2.6% | 117.0% |
| Cash ConversionOCF / Net Profit | 2.81× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $28.9M | $274.9M | ||
| Q3 25 | $61.8M | $237.8M | ||
| Q2 25 | $60.6M | $388.4M | ||
| Q1 25 | $27.3M | $253.8M | ||
| Q4 24 | $11.6M | $220.1M | ||
| Q3 24 | $66.8M | $197.9M | ||
| Q2 24 | $62.7M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $22.7M | $-2.7M | ||
| Q3 25 | $58.7M | $-47.8M | ||
| Q2 25 | $57.7M | $195.3M | ||
| Q1 25 | $22.8M | $59.9M | ||
| Q4 24 | $8.5M | $-20.3M | ||
| Q3 24 | $61.3M | $-49.1M | ||
| Q2 24 | $59.6M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 9.8% | -0.4% | ||
| Q3 25 | 21.2% | -10.8% | ||
| Q2 25 | 21.9% | 37.0% | ||
| Q1 25 | 9.9% | 8.2% | ||
| Q4 24 | 4.4% | -4.0% | ||
| Q3 24 | 26.9% | -15.8% | ||
| Q2 24 | 26.3% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.6% | 43.5% | ||
| Q3 25 | 1.1% | 64.4% | ||
| Q2 25 | 1.1% | 36.6% | ||
| Q1 25 | 2.0% | 26.4% | ||
| Q4 24 | 1.6% | 46.8% | ||
| Q3 24 | 2.4% | 79.7% | ||
| Q2 24 | 1.4% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 2.81× | 1.51× | ||
| Q3 25 | 1.52× | 2.21× | ||
| Q2 25 | 1.48× | 2.59× | ||
| Q1 25 | 0.78× | 1.17× | ||
| Q4 24 | 0.43× | 4.89× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
